Auto Insurance for Electric Vehicles

While EVs offer environmental benefits, they often have higher purchase, repair, and insurance costs. Navigating the world of electric car insurance requires knowledge of specialized coverage options and cost-saving strategies. Enter your zip code below for a free quote and see how much you can save by switching to A-MAX!

Electric vehicles (EVs) are showing up more and more on the roads. Though these vehicles greatly benefit the environment, they are more expensive to purchase, repair, and insure than regular gas-powered vehicles.

Electric Vehicles Vs. Hybrid Vehicles

Electric cars get 100% of their power from a rechargeable battery. You must have access to an EV charging station to recharge the battery in your electric vehicle. EVs have little impact on the environment and are therefore considered the most "green" vehicles one can drive. Hybrid vehicles are different from EVs in that they have an electric motor and a gas-powered motor. Some hybrids have a larger battery that requires plugging into an electrical source, but most have a smaller electric battery that is recharged as the car is driven, and you don't need to plug them in. The electric motor responds when the car is moving at lower speeds, and the gas engine kicks in when the car is working harder and at higher speeds. Because these types of hybrid vehicles rely on gasoline, they are not as "green" as fully electric vehicles.

Types of Electric Auto Insurance Coverage

Whether you own an electric car or a hybrid car, the requirements for car insurance are the same as those for fully gas-powered vehicles. Though most states only require you to purchase liability coverage, having full coverage insurance on an electric or hybrid vehicle is a good idea. These vehicles cost substantially more to repair or replace than gas-powered vehicles so having the extra collision protection and comprehensive coverage will ensure that you can protect your investment in the car. The coverages in an auto insurance policy include:

Liability Coverage

Liability coverage helps pay for medical costs and property damage resulting from an accident you cause. Liability coverage is made up of your bodily injury liability coverage and property damage liability coverage and is required in most states. These coverages are represented as a "split" limit on your car insurance policy, which breaks the coverages down to the amount of bodily injury liability your insurer will pay to a single person injured in an accident you cause with a maximum amount of bodily injury liability coverage it will pay out in total for the accident. In addition, there is a set amount that would be allotted for damage to the other person's vehicle or property that you damaged in the accident. A split limit may look like this: 100/300/100, which would indicate that your insurance company would pay no more than $100,000 to any one injured person, no more than $300,000 for total injuries from the accident, and no more than $100,000 to repair or replace the property that you damaged in the accident. Liability coverage can help protect your assets in case of a lawsuit. It is essential to have adequate liability coverage to ensure you are financially protected so you should consider purchasing as much bodily injury liability and property damage coverage as you can afford.

Collision Coverage

Collision coverage helps pay for damages to your electric vehicle resulting from an accident, regardless of fault. Collision is optional if you do not finance or lease your car, but lenders require it if you do finance or lease the vehicle. Collision coverage can help you repair or replace your electric car if it is damaged in an accident.

Comprehensive Coverage

Comprehensive coverage helps pay for damages to your vehicle resulting from non-collision events, such as fire, theft, vandalism, or natural disasters. Comprehensive coverage is optional, but if you finance or lease your car, the lender will require you to carry it. Comprehensive coverage will ensure you are financially protected against unexpected events and can repair or replace your car after such an event occurs.

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Additional Coverage Options

Medical Payments Coverage (MedPay)

• This coverage will pay for the medical expenses that you and your passengers incur in a car accident, whether you caused the accident or not, up to the limit you select on your policy. This coverage is similar to personal injury protection (PIP) coverage but only covers medical expenses.

Personal Injury Protection Coverage (PIP)

• In some states, personal injury protection is required, but it is optional in others. Like MedPay, PIP coverage will pay for your and your passengers' injuries in the event of a car accident up to the limit you select on your policy. The advantage to having PIP coverage instead of MedPay coverage is that PIP also covers things such as loss of work, funeral expenses and death benefits for people injured in your car, and coverage for things that you cannot do while recovering from your injuries such as childcare, housekeeping, and transportation.

Uninsured/Underinsured Motorist Coverage

• In some states, Uninsured/Underinsured Motorist (UM) coverage is required, but it is optional in others. UM coverage will pay for your and your passenger's injuries if you are hit by a driver who does not have insurance or does not have enough insurance to pay for your and your passengers' medical expenses after an accident.

GAP Coverage

• GAP coverage is part of the physical damage section of an auto insurance policy. If you are financing or leasing your car, you may owe your lender more than it is worth if it is totaled in an accident. In this case, GAP coverage will pay your lender for the difference between your car's actual cash value at the time of an accident and the loan amount that you have left on the car. This coverage is an especially good idea for high-priced vehicles like electric cars.

Rental Car Reimbursement Coverage

• This optional coverage will pay for you to rent a replacement vehicle for a set amount per day for a set number of days while your car is being repaired from a covered claim on your auto insurance policy.

Roadside Assistance Coverage

• This is optional coverage you can buy on your auto insurance policy in case your vehicle is disabled or needs to be towed. Roadside assistance coverage pays for things like towing, jump-starting a dead battery, repair of a flat tire, locksmith services, delivery or fuel if you run out of gas, and more, depending on your insurance carrier.

Towing Coverage

• This optional coverage will pay for your disabled vehicle to be towed up to a limit that you have set on your policy.

Consult with your insurance agent or insurance company to determine if you need or want to add any of these coverages. Some insurance companies offer additional optional coverages that you can select as well.

Factors Affecting Electric Car Insurance Rates

Electric vehicle insurance rates are determined by various factors, including your location, driving history, and the type of EV you own. Insurance companies also consider the cost of repairs, the value of your EV, and the risk of theft or vandalism. Your credit score and annual mileage may also affect your insurance rates. It is essential to shop around and compare insurance rates to find the best coverage for your EV. You can obtain car insurance for your electric vehicle through an independent insurance agent, directly through an insurance company, or you can gather quotes from multiple car insurance companies using an online rating tool such as A-MAX Insurance to find the best rate for your electric car.

Protection for Your EV Battery

The batteries in electric cars are a critical component of your vehicle, and they can be expensive to replace. Some insurance companies offer protection for your EV battery, which can help you repair or replace it if damaged. It is essential to check your insurance policy to see if it includes EV battery protection. You may also want to consider purchasing a separate warranty for your EV battery.

How to Choose the Best EV Car Insurance Company

When choosing an insurance company for your electric car, consider factors such as coverage options, premiums, and customer service. You may also want to read reviews and ask for referrals from friends or family members who own EVs.It is essential to choose an insurance company that understands the unique needs of EV owners. You may also want to consider working with an insurance company that offers specialized coverage options for EVs.

Saving Money on Electric Car Insurance

Many insurance companies offer discounts or incentives for EV owners. You may be eligible for discounts if you have a good driving record, low annual mileage, or a high credit score, among other things. Some companies may also offer discounts for bundling your EV insurance with other insurance policies, such as homeowner's insurance. It is essential to ask your insurance company about available discounts and incentives to ensure you get the best rate on your insurance coverage for your EV.

Electric Car Insurance FAQs

Q: Will my electric car cost more to insure than a gas-powered car?

A: Yes. Electric vehicles typically carry a higher sticker price than their gas-powered or hybrid counterparts. As a result, the cost of repairs to EVs is more expensive, which translates to higher insurance premiums.

Q: How can I save money on my electric vehicle insurance?

A: When shopping for electric vehicle insurance, it is best to shop around for the best coverage and price, as well as to find an insurance company that is familiar with insuring EVs. You can obtain quotes from multiple insurance carriers using an online rating tool such as A-MAX Insurance or speak to a local independent insurance agent about the best options for a policy that protects your EV.

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