About Insurance For Electric Cars
Insurance for electric vehicles is relatively new. Electric vehicles have only been in mass production since 1997 when Toyota introduced the Prius. Even now, not all insurers offer coverage and it is still a niche market.
While the majority is very similar to standard car insurance policies, there are some subtleties to note. For example, you may require additional liability coverage for situations unique to electric vehicles – charging cables, charging stations, and EV battery protection.
If you install a charging station at home, you will also need to update your home insurance policy to include the charging station equipment.
Factors That Affect Electric Car Insurance
Here are some of the top things that can have an impact on your auto insurance :
- Vehicle type : Costs can be different for fully electric vehicles.
- Retail price : It’s estimated that electric vehicles cost about 20% more than other cars.
- Repair costs : EVs have higher maintenance costs and higher cost of replacement parts. Mechanics with specialized training are required.
- Battery damage : EV car batteries are more prone to damage during a collision, significantly increasing repair costs.
- Fewer options : Policies for electric cars is not offered by all insurers. You may have fewer options, reducing your ability somewhat to comparison shop. However, more and more insurers are offering it.
How Much Does Electric Car Insurance Cost?
Insurance on electric vehicles can vary just as much as other vehicles. You can expect to pay about the same or slightly more for premiums. At ThinkInsure, we’ll help you shop around and assess options. We’ll find you the best policy based on your vehicle, driving history, and protection needs.
Take Advantage Of The Electric Car Insurance Discount
Driving an electric car automatically qualifies you for a discount. You could save up to 10% on your EV insurance discount. Cost savings on your premiums vary by insurer.
Learn more about car insurance discounts.
Tips To Save On Insurance For Your Electric Car
Here are some simple tips to help you get lower premiums:
- Choose insurance friendly vehicle features : Install an anti-theft device and choose vehicle safety features that will help lower costs.
- Consider used : Used electric vehicles cost less to purchase. They are reliable and are often more affordable to insure.
- Increase your deductible : Increase your policy deductible to lower your premiums.
- Check out reviews : Some electric vehicles are more expensive to insure than others. Check out reviews to find affordable electric cars to insure.
Types Of Fully Electric Cars
Electric cars, which are also referred to as battery electric vehicles (BEV) are fully electric, use rechargeable batteries, and use no gasoline. Popular types of vehicles include :
- Audi e-tron
- BMW i3
- Chevy Bolt
- Chevy Spark
- Nissan LEAF
- Ford Focus Electric
- Hyundai Ioniq Electric
- Hyundai Kona Electric
- Kia Soul
- Mercedes-Benz B-Class
- Tesla Model 3
- Tesla Model S
- Tesla X
- Volkswagen e-Golf