On average, we found that car insurance for an electric vehicle is about 23% more expensive than the cost for the equivalent combustion model.
We compared four types of electric cars to their gas counterparts to see how your indemnity quotes may go up when you opt for an electric cable car. The actual increase ( or decrease ) will depend on the cable car you ‘re driving now, and other factors such as your driving history and coverage selected .
Contents
How much do car insurance rates increase with an electric car?
We compared four relatively low-cost cars available in both electric and combustion models : the Fiat 500 series, Ford Focus, Kia Soul and Chevy Spark. All of these cars have gas and electric versions and are all priced between a $ 13,000 and $ 25,000 MSRP image. The chart below shows how indemnity rates increased for the electric versions of the cars based on the quotes we pulled from Geico, State Farm and Allstate. The sample quotes came from New York .
>> LEARN MORE : The Cheapest Cars to Insure basically, if your premium with a accelerator car was $ 1,000 a class, you would alternatively be paying anywhere from $ 1,180 to $ 1,320 a year for the electric translation ; on average that is a 23 % deviation in price. not every policy company increases rates the same, however. In our analysis, we found the three companies vary quite wildly when it comes to insuring electric cars .
Cost of insurance for electric vs. gasoline cars, by model and insurer
| indemnity party |
Ford Focus |
Chevy Spark |
Kia Soul |
Fiat 500 |
|---|---|---|---|---|
| submit grow | 1.07x | 1.06x | 1.08x | N/A |
| Geico | 1.24x | 1.22x | 1.25x | 1.19x |
| Allstate | 1.23x | 1.30x | 1.35x | 1.45x |
>> LEARN MORE : compare car indemnity Costs
State farm increases prices the least for an electric cable car driver, with an average increase of fair 7 % on average. Allstate charges the most, with a typical increase of 33 % for an electric model .
Having the application to shop between policy companies could mean a huge deviation in savings on car insurance rates for your electric car .
Why is there a difference?
One major factor why car policy premiums are higher may be that the monetary value of the vehicles are higher. Electric vehicles tend to be filled with up-to-date technology like high-capacity batteries, sophisticated sensors, and more. The more a vehicle costs, the more expensive it is to repair .
>> LEARN MORE : cable car insurance Discounts
While having an electric car does not make you a riskier driver per southeast, it does make you a greater indebtedness in the eyes of the policy companies. This is, in separate, due to electric cars being more expensive to purchase than natural gas cars. In the table below you can see how the electric and boast versions of the cars we studied differ .
|
Car |
Gas |
Electric |
Percent cost increase for electric |
|---|---|---|---|
| Fiat 500 | $25,500 | $32,700 | 28% |
| Ford Focus | $19,790 | $29,960 | 51% |
| Kia Soul | $18,200 | $34,520 | 90% |
| Chevy Spark | $13,100 | $25,900 | 98% |
MSRP values from Kbb.com ( Kelley Blue Book )
intelligibly, electric cars are costlier than their gasoline counterparts. If you were to crash your Chevy Spark EV, it would cost more money to repair it, let alone replace it, than a convention Chevy Spark. Thus, evening if the driver is not riskier, insuring an electric car can potentially expose the insurance company to more expensive costs than insuring a gasoline car .
As electric cars become more the norm, repairing them may become easier and less expensive, therefore driving binding down the rates. For now though, if you are matter to in getting an electric car, and do not want to pay more for the policy, the best option is to shop around between different indemnity companies and see which one quotes you the lowest rates.
>> LEARN MORE : Insuring a tesla
Methodology
To determine how the price of policy differs between electric cars and combustion cars, we collected policy quotes for four cars available in both electric and combustion models .
Quotes are from three major U.S. insurers : Allstate, Geico and State Farm .