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The national average cost of fuel rose to more than $5 per gallon in June 2022, a record seen in 22 years since AAA assessed fuel prices. Cars.
Many pilots have already taken the plunge. In May 2022, 73,608 plug-in cars were sold in the U. S. The U. S. Department of Energy’s research is up 46 percent from May 2021, according to Argonne National Laboratory, a multidisciplinary clinical and technical study center at the U. S. Department of Energy. U. S.
But you may be hesitant to switch to an electric car, as they can be more expensive to insure than their gasoline counterparts. As you’ll see, additional fees may be minimal and you can find a smart policy at a fair price. of the most productive auto insurance companies.
Here’s what you want to know about electric car insurance.
The national average premium for an electric vehicle (EV) is $2280 per year, according to Forbes Advisor research of the 41 best-selling electric car models. But the prices of your electric car insurance will vary depending on your car and other load factors.
For example, our research found that the Porsche Taycan is the most expensive electric car to insure ($4683) and the Toyota RAV4 Hybrid the cheapest ($1776).
Common car insurance burden factors include:
Related: The Most Expensive and Cheapest Green Cars to Secure
When insurance companies set their rates, they look at claims that have been paid for similar cars, among other things, and set their prices. For example, if your electric car style has a history of expensive and/or common claims, insurance rates for all owners of the style will be higher.
Here are some reasons why electric cars would possibly charge more to make sure:
It costs about $100 more consistently per year to insure an electric car compared to gasoline-powered models, according to research from Forbes Advisor on auto insurance rates for best-selling vehicles.
You can regularly insure an electric car with the top car insurance companies. It is similar to buying insurance for a gasoline-powered car and you can purchase the main types of auto insurance, such as liability, collision, and comprehensive insurance.
Some insurance corporations offer discounts to electric car owners. These may be referred to as “alternative fuel rebates” or “green car rebates,” according to the company. Here are some insurers that offer discounts for electric cars (availability would likely vary across the state):
If you buy an electric vehicle, here are some tactics to save on your electric car insurance.
According to the U. S. Environmental Protection Agency, the U. S. Environmental Protection Agency has been held in the United States. In the U. S. , electric cars fall into the category of “green vehicles,” which primarily use alternative fuels to gasoline and diesel. Alternative fuels include electricity, hydrogen, compressed herbal gas, ethanol or biodiesel.
Here are some examples of cars:
Electric cars have a battery instead of a fuel tank and an electric motor instead of an internal combustion engine (ICE). Electric cars produce no tailpipe emissions and overall emissions are lower than fuel-fueled cars.
Examples of electric vehicle models come with Chevy Bolt, Nissan Leaf and Tesla Model 3.
It is a mixture of fuel and electric vehicles. PHEVs have an electric motor, a battery, a fuel tank, and an ICE. PHEVs use fuel and electrical energy as fuel and produce exhaust emissions when the fuel is the fuel array.
Some examples of PHEV models are the Honda Clarity PHEV, the Ford Escape PHEV and the Toyota RAV four PHEV.
These cars combine a gasoline engine and an electric motor. A “lightweight” HEV battery is used to force systems such as stereo, air conditioning, and heating. A “complete” HEV works like an electric vehicle at lower speeds and like gasoline cars at higher speeds. .
Examples of HEV models come with the Honda Insight, Ford Fusion, and Toyota Prius.
To compare costs between electric cars and gas-powered cars, we use rates from Quadrant Information Services, a provider of insurance insights and analytics, and 2021 best-selling vehicle models. Rates are based on a record female driving force blank with $100,000 in physical injuries. Liability according to the child, $300,000 according to the Destiny Giro and $100,000 in assets Liability for damages, uninsured motorist policy and any other policies required in the state. Rates also include collision and multi-risk with a $500 deductible.
Jason Metz has been in the insurance industry since 2007. As a former claims handler and fraud investigator, he has noticed a lot and enjoys helping others navigate the complexities and opacity of insurance. He holds a B. S. in Criminal Justice from Kutztown University and an M. F. A. in art writing from the University of California Riverside, Palm Desert.