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Switching to an Electric Car to Help the Environment? Here’s How to Find the Cheapest Insurance

Shutterstock Photo license - buffaloboy



The market for electric cars has grown slower than we would have liked. Fortunately, the benefits are starting to outweigh the downsides, so they are becoming more popular.

Saving on fuel and protecting the environment are just two of the many reasons to switch to an electric car. There’s just one problem: navigating car insurance premiums for electric cars can be a nightmare.

That’s because electric vehicles are more expensive to repair and purchase.

How Does Conventional and Electric Car Insurance Compare?

Conventional and electric car insurance offer the exact same benefits, regardless of tiers. For example, conventional and electric car liability insurance will cover the expenses of the other driver during an accident. You have to upgrade your insurance to cover yourself and your eco-friendly car.

Why is Electric Car Insurance More Expensive?

Electric cars cost more off-lot and require specific parts to repair, making them more expensive to insure. However, several countries are offering green driving initiatives, tax exemptions, and government grants to offset this cost. You’ll also save money on gas and general maintenance.

While electric cars come with a high upfront cost, you’ll pay less to operate your vehicle in the long run. Plus, it’s easier to install newer technology in electric cars because the hookups are already included. You’re also helping the planet by limiting your consumption of fossil fuels.

How Can I Save Money on Electric Car Insurance?

You should never pay more for car insurance than you have to, but you may not know how to shop for the best rate. If you’re in the market for an electric car, be sure to follow our tips.

1. Compare Insurance Quotes Online

It would take you days to research every insurance company in your country and ask for a quote. However, comparison sites like Cheap Insurance allow you to find cheap insurance quotes instantly. You can even find companies that offer senior discounts or package rates.

2. Drive a Smaller Electric Vehicle

Since larger vehicles are more expensive to maintain, they typically cost more to insure. Smaller cars are often more efficient and cost-friendly. Plus, they take up less space and don’t take as long to charge. While comparing quotes, look at the costs of the exact model you want to insure.

3. Use Alternative Transportation

Insurance companies factor in how often you use your vehicle when calculating your premiums. If it takes you an hour to drive to and from work each day, you’ll spend more on insurance than a person with a 30-minute commute. Walking, cycling, or taking the bus can lower your rates.

4. Increase Your Insurance Deductible

Generally speaking, a low deductible increases your premiums, while a high deductible lowers your premiums. Since you have to pay your premiums monthly but only have to fork over for the deductible after an accident, a safe driver with a high deductible can save more every month.

5. Improve Your Credit Score/Rating

A poor payment history and debt can negatively affect your credit score and your insurance rates. According to insurers, you’re less likely to file a claim if you’re more responsible in your personal life. Regardless if that’s true, a good credit score will lower your monthly premiums.

6. Switch to Pay-as-You-Go insurance

Some insurers will offer “pay-as-you-go” insurance to drivers with a clean record. For example, Allstate’s Drivewise allows you to track your mileage with a telemetric device installed on your car. If you drive less than 10,000 miles a year, you could save money with this type of program.

7. Take Out What You Don’t Need

It’s common for drivers to insure more than they need, just to be safe. However, you may not need comprehensive insurance if you live in a rural part of town, and you can probably remove an extra driver that doesn’t use your vehicle anymore. Review your coverage regularly to save.