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Does Ontario Support the Electric Vehicle Trend?

Posted Feb 10th, 2021 in Media, General, Insurance Tips, Auto Insurance, Did You Know?, In the News

The Ontario Government has highly encouraged Ontarians to consider purchasing electric vehicles. Interestingly, there appears to be a shift and more Ontarians are coming around to this greener way of traveling and the idea of buying an electric car.


Does Ontario Support the Electric Vehicle Trend, Youngs Insurance, Ontario

With a strong influence from the government and the many advantages to electric vehicles, it seems Ontario is fully supportive of the electric vehicle revolution.

Why Ontario Residents are Buying Electric Vehicles

Rebates.

Experts say that rebates are key to selling more electric vehicles since the upfront cost can be more than its gas-fuelled equivalent. Electric vehicle sales were on a steady incline in Ontario until a rebate was cancelled in 2018, at which point sales drastically declined.

In 2019, Canada put in place the ZEV (zero-emission vehicle) purchase incentive which offers an incentive anywhere from $2,500-$5,000. When this was put in place, sales climbed again.

Two Major Advantages of Electric Cars

#1 Cost Savings.

Even with the higher up-front cost of an electric vehicle, you end up saving money in the end. Electric cars are less expensive to run and maintain, especially when you factor in the gas savings. Additionally, there are fewer moving parts in an electric car, meaning there is a lesser chance of something needing repair.

#2 Environmentally Friendly.

With an electric car, you are helping reduce harmful emissions that pollute the air. Many electric vehicle manufacturers also tend to use more environmentally friendly materials to construct these vehicles since their consumers see significant value in this.

In 2019, 36% of Canadians reported that they were seriously considering purchasing an electric vehicle next, and 52% claimed that they are likely to buy one within the next 5 years. Considering everything it appears that Ontario will see a significant increase in electric cars – will you be purchasing one?

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