If any of your friends still think EVs are far away, here are four arguments to convince them otherwise. We believe that everyone is making a common mistake on EVs: underestimating exponential growth. This makes technology adoption curves are hard to predict — the classic example being asking someone in 2007 how fast it would take for the majority of the world to have access to a smartphone.
And based off historical charts of EV adoption, things are looking pretty exponential:
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. …
Many Chevy Bolts, Tesla Model 3s, Nissan Leafs and similar are getting way higher quotes than comparable gas-powered vehicles. This article will discuss electric car insurance quotes in their relative capacity.
Author — Armin Monajemi
Day after day I hear from my Electric Vehicle owner friends that after the initial costs of acquisition, insurance is the costliest part of EV ownership. On average according to last year’s data, EV premiums are about 19% higher than the national average for similar gas powered vehicles. The main reason behind this gap seems to be the unfamiliarity of the insurers with the EV world. The limited data around electric vehicle drivers show that the EV owners actually tend to be safer drivers than the average gas engine vehicle driver.
When filling out a form for insurance quote, drivers are used to seeing questions like do you own or rent your home? What is your level of education? What is your occupation? Even in some cases, insurers ask for the applicant’s household income bracket. Insurers know that more questions, especially at such a personal level, means less submissions and less conversion. So why do they risk losing business? Because these answers are directly correlated with the level of risk associated with the driver. A 2015 Washington Post article shows that while the number of fatalities as a result of car accidents have been declining in the last few decades, the number of accidents involving death have been increasing amongst people with lower level of education and lower income. Our study shows that EV drivers are generally leaning more towards what insurers consider lower risk drivers. …