Everything You Need To Know About Insuring An Electric Vehicle | Bankrate

October 13, 2022

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convenience, fuel economy and helping the environment are just a few of the reasons drivers switch to an electric vehicle. But while making the switch can bring many benefits, you may want to look at the big picture of electric vehicle ownership. For example, how much does it cost to insure an electric car compared to a gasoline car? By understanding how to best insure an electric vehicle, you can not only save money, but also ensure you have the right coverage for your new purchase.

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electric car insurance vs conventional car insurance

You’ll typically pay more to insure an electric vehicle than a conventional car. this is mainly due to the higher purchase price of electric vehicles and the fact that electric vehicles generally have higher repair costs, especially those with expensive technological features.

Reading: Why is electric car insurance so expensive

For example, auto insurers know in advance that they will likely pay more to replace an electric vehicle than they would for conventional cars. Similarly, even if a minor accident damages an electric vehicle battery, the cost to replace this key component can exceed $15,000.

how much does electric car insurance cost?

Although electric vehicles typically cost more to insure than their gasoline-powered counterparts, Bankrate analyzed the premiums of various makes and models using data provided by Quadrant Information Services to provide an idea of what they look like. Affected costs when insuring an electric vehicle.

These are average rates only. The amount you pay for your electric vehicle insurance will depend on a variety of individual qualifying factors.

who offers electric car insurance?

Insuring an electric car is no different than covering a conventional vehicle. Electric car policies have the same coverage options, such as liability, bodily injury, collision, and comprehensive coverage. Most national and regional auto insurers write policies for electric vehicles, according to the Insurance Information Institute (Triple-I), including:

allstate
farmers
geico
liberty mutual
national
progressive
state farm
united states

Although several major auto insurers have begun to wade into the waters of the electric/hybrid vehicle market by providing guidance on the subject (see allstate, geico, farmers, and state farm), you may have a hard time finding discounts for your electric vehicles. vehicle. While you can expect to save money by avoiding the gas station and possibly get some tax breaks, many insurance providers still don’t offer any discounts for drivers who choose an electric vehicle.

That said, we found a couple who are. Some large operators, including Travelers and Liberty Mutual, offer exclusive discounts to electric and hybrid car owners.

tesla insurance

Tesla owners can purchase Tesla insurance directly through the mobile app. offers all the mandatory coverages required for auto insurance, such as bodily injury and property damage liability, collision, and comprehensive insurance. A unique feature of Tesla Insurance is that it uses real-time driving habits and behaviors to rate a driver’s car insurance policy, as tracked by features within Tesla itself, and could change based on the driver’s monthly safety score. vehicle. Drivers are not scored based on auto insurance rating factors such as age, claims history, and credit, among others. Instead, Tesla looks at the type of vehicle you drive, where you live, how often and how safely you drive, and the coverage selected.

For drivers who like to use the self-driving feature, Tesla also offers a self-driving vehicle protection package that includes self-driving vehicle owner liability, cyber identity fraud charges, electronic key replacement and coverages. of wall charger.

Currently, Tesla insurance is only available in Arizona, Colorado, Illinois, Nevada, Ohio, Oregon, Texas, and Virginia. it is available in california, but does not base rates on telematics data in this state. In addition, if you own a Tesla vehicle but have other cars, these can also be insured with a Tesla policy.

how to save on electric car insurance

If you decide to buy an electric vehicle, you can save on insurance in the same way that conventional car owners do: avoid accidents and traffic violations. If you already own an electric car and are curious to find more affordable rates, consider requesting quotes from multiple providers. you can get a better deal if you switch to another company.

You can also take advantage of discount programs. Insurers offer all kinds of discounts for taking out multiple policies, insuring more than one vehicle, staying claim-free, and taking a defensive driving course, among many others, according to the triple-i.

Also, research local, state, and federal programs that offer rebates or tax credits for owning an electric vehicle. For example, the California Clean Vehicle Rebate Project pays rebates of up to $4,000 to Californians who purchase an eligible battery electric vehicle. The federal government offers tax credits of up to $7,500 for the purchase of certain makes and models of electric cars and SUVs.

what are the benefits of driving electric vehicles?

Having an electric or hybrid vehicle has more benefits than you think. here are some highlights:

energy independence: while you must rely on a charging station to recharge your vehicle’s battery, you can say goodbye to service stations. With a home charging station, you can plug in your car when you get home from work and it’s ready to go the next morning.
Less environmental impact: Electric cars produce without tailpipe emissions. while driving an electric car will not eliminate the carbon footprint of transportation, it will significantly reduce it. Additionally, hybrid electric vehicle models use gasoline or battery power and are a popular choice for those not yet ready to commit fully to a fully electric car.
reduce emissions Inhaled: Tailpipe emissions pollute both the environment and the interior of your vehicle to varying degrees, depending on factors such as the type of car you drive and its climate control system. Automobile emissions contain many dangerous carcinogens, including volatile carbon oxides, organic compounds, and particulate matter. An electric car can help you avoid breathing in these emissions.
Reduce fuel costs: Typically, fueling a car with gasoline or diesel costs more than regular electricity costs. operate an electric vehicle.
Long Battery Life: Reports on electric car battery performance vary widely. However, according to predictive modeling by the National Renewable Energy Laboratory, new technology has extended the lifespan of some types of batteries by as much as 12 to 15 years. and research continues on ways to extend electric car battery life.
Reduce maintenance expenses: With an electric vehicle, you don’t need to worry about regular changes of oil or periodic change of incidental parts such as fan belts, gaskets and radiator hoses. some electric car owners have even reported driving their vehicles 70,000 miles or more with the original brake pads.

end result

everything indicates that the electric car market will continue to grow. they offer a more environmentally friendly way of getting from point to point, quieter engines and none of the nasty exhaust fumes of conventional vehicles. Electric cars generally require less regular maintenance and can go an astonishing number of miles with original parts.

The sticker price of an electric car may cost you a little more, and you may pay slightly higher insurance rates. but you may be surprised. When you take the time to shop around, you can often find rates comparable to many conventional car makes and models. To get the lowest possible premium, ask agents about discount programs, including specific discounts for electric vehicles.

frequently asked questions

- does it cost more to insure electric vehicles?
  - Do insurance providers offer discounts for electric vehicles?
    - how can I find the cheapest car insurance for my electric vehicle?
      
      methodology
      
      bankrate uses quadrant information services to analyze 2022 rates for all zip codes and carriers in all 50 states and washington, d.c. Rates quoted are based on a 40-year-old male and female driver with a clean driving record, good credit, and the following total coverage limits:
      - $100,000 bodily injury liability per person
      - $300,000 bodily injury liability per accident
      - $50,000 property damage liability per accident
      - $100,000 uninsured motorist bodily injury liability per person
      - $300,000 uninsured motorist bodily injury per accident
      - $500 deductible per collision
      - $500 comprehensive deductible
      To determine the minimum coverage limits, Bankrate used a minimum coverage that meets each state’s requirements. our base drivers own a 2020 toyota camry, commute five days a week and drive 12,000 miles a year.
      
      These are sample rates and should only be used for comparison purposes.
      
      To determine the minimum coverage limits, Bankrate used a minimum coverage that meets each state’s requirements. our base profile drivers own a 2020 electric vehicle of the following make and model types, commute five days a week, and drive 12,000 miles a year:
      - audi e-tron
      - chevy bolt
      - hyundai ioniq
      - ford f-150 lightning
      - nissan leaf
      - polar star 2
      - rivian r1t
      - tesla model 3
      - tesla model s
      - tesla model x
      - toyota prius
      These are sample rates and should only be used for comparison purposes.
      
      Source: https://amajon.asia
      Category: Other