Electric Car Insurance Cost – Electric car insurance costs are higher than non-electric cars. Electric vehicle insurance costs an average of $206 per month (or $2,468 per year). That’s $44 more per month than gas-powered car insurance.
Aside from the costs, insurance coverage for electric cars is no different than insurance coverage for a gas-powered car. You can get electricity insurance from the same companies as the owner of a gas-powered car. We note that MAPFRE is the cheapest electric car insurance company. Bigger companies like USAA and State Farm also offer great deals on electric vehicles.
Electric Car Insurance Cost
Electric car insurance costs $206 per month, although the average premium depends on the model. Our price comparison of electric insurance prices for some of the most popular electric cars found the Nissan Leaf to be the cheapest model to insure at $170 a month.
Cost Effective Cars
The cost of electric car insurance also depends on your company. For example, electric vehicle insurance costs $111 per month with MAPFRE – 46% cheaper than average. On the other hand, in Hanover, the insurance costs of an electric car are 129% more expensive than the average.
Because the cost of electric car insurance can vary greatly depending on the company, it’s important to compare quotes from multiple companies to make sure you’re getting the best rate for your electric car.
We compared car insurance rates for 24 popular car models to find out how electric car insurance rates compare to gas-powered car insurance rates. Electric car insurance costs an average of $44 per month more than gas-powered car insurance.
Of the 24 vehicles, the two most expensive to insure – Tesla’s Model Y and Model 3 – are electric. The Chevy Bolt and Nissan Leaf also rank among the top 10 most expensive cars to insure.
Gas Vs Hybrid Vs Electric Cars: A Complete Guide
There are a couple of reasons why insuring an electric car is more expensive. Electric car insurance costs more because electric cars are generally more expensive to replace than gas-powered models. This is especially true for high-end electric cars like Tesla.
Electric cars also cost more to insure because they have more special features than a regular car. These features cost more to manufacture – and more to repair. When insurance companies set their rates, they take into account the cost of repairing the car after an accident.
Hybrid electric vehicles are more expensive to insure than gasoline powered vehicles alone. The reason is that hybrids cost more than most regular gas-powered cars. After a crash or total loss, repairing or completely replacing a hybrid would cost more than a mere gas equivalent.
Rating How we score: Ratings are determined by our editorial team. Our methodology takes into account several factors, such as pricing, financial evaluation, quality of customer service and other specific product characteristics.
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Travelers are affordable and offer a discount that allows owners of hybrid and electric cars to reduce their rates.
Travelers is the best electric car insurance company. Travelers coverage costs an average of $132 per month (or $1,579 per year). Although it is slightly more expensive than some of its competitors, Travelers has electric car insurance that is still 36% cheaper than average.
Electric vehicle owners can lower their insurance premiums even further with Travelers hybrid/electric vehicle discounts. In addition to this discount, Travelers allows drivers to save:
We also recommend Traveler as the best electric car insurance because of its additional insurance options. Drivers can add new car replacement, roadside assistance, loaner car coverage and accident waivers to their standard insurance.
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MAPFRE is the cheapest company in electric car insurance, but not the cheapest company in any state. Instead, USAA is the cheapest EV carrier in 20 states, making it the cheapest carrier most of the time.
For non-military drivers, State Farm, Auto-Owners, American National, and GEICO are low-cost EV insurance companies. In 31 states, the cheapest electric car insurance company covers less than $100 a month.
The average price of electric car insurance is $206 per month, but the price also depends on the state you live in – among other factors that affect prices. We found that the cost of car insurance for an electric vehicle can vary as much as $2,502 per year depending on where you live.
On average, the most expensive state for EV insurance is Florida. In Florida, coverage costs drivers $313 per month, but can go as high as $782 per month. The cheapest state for electric vehicle insurance is North Carolina, where prices are $105 per month.
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We also note that the difference between EV insurance prices and gas-powered car insurance premiums varies from state to state. In North Carolina, the difference is the smallest (just $11 per month). The difference is largest in Mississippi, where it costs $79 more per month to insure an electric car.
While you can get car coverage for Tesla from any of the major insurance companies, the brand also offers its own insurance that can offer drivers lower rates than the competition. Tesla partners with insurance companies to offer its own coverage in the following states:
If you take out Tesla car insurance, your car records your driving behavior. The system updates your monthly payment based on your distance from other vehicles, braking, speed, turns and use of the car’s autopilot.
Although the cost of electric car insurance can be expensive, it is still possible to find affordable insurance. In addition to comparing quotes to find the lowest price, take the following steps to reduce the cost of electric car insurance:
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There are no special insurance requirements for electric vehicles. Instead, the process of getting car insurance for an electric car is the same as for a traditional gas-powered car. To get electric car insurance you must:
Yes, electric cars are more expensive to insure. This is because electric cars cost more to repair and replace than a traditional gas-powered car.
It depends. Electric vehicle repairs are more expensive, but there are fewer parts to repair than in a gas-powered vehicle. For example, an electric car does not need new spark plugs, a timing belt or an oil change. Over time, the price of the increased use of electricity will also remain cheaper than the purchase of gas.
Travelers have the best electric car insurance. The company’s electric car insurance prices are on average 36% lower than average. It also has a range of protection and discount options that drivers can use to reduce their rates even further – including hybrid and electric vehicles.
Most Expensive Cars To Insure In 2023
Find out the cost of electric car insurance by analyzing the rates provided by Quadrant Information Services. We calculated average premiums for drivers living in every zip code in all 50 states and Washington, D.C. We have used the full coverage policy with the following limitations:
In some cases, additional insurance was added if the state or insurance company required it. Overall average rates, rates by zip code and cheapest company rates are determined and averaged for individual drivers ages 30, 35 and 45. Our example vehicle was a 2017 Toyota Camry LE with 10,000 miles per year.
Some operators may be represented by subsidiaries or affiliates. The prices offered are an example of prices. Your actual offers may vary.
Rachael Brennan is a senior editor and licensed auto insurance specialist at . His work has also appeared in MoneyGeek, Clearsurance, Adweek, Boston Globe, The Ladders, and AutoInsurance.com.
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Andrew Hurst is a senior editor and licensed auto insurance specialist at . His work has also appeared in The New York Times, The Wall Street Journal, Forbes, USA Today, NPR, Mic, Insurance Business Magazine, ValuePenguin, and Property Casualty 360.
Britta M. Moss, CPCU, SCLA, AIC-M, has over 25 years of experience in the insurance industry. In his work as a real estate and casualty consultant, he provides consultation and expert testimony in the area of claims management standards, practices and norms. Law firms representing plaintiffs and insurance defendants have retained him in litigation involving insurance coverage analysis, investigation, liability determination, damage assessment, negotiation and mediation. He is a graduate of Ohio State University. Partner Content: This content was created by a Dow Jones business partner and was independently researched and written by the newsroom. Links in this article may result in us receiving a commission. More information
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Author: Daniel Robinson Author: Daniel Robinson Author Daniel is a team guide writer and has written for many automotive news sites and marketing companies in the US, UK and Australia Specializing in car finance and car care. Daniel is the guide team’s authority on car insurance, loans, warranty options, car services and
Electric Car Insurance: Does It Still Cost More In 2023?
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