Are You Ready for the EV Lifestyle? A Checklist for First-Time Electric Car Owners
Key Takeaways
- Understand the real differences in cost, performance, and benefits when comparing EV vs petrol.
- Assess your daily habits, charging accessibility, and local EV ecosystem before making the switch.
- Choose an insurance plan that covers EV-specific components and services.
- eDrivo Car Insurance by Income offers EV-tailored protection, roadside assistance, and access to authorised repairers.
The shift from petrol cars to electric vehicles (EVs) is gaining momentum in Singapore. However, making the transition isn’t simply a matter of choosing a new type of car, it involves rethinking your entire driving and ownership experience. One of the biggest considerations is EV vs petrol, especially for first-time EV buyers.
Costs are often a top concern. While EVs generally have higher upfront prices, schemes like the EV Early Adoption Incentive (EEAI) and rebates under the Vehicular Emissions Scheme (VES) help reduce that gap. Over time, EVs often cost less to run, charging is usually cheaper than fuel, and EVs require fewer mechanical parts, which can translate to lower routine servicing costs.
Then there’s performance and range. EVs offer instant torque and a quieter ride, but they have limitations in terms of driving range. If you’re comparing EV vs petrol, range anxiety can be a real consideration, especially without convenient access to charging infrastructure.
Singapore supports EV ownership with incentives such as reduced road tax and charging grants for residential developments. These green incentives make EVs attractive for long-term ownership, but they should be viewed alongside your daily needs and driving patterns.
When comparing EV vs petrol, it’s also essential to consider how these differences affect your insurance choices. A petrol-focused insurance plan might not offer sufficient coverage for EV-specific components or services.
What Singaporeans Really Think About EVs: Key Survey Insights
Income Insurance recently conducted a Singapore Electric Dream survey in partnership with YouGov, gathering responses from over 1,000 EV and non-EV car owners in Singapore. The results reveal a blend of optimism, caution, and practical concerns that heavily influence whether drivers make the leap to electric.
Top barriers to switching include:
- Range anxiety: The fear of running out of charge while on the road, cited by 32% of younger drivers.
- Fire risks at charging stations: A major concern for 35% of Gen Z and Millennial respondents.
- High repair and battery replacement costs: 33% and 36% respectively noted these as key deterrents.
- Inconvenient or long wait times at charging stations: 38% of Gen X and Baby Boomers listed this as a top issue.
Interestingly, insurance was a major deciding factor.
- Among those considering a switch to EVs, 1 in 5 said that EV-specific motor insurance would influence their purchase decision.
- Among existing EV owners, 31% were concerned about the lack of tailored insurance products for their cars.
- Despite the concerns, the survey found strong support for Singapore’s 2040 vision for 100% cleaner energy vehicles:
- 71% of respondents feel positive about this shift.
- Younger generations were especially optimistic, 8 in 10 Gen Z and Millennial drivers support the move and are open to owning an EV.
These insights highlight the importance of pairing EV ownership with specialised insurance that addresses real concerns, such as battery coverage, mobile rescue charging, and cyber protection. As the EV landscape evolves, understanding the local mindset can help first-time buyers make more informed, confident decisions.
What to Consider Before Switching to an EV
Before purchasing your first electric car, it's important to ask a few practical questions.
First, do you have regular access to charging? This might be at home, at work, or nearby public EV charging stations. Without convenient options, managing your car’s battery can become a hassle.
Second, evaluate your daily driving range. EVs are ideal for city commutes, but long-distance drivers need to plan around charging stops. If you only drive short distances, charging frequency will be minimal.
Next, understand the local EV support network. Make sure you’re familiar with EV charging apps, maps, and the location of EV-friendly workshops. Having quick access to these resources can prevent unnecessary delays or complications.
Lastly, choose an insurer that understands EVs. Ask yourself: is your current policy designed to support the unique issues electric car owners face? If not, you might be left underinsured in critical situations.
Why EVs Need Insurance Built for EVs
EVs have specialised components such as high-voltage batteries, onboard chargers, and advanced electronic systems. Standard motor insurance policies may not cover the cost of repairing or replacing these parts, nor do they always include access to certified EV repairers.
Why do you need EV car insurance tailored for electric vehicles? Because EVs are fundamentally different from petrol cars. Repairs often require expertise and tools specific to EVs, and unauthorised workshops may not be equipped to handle them safely or efficiently.
Furthermore, breakdown assistance services for EVs are different too. A flat battery or malfunctioning charger requires a different response than a petrol engine failure. A comprehensive EV-specific plan will ensure you're not left stranded.
In the event of an emergency, mobile rescue services are available, including towing to authorised EV-compatible workshops. These workshops are trained in handling EV technologies, ensuring that your car receives the care it needs.
How eDrivo Car Insurance Supports the EV Lifestyle in Singapore
To meet the needs of EV owners, Income has introduced eDrivo Car Insurance with options tailored for electric vehicles. Here are some key benefits of eDrivo Car Insurance:
- Emergency Mobile Rescue1: If your car battery runs out of charge on the road, our service provider (P.UP) will arrive at the scene and provide DC fast charging up to 20% capacity so you can drive to the nearest charging station.
- Unlimited battery replacement: Get peace of mind with unlimited replacement for your battery2 in the event it is damaged in an accident.
- Cyber hacking coverage3: Protect your car against loss or damage due to malicious cyber acts.
Electric or Petrol Powered: It Isn’t Just About Cost
When weighing EV vs petrol, the decision goes beyond initial price or running costs. It’s about aligning your vehicle with your lifestyle, values, and future goals. To know more about EVs, read our article on essential EV maintenance tips.
EVs offer a more sustainable driving experience, potentially lower maintenance costs, and eligibility for green rebates. But to truly benefit from EV ownership, you need the right insurance policy, one that understands your car's design and supports your needs on the road.
Income’s eDrivo Car Insurance ensures you’re protected with services and support built for electric car ownership. Whether you're a daily commuter or a weekend driver, the right insurance makes all the difference.
Ready to take the next step into the EV lifestyle? Contact us to explore your insurance options and make a confident start to your EV journey.
1 Emergency Mobile Rescue
- We are entitled to modify or alter the manner this service is delivered without notice.
- This service is provided within the Republic of Singapore.
- Service charge to replace the punctured tyre.
- This benefit is applicable to you only one time per period of insurance. Subsequent usage will be chargeable.
- This benefit is not applicable for AC charging cars.
2 The battery replacement must be covered under Section 1 of the policy.
3 Cyber hacking by malicious act of gaining unauthorised access to your vehicle systems by any unauthorised person or entity.
This article is meant purely for informational purposes and does not constitute an offer, recommendation, solicitation or advise to buy or sell any product(s). It should not be relied upon as financial advice. The precise terms, conditions and exclusions of any Income Insurance products mentioned are specified in their respective policy contracts. Please seek independent financial advice before making any decision.
These policies are protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact Income Insurance or visit the GIA/LIA or SDIC websites (www.gia.org.sg or www.lia.org.sg or www.sdic.org.sg).
This advertisement has not been reviewed by the Monetary Authority of Singapore.
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