Car workshop
0 View
Article Rating
1 звезда2 звезды3 звезды4 звезды5 звезд

Is insurance cheaper for electric cars?

That shiny new electric car you bought will cost more to insure — here’s why

Email icon An envelope. It indicates the ability to send an email.

Share icon An curved arrow pointing right.
Twitter icon A stylized bird with an open mouth, tweeting.

Twitter LinkedIn icon The word «in».

LinkedIn Fliboard icon A stylized letter F.

Flipboard Facebook Icon The letter F.

Facebook Email icon An envelope. It indicates the ability to send an email.

Email Link icon An image of a chain link. It symobilizes a website link url.

The Ram 1500 REV electric pickup truck.

Redeem now

  • Insuring an EV might differ from insuring a gas-powered vehicle.
  • EVs have high-value batteries and costly electronics.
  • Car-buyers should understand the nuances of EV insurance and why it might cost more.

Insider recommends waking up with Morning Brew , a daily newsletter.

Loading Something is loading.
Thanks for signing up!
Access your favorite topics in a personalized feed while you’re on the go. download the app

There are certain nuances to insuring electric vehicles that car shoppers might want to know before they commit.

Electric cars have a lot of similarities to gas-powered cars, but they also bring some distinct differences. Right now, new EVs cost more on average. They have powerful batteries. And they’re more electronic than ever.

All of those factors could play a role in an EV owner’s insurance policy.

What car-owners need to know about the cost of EV insurance

Drivers have a lot to weigh before going electric, like an EV’s range, charging infrastructure, and how it fits into their lifestyle. Variables that influence their auto insurance policy are equally as important, starting with cost.

The latest estimate from NerdWallet said the national average cost of car insurance stands at about $2,148 per year. Meanwhile, the same for EVs is $2,280 annually, according to a Forbes Advisor analysis. That could mean average annual premiums of $1,830 for a Chevrolet Bolt or $4,066 for a Tesla Model S, says financial services company Bankrate.

So why is that? Generally, more-expensive vehicles are more expensive to cover, and most EVs are, right now, have steeper price tags; a new one sold for $58,725 on average in January, according to Kelley Blue Book.

Their batteries are also costly, and high in value. EVs might have less mechanical parts than an internal combustion engine vehicle, but they’re chock-full of expensive electronic components and sensors.

What is the average car payment?

«Those parts can be pricey,» according to insurance provider Progressive. «If the battery pack is damaged, certain safety protocols are often necessary, adding more to the repair bill. Plus, there aren’t as many shops with technicians trained to fix electric vehicles versus traditional vehicles.»

Provider State Farm said an EV battery repair could cost anywhere from $5,000 to $15,000, and would likely require costly, specialized labor.

While collision and property damage liability claims for EVs tend to happen at lower frequencies than with conventional vehicles, according to the Highway Loss Data Institute, the severity of claims tends to be higher. But that’s been lowering over time.

Other savings are important to remember

This is where car-buyers have to weigh an EV’s total cost of ownership, according to agency AAA. Where EV insurance and upfront costs look more than with a gas-powered car, drivers could see substantial fuel and maintenance costs-savings from going electric. They also come with lower repair and tire costs.

One AAA estimate suggests owning an EV costs 60 cents per mile, compared with 75 cents per mile for a medium SUV and 69 cents for a medium sedan.

Understanding auto pricing overall is unsurprisingly top of mind for buyers, Jessica Stafford, SVP of consumer solutions at Cox Automotive, said.

«That’s the biggest question that consumers have holistically,» Stafford said, «and those consumers are asking that about EVs, too: Help me understand the total cost of ownership, help me understand what this looks like, and what happens when I need repairs.»

Electric Car Insurance

Find out how much car insurance costs for your electric car or vehicle.


Compare rates from Canada’s top auto insurance providers


⊸ Car Insurance ⊸ Electric Cars And Vehicles

About insurance for electric cars

An electric car is a vehicle that uses electric power instead of being propelled by gas. It uses an electric motor and battery to operate. You charge the engine using a wall outlet that can be installed in your home or at a public charging station. Insurance for electric vehicles is relatively new. You’ll need it if you want to drive an electric car. Electric vehicles have only been in mass production since 1997 when Toyota introduced the Prius. But the popularity of Tesla and other models has significantly increased the number of electric vehicles on the road today. But even now, not all insurers offer coverage and it is still a niche market.

Are Audis good after 100k miles?

What is electric car insurance?

Electric car insurance is an insurance policy for vehicles that run on electricity over gas. While the majority of coverage is 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.

How does electric car insurance work?

Insurance for electric cars works the same as other normal policies. You are required to have insurance coverage to drive. You need a minimum of $200,000 in third-party liability. Mandatory coverage also includes accident benefits, direct compensation property damage (DCPD), and uninsured automobile coverage. Drivers can increase their coverage and plan limits. This allows you to customize your insurance. It’s common to add comprehensive or collision coverage. Speak with your insurer about coverage requirements specifically for electric cars.

How get compare electric car insurance quotes

Complete these quick and easy steps to compare quotes and start saving.

1) Start your quote

Enter your postal code and some basic information.

2) Enter your driving details

Provide your driving and vehicle information.

3) Compare quotes

Compare quotes from the leading companies.

Choose your policy

Choose the lowest rate. Confirm the details with our experts and buy your insurance. Get started

Our customer reviews

Rated 4.7 out of 5 stars in 1291 Google reviews See what our customers are saying about getting car insurance with us. See all reviews


Star Rating Review2

C G 2023-04-18 17:28:34 Awesome Experience, Darryl Fardy is the man, got me set up quick and easily. Greatly Appreciated.

Star Rating Review2

WOLFGANG MUENCH 2023-04-16 14:15:24 Lisa was very pleasant to work out the details

Star Rating Review2

Nabanita Debsarkar 2023-04-14 16:21:15 Evan was our Magician. He was prompt in addressing our need yet patient to understand our situation and help accordingly. We are definitely going to go back to him, every time we have an insurance need. We highly recommend his service.

What is the car with the most problems?

Star Rating Review2

Erin Stewart 2023-04-12 23:54:34 After a car accident, for which I was unfortunately at fault, and complications with my old insurance provider, Bailey at ThinkInsure was able to help me in just a couple of days find and get signed up with a new insurance company. He was friendly, professional, prompt, and diligent, and didn’t make me feel bad for my past mistakes. He answered any questions I had and made me aware of all my options in layman’s terms. I am fully satisfied with my experience and would recommend both Bailey and ThinkInsure to anyone seeking out first time insurance or a new insurance provider.

Star Rating Review2

Anna Hicks 2023-04-06 14:29:50 I had contacted numerous insurance companies over couple of days . I called Thinkinsure and it became our last stop . The price was by far the best, the professional and friendly and calm service provided by Darryl Fardy was exceptional. Darryl is definitely a huge asset for the company as we got things done fast and efficiently. I have already recommended this company to many people .

Star Rating Review2

debbie doyle 2023-04-04 14:31:06 Very considerate, clear and accurate of their knowledge. They follow up and are quick to reply. I would recommend this insurance company, I’m very satisfied.

Star Rating Review2

Jared Haird 2023-03-30 23:58:05 Great experience. Fast and friendly service. Todd was extremely helpful with all of my requests. Highly recommend giving Todd a call for your insurance needs.

Star Rating Review2

Marie 2023-03-28 21:02:28 If anyone is out there looking for a great insurance broker, I highly recommend Evan Venditti at ThinkInsure. His customer service and care were tremendous . he was extremely prompt, responsive and personable. His knowledge and expertise are top notch and he was an absolute pleasure to work with.


Factors that affect electric car insurance

Women standing in front of electric car while it charges

Here are some of the top things that can have an impact on your auto insurance for electric vehicles :

  • 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 costss 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 are not offered by all insurers. You may have fewer options, reducing your ability somewhat to comparison shop. However, more insurers are offering it.
Is Carly dating Chase or Joey?

How much does car insurance cost for an electric car or EV?

Car insurance on electric vehicles can vary just as much as on 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.

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

White car parked at charging station

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

Electric car insurance FAQs

What is the best insurance for electric cars?

The best insurance for electric cars depends on your coverage needs. Insurers have different policy options and discounts. You can get basic or increased coverage. Rates also vary depending on the provider. Compare car insurance quotes to find the best coverage and rates for your electric car.

Do electric cars need insurance?

Yes. You are required to have insurance if you drive an electric vehicle. The process to get a policy is the same. This also applies to hybrid car insurance.

Is 180 mph ball speed good?

Is insuring an electric car expensive?

Typically, electric cars cost slightly more to insure than other similar vehicles. However, the car you drive is only one of many factors that impact the cost. Review quotes to better understand your options.

Are electric cars cheaper to insure than other cars?

It depends. In general, electric cars can cost more to insure. But, you also need to consider the make and model being compared in addition to other factors.

Does insurance on electric cars cost less?

It can be. It depends on the make and model of vehicles being compared. Review vehicle premiums to identify the best option.

Start a quote or call us to find cheap Ontario car insurance for your electric vehicle.

What is the cheapest electric car to insure?

The Kia Soul EV and Nissan Leaf are regarded as the cheapest electric cars to insure. See a full list of cheapest cars to insure to see more cost saving opportunities.

Inside of car driving on a city street

You’ll save on insurance by driving an electric car

Find affordable coverage for your electric car. We understand your unique EV insurance needs and will help you take advantage of all green vehicle discounts.

Save money on all policies and get the protection you need to drive worry free and reduce your impact on the environment.

Insurance Blog And News

Read our insurance blog get helpful tips, information and news.

black woman driving a car looking backwards


Best New Cars To Buy In Canada for 2023

In the market for a new car? Check our top 14 list of the best new cars in Canada.

family standing around a car


OPCF – Explaining Ontario Policy Change Forms

There are situations where you will want or be required to have additional insurance, often in the form of optional enhancements called the Ontario Policy Change Form (OPCF).

red car in parking lot


Can You Pause Or Put Your Car Insurance On Hold?

Is it possible to put your car insurance policy on hold? Here’s what you need to know if you are considering pausing your policy with OPCF 16/17.

black woman driving a car


OPCF 23A/23B

Learn more about the meaning, definition, and explanations of OPCF 23A and OPCF 23B.

Ссылка на основную публикацию