Insurance for an electric car can cost more than insurance for a regular car that runs on gas. The higher price of an electric car and more complex equipment mean that it can cost more to repair or replace it in the event of an accident. This can mean higher rates for policyholders who have comprehensive and collision coverage. Insuring an electric vehicle is the same as insuring a conventional gasoline-powered vehicle.
All drivers must have at least the minimum liability coverage required by the laws of their state. This pays for other people's medical bills or property damage if the policyholder causes an accident. Electric cars also cost more to insure because they have more specialized features than a regular car. We also found that the difference between electric car insurance costs and premiums for gas-powered vehicles varies by state.
Electric vehicle owners who are willing to put their safe driving skills to the test could also try usage-based car insurance. MAPFRE is the most affordable electric car insurance company overall, but it's not the cheapest company in any state. Instead, the process of obtaining car insurance for an electric vehicle is the same as for a conventional car that runs on gas. Car insurance for electric vehicles is more expensive than coverage for a model that runs on gas, but you can still find cheap rates by comparing quotes and looking for discounts.
Although electric car insurance policies cost a little more than those that run on gas, all the usual incentives still apply, such as discounts for maintaining a good driving record, the purchase of several policies, the absence of claims and the insurance of more than one vehicle. If you want to install a 240-volt electrical outlet or a wired charging station to charge an electric car at home, consult a trusted local electrician who is trained, licensed and insured to install a NEMA 14-50 outlet. Since the cost of electric car insurance can largely depend on the company, it's important to compare quotes from several companies to make sure you get the best rates for your electric vehicle. We also recommend Travelers as the best car insurance for electric vehicles because of their additional insurance options.
Insurance for electric vehicles costs more because electric cars tend to be more expensive to replace than models that run on gas. Policygenius calculated the cost of electric car insurance by analyzing the rates provided by Quadrant Information Services. For drivers who aren't in the military, State Farm, Auto-Owners, American National and GEICO are cheap electric car insurance companies. Insurance for an electric car usually costs more than insuring a conventional vehicle, since these cars have a higher market value and are more expensive to repair.
While the cost of electric car insurance can be expensive, it's still possible to get affordable coverage. While you can get car coverage for a Tesla from any of the major insurance companies, the brand also offers its own insurance where claims can offer drivers lower rates than the competition.