If you are considering purchasing an electric car, make sure you contact your insurance agent or Strickler Insurance for an insurance quote first. While electric cars have major cost-saving measures and benefits, you might lose out due to the cost of insuring an electric car.
Standard Car Insurance Vs. Electric Car Insurance
The main difference between the two car insurance coverages is the difference between the cost of the car replacement and the car repair of an electric car. The maintenance and repair of a typical gas-powered car are standard.
There are a variety of mechanics who repair standard vehicles. There are not as many electric car repair companies, or available electric car repair parts. The scarcity and value combination is the primary difference between standard car insurance and electric car insurance.
Which Electric Car Has Higher Insurance Cost?
According to Progressive Insurance, The Audi e-tron has the highest insurance rates with the Tesla Model S and Tesla Model X closely following behind. All 4 of these electric cars can expect car insurance premiums of over $4k a year. The cheapest electric car’s auto insurance is the Nissan Leaf which can be just under $2k a year to insure.
What Contributes To The High Auto Insurance Costs For Electric Vehicles?
As mentioned before, there is a high expense for electric vehicle repairs or electric vehicle replacement. Other contributing factors lead to higher costs for insuring an electric powered vehicle. Below are a few reasons electric car insurance costs more:
- The cost to replace an electric car’s battery is one of the number one factors involved in an electric vehicle’s auto insurance. While the base range for battery replacement is anywhere from $2k to $10k, some electric car batteries cost around $15k!
- The weight of an electric car. The weight of the battery and the higher weight class of an electric car creates certain challenges and the likelihood of accidents. While many electric cars have high tech safety features, the increased weight means an increased amount of time it takes to stop. These factors result in higher car insurance.
- Not everyone provides electric car insurance. If more insurance companies provide auto insurance coverage for electric vehicles, this might drive the market price down.
- There isn’t as much data on electric cars. The amount of annual data on regular gas powered or diesel powered vehicles is massive compared to the annual data on electric cars. As more people drive electric cars, there will be more data and more accurate data. This can lead more insurance providers to provide accurate electric car coverage.
Should You Get An Electric Car?
High insurance coverage is only one factor to consider when purchasing an electric car. There are so many more factors and aspects that make buying an electric car worth it. When making your purchase be sure to contact your insurance agent. Additionally, contact us at Strickler Insurance. We have insurance providers that can provide high quality auto insurance for your electric vehicle.
