Facts about Electrectric Vehicles
Electric vehicles are an increasingly popular mode of transportation, but they’re also more expensive than most other cars. For example, Tesla’s Model 3 costs up to $50k while the gas-powered Chevy Cruze starts at around $17k. However, electric vehicle insurance can help offset some of these costs by providing discounts when compared to conventional cars. If you’d like to learn more about this topic and how it relates to your next car purchase, keep reading!
You can insure an electric vehicle just like any other car.
Electric vehicles are insured just like any other car. Just like with conventional cars, electric vehicles have to be insured before they can legally drive on the road. Generally speaking, the insurance policies that cover electric vehicles are equivalent to those covering conventional cars and trucks in most ways—the main difference being that they cover environmental damage caused by accidents or collisions with animals.
Your insurance company may require you to use a charging station.
Many insurance companies require you to use a charging station. Some do not. If your insurance company requires you to use one, they may pay for it, but they probably won’t automatically enroll you in the program. You’ll have to sign up for it yourself and contact your provider directly if there are any issues that come up with your plan or coverage.
Most charging stations are free, so this isn’t much of an issue for most electric vehicle drivers; however, some can cost as much as $5 per hour depending on where they’re located and whether or not you have access through a membership program like Zipcar or ChargePoint (which offers free charging as part of their service).
Some insurers offer discounts on electric vehicles.
Some insurers offer discounts on electric vehicles. The exact amount of the discount varies depending on a number of factors, including the type of vehicle and its range. For example, one insurance company offers a discount to electric vehicles with a range of at least 60 miles per charge and another to those with ranges less than 40 miles per charge, while yet another will reduce your premium if you have access to rapid chargers that can restore your battery quickly enough to keep it topped up.
With lower maintenance costs, electric vehicles are cheaper to insure over the long term.
- Lower maintenance costs for electric vehicles. Electric vehicles have fewer moving parts, which means they require less frequent maintenance. As a result, electric vehicle owners can expect to spend less on repairs and service than conventional car owners.
- Fewer fluids to change in an electric vehicle. Electric cars don’t need oil changes or other routine checks that conventional cars require to keep them running smoothly. The lack of moving parts also reduces the likelihood that you’ll need to replace any fluids in your car’s engine at all—and when you do, there’s no need for gasoline or diesel fuel (which has its own unique set of risks).
Electric vehicles tend to depreciate faster than conventional cars.
Electric vehicles tend to depreciate faster than conventional cars.
Electric vehicle depreciation is due to the higher initial cost of electric vehicles, as well as their higher maintenance costs and shorter lifespan. The average depreciates at a rate of 5-10% per year, but newer models can see depreciation rates of up to 20%.
Electric vehicle insurance rates vary by state.
Electric vehicle insurance rates vary by state, driver and the type of electric car. When you’re shopping for an electric vehicle insurance policy, it’s important to consider these factors.
- Your state
Electric vehicle laws differ from state to state. You can find out which laws are in place in your area by checking with your local government or an agent at a car dealership. For example, some states have implemented tax incentives for electric cars that decrease their cost by up to $7,500 when compared with traditional fossil fuel-powered vehicles (though this does not affect the price of insurance). Other types of legislation may impact your premiums as well—for example, some states allow certain electric vehicles access to high occupancy vehicle lanes during peak traffic hours without paying a toll fee while other don’t allow them at all
Insurance costs rise with more advanced safety features.
The Insurance Institute for Highway Safety (IIHS) estimates that forward collision warning, automatic emergency braking and adaptive headlights can increase your annual insurance premium by $34 to $108.
The cost of insuring an electric vehicle starts to approach the cost of insuring a gas-powered vehicle when you add additional safety features like blind spot monitoring, lane departure warning and automated parking assistance. For example, the IIHS estimates that these features will increase your annual premiums by nearly $700 per year.
Electric vehicles are often considered safer than gasoline power cars, which may reduce your insurance rates.
- Electric vehicles are often considered safer than gasoline power cars, which may reduce your insurance rates.
- Electric vehicles typically have fewer moving parts and less complicated engines, so there are fewer opportunities for mechanical failure or malfunctions. This can translate into fewer accidents and less damage to other cars as well as lower costs when repairs are needed.
Young drivers pay more for car insurance no matter what type of vehicle they drive.
If you’re a young driver in your 20s or early 30s, there’s a good chance that you pay more for car insurance than your older counterparts. While most insurance providers will not discriminate against drivers under the age of 25 because they’re statistically more likely to be involved in accidents, electric vehicle insurance providers are still able to charge them higher premiums due to their reckless driving habits. For example:
- Young drivers are more likely to get into accidents that are more severe than those experienced by other drivers—and EVs are no exception.
- Young drivers often drive under the influence (DUI), which makes it easier for them to speed and affect their ability behind the wheel—even when they’re sober!
Advice for buying an electric vehicle
Buying an electric vehicle can be a complicated process, but there are some important things to consider before you make your purchase.
- Make sure the car you buy is right for your needs. Do you need something that can carry multiple passengers? Are you looking for something with more storage space? Is it important to have a car with lots of power under the hood? These are all valid considerations when buying any new car, and they’re especially important when purchasing an electric one because range is such an issue. If you need more than 150 miles per charge, then plan on getting a larger battery pack—but this will also mean higher insurance rates and maintenance costs down the road. It’s important to do some research before making any decisions so that none of these factors surprise you later on!
Electric Vehicles are safe and efficient modes of transportation
Electric vehicles are a safe and efficient way to transport yourself, your family and your cargo. With electric vehicles, you’ll enjoy a lower carbon footprint as well as save money on fuel costs and maintenance.
If you are thinking about buying an electric vehicle, the best thing to do is to contact your insurance company and ask about their rates. You may be surprised at how affordable they can be. Since electric vehicles are more efficient than gasoline-powered cars, it makes sense that they would cost less to insure over time.
To learn more learn about electric car insurance policies, visit our website at Singh Agency or call us at 1-(516) 605-1010.
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