How to Find the Best Car Insurance for Your Electric Vehicle

How to Find the Best Car Insurance for Your Electric Vehicle

Electric vehicles used to be a status symbol for the wealthy elite. In recent years, prices have come down, and now, these same cars are more affordable for the average Joe. Unfortunately, electric vehicles tend to be more expensive to insure compared to fuel-powered cars.

Comparing Insurance

With a higher market value combined with more expensive repair costs, getting an electric vehicle will result in higher car insurance. For example, depending on your make and model, your insurance company can expect to pay between $15,000 and $20,000 for a battery pack replacement.

Luckily for you, comparing insurance is easy to do online. You can compare quotes at the click of a button from most providers. To get an accurate quote, have your VIN available if possible. If not, at least have the car’s make, model, and mileage information.

You may find the cost of insuring an electric car to be less than that of a traditional gas vehicle. Hybrids are even more insurance friendly, so it is worth considering a car like that if you are still looking to purchase a car.

Choosing Insurance Providers

To find out how much you can expect to pay in premiums, do the same thing you would do with a gas-powered car. You contact insurance companies and give them your information to get a quote. While not all car insurance companies will provide coverage for electric vehicles, most of the major companies do, including Allstate, Geico, Farmers, Liberty Mutual, Progressive, Nationwide, USAA, and State Farm.

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Some local providers may also offer electric car coverage, but you will need to contact them to find out. If you happen to live in California, you have an additional option for insurance coverage directly from Tesla for the Model S, Model 3, Model X, Model Y, and Roadster. The company is proving to be an excellent option, as it is significantly less than conventional insurance companies. Coverage is expected to expand to Texas and Illinois in 2021 and will eventually be available elsewhere in the US.

Other Ways to Save Money

Just like when you are shopping for conventional insurance, you still need to ask about the availability of discounts if you have an electric car. In addition to typical discounts like multi-policy or good driver options, you may also qualify for a green initiative or alternative fuel discount, depending on the provider.

You may also qualify for tax credits come tax time. To verify eligibility, you would need to visit the Energy Department and narrow down the options for your state. In certain places, you can qualify for private incentives in addition to federal tax credits. It is worth checking on because, with the savings you’d receive, you may reduce the overall cost of your insurance premiums. For example, if you qualify for a $5,000 rebate, but your insurance is only $2,400 for the year, insurance is easily paid for.

Keep a Clean Driving History

Driving an electric car is not any different from a fuel-powered one regarding road laws and regulations. You can still keep your insurance down by keeping violations to a minimum and avoiding accidents. Other options also include policies that monitor driving habits. By keeping track of how you drive, companies will lower your premiums. On the other hand, it is probably not the best option for you if you are not the best driver.

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You also want to be careful with the claims you make against your policy. The more claims you make, the more expensive your policy will become. For example, you have probably seen those companies that offer to fix a chip in your windshield for free. Some of those companies contact your insurance company as a provider. It goes on your record and looks like a claim you paid for because it was less than your deductible. Claims stay on your history for three years, so be smart about what gets recorded.

Wrapping It All Up

When you need to insure an electric vehicle, always start by comparing insurance options. Contact multiple providers to find out what each one covers and to see what is affordable for you. Don’t forget to ask about discounts and to search for potential tax credits and rebates. Once you have decided what you want, remember to keep your driving history as clear as possible and to be savvy about your insurance claims in the future.

 

 

 

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