Understanding the Push Towards Electric Vehicles
- Major source of Canada’s greenhouse emissions, accounting for 40% of national air pollution.
- Cars and Light Trucks, contribute to over half of transportation-related emissions.
- Health Impact: On-road vehicle pollution linked to nearly 12,000 premature deaths annually; numerous non-fatal health issues.
- Economic Cost: Pollution-related health issues incur about $9.5 billion annually.
- Exposure: Over 40% of Canadians exposed to high levels of traffic-related air carbon.
- Necessity: Reducing transportation emissions is crucial for health and environmental reasons.
- Zero-Emission Vehicles (ZEVs): Gaining momentum as a solution.
- Minimal or No Tailpipe Pollutants: ZEVs are seen as a key strategy against climate change.
- Industry Response: Automakers and dealerships are increasingly investing in eco-friendly ZEV technology.
Across the country, we see a large-scale adoption of electric vehicles that not only reduce carbon emissions but also help save money in the long term. Owners of these vehicles can now save hundreds of dollars in fuel prices and car maintenance, while also potentially benefiting from lower electric car insurance rates. This shift offers the same level of comfort and reliance as traditional vehicles, with the added advantages of being more environmentally friendly and cost-effective.
How You Can Save Money on Electric Cars in Canada
- iZEV Program Introduction: Launched by the Canadian government in 2019 for sustainable transportation.
- Incentives: Up to $5,000 rebate for qualifying zero-emission vehicles; $2,500 for short-range hybrids.
- Eligible Vehicles: Includes electric, hydrogen fuel cell, and long-range hybrids.
- Affordability: Makes zero-emission vehicles more accessible.
- Additional Benefits: Savings on fuel, maintenance, and access to specialized electric car insurance.
- Price Range:
- Passenger cars: $55,000 – $65,000.
- Commercial pickups, SUVs, minivans: $60,000 – $70,000.
- Enrollment: No fee, requires filling out a form.
- Dealer Compliance: No additional iZEV fees; report non-compliance.
- Freight/Delivery Charges: Same as non-iZEV vehicles.
- Purchase Process:
- Dealers undergo eligibility assessment.
- Buyers sign the Consumer Consent Form.
- Incentives apply post-taxes at the point of sale.
- Eligibility Limits:
- Individuals: 1 car/year.
- Businesses and non-profits: 10 cars/year.
- Car-sharing companies: 50 cars/year.
- Exceptions: Possible second application for write-offs or buybacks with pre-approval.
One Thing to Note
It’s important to note that the iZEV program will provide financial support to car buyers until March 31, 2025, or until the allocated funds are depleted. Additionally, the rebate varies depending on the vehicle model, with passenger cars and commercial vehicles having different price thresholds for eligibility.
EV Car Insurance
At Humberview Insurance, we are dedicated to leading the way in offering innovative car insurance solutions tailored to our customers’ evolving needs, whether you’re in search for car insurance in Ottawa or Toronto car insurance. If you’re thinking about buying an electric vehicle or already have one in your garage, we’re here to assist you in exploring the nuances of ev car insurance. Our goal is to ensure you’re fully informed and confidently protected on your eco-friendly journey.