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How much does it cost to insure an electric car?
Does it cost a lot to insure an electric car? I'm thinking about buying a Tesla, but I'm afraid the insurance will be too expensive.
Joshua Levy · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
While great for the environment (and very cool), electric cars usually cost more to insure than standard gas vehicles.
Although some less expensive electric vehicles are cheaper to insure than their gas-powered counterparts,
Teslas
are luxury vehicles and will always be more expensive to insure. While insurance will be expensive, you’ll save plenty on gas, oil changes, smog checks, and other
routine tests
that aren’t necessary with a Tesla. The other point to consider is that anyone who can afford a Tesla can usually afford to spend a little more on insurance. The cheapest Tesla model goes for about $30,000 without any add-ons. If you’re spending that much on a car, you want to protect your investment!
That said, if you really can’t stand the thought of some pricey insurance, you can shop around. Shopping around with various insurance companies ensures you’re getting the best rate for the coverage you need.
An easy way to do this is with
Jerry
. A licensed broker, the Jerry app can help you find and compare competitive insurance quotes from top providers for free. With Jerry, the average user saves nearly $879 per year on car insurance.View full answer
- Gregory R.
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