Electric cars are taking over the automotive world. In this article, we will go over a few things to know about electric car insurance.
Electric cars are taking over the automotive world as they are now more accessible to ordinary people. Although they look just like a regular car, the differences are much more significant than just having batteries power it rather than a combustion engine. Maintenance, repairs, and even powering them will all look and feel differently. The differences even include insuring the car. Before you go out and buy an electric vehicle, it makes sense to understand what you are getting into when it comes to insurance. In this article, we will review a few things about electric car insurance.
How to Get Electric Car Insurance
Getting insurance for an electric car is just about the same as insuring a conventional one. You shop around and look for the best quote that covers your needs. However, there are a couple of slight differences. For instance, not every insurance company will cover electric cars.
Although they have gotten very common and most of the big insurance companies have no trouble covering an electric car, there are still some that don’t provide coverage. You’ll need to check out which ones do by reading the reviews. Checking out some Geico insurance reviews reveals that they are one company that does provide coverage.
As electric vehicles become more popular, more insurance companies will ensure them. Photo by nrqemi via iStock by Getty Images
Another potential issue for many electric car owners when it comes to getting insurance is the relatively high cost to repair in case of an accident. It won’t be easy finding deals on insurance, unlike with a conventional car.
Higher Costs
The biggest issue with insuring an electric car is how much the battery packs cost. If a conventional car is involved in an accident, the cost to repair the damage is generally a lot lower. In many cases, it involves mainly bodywork, with a few parts needing to be replaced in the engine.
If any part of the battery is damaged, it must be completely replaced. This can cost an insurance company up to $15,000, even for a fender bender. If you are at fault, then the insurer will have to absorb that cost and the damages to the other driver.
Another factor in the higher cost is the value of the car itself. Many electric vehicles are more expensive than conventional cars. No matter what kind you have, this is a factor, as more expensive cars cost more to insure.
How to Lower the Cost of Electric Car Insurance
Shopping around for quotes usually results in lower premiums when dealing with a conventional vehicle. Unfortunately, that isn’t usually the case for electric vehicles. Discounts are also infrequent, so you might have trouble lowering the cost in those two ways.
There are other ways to reduce the costs. Namely, being a defensive driver and avoiding accidents and moving violations. Just like conventional insurance, for every year that you go without either of those happening, your insurance premium will drop. Hopefully, this is an excellent start to everything you need to know about electric car insurance.
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