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As electric cars become more and more popular, it’s important to find the best car insurance for them. Good car insurance is important for electric vehicle owners. Good insurance means you will be covered if something happens to your car and you will be reimbursed for at least some of the costs.
You may also get a discount on your car insurance if you have an electric vehicle. The article will discuss the best car insurance options for electric cars and what this means for electric car owners. According to Insure.com, 97% of people who have an electric car also have a regular gas or diesel car.
This is most likely because the majority of people still use their personal vehicles for long journeys, or because they live in a location without adequate public transit.
But that’s neither here nor there, as we delve into the best car insurance for electric cars!
Table of Contents
- Best Car Insurance Options for Electric Cars
- 1. Root Insurance
- 2. State Farm
- 3. GEICO
- 4. Progressive
- 5. Lemonade
- 6. Insurify
- 7. Allstate
- 8. AAA Auto Insurance
- Things to Know When Insuring an Electric Car
- How do I get car insurance for my electric car?
- Which insurers offer the best rates for electric vehicles?
- Is it more expensive to Insure Teslas?
- Do electric cars cost more to insure?
- Why is insurance for electric vehicles so expensive?
- Final Thoughts
- FAQs
- Is there any special insurance required for electric cars?
- Does owning an electric car increase my insurance risk?
- Do electric cars increase homeowners insurance?
- Are electric cars more expensive to insure?
Best Car Insurance Options for Electric Cars
Here are the best car insurance plans available for electric vehicle owners.
1. Root Insurance
Root Insurance is one of the best car insurance providers for electric cars. They offer a wide range of coverage options for drivers who have made the switch to electric vehicles, and their rates are highly competitive.
Root also offers discounts to their customers who drive electric cars, and they are always updating their policies to ensure that they remain the best provider for electric car owners.
See Related: Top 10 EV Charging Station Stocks to Invest in Today
2. State Farm
State Farm is a great option for electric vehicle owners because they offer a discount for vehicles that are powered by alternative fuels. This encourages more people to switch to electric cars, which helps reduce emissions and improve air quality.
State Farm is also committed to sustainability, and they are working to develop new technologies that will make it easier and more affordable to own an electric vehicle.
If you’re looking for a car insurance company that cares about the environment, State Farm is a great choice. They offer discounts for people who own electric cars, and they are working on new technologies to make it easier and more affordable to own an electric car.
All this said, some customer reviews have mentioned that State Farm offers relatively low payouts at first and may need prodding before they offer a sum to make you whole again.
3. GEICO
When looking for electric car insurance, it is important to consider GEICO. They offer a 10% discount for electric cars, and they also have a number of other discounts available. This can help you save money on your car insurance premiums.
GEICO has always been known to be the cheapest insurance company around, and they continue to offer low insurance rates for electric vehicles. If you are looking for the best deal on car insurance, GEICO is definitely a company to consider.
4. Progressive
Progressive is a good alternative if you’re looking for auto insurance for hybrid or electric cars since they provide a 5% discount on alternative-fuel vehicles. They also have several other discounts accessible.
The best car insurance plan for electric vehicles depends on your needs and the provider’s offerings. Do your research and compare insurance rates to find the best option for you.
It’s worth noting that Progressive is also an insurer that habitually offers low payouts, unless prodded.
5. Lemonade
Lemonade insurance is a new kind of insurance that operates differently from traditional insurance companies.
With Lemonade, your premium payments are treated as if they are your own money. Lemonade charges a flat fee for their services, and any money that is left over after claims are paid is donated to causes that you care about.
Lemonade’s goal is to create a more simple and transparent insurance system that works for everyone involved. They also offer a variety of discounts, so you can be sure to get the best deal possible.
6. Insurify
Insurify is a car insurance comparison website that provides potential customers with quotes from top-ranked and regional companies. The Insurify website is easy to use, and customers can get 10 or more quotes within 2 minutes.
If you’re looking for car insurance, Insurify is a great option because it provides a quick and easy way to compare quotes from different companies.
Once you have found the right policy for you, Insurify lets you buy it within 5 minutes or less. So if you want a fast and easy way to find car insurance, Insurify is the perfect option.
7. Allstate
Allstate is one of the leading providers of auto insurance in the United States. Allstate offers a wide range of coverage options and discounts, making it a great choice for both budget-conscious and high-risk drivers.
Allstate also has a strong focus on customer service, with 24/7 support available by phone or online.
In addition, Allstate offers a variety of innovative tools to help policyholders stay safe on the road, including Drivewise, a mobile app that tracks driving habits and provides feedback on improvement.
Allstate’s commitment to customer satisfaction and safety makes it a top choice for auto insurance.
8. AAA Auto Insurance
American Automobile Association (AAA) Auto Insurance offers electric car drivers customized coverage options and discounts on premiums. If you are an electric car driver, be sure to ask about AAA’s special rates for you.
AAA auto insurance is designed to provide members with affordable coverage, both on and off the road.
If you have a flat tire, run out of gas, or need a tow, AAA’s roadside assistance service can help you. AAA also offers travel-related discounts, such as hotel and car rental discounts.
See Related: Self-Driving Car Stocks to Invest In
Things to Know When Insuring an Electric Car
Electric vehicles are becoming more and more popular and with good reason.
They’re cheaper to operate and maintain, they’re better for the environment, and they’re just plain fun to drive. But when it comes time to insure your electric car, what are you going to do?
Here are a few things you need to know about insuring your electric car:
- Electric vehicles are still a relatively new technology, so not all insurers offer coverage for them. Make sure to ask your insurer if they offer coverage for electric vehicles before you buy one.
- Electric vehicles are known to be more expensive to insure than gas-powered cars, but the rates may vary depending on the insurer. Make sure to shop around and compare rates before you buy insurance for your electric car.
- Some insurance companies offer discounts for drivers who use alternative fuels, such as electricity, so be sure to ask about available discounts when you’re shopping for car insurance.
How do I get car insurance for my electric car?
When you are ready to buy your electric car insurance, you’ll need to compare several policy considerations.
First, you’ll want to make sure that your policy covers electric cars. Many insurers now offer coverage for these vehicles, but it’s always best to check before you buy.
You’ll also want to find an insurer that offers good rates and discounts for electric cars. Some insurers may offer lower rates if you charge your car with renewable energy, for example.
Finally, be sure to ask about any other benefits or discounts that may be available to you. For example, many insurers offer discounted rates to members of certain groups or organizations.
Some things to keep in mind when shopping for auto insurance include the following:
- Your insurance company should offer a discount for drivers of electric cars (if they don’t advocate for it!).
- The electric car insurance company should also have a good track record of paying out claims.
- Make sure the company offers a variety of coverages, such as collision, comprehensive, and liability.
When comparing EV insurance rates, be sure to ask about the following:
- How much will you pay for your premium?
- What is the deductible?
- Is there a limit on how many miles you can drive per year?
- What is the company’s policy on replacement parts?
- How long have you been with the company?
It may be difficult to get affordable insurance for an electric or hybrid vehicle, but it’s well worth the effort. These vehicles are the future of transportation, and as more individuals switch to electric vehicles, rates will continue to go down.
So if you’re thinking about buying an electric car, be sure to talk to your insurance company first and see what kind of coverage is available. You may be surprised at just how it isn’t as expensive as you think to insure an electric car.
See Related: Tesla Car Charging Calculator
Which insurers offer the best rates for electric vehicles?
However, because most businesses do not provide coverage for vehicles worth thousands of dollars each under their plans, many people find it prohibitively costly to buy such cars.
Even without a Tesla Model S, comprehensive insurance might be extremely costly. Electric vehicles are a lot less likely to incur insurance claims than traditional automobiles and SUVs.
Check out how much different companies charge for coverage. The cost varies depending on the location, driving experience, and other factors. Furthermore, various insurance providers provide varying pricing on certain vehicle types.
See Related: Is It Possible to Get Tesla Free Supercharging?
Is it more expensive to Insure Teslas?
According to Deputy Chief Executive Officer of Grange Insurance, John Dowling, insurance rates are determined by driving habits and situations. The Tesla Model X is anticipated to be more expensive to purchase than the Tesla Model S.
Customers may be charged more in the case of a collision since electric vehicle repairs are typically more costly if the vehicle had been damaged by an accident.
Almost all automobile manufacturers produce less expensive electric vehicles, lowering insurance premiums for electric cars versus their predecessors.
See Related: Best Auto Loan for Telsa
Do electric cars cost more to insure?
Typically electric car insurance costs are greater than conventional vehicles’ insurance costs. The cost of electric vehicle repairs is higher, so insurers are more concerned with the insurance premiums. Savings from gas tax incentives can easily compensate for the additional expense of your insurance policies.
Why is insurance for electric vehicles so expensive?
What is the cost of automobile insurance for an electric vehicle? The price difference between a gasoline-powered and battery-powered car may be minor, yet the margin between a petrol and a gasoline vehicle may still be significant.
Due to the expense of maintenance and repair, most high-end electric vehicles are more costly to insure.
Final Thoughts
Electric cars are becoming increasingly popular, and the need for electric car insurance comes with that. When looking for insurance for your electric car, it’s important to ensure you’re getting the best deal possible.
The key takeaway from this list is that, when looking for insurance for your electric car, it’s important to ensure you’re getting the best deal possible. There are many things that should be taken into consideration during the shopping process, such as:
- How much will you pay for your premium?
- What is the deductible?
- Is there a limit on how many miles you can drive per year?
- What is the company’s policy on replacement parts?
- How long have you been with the company?
- What have other customers said about the company?
By asking these questions, you can be sure to find the best deal for your needs. When insuring your electric car, don’t just go with the first company you find. Take the time to compare rates and coverages to ensure you’re getting the best deal possible.
Subscribe to our free sustainability newsletter for more information on electric cars and how to make your life more sustainable.
FAQs
Is there any special insurance required for electric cars?
No, not really. The electric automobile insurance policy is identical to that for conventional cars. In addition, you should get collision theft and uninsured motorist coverage.
Comprehensive insurance protects your car if there is no accident, even if the collision occurs due to unforeseen circ*mstances beyond your control.
Does owning an electric car increase my insurance risk?
No, owning an electric car does not increase your insurance risk. Electric cars are required in the current market to comply with safety requirements, and insurance companies don’t know about particular liability risks. As long as the electric car performs well in crash tests, liability coverage must be competitive with current and future models.
Do electric cars increase homeowners insurance?
Electric cars can impact homeowners insurance rates. While owning an electric car may not directly increase homeowners insurance, it can indirectly affect rates through the need for additional coverage.
For example, installing a charging station on your property may be considered a liability risk to your insurer and require additional coverage. Additionally, some insurance companies offer discounts for electric car owners due to their environmentally-friendly nature.
Are electric cars more expensive to insure?
Electric cars are not necessarily more expensive to insure than traditional gas-powered cars. In fact, the cost of insuring an electric car is often similar to that of a gas-powered car. However, the cost of insurance can vary depending on the make and model of the electric car, as well as the driver’s personal driving record and location. It is important for drivers to shop around and compare insurance rates to find the best coverage and price for their electric car.
Related Resources
- How to Save for a Tesla
- Best EV Battery Stocks to Invest in Today
- How Self-Driving Cars Impact Society
The Impact Investor
Kyle Kroeger, esteemed Purdue University alum and accomplished finance professional, brings a decade of invaluable experience from diverse finance roles in both small and large firms. An astute investor himself, Kyle adeptly navigates the spheres of corporate and client-side finance, always guiding with a principal investor’s sharp acumen.
Hailing from a lineage of industrious Midwestern entrepreneurs and creatives, his business instincts are deeply ingrained. This background fuels his entrepreneurial spirit and underpins his commitment to responsible investment. As the Founder and Owner of The Impact Investor, Kyle fervently advocates for increased awareness of ethically invested funds, empowering individuals to make judicious investment decisions.
Striving to marry financial prudence with positive societal impact, Kyle imparts practical strategies for saving and investing, underlined by a robust ethos of conscientious capitalism. His ambition transcends personal gain, aiming instead to spark transformative global change through the power of responsible investment.
When not immersed in the world of finance, he’s continually captivated by the cultural richness of new cities, relishing the opportunity to learn from diverse societies. This passion for travel is eloquently documented on his site, ViaTravelers.com, where you can delve into his unique experiences via his author profile.
I'm Kyle Kroeger, a finance professional with a decade of experience in diverse finance roles. As a Purdue University alum, I bring a wealth of knowledge to the table, particularly in responsible investment. My commitment to ethical investment led me to establish The Impact Investor, where I advocate for increased awareness of ethically invested funds and empower individuals to make judicious investment decisions.
Now, diving into the content you provided about electric cars and insurance, it's evident that the landscape is evolving with the increasing popularity of electric vehicles (EVs). The article rightly emphasizes the importance of finding the best car insurance for electric cars, considering their unique characteristics and benefits. Let's break down the key concepts mentioned in the article:
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Affiliate Partners and Sustainability:
- The article mentions links from affiliate partners, supporting sustainability organizations with 10% of profits. This reflects a commitment to environmental responsibility.
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Importance of Car Insurance for Electric Vehicles:
- Electric vehicle owners need good car insurance for coverage in case of accidents or damage. The article suggests that having the right insurance can also lead to discounts for EV owners.
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Statistics on Electric Car Ownership:
- According to Insure.com, 97% of electric car owners also have a regular gas or diesel car, possibly due to long journeys or inadequate public transit.
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List of Best Car Insurance Options for Electric Cars:
- The article provides a list of insurance providers suitable for electric cars, including Root Insurance, State Farm, GEICO, Progressive, Lemonade, Insurify, Allstate, and AAA Auto Insurance.
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Discounts and Sustainability Commitments by Insurance Providers:
- Some insurance companies offer discounts to electric car owners, and certain providers like State Farm are committed to sustainability efforts.
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New Insurance Models - Lemonade:
- Lemonade is highlighted as a new insurance model, treating premium payments as if they are the customer's own money and donating excess funds to causes.
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Insurance Comparison - Insurify:
- Insurify is introduced as a car insurance comparison website, providing quotes from various companies quickly and facilitating easy policy purchase.
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Focus on Customer Service and Innovation - Allstate:
- Allstate is praised for its wide coverage options, discounts, and innovative tools like the Drivewise app, demonstrating a commitment to customer satisfaction and safety.
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Customized Coverage for Electric Cars - AAA Auto Insurance:
- AAA Auto Insurance is mentioned as offering customized coverage options and discounts for electric car drivers.
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Factors to Consider When Insuring an Electric Car:
- The article outlines key considerations when insuring an electric car, including coverage availability, rates, discounts, and benefits.
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FAQs Addressing Common Concerns:
- Frequently Asked Questions address topics such as special insurance for electric cars, insurance risk, impact on homeowners insurance, and the perceived higher cost of insuring electric cars.
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Insight into Insurance Rates for Electric Vehicles:
- The article touches upon the potential cost variations among insurance providers for electric vehicles, with a mention of Tesla's potential higher insurance rates.
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Factors Influencing Insurance Costs for Electric Cars:
- Factors like the higher cost of repairs and maintenance for electric vehicles contribute to potentially higher insurance costs.
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Encouragement to Shop Around:
- The article encourages potential electric car owners to shop around, compare rates, and inquire about available discounts to find the best insurance deal.
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Closing Thoughts and Subscription Offer:
- The conclusion emphasizes the growing popularity of electric cars and the need for suitable insurance. The article ends with an offer to subscribe to a free sustainability newsletter for more information on electric cars and sustainable living.
Overall, the article provides a comprehensive guide for electric car owners or those considering making the switch, offering insights into insurance options, discounts, and considerations specific to electric vehicles.
