On this Earth day, get a low-down on electric car insurance

In the mid-1960s, for about three years, a futuristic show Star Trek ran on network television. The show showed us in the 1990’s humans found a way to travel to distant planets. The show had numerous storylines whereby the 2000’s humans establish various colonies on distant planets. We are in 2021, and spoiler alert, still on earth.

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For us humans, the earth is what we all have in common. There is no alternative to earth, so it becomes our responsibility to take care of the planet. Pollution from various sources has impacted the earth’s environmental balance, and pollution from our cars is no different. Car insurance companies encourage car owners to opt for electric or hybrid vehicles by giving sizeable discounts to combat this evil.

Electric and hybrid vehicles are reshaping the car industry. Purely electric vehicles, in particular, are breaking through mileage and cost barriers to become more affordable to the average driver. More reliable charging stations are increasing the distance drivers can travel, making the idea of all-electric vehicles more appealing.

When you opt for an electric car, you will be doing your bit to save the environment. Electric cars emit no exhaust. There’s no denying that more electric cars on the road in congested cities will help to boost local air quality. Regrettably, the net environmental impact of driving an electric vehicle depends on how the energy used to power it is produced. Electric cars pollute the environment less than traditional vehicles in every state in the United States.

Average insurance rates for hybrid and electric vehicles

Since insurance is intended to cover the expense of your car, vehicles with higher market value, such as many hybrids or electric vehicles, have higher insurance rates. Every year, new electric vehicles enter the market. Many of the world’s largest automakers now sell electric versions of their most famous models. 

Car insurance for an electric vehicle is roughly around 23% more costly than car insurance for a comparable combustion model. The same will increase or decrease based on the type of car you’re driving right now, as well as other variables like your driving background and the coverage you want. In other words, if your annual premium for a gas car were $1200, you’d pay anywhere from $1380 to $1500 for an electric car; on average, that’s a 23% difference in price. 

Electric cars and their average insurance rates

• Tesla Model S – The Tesla Model S brought electric cars to the general public’s attention, making the concept of a fully electric vehicle seem feasible. It is, however, one of the most expensive electric vehicles on the market, with a starting price at $75000. A Tesla Model S costs $2508 per year on average to insure. 
• Mitsubishi i-MiEV – With a starting price of $23004, the Mitsubishi i-MiEV is one of the most affordable electric vehicles on the market. With an estimated annual cost of $1482, the Mitsubishi i-MiEV is also inexpensive to insure. On average, USAA and Liberty Mutual offer affordable auto insurance for this car.
• Nissan Leaf – Nissan Leaf is one of the most affordable electric cars in the market. The Nissan Leaf costs an average of $29997 to purchase and $1401 a year to insure. For Nissan Leaf, you can get the best insurance rates from USAA and Nationwide. (USAA is available only for military members and their immediate family.)
• Chevrolet Volt – The Chevy Volt’s insurance premiums are low for a hybrid, costing just $1368. Start the hunt for cheap Chevy Volt car insurance with USAA and Nationwide, both of which provide lower-than-average annual insurance rates for the Chevy Volt.
• Toyota Prius – The Toyota Prius was one of the most common hybrid vehicles at its launch, and it remains a highly regarded eco-friendly vehicle today. Although there are a variety of models to choose from, the Prius starts at $24210. Annual insurance premiums cost $1386. For Prius auto insurance, look into USAA and Nationwide.

Why is Tesla insurance always high?

Is it cheaper to insure an electric car? In short, NO. Although owning an electric vehicle does not make you a riskier driver, it does increase your liability in the eyes of insurance companies. This is partly because electric vehicles are more expensive to buy than petrol cars.

Electric vehicles are more expensive than gasoline-powered vehicles. The cost of repair, let alone replacement, would be higher than if you crashed a regular car. Even if the driver is not riskier, ensuring an electric vehicle will result in higher costs for the insurance provider.

Repairing electric cars may become more accessible and less costly as they become more common, bringing prices down again. For the time being, the best choice if you want to get an electric car but don’t want to pay more for insurance is to shop around between various insurance providers to see which one offers you the best deals.