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Array ( [news] => rev-up-your-electric-vehicle-coverage-with-we-insure [cat] => insurance-insights )
June 29, 2023
Electric vehicles (EVs) are the ultimate symbol of sustainability and style, delivering an electrifying driving experience that's hard to resist. But the price tag for insuring these eco-friendly driving machines can be higher than their combustion-powered counterparts, and you don’t want to blow all that gas savings on insurance. Buckle up for some tips on what affects EV insurance rates, so you can hit the road with the right coverage — without taking a hit to your wallet.
Standard Factors Apply
While EV policies have unique characteristics that can affect rates, the standard factors that apply to any insurance policy still hold true for an EV. Insurers base the price of your premium on more than just the cost of your car and the coverage you choose — personal risk factors are also important. Just like coverage for a petrol-fueled car, your driving history, age, and location can all play a role in determining your rate.
The Cost of Going Green
Coverage rates for EVs can often be higher than those for gas-powered cars. In part, that’s because replacement parts for an EV are often more expensive — an average of 2.7% more. And this translates to about $100 more per year for EV insurance. One of the most expensive EV parts that can affect your rate is the battery, which may run between $5,000 and $15,000 to replace.
General mechanics may not have the training required to work on an EV, so your rate might also factor in the need for more specialized service. But not all EVs cost significantly more to insure. For instance, the Chevy Volt has an average insurance rate of $2,007 annually, which is only $7 more than the average rate for car insurance in general. And some insurers may help offset the additional cost of EV coverage by offering “green” discounts, so it’s important to look into all your options. Certain policies, for instance, offer as much as a 5% discount for hybrid or other “alternative fuel vehicles.”
Evaluating offers from different providers can help you find the best rate without sacrificing coverage — that’s why it’s beneficial to work with a We Insure agent who can compare rates from a number of top insurers in your area. Plus, if you already have home or other property insurance, your agent may be able to help bundle an EV policy with your homeowners coverage to help you save even more.
It’s also worth looking into alternative types of coverage, depending on your use. For instance, pay-per-mile plans mean you’ll pay for coverage according to the number of miles driven — plus a base rate. This can be a great option if you only plan to drive the car for short trips, which some EV owners choose because of their vehicle’s typically shorter range and the limited number of charging stations across the country.
Power up Your Protection With We Insure
Your new EV can help you save at the pump, but it’s important not to squander all the cash you conserve by overpaying for auto insurance. At the same time, you don’t want to end up with coverage gaps just to score a lower rate. Our agents’ expertise and network of top providers can help you find the right EV coverage for your needs and budget. Contact us for a fast and free quote — and power up your EV policy with We Insure today.
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The information contained in this page is provided for general informational purposes only and may not be applicable to all situations. We Insure makes no guarantees of results from the use of this information.