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Auto Insurance for Electric Cars

Important facts to know...
  • Most insurance companies sell electric vehicle auto insurance products
  • It is generally more expensive to insure an electric vehicle
  • There are mechanical differences between electric cars and their gasoline-powered siblings
  • The criteria for purchasing insurance products for an electric car is almost similar to that of insuring a plug-in hybrid
  • There are key electric car insurance cost cutters that can’t be ignored

Getting an affordable and appropriate auto insurance is a critical factor for any car owner or prospective buyers.

While the electric vehicle market is still in its early stages of development, concerns about their insurance costs as compared to conventional gasoline and diesel cars have been raised.

Well, it’s a relatively new technology, and the insurers are yet to come up with a comprehensive model that can cover all associated risks at the same time.

Nonetheless, electric vehicles are treated the same way regular cars are, and most auto insurers sell electric vehicle auto insurance products.

If you have an electric car and need auto insurance coverage, start comparison shopping by entering your ZIP code above!

Finding the Right Insurance Policy for Your Electric Car

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Auto insurance policies for electric cars are a little different from standard car insurance policies.

It might get a little dark in the beginning of your search since there is a lot of confusing information on electric vehicle insurance at the moment.

Not all insurers have coverage for electric cars right now; this changes nothing, though.

There are a lot of pretty good deals out there, and the best you can do is compare available quotes and get yourself a pocket-friendly electric car auto insurance deal.

The Cost of Insuring an Electric Car vs. a Gas Car

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Car insurance costs vary widely across different insurance companies, gas or electric.

More importantly, electric cars are slightly more expensive to insure that gasoline cars and the difference vary across various auto insurance providers.

On average, you’ll end up paying between $1,300-1,500 on electric vehicles for what would typically cost you around a thousand dollars on a gas car’s annual insurance cost.

You could end up saving significant amounts on electric car insurance if you have the diligence to compare quotes from a number of reputable insurers.

Why the difference?

The reason for the difference in the cost of insurance between electric cars and conventional gasoline vehicles is not that apparent. In regards to high-risk, insurers place electric vehicles drivers on the safe side of the driving category.

People who buy electric cars are deemed more responsible and are considered to be low-risk drivers, which should attract lower premiums.

On the other hand, electric vehicles are way more expensive, so it costs more to repair or replace in case of an accident. Some electric cars are almost 100 percent more expensive than their gas version.

Thus, in the eyes of auto insurance providers, electric cars come with greater liability than gas cars.

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The Cost of Insuring an Electric Car

It would make sense that the cost of insuring an electric car is higher as compared to the cost of insuring the gas version of the same car, apples to oranges, right? So, how does the cost of insuring an electric car and a gas car in the same price range compare?

For instance, which vehicle would be cheaper to insure, a US $50,000 electric car or a $50,000 gas car?

Besides the fact that electric vehicles have fewer working parts and insurance industry perception of electric vehicle drivers are more careful, there is a host of other factors that make electric cars cheaper to insure than gas cars at the same price level.

The many working parts of a combustion engine makes gasoline-powered vehicles more susceptible to engine problems hence more visits to the mechanic.

On the other hand, electric vehicles have far fewer parts, and while a single visit to a high-tech specialized mechanic would cost you a fortune, it scarcely happens.

Getting Cheap Electric Car Insurance Quotes

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Electric cars tend to attract extra discounts and incentives with most insurers.

However, the number of quotes is significantly reduced because not all insurers have rolled out the service. In most cases, electric cars are usually smaller and less powerful thus attract lower premiums too.

That said, you still have to shop around, don’t settle for the first impressive quote you get, keep looking. The next quote might be a lot cheaper and comes with better terms.

Specific Factors to Consider

Electric vehicles are not designed for long distances. You may have to loan out a gas car a couple of times a year when driving for long distances.

Make sure that your policy provides sufficient coverage for a short term loan gas car.

Include sufficient liability insurance in your electric vehicle auto insurance in case someone trips over your charging cable and falls resulting in an injury.

You owe the duty of care to other members of the public.

Leased Batteries

Notify your insurer in case your car batteries are leased from a separate entity.

It’s better to disclose all the information in case you file a claim. Electric vehicles are driven by batteries which require occasional recharging.

If you make the decision to go green with an eco-friendly set of wheels, keep in mind that the law still requires car insurance.

More people are becoming environmentally conscious as time goes by not to mention the skyrocketing fuel prices, so expect the number of electric cars to increase in the next few years.

The pool of electric car buyers will expand which will significantly bring down auto insurance costs.

Don’t forget that the best way to nail down the best auto insurance policy is through comparing as many quotes as you can.

Try our FREE online quote tool and start comparing auto insurance rates today! Enter your ZIP code below!

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