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Electric cars are environmentally friendly, plus you’ll save on gas and get a tax credit for your new purchase. But some of that extra money might have to go to insuring your new car.
Just like traditional car insurance, premiums are based on a number of factors — including the car’s value, age and performance, as well as the driver’s age, driving record and location. But some factors are more unique to electric cars.
An electric car may run you more to insure than a gas-powered car because of:
To save on your insurance:
Before choosing an insurer, look into whether you’ll be covered for:
Thinking of getting an electric car but haven’t pulled the trigger yet? Compare insurance rates for some of the best electric cars available on the market.
Electric car make & model | Average monthly insurance rate |
---|---|
BMW 3 Series | $178 |
BMW i8 | $161 |
Chevrolet Bolt EV | $238 |
Honda Clarity | $197 |
Kia Soul EV | $174 |
Mitsubishi i-Miev | $187 |
Nissan Leaf | $185 |
Tesla Model S | $227 |
Tesla Model X | $227 |
Toyota Mirai | $220 |
Electric and hybrid cars are quickly becoming more common, which might explain why charging stations for electric cars are popping up all over the US. Most major automakers have at least one electric or hybrid vehicle available, and according to our estimates, over 17% of Americans would be interested in driving an electric vehicle. This increase in demand may be due to lower long-term ownership costs and a growing interest in environmental sustainability.
Make | Model | monthly insurance rate | MSRP |
---|---|---|---|
Hyundai | Kona Electric | $122 | $36,450 |
Porsche | Taycan | $400 | $150,000 |
Rivian | R1T | $400 | $69,000 |
Jaguar | I-Pace | N/A | $69,500 |
Tesla | Model 3 | $539 | $46,000 |
Ford | Mustang Mach-E | $240 | $58,300 |
Byton | M-Byte | N/A | $75,988 |
Nissan | Leaf S Plus | $185 | $30,680 |
MINI | Cooper SE | $227 | $20,950 |
Volvo | XC60 | $220 | $40,950 |
Kia | Niro EV | $478 | $39,000 |
Chevrolet | Bolt EV | $478 | $39,000 |
Volkswagen | Golf | $158 | $19,895 |
Audi | e-tron | $197 | $265,000 |
Tesla | Model S | $227 | $68,000 |
BMW | i3 | $181 | $46,250 |
Tesla | Model X | $181 | $85,000 |
Hyundai | Ioniq Electric | $227 | $22,200 |
Renault | Zoe | N/A | $50,270 |
More and more drivers are doing their part for the environment by choosing to drive electric cars, but they’re still not the most popular or cheapest cars to insure. While you may save money in the long run by cutting gas out of your budget, expect to pay a little more for insurance.
You can cut your insurance costs down by comparing quotes from car insurers before choosing a policy.
Picture: Shutterstock
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