Electric Car Insurance

electric car insurance
In the last few years, electric vehicles have become more widely popular, this is due in part to Elon Musk and his successful Tesla cars. Not only are these vehicles environmentally friendly, but they are high-performance machines, comparable to a Corvette. Other popular EV cars are the Nissan Leaf and hybrids like the Lexus ES. One of the drawbacks to these vehicles is their high cost. The Tesla Model S has a base price of $75,000 and can easily run over $110,000 for added features. Most Americans find that price point out of reach.

If you have the coin to pay the upfront cost of an EV car, then there is some good news in terms of maintenance and insurance costs. Conventional engines have thousands of parts that over time break down and need repair or replacement. Electric vehicles have far fewer parts and thus lower repair bills. There is also good news on the cost of insuring these types of cars.

Recent studies have found electric car insurance is cheaper than most other vehicles. One recent study conducted by the comparison site Coverhound calculated that the cost of insuring electric automobiles is even lower than popular cars like the Toyota Corolla and Hyundai Elantra. Of course, you will not be able to save enough on coverage to offset the higher price of EV cars, but it is good to know you will be getting insured for a lot less.

The Nissan Leaf has been around for a few years and is one of the best-selling EVs on the market. It is a bargain compared to the Tesla, which can easily cost as much as a small home. The average cost of insuring the Leaf is about $1,500 per year, which makes it about $300 cheaper annually than Nissan’s most popular sedan, the Altima. So if you can save on gasoline and hundreds per year with¬†electric auto insurance, buying an EV might make financial sense.

Why Electric Car Insurance is Cheaper

It might come as a pleasant surprise to new owners of electric cars that they will usually be getting a discount on their coverage. Insurers always base rates on risk and expected driver behavior. Studies prove that drivers of electric autos are more responsible drivers and get in far fewer accidents. This means insurers have to pay fewer claims and pass those savings along to consumers.

Insurers also give out lower rates because with far fewer parts; the repairs are often cheaper than standard gasoline vehicles. EV owners will never have to replace a clutch or engine cylinders and so on. These lower service upkeep costs make it one of the biggest selling points of EVs. There are a few drawbacks to owning an EV though like the time takes to charge these cars. Also, the limited mileage that’s available before another boost is needed frustrates many drivers because they cannot take long road trips.

The manufacturers of electric cars are continually improving the battery life, and some cars can now go over 200 miles between charges. If you are a city driver that has a short commute, then you could potentially go almost a week without needing to charge up. Another drawback is the costs of repairs, although not as frequent, are a little more costly than an average automobile. Get your free electric automobile insurance quote and find discounted rates in just 5 minutes or less.

The manufacturers of electric cars are continually improving the battery life, and some cars can now go over 200 miles between charges. If you are a city driver that has a short commute, then you could potentially go almost a week without needing to charge up. Another drawback is the costs of repairs, although not as frequent, are a little more costly than an average automobile. Get your free electric automobile insurance quote and find discounted rates in just 5 minutes or less.

Electric Car Insurance Factors

The price you pay to ensure your car is based on a variety of factors. While it is welcoming news that electric automobile insurance is almost always cheaper than gasoline engine vehicles, there are so many other contributing things that go into your premium. Here are a few of the big factors:

1. The make and model of your vehicle. If you get an expensive electric sedan like a new Tesla Model S, you are going to be paying more to insure it than a Nissan Leaf. This is because if you total a Tesla, the replacement cost is going to be so much higher than the much cheaper Nissan. Generally speaking, the higher priced your electric car is, the more your premiums will cost.

2. Your age and sex. Young drivers cannot seem to get a break when it comes to insurance coverage. In the last few years, rates have gone up proportionately higher for these drivers than those over 25. This is because teens are getting into more careless accidents, often from texting and talking on their cellphones. If you are a teen looking for cheap electric insurance, it is going to be hard to find, but if you are a good student, you can qualify for discounts. Females also get charged a bit less for ins because they drive less aggressively and get into fewer serious crashes.

3. Your Credit Score. If you can afford a new EV like a Tesla, then you probably have an excellent credit score. Insurers have been placing more weight on these scores because they are a reliable indicator of risky behavior. The more responsible someone is with their money, often translates into responsible driving and you guessed it, fewer accidents.

Shop for Electric Car Insurance Online
If you have an EV and need to get it covered, then go online and shop around for the cheapest rates. Sites like Good to Go Insurance will give you up to 10 insurance quotes in just five quick minutes. You can select the coverage you want and qualify for discounts that can lower your premiums. Compare electric car insurance rates today with a free online quote.