Different people choose electric vehicles for distinct reasons. Some buy them due to their positive impact on the environment, while others do so to save money on fuel costs. Either way, no matter your reason for purchasing an electric vehicle, you will have to remain informed about how to get it insured.
This article will outline some facts about insuring your electric vehicle so that you can be as informed as possible about deciding to buy an electric vehicle. So, let's get into it!
Electric Vehicle Insurance vs Conventional Vehicle Insurance
Up until very recently, electric vehicles could not travel very far, and due to the very low demand, they were extremely costly. Today, however, many electric vehicles cost less than $40,000, and many of them have a range of over 350 miles on a single charge.Typically, electric cars have higher insurance rates than their more conventional, fuel-guzzling counterparts. Coverage for electric vehicles tends to be higher because the market price for electric vehicles is higher than that of conventional vehicles. Moreover, electric vehicles become damaged much more easily and are much more expensive to repair than conventional cars.
Cost of Electric Vehicle Insurance
The table below details the average 6-month and average annual premiums in U.S Dollars for some of the most popular electric vehicles on the market today.
Notably, the above table provides only the average premium rates for various electric vehicles. The actual amount you end up paying for your electric vehicle's insurance will depend upon the following factors.
In this way, insuring an electric vehicle is awfully similar to insuring a conventional one. While the vehicle's value is the first determinant of the premiums you'll pay, like conventional vehicle insurance, the insurance company will look at factors like how safe you drive and the likelihood of you getting into an accident.
Who Provides Insurance for Electric Vehicles?
Insuring your electric vehicle involves the same policies that insuring your conventional gas-guzzler does. Coverage options such as liability, collision, bodily injury, and comprehensive coverages are all options to choose from when insuring your electric vehicle.
Moreover, if you are wondering who provides insurance for electric vehicles, the answer is most regional and national auto insurers.
Today, most major auto insurers have started dipping their toes into the electric/hybrid vehicle insurance market. Therefore, it shouldn't be too difficult for you to find an auto insurer to provide electric vehicles insurance.
How to Save on Electric Vehicle Insurance
If you decide to purchase an electric vehicle, there are several steps you can take to save money on insurance. In fact, there is no difference between saving money on conventional vehicle insurance and electric vehicle insurance.
By avoiding accidents by driving carefully and ensuring that you don't violate any traffic rules, you can ensure that the insurance company pays you out in full at the appropriate time. Otherwise, they will use your lousy driving as a reason to cover less of your cost.
Many experienced experts in the fields of automobiles will tell you that electric vehicles are the future of the automobile industry. Accordingly, auto insurers will have to create dedicated policies for electric vehicle insurance in the near future.
However, electric vehicle insurance continues to be very similar to conventional vehicle insurance until then.