What is Electric Vehicle Insurance?
Electric vehicles can be complex, but when it comes to auto insurance, they’re surprisingly simple. Auto insurance policies are written in the exact same way for gasoline-powered and electric vehicles alike. In short, electric vehicle insurance is just auto insurance!
While these policies may look the same, insuring an electric vehicle tends to be more expensive. As electric vehicles gain popularity for their eco-friendly, lower-maintenance features, it’s more important than ever to know how to get the best bang for your buck on your electric vehicle auto insurance.
Best Auto Insurance for Electric Vehicles
Your auto insurance premium will change depending on a variety of factors, including your age and your at-fault accident history. Since all auto insurance carriers will insure gasoline-powered and electric vehicles alike, it’s vital that you take the time to consult with an agent and shop for the best rates for your unique policy.
In general, you can expect your electric vehicle insurance premium to fall somewhere between $2,200 and $4,200 in 2023. On average, TGS Insurance customers have enjoyed the most competitive rates and highest savings with Progressive. However, many drivers have also gotten great deals on their auto coverage from SafeCo, Travelers, and Nationwide. The most expensive carrier for electric vehicle insurance, on average, is Allstate. Ask an expert which carrier is best suited to meet your insurance needs!
Do I Have to Get Tesla Insurance for My Tesla?
No! Only a Tesla may be insured with Tesla, but Tesla drivers can still select any carrier for their auto insurance. It’s a good idea to shop for your best rates before selecting a carrier.
Why Does Auto Insurance Cost More for Electric Vehicles?
There are a lot of factors that go into calculating the cost of your auto insurance premium, and each carrier does it slightly differently. While this can make it hard to predict exactly what rates you can expect to see on your auto insurance, one important aspect of that calculation is the value of your car and its parts. Because an electric vehicle is typically higher in value and has much more expensive parts than its gasoline-powered counterpart, it would cost more to repair or replace. That cost is the main driver of high electric vehicle insurance premiums.
How to Save on Electric Vehicle Auto Insurance
Although electric vehicles are more expensive to insure, there are also plenty of discounts offered by most carriers to help you save money while saving the planet! No matter what powers your car, there are discounts available for add-ons such as apps to monitor your good driving or safety features such as automatic braking or lane drift warnings. Electric vehicle drivers can also get a bonus discount for doing their part to lower emissions! Ask your insurance agent if your carrier offers a green vehicle discount.
You may also be eligible for federal tax credits of up to $7,000 for new and up to $3,500 for used electric vehicle purchases. Check out the fine print if you plan to buy an electric vehicle soon!
How to Shop for the Best Deal on Electric Vehicle Auto Insurance
A tried and true money-saver for any auto insurance policy is using an independent insurance agency to shop for the best deal for you! At TGS Insurance Agency, we will work hard to find the carrier best suited to offer you the coverage you need at a competitive rate. Our expert agents are also ready to maximize your discounts and talk you through all of your options! It all starts with a free quote, no strings attached.