EV Finance + Insurance

EV Finance + Insurance

November 15, 2023
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EV Finance and Insurance is available from specialist companies offering a competitive range of dedicated services

AmazingEV can recommend a number of Finance and Insurance companies who are dedicated to helping EV’s Owners, making EV buying easier.

 

 

These firms have recognised EV’s, and their buyers have different requirements and have created offerings tailored to meet the growing demand.

 

 

Having experienced this just recently, overall, the market is very open to EV financing and Insurance premiums are no higher than their ICE counterparts.

 

 

If you don’t have your own finance or insurance, AmazingEV can point you in the right direction.

EV Finance Options

New EV financing specialists make financing a new or used EV easy.

 

Here’s four options to check out when you are looking for EV finance.  All provide similar terms to ICE vehicle finance, in particular, interest rates are comparable.

 

Other options include the preferred Finance company of the Brand you are buying from and Salary Sacrifice.  New Australian Federal Government legislation means Salary Sacrifice is now a very attractive finance option.

 

The Author is not, or proports to be a financial advisor but is sharing experience from recently purchasing a used Tesla, finance provided by Volkswagen Finance.  The Author does not receive or has been offered any incentive, financial or other to write this article.

Put Some Emotion into EV Buying

Volkswagen Financial Services

Volkswagen Financial Services provides finance for over 700 Dealers in the VW Group, around Australia. But they also finance for personal or business use, for new or used vehicles, from other dealers or private purchase. Easy to deal with, by phone and email, they are more than keen to finance an EV! They also provide a multi brand fleet financing solution for small to larger operators.

Macquarie Bank EV Financing

Macquarie Bank is Australia's with a specialised EV buying service, Macquarie Vehicle Select. Providing EV buyers with not only competitive interest rates, but a trade in service and EV car selection, Macquarie Bank a great place to enter world of EV's. While the Author is a Macquarie Bank client, I do not have EV finance.

Plenti EV Finance

Australian owned and listed Plenti Group brings your big ideas to life. Their range of lending services includes a specialist lending team dedicated to renewable energy and EV purchase. Loan application is all streamlined online and there are reduced interest rates for EV finance. New Tesla buyers also enjoy further rate reductions.

Positive Salary Packaging

The Federal Government's newly introduced Electric Car Discount Legislation means EV's purchased under Salary Sacrifice will be exempt from the 47% FBT. Positive Salary Packaging can help you benefit from this.

EV Insurance Options

Despite numerous articles suggesting EV Insurance is very expensive, for a variety of mostly, parts supply related issues. This is not my experience.  Here’s four EV Insurers who are competitive and happy to help.

 

Traditional Insurers are embracing the EV Insurance market, as I have just discovered purchasing a Used 2022 Tesla Model Y.   Premiums for comprehensive cover were comparable with a 2019 VW SUV!

 

The Over 50’s Insurers have also adopted EV’s, with the usual benefits afforded to this lower risk category!

Some of the better options are listed, with the Author declaring an interest as Qantas Insurance client.

EV Delivery + Set Up

Qantas Insurance

Qantas offer great rates, good service and extra benefits to Qantas Frequent Flyer Members. Although not really Qantas (its actually provided and operated by Auto and General) it provides EV owners with a very attractive proposition. So good the Author is a client for his EV!

APIA

APIA specialises in insurance for the Over 50's, so you would expect them to provide a great deal for more "experienced" drivers, and they do. Part of Suncorp Group, with APIA you are good hands. For and even better deal, look to bundle all your insurance together.

youi

Youi takes the time to understand their clients, perfect the fastidious EV owner. While also providing a full range of insurance services, award winning Youi has also been quick to recognise the special needs of EV owners and add that to their suite.

“At the heart of the National Strategy will be a plan to improve affordability and choice for consumers by growing the Australian EV Market”.

Jim Chalmers, Treasurer of Australia

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