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Are electric cars more expensive to insure?
If I buy an electric car, will it be more expensive to insure than a regular vehicle? I know that EV tech is new, so I’m curious if my insurance company would hike up my rates for some reason if I bought one.
Jason Crosby · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’re on to something, and yes:
electric cars
are a little bit more pricey to insure, generally costing about 15% more than regular vehicles to insure. Read up on why electric cars cost more to insure than gas-powered vehicles. The reason isn’t due to electric cars not being reliable—it’s because they’re more expensive to buy in most cases, and also have extensive computer systems that, if they aren’t working properly, require dealership technicians to repair. This translates into a higher insurance premium, but that’s not necessarily a bad thing. The cost of owning an electric car is cheaper than a gas vehicle, so it’s possible that if you take care of your electric car and can keep it out of the shop unless necessary, that higher insurance premium will be made up for by the few repairs you _would _have performed.
And if you’re shopping for a vehicle, be aware that any
brand-new vehicle
is going to have a higher insurance premium because they’re more valuable than used vehicles. If you’re looking for an electric car but don’t want to raise your rates too much, shop for a used vehicle, which will help you find the best balance for you and your budget. Jerry
can also help you find the right balance for your budget. The Jerry app will help you track down the very cheapest rates for your vehicle, whether it’s new or used. And to ensure you always have the lowest rate, Jerry will send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price. View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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