{"id":5824,"date":"2024-11-07T23:08:10","date_gmt":"2024-11-08T07:08:10","guid":{"rendered":"\/wp-site\/?p=5824"},"modified":"2024-11-08T07:52:00","modified_gmt":"2024-11-08T15:52:00","slug":"electric-car-insurance","status":"publish","type":"car-insurance","link":"https:\/\/jerry.ai\/car-insurance\/electric-car-insurance\/","title":{"rendered":"Cheap Electric Car Insurance"},"content":{"rendered":"\n

The average cost of car insurance<\/a> for an electric vehicle (EV) is approximately $170\/month for basic coverage, and $191\/month for full coverage. Drivers with EVs tend to pay 25% more for car insurance than those with gas-powered vehicles\u2014however, you can still find cheaper rates by comparing prices among providers.<\/p>\n\n\n\n

More:<\/strong> See more average car insurance costs<\/a><\/p>\n\n\n\n

The best companies for electric car insurance<\/h2>\n\n\n\n

Nearly all major insurance companies, such as USAA<\/a>, State Farm<\/a>, and GEICO<\/a>, offer EV coverage. If you want to stay with your current company, odds are they can help you get car insurance for electric cars.<\/p>\n\n\n\n

However, switching has benefits, too. You might find a company with a cheaper premium or a green vehicle discount that your current provider doesn\u2019t offer. Here are some of the average rates for electric car insurance with top providers in the nation.<\/p>\n\n\n\n

Insurance company<\/th>Average coverage cost<\/th><\/tr><\/thead>
State Auto<\/a><\/td>$137<\/td><\/tr>
Travelers<\/a><\/td>$140<\/td><\/tr>
Direct Auto<\/td>$159<\/td><\/tr>
Nationwide<\/a><\/td>$166<\/td><\/tr>
Safeco<\/a><\/td>$166<\/td><\/tr>
Progressive<\/a><\/td>$176<\/td><\/tr>
National General<\/a><\/td>$182<\/td><\/tr>
Allstate<\/a><\/td>$204<\/td><\/tr>
AAA<\/a><\/td>$222<\/td><\/tr>
Gainsco<\/td>$231<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

However, it\u2019s important to remember, these are just average rates. Your premium may change depending on your specific driver profile.<\/p>\n\n\n\n

SIMPLIFY YOUR CAR INSURANCE IN MINUTES<\/span><\/div>
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More: <\/strong>The best car insurance companies<\/a><\/p>\n\n\n\n

Electric car insurance costs are higher than average<\/h2>\n\n\n\n

The average insurance cost for electric cars is $170 per month, or $2,041 per year for minimum coverage. For full coverage<\/a>, most EV owners pay approximately $191 per month, or $2,290 per year. These rates average both electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEV).<\/p>\n\n\n\n

Compared to auto insurance rates for gas powered vehicles, EV drivers tend to pay approximately 25% more for car insurance. This is partially because most EVs on the road today are new cars or newer luxury vehicles1<\/a><\/sup>.<\/p>\n\n\n\n

However, it\u2019s important to remember that your rate may differ from the average based on your personal driver profile and your insurance company. Here are the monthly average costs for popular EV models across the US.<\/p>\n\n\n\n

EV model<\/th>Minimum coverage cost<\/th>Full coverage cost<\/th><\/tr><\/thead>
Chevrolet Bolt EV<\/td>$83<\/td>$239<\/td><\/tr>
Nissan Leaf<\/td>$99<\/td>$274<\/td><\/tr>
Volkswagen ID.4<\/td>$102<\/td>$276<\/td><\/tr>
Hyundai IONIQ 5<\/td>$103<\/td>$368<\/td><\/tr>
Ford Mustang Mach-E<\/td>$112<\/td>$307<\/td><\/tr>
Tesla Model Y<\/td>$118<\/td>$343<\/td><\/tr>
Tesla Model 3<\/td>$117<\/td>$362<\/td><\/tr>
Tesla Model X<\/td>$128<\/td>$396<\/td><\/tr>
Kia EV6<\/td>$140<\/td>$396<\/td><\/tr>
Tesla Model S<\/a><\/td>$144<\/td>$422<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Why is car insurance for electric cars so expensive?<\/h3>\n\n\n\n

Based on a recent Jerry study, approximately 49% of drivers were interested in purchasing an electric vehicle in 2023, resulting in a 10% increase from 2022. The reason for the switch was often cited as rising gas prices, however, a majority of respondents also noted concerns over the higher costs associated with EVs.<\/p>\n\n\n\n

So, what makes electric vehicles so expensive to own in comparison to their gas-powered counterparts? Jerry did the research, and here\u2019s a video break down of what we found:<\/p>\n\n\n\n

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https:\/\/youtu.be\/bHNItjDvi_E<\/a>