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Are Electric Vehicles Cheaper to Insure?

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Everyone’s looking to save some money these days – and if it’s possible to do it while also being good to the living environment, it will be even better! Over the past couple of years, there’s been a lot of talk about electric vehicles, especially regarding their fuel expenses. Nevertheless, many people still wonder about how much electric cars cost to insure. In fact, it was rather difficult to find auto insurance for the electrically powered vehicles, because they were still new to the market place and many insurance companies weren’t prepared to offer the right coverage for them. Fortunately, electric vehicles have become more mainstream and now there are different insurance policies to cover them, even specific coverage such as 2016 Kia Soul EV (electric vehicle) insurance

Some study released late in the 2014 revealed that electric cars are actually cheaper to insure compared to those vehicles powered by gas. If you own an electric vehicle, you can save close to $600 per year on your car insurance only by moving from gas powered vehicle to electric. On average, though, the savings would be about $200 annually. That’s why more and more insurers are hopping on board with electric vehicle coverage.

In terms of accidents and moving violations, both gas and electric cars drive on the same roads. So, why is car insurance cheaper for electrically powered vehicles? The price of car insurance is still largely based on the driver and the type of the vehicle. Most EVs available on the market today are compact and not nearly as powerful as some of their counterparts powered by gas. This is what makes them safer and equates to lower car insurance premiums. In fact, vehicles with potential to go too fast have a much higher risk of getting involved in serious accidents. Here, I would like to point out that while it’s cheaper to insure electric car today, as these vehicles evolve, they’ll become more powerful and faster, so the lower priced car insurance won’t always be the case.

If you consider going electric, prior to making an insurance purchase, shop around for different quotes and packages. The actual cost of auto coverage typically depends on the specific vehicle, electric or gas, that’s being insured.

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