Is electric car insurance more expensive?
The cost of diesel or fuel is more than the cost of electricity so electric cars are cheap to run. Experts believe that hybrid or electric car insurance is more expensive than diesel or petrol cars. According to data gathered by MyMoneyMyQuotes team, early adopters of the electric cars reported that car insurance for some electric cars cost more than the cars with a fuel engine.
Why electric car insurance is expensive
1. High repair cost
The cost to repair electric cars is more than fuel-powered or gas-powered cars. Batteries and high-tech parts of electric cars are costly to repair so car insurance companies charge higher costs of car insurance for electric cars. In case of an accident, the cost to replace the electric cars is also higher than the cost to replace the gas-operated or fuel operated cars. If you purchase comprehensive coverage and collision coverage in your electric car insurance policy then your car insurance premiums will increase at a significant rate.
2. Small electric car get damaged more
There are more chances of small electric cars to get damaged. Small electric cars need more repairs and their repair cost is also high. Small and lighter cars give less protection to drivers than the heavier and bigger cars. So small electric cars are more expensive to insure.
3. Drive more
The car owners of electric cars are more inclined to drive because they do not need to visit gas stations or fuel stations. Usage of electric cars is more than fuel operated or gas-operated cars because they are inexpensive to drive. So car insurance companies charge the higher costs of car insurance for electric cars because these are used more often.
4. The higher cost of electric cars
Electric cars are more expensive than gas or fuel cars. Car insurance rates are also high for high-value cars, this is another reason for the higher cost of car insurance for electric cars.
Car insurance does not only depend upon the type of car you drive. Other factors help the car insurance companies to calculate the cost of car insurance policy such as the age of the driver, driving history of the driver, mileage of the car, a credit score of the driver, driving experience, gender, location, etc.
The cost of car insurance for electric cars was very high for early adopters of electric cars. The main reason for high electric car insurance premiums in the early stages is the non-availability of the data regarding the cost to repair the electric cars. Nowadays there is enough data available for the cost of repairs and most people start purchasing electric cars. The cost of car insurance for electric cars has reduced because more insurance companies have entered the market that offers electric car insurance. Now repairers have gained the expertise to fix the damages to electric cars and the cost to repair the electric cars has also decreased. Electric cars have fewer moving parts as compared to cars with fuel engines.
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How to save on electric car insurance?
Electric cars are less likely to get stolen and more likely to recover if electric cars get stolen so car insurance rates are low for these cars. You can get cheaper electric car insurance by comparing the car insurance quotes from the different car insurance providers. You must compare at least 4-5 insurance quotes to find the best car insurance for electric cars. You must review your electric car insurance policy every 6 months because every year a large number of insurance companies have entered the market. Car insurance companies also charge different rates for car insurance for electric cars, you should select the cheapest available option after assessing the reputation and services provided by the car insurance company. You must purchase the electric car insurance from a well-reputed car insurance company. If you have a good driving record then you can get discounts on your electric car insurance policy. Some car insurance companies also offer discounts on electric cars. You can save 5-10% on car insurance policy by getting electric or hybrid car discounts. You should ask the insurance agent about all the available discounts to save on the electric car insurance policy.