Originally published on electrade’s blog at https://www.electrade.app – Electrade is better, cheaper EV insurance.
Thinking of buying an EV but not sure about car insurance costs? Take a look at our overview below (and top tips to help you find the best deal).
Many freshly-minted or experienced EV owners are getting quotes that are way higher than for similarly-valued ICE cars, while others are getting quotes that are way lower. So is electric cars’ auto insurance more expensive than similarly-priced gas cars?
The answer is no — they’re cheaper to insure. In 2019 they cost the same or less to insure.
The partially higher quotes is because they are still a “new” phenomenon for mainstream auto insurance companies and many agents at insurance companies don’t YET know how to properly value them. There is nothing inherently more expensive about electric cars to insure. In fact, they are often and should also be cheaper.
This is why we started electrade — to break down this barrier to entry for electric car adoption even further. More here. We make it easier to find cheaper insurance for your electric car with our by being the first EV-only insurance service. If you want to shop around on your own however, please find below our top 3 pieces of advice we’ve learned in the field.
You shouldn’t be paying more. You should be paying the same — or less — in 2019.
Our top 3 tips are for finding low rates are:
1. Make sure the agents know what they’re doing.
Not everyone knows electric vehicles yet. Know the benefits of insuring an electric vehicle, like better driver-assist features, lower center of gravity, better handling in bad conditions, so far demographically safer drivers, and many other upsides. Factors include:
- Less likely to be in a crash
- Safer in a crash
- Less likely to be in a crash #2
- Easier to track in case of theft
- Less likely to be totalled
- More insurable drivers
2. Shop around until you find a great quote.
Try every single company and don’t stop until you have a satisfactory quote. Go down the list of all top US insurers in the article linked below, and contact us if one is missing. All you need is one good quote, and a little busywork can save you large amounts of money in the long run. Also, re-negotiate your deal every time your auto insurance policy runs out. Alternatively, we can do this part for you — see below.
3. Know what makes up your quote.
The agent you get on the line, the state you are in, and the company will all vary, even for the same driver, vehicle, history etc. But these common factors all have an influence.
- Which ZIP you’re in
- If you’re in a city, electric car insurance is going to cost more
- Whether it’s a used or new electric vehicle
- If you bought used, the original purchase price of your car
- Other things like whether you’re married, have a degree, and how your car is financed
- Your EV model
Implementing the 3 steps above, our agents and technology can shop around all insurance companies available in your area so we can get a better quote for you.
Thank you for reading, and thank you for supporting the electification of transport. ⚡️
Originally published at https://www.electrade.app.