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November 11, 2020

Best Car Insurance for Electric Cars Both New and Used

It is an excellent time of the year for you to explore electric cars as they are gaining increased popularity and gradually taking over the spotlight in the automobile industry. Many users have predicted it to be the next level generation of cars. Similar reports have emerged from the International Energy Agency, stating that electric vehicles’ interest is higher than last year. According to a few analytics companies, there has been a 20% growth in electric car searches in just the first half of this year.

Purchasing an electric car has many benefits, starting from free parking to no congestion charges, but you need adequate car insurance coverage to protect your vehicle. However, not all insurance companies provide electric vehicle (EV) insurance coverage but no need to worry because more insurance providers are buying into this idea every day. It’s just a matter of time before they all come crawling.

Additionally, you need to know that electric cars’ insurance premiums are relatively higher than conventional gas-powered vehicles. This is mostly because electric cars are more expensive to buy or repair. However, an electric vehicle will save you a lot of money on maintenance costs.

The best way to ascertain if you are paying the lowest possible premium rates is to compare quotes from various insurers. Various insurance companies have different premium rates for electric vehicles depending on the car model.

Most insurance companies’ premium rates are also determined based on factors like;

  • Age
  • Sex
  • Credit rating
  • Place of residence
  •  Driving record.

 You can contact us for quotes from various insurers.

Although electric cars are costlier than internal combustion engine vehicles, we decided to take notes on the average premium rates for various EVs by requesting quotes from few major insurers on some EV models, and these are amongst the details we discovered:

Audi E-Tron

Average annual premium rate: $1,845


The Audi E-Tron is a luxury electric SUV created by Audi. It has a twin electric motor with Boost Engaged of up to 402 Horsepower. This electric vehicle can accelerate up to 124mph. It also has a battery capacity of 380A/68Ah, and the list goes on and on. The average insurance coverage starts at a very affordable price. You should have no doubts if you have decided to purchase this exotic machine.

Nissan Leaf

Average annual premium rate: $1,727


With the Nissan Leaf, there’s no better reason to go electric. The Nissan Leaf presents a sure experience like no other. It is very silent with minimal noise generation while and not to mention it produces emissions whatsoever.  This vehicle has a standard battery capacity of 40KWh that gives you instant acceleration and also exhilaration. The good news is that it has one of the cheapest premium rates you can find out there considering this vehicle’s quality. It is designed with a lot of advanced technology, and it has an operating range of 150 miles. All thanks to Nissan.

Tesla Model S

Average monthly premium rate: $775


Where do I start with this machine? The Tesla Model S is a real true beast. This electric vehicle takes about 2.3 seconds to accelerate from 0 – 60 mph. It has a world-class architecture design and a floor-mounted battery pack that protects it from impact. It is also equipped with a Dual Motor All-Wheel Drive that controls traction and torque in all weather conditions. Hold on. This machine is designed with outstanding aerodynamics, ridiculous performance and can accelerate to a top speed of 163mph with improved handling. Surprisingly, this vehicle’s insurance premium rate is affordable, considering its master-class designs. What’s not to love?

Chevrolet Bolt EV

Average annual premium rate: $1,883


Chevrolet Bolt EV is another vehicle to consider if you are planning on purchasing an electric vehicle. It is designed with a large cabin, an electric hatchback with quite a long drive range. It has an inbuilt battery capable of moving up to 260 miles once charged to full capacity. This electric motor also has quick acceleration, and it is enjoyable to cruise around. Another feature to applaud is its spacious interior and the installed advanced technologies that make driving easier. It has an affordable premium rate compared to all other electric vehicles of its class.

Mitsubishi I-MiEV

Average monthly premium rate: $685


This electric vehicle is Right Wheel Drive with automatic transmission options; it has four seating capacity. It is one of the cheapest cars out there with a very affordable premium rate. The Mitsubishi I-MiEV has a 7-inch LCD touchscreen display, voice command, Bluetooth, a rearview camera, real-time traffic information, and a 3D map. It takes about 14 hours for the lithium-ion batteries that swiftly charges when connected to a 120V/12A socket and about seven hours when plugged into a 240V/15A outlet. Other features are; USB connect kit, rear park assists sensors, and a cargo organizer.

Chevy Spark

Average monthly premium rate: $471


Comfortability, Easy-drive, Energetic. The Chevy Spark has it all. It has a two-tone painted roof, black bowtie emblems and daytime running lamp bezels, a 15-inch black-painted alloy wheels with machined finish, ten standard airbags accompanied with a lot of safety features. This vehicle comes with automatic emergency braking. Here’s the fun part; it has 4G LTE Wi-Fi, two USB ports, Android compatibility, and an Apple Car play. Looking at its average monthly premium rates, ensuring this EV should not be much of a burden. 

Smart EQ Fortwo

Average annual premium rate: $1,486


The Smart EQ Fortwo is another exceptional car we thought to add to our collection. It has a low annual insurance premium rate compared to other electric vehicles. Its convertible version has a yearly premium rate of about $1,688. This car is perfect for city driving with an 80-horsepower electric motor. Its battery can charge to full capacity within three hours on a 240v charger. This vehicle can go up to 58 miles, suitable for any short to medium distant driving. 

Kia Soul EV

Average annual premium rate: $1,663


The KIA Soul EV remains affordable in price and premium rates. The lightweight Kia e-Soul battery offers two systematic energy solutions; the High Range and Power Battery of 64KWh/motor 150 KWh and the Mid-Range and Low Power Battery 39.2 KWh/motor 99KWh. This electric vehicle has a heat pump system that helps save energy and elevates the driving range by using the waste heat emitted from the coolant; for the powertrain. It is also great to know that this machine has many safety installations that can protect you from dangers or stress that might occur while driving. So, you are a lot safe with this vehicle.

Frequently Asked Questions

What level of insurance cover can I get for my electric car?

Like other motor insurance policies, you will be able to acquire the three levels of cover, which includes;

  1. Full coverage: This level of insurance secures the owner, the vehicle, and damages incurred by other motorists. It covers medical bills, fire damages, various repairs, and also if the car is stolen. Many drivers seek a full coverage policy.
  2. Third-party, theft, and fire: This policy takes care of damages caused by fire or other drivers, the vehicle, and also the theft of your car.
  3. Third-Party only: This is the minimum requirement by law. It only covers the damages done to your vehicle by other motorists and their properties. It won’t include the damages incurred by the owner of the car.

What policy features can I be able to get with electric car insurance?

Aside from the standard protection coverage like accidents or breakdowns, the policies for electric car insurance is also able to cover:

  1. Battery: Any damages done to your vehicle’s battery will be covered.
  • Legal liability:

For instance, your charging cable is accidentally damaged by someone while charging your vehicle; the insurance company can cover it.

  • Portable charging cables:

Some policies can also cover a lost, stolen, or damaged vehicle accessory while in your car or at your garage.

How much is electric car insurance?

Based on our data collected, the average cost of insurance for an electric vehicle is about $754. However, they are a few factors that the companies involved consider before setting their premium price. The car model is one of those factors.

Electric cars are generally more expensive to purchase than gas-powered vehicles, so their insurance premium rates might be higher. Still, this does not mean that you must pay a higher premium rate for your electric vehicle than the diesel or petrol car, as many factors can influence this.  All you need is to get the quotations and make your selection.







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