We analyzed six of the most popular electric cars and found that the cheapest electric car to insure is the Hyundai Kona, which costs an average of $2,152 per year for a comprehensive insurance policy.
For electric or gasoline-powered car models, the car insurance rate for an electric car is 25% higher than that for the equivalent gasoline model.
We collected thousands of quotes for six of the best-selling electric cars and found that the average annual insurance charge ranged from $2,152 to $4,725. electric sports car.
EV Model
Hyundai Kona
Nissan Sheet
Chevy bolt
Tesla Model Y
Tesla Model 3
Porsche Taycan
The cost of insuring an electric car varies by insurance company. State Farm is the most affordable insurance company for electric cars. The average cost of a State Farm insurance policy for the maximum six electric cars is $1,434 per year.
A great way to find reasonable car insurance for your electric vehicle is to collect quotes from companies.
We compared 3 types of electric cars with their numbers opposite gasoline to see how the charge of insuring an electric car compares to that of a gasoline-powered car. The 3 cars we analyzed have gasoline and electric versions and charge between $13,000 and $25,000 MSRP.
The Chevy Spark had the closest fares to its gasoline counterpart. On average, if the insurance premium for a gas-powered Chevy Spark is $1,000 a year, the premium for the edition would be $1,190.
Car model
Chevy Spark
Kia Alma
Fiat 500
Insurance premiums are higher for electric cars, as electric cars tend to charge more to buy. Therefore, an electric vehicle would charge more to repair or upgrade it after a car accident. Cars involve expensive, high-capacity batteries.
Although they charge more for insuring, there are monetary benefits to owning an electric car. For example, charging an electric car costs much less than filling it up with gas.
In addition to reducing fuel charges, your electric vehicle could qualify you for tax credits of up to $7,500, depending on your income, your electric vehicle charge, and whether the car was made in the United States.
Our research used knowledge of insurance rates from Quadrant Information Services. Insurance rates were publicly received from insurers’ deposits and were only used for comparison purposes. Your actual rates may differ depending on your location, age, driving history, and other factors.
Insurance rates for the six EV models come from thousands of quotes throughout Texas. On how the insurance charge differs between electric and gasoline-powered cars, we collected insurance quotes in New York State for 3 cars that can be purchased with electricity and gasoline. models
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