How to Get Affordable Insurance for Your Electric Vehicle

Insurance for an

electric car

may be more expensive than for a regular car that runs on gas. This is due to the higher cost of an electric car and its more complex equipment, which can mean higher rates for policyholders who have comprehensive and collision coverage. On average, car insurance for an electric vehicle is approximately 25% more expensive than the cost of the same car with a gasoline engine. If you already own an electric car and are looking for more affordable rates, consider requesting quotes from multiple suppliers.

Electric vehicles tend to be more expensive to replace than models that run on gas, so insurance companies take this into account when calculating premiums. Some major insurers, such as Travelers and Liberty Mutual, offer exclusive discounts to owners of electric and hybrid cars. Comparing quotes from several companies is the best way to find cheap car insurance for your electric vehicle. For example, car insurers know from the start that they will likely pay more to replace an electric vehicle than for conventional cars.

Since the cost of electric car insurance can vary greatly between companies, it's important to compare quotes from several providers to ensure you get the best rates for your electric vehicle. Drivers can add new car replacement, roadside assistance, gap coverage for a vehicle paid for with a loan, and accident forgiveness to a regular policy. Electric vehicles have a battery instead of a gas tank and an electric motor instead of an internal combustion engine (ICE). USAA is the cheapest electric car insurance company in 20 states, making it most often the company with the lowest rates.

While electric vehicle insurance usually costs more than their gas-powered counterparts, Bankrate analyzed premiums for several makes and models using data provided by Quadrant Information Services to learn how the costs of insuring an electric vehicle are affected. We also recommend Travelers as the best car insurance for electric vehicles because of their additional insurance options. Policygenius found the cost of electric car insurance by analyzing the rates provided by Quadrant Information Services. We compared the cost of car insurance for 24 popular car models to find out how the cost of insuring an electric car compares to the cost of covering gas-powered vehicles.

The cheapest electric car to insure was the Hyundai Kona crossover SUV, and the most expensive was the Porsche Taycan, an electric sports car. To achieve the lowest possible premium, ask agents about discount programs, including discounts specific to electric vehicles. While the cost of electric car insurance can be expensive, it's still possible to get affordable coverage.