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Electric vehicles (EVs) are becoming increasingly common in today's automotive market. If you're looking to purchase an EV, it's important to understand the costs associated when compared to a normal gasoline car.
Electric car insurance is more expensive than conventional car insurance because the majority of electric cars cost more than conventional cars, suffer damage more easily and cost more to repair or replace.
Proponents of electric cars claim that the numbers of EVs sold only represent a fraction of the market share and that increased production will lead to lower costs of parts and produce lower repair costs, potentially resulting in savings for consumers.
However, the market being as it is, means that if you total an electric car, your insurer is forced to pay a higher claim compared to when you wreck a conventional automobile.
Here are some interesting electric car facts you should know:
Electric vehicles expose insurers to higher risk. Even if you're not a risky driver, your insurance premiums will be higher compared to when you're driving a gasoline-powered vehicle.
Some other factors that affect the EV Insurance rates include:
To put it into perspective, insuring your electric vehicle is just like insuring any other vehicle. And while the type of car plays a huge role in the amount you pay for your policy, your insurer still looks at you as the driver to determine the cost.
No. EV Insurance policy is just like traditional auto insurance policies for conventional vehicles. The only difference might be that you may be required to pay more when insuring your electric car.
Electric cars are typically more expensive than conventional models. That means that an insurer will have to pay out more money for an electric car claim since the vehicle is more costly to repair or buy.
While we can't say exactly how much it costs for EV insurance, we can give you a good idea of what to expect. The national average cost for insurance is $1764 per year, and some estimates suggest the cost of your policy could be as much as 50% more if you own an EV.
On the other hand, the Insurance Information Institute tells us that costs may very well be less because many insurers offer discounts for cars that meet certain criteria such as anti-lock brakes and automatic seat belts.
Whether you're just getting started in an electric vehicle, or you're adding a new vehicle to your insurance policy, it's smart to look for ways to save. By avoiding traffic violations and accidents as well as maintaining a good credit score, you can enjoy savings of up to 25-35% on your electric car insurance.
Other steps you can take to save on insurance include:
Have you ever considered what car insurance company to use? We know picking a car insurance company is about as exciting as choosing a dental floss, but the fact of the matter is, it is a necessary evil of having a vehicle. Most people do online research on different companies and their rates, but there is more to consider when choosing a car insurance company.
Any car insurance company you choose will provide you with an electric car insurance quote. However, not all companies are created equal. The right type of policy can save you money and reduce the risk of having to pay out to repair or replace your vehicle.
Guy Hurley Insurance & Surety Services is such a company with over 20 years of experience in the insurance industry. We offer competitively priced policies for electric automobiles and hybrid cars, including Ford, Toyota, Honda, Mercedes Benz, Lexus and more. With our desire to provide personalized attention to each customer, we can create a plan that caters to your specific needs and goals while saving you cash while you drive.