Do you own an electric vehicle or are you thinking of getting one? There’s never been a better time!
In the past few years, electric cars have become increasingly popular as gas prices continue to rise. If you’re thinking about making the switch to an electric car, you’re probably wondering how it will affect your insurance.
Even though it is more expensive to insure an electric vehicle, with the rise in popularity of them, insurance companies are starting to be more competitive. This results in the prices of electric vehicle insurance starting to be more competitive, even coming close to their gasoline counterparts.
Here’s everything you need to know about electric car insurance.
More EV Cars Means More EV Car Insurance Options
Electric cars have become increasingly popular in recent years due to rising gas prices.
As the popularity of electric cars has increased in recent years, so has the need for insurance specifically designed for them. While electric car insurance may seem like a new and exotic concept, it is actually quite similar to traditional auto insurance. However, special discounts and coverage options do exist already for electric vehicles and more options are becoming available over time.
The main difference in insuring an EV is that it takes into account the unique risks associated with owning and driving an electric car. Electric cars are still a relatively new technology, and as such, they can be more expensive to repair or replace than their gasoline-powered counterparts.
Insurance for Electric Cars vs Insurance for Traditional Vehicles
Electric car insurance is not much different than insurance for traditional vehicles. Both comprehensive and collision coverage of cars need to be insured against potential damages, and both types of drivers need to be protected in case of an accident. However, there are some key differences between the two that you should be aware of before you make the switch to an electric car.
The main reason for the higher cost of electric car insurance is its price. Expensive vehicles generally incur more expensive insurance premiums.
When your electric vehicle falls victim to an accident, it’s most likely going to be more expensive to replace than one of its gas counterparts would be. Electric car parts are more costly, and not as easily repaired/refurbished. Minor incidents can also be quite expensive, depending on the severity of the crash. Damaging the battery alone can be a cost exceeding $15,000
EV Car Insurance Factors Impacting Rates
Factors that affect insurance rates for electric cars include the make and model of the car, driving history, and location.
Electric car insurance rates can vary depending on a number of factors, including the make and model of the car, driving history, and location. For instance, rates for a Tesla Model S in California may be different than rates for a Chevrolet Bolt EV in Michigan. When it comes to electric cars, insurance companies are still trying to get a handle on how these vehicles affect their risk portfolios. As such, there is still some uncertainty when it comes to setting rates. However, there are some general trends that have emerged.
Insurance Coverage for Your EV Charging Station
Owning an electric vehicle mandates that the garage or backyard be equipped with the appropriate charging equipment. Charging stations need to comply with local, state, and national regulations as listed on www.energy.gov. You should check with your insurance company to see if the charging equipment is covered under their basic policy. You might also need to purchase additional coverage for your chargers separately from what’s included in the basic package.
Do all companies offer electric vehicle insurance?
Currently, there are only a few insurance providers that offer coverage for electric vehicles. The competition is good news for customers, who can take advantage of high-quality service at the best price.
- State Farm
Some companies are quicker to be environmentally conscious than others. Liberty Mutual and Travelers already offer special discounts for drivers insuring their EVs. More companies are likely to adopt this practice sooner rather than later.
Finding EV Insurance Coverage
At Portland Insurance we can help you find insurance coverage for your electric vehicle. You can quickly and easily compare rates using our online comparison tool.
Quickly upload your info through our secure form and our team will quickly find the best coverage options for your electric vehicle.