Wednesday, February 8, 2023
Buy EV Domains
Online Electric Vehicle Marketplace
  • Home
  • Charge EV Map
  • Buying Advice
  • Videos
  • Buy
  • Sell
  • Charge
  • Finance
  • Insure
  • Park
  • Shop
No Result
View All Result
Online Electric Vehicle Marketplace
No Result
View All Result

Electric Vehicle Insurance: Why Is It More Expensive?

Dr.Ev by Dr.Ev
01/06/2023
in Electric Cars
282 3
0
136
SHARES
1.2k
VIEWS
Share on Twitter


Electric Vehicle Insurance: Why Is It More Expensive?

Explanations & Tips on How to Save on EV Insurance

This article may contain affiliate links.

It might not be easy to get insurance for your electric vehicle (EV). You can’t expect to pay less than you would for a similar vehicle powered by an internal combustion engine, and many insurance companies have not even warmed up to the concept yet. Fortunately, there are some great resources and insurance options for all EVs, thanks to the foresight of larger firms who see electric vehicles as the future of car insurance.

Why Electric Car Insurance Costs More

Extra charges may not be too high, and the top auto insurers typically offer competitive rates for comprehensive coverage. There are car insurance premiums for EVs. The premiums you pay for insurance on your electric vehicle will be different based on the model you drive. Common contributors to the cost of insurance for electric vehicles include:

  • The number of moving offenses and incidents in which you were at fault during your driving career
  • Evidence of prior claims
  • Practice behind the wheel
  • The deductible on your auto insurance policy
  • Your insurance risk assessment based on credit

Rates for automobile insurance are determined partly by the number of claims paid out for vehicles in the same category. For instance, your electric car insurance premiums may be significantly higher if similar models have a history of expensive or frequent claims.

Electric vehicle insurance
EVs are more expensive–to buy and insure

How to Save Money on Electric Vehicle Insurance

As electric vehicles become more popular, the cost of insuring them has risen. Electric vehicles tend to cost significantly more than traditional gas-powered cars, and this can lead to higher insurance costs. However, there are ways to reduce your monthly premiums.

Shop Around for Rates: Before you commit to a particular insurer, comparing rates between different companies is important. Every insurer considers different factors when calculating rates, so shopping around is essential if you want the best deal. Be sure to read up on reviews and ratings before committing to a company; customer feedback can provide valuable insight into how insurers treat their customers.

2015 Nissan Leaf
Shop around for the best rates on your EV, new or used

Look for Discounts: Insurance companies typically offer discounts for various reasons, such as having a good driving record or taking defensive driving courses. It’s worth doing some research and asking about available discounts when shopping around for insurance. You may be able to get substantial discounts just by being aware of what’s available and taking advantage of them.

Raise Your Deductible: Raising your deductible is one of the easiest ways to lower your monthly premium payments without sacrificing coverage. A higher deductible means that you’ll have more financial responsibility in the event of an accident or claim, but it also means that you’ll pay less each month in premiums, which can add up over time. Ensure that you’re comfortable with whatever deductible amount you choose, as you’ll be responsible for paying out-of-pocket expenses up front if an incident occurs.

Rates for automobile insurance are determined partly by the number of claims paid out for vehicles in the same category. For instance, your electric vehicle insurance premiums may be significantly higher if similar models have a history of expensive and frequent claims. Even though electric vehicle insurance is more costly, it worth it to keep your comfortable and luxurious ride covered. Enjoy your ride, and drive carefully.

You might also like

California bill proposes $2,000 for converting gas vehicles to EVs

VW recalls some ID.4 EVs for drive-system issue

The EV price war is here, and it’s “no pain, no gain” for automakers



Source link

Tags: ElectricExpensiveinsuranceVehicle
Previous Post

Polestar vehicles to gain latest in-car Google tech

Next Post

Top Analyst Belives Tesla Will Be $2000 By The End Of The Year -TESLA STOCK NEWS – MARKET ANALYSIS

Dr.Ev

Dr.Ev

Related Posts

California bill proposes $2,000 for converting gas vehicles to EVs

California bill proposes $2,000 for converting gas vehicles to EVs

by Dr.Ev
02/07/2023
0

A California bill would offer residents a rebate of up to $2,000 to convert an existing internal-combustion car or truck...

VW recalls some ID.4 EVs for drive-system issue

VW recalls some ID.4 EVs for drive-system issue

by Dr.Ev
02/07/2023
0

Volkswagen is recalling 20,904 ID.4 EVs—all from the 2021 model year—to address an issue that stems from faulty drive-system control...

The EV price war is here, and it’s “no pain, no gain” for automakers

The EV price war is here, and it’s “no pain, no gain” for automakers

by Dr.Ev
02/06/2023
0

Yes, the electric vehicle price war has likely begun.  Last month’s Tesla price cuts slashed up to 20% of the...

BMW’s next-gen Neue Klasse EVs will be made in Mexico

BMW’s next-gen Neue Klasse EVs will be made in Mexico

by Dr.Ev
02/06/2023
0

BMW's next-generation EVs will be built in San Luis Potosí, Mexico, alongside two European production sites, the automaker confirmed in...

Next Post
Top Analyst Belives Tesla Will Be $2000 By The End Of The Year -TESLA STOCK NEWS – MARKET ANALYSIS

Top Analyst Belives Tesla Will Be $2000 By The End Of The Year -TESLA STOCK NEWS - MARKET ANALYSIS

Related Post

Tata Nexon EV Max to Umling La: Maxed out!

Tata Nexon EV Max to Umling La: Maxed out!

12/25/2022
Lucid CEO on going public, future of electric vehicles

Lucid CEO on going public, future of electric vehicles

12/19/2022
Are Electric Cars Really More Environmentally Friendly?

Are Electric Cars Really More Environmentally Friendly?

12/02/2022

Category

  • Buying Advice
  • Electric Cars
  • EV Charging
  • EV Comparisons
  • EV History
  • EV News
  • eVtol
  • Flying EV
  • Future EVs
  • Tesla
  • Videos

Recent Posts

VinFast Cuts Jobs In North America Before Delivering Its First Vehicles

VinFast Cuts Jobs In North America Before Delivering Its First Vehicles

02/08/2023
Tesla starts sending out Investor Day invites with cool Easter egg

Tesla starts sending out Investor Day invites with cool Easter egg

02/08/2023

Categories

  • Buying Advice
  • Electric Cars
  • EV Charging
  • EV Comparisons
  • EV History
  • EV News
  • eVtol
  • Flying EV
  • Future EVs
  • Tesla
  • Videos

Follow Us

Recommended

  • VinFast Cuts Jobs In North America Before Delivering Its First Vehicles
  • Tesla starts sending out Investor Day invites with cool Easter egg
  • DBS CIO #Vantage Point | An electrifying future with #EVs
  • Charged EVs | Generator-maker Generac expands into residential EV charging stations
  • Tesla’s Price Cuts Are Putting Extra Pressure On EV Startups

© 2022 Online EV

No Result
View All Result
  • Home
  • Charge EV Map
  • Buying Advice
  • Videos
  • Buy
  • Sell
  • Charge
  • Finance
  • Insure
  • Park

© 2022 Online EV

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In