How To Save Money On Your Electric Car Insurance
Purchasing an electric vehicle (EV) can be a fairly expensive venture, but fear not – because there are plenty more perks than just lowering your carbon emissions.
Author:James PierceReviewer:Camilo WoodOct 02, 20225 Shares493 Views
Purchasing an electric vehicle (EV) can be a fairly expensive venture, but fear not – because there are plenty more perks than just lowering your carbon emissions. Among Government tax incentives and rewarding insurance premiums, saving money on your insurance for electric carshas never been easier.
Read on to find out exactly how you can reap the rewards of purchasing an EV or plug-in hybrid, no matter your budget.
Going electric
After the initial purchase of your electric or hybrid vehicle, you can expect to save money on gas over time, softening the blow to your wallet long-term, despite the more costly insurance premiums. EVs use a unique battery that stores electricity to power the motor, simply needing to be plugged in to recharge every 250 miles, on average.
They don’t require an internal combustion engine, so are much quieter than your standard gasoline vehicle. Even hybrid cars are easier on the ears thanks to them running on both electricity and conventional fuel.
Due to the nature of both EVs and plug-in hybrids, fossil fuel emissions are reduced – making these some of the most eco-friendly cars out there.
Getting covered
There are many factors that can influence your insurance premium. This not only includes where you park overnight, but the make, model and condition of your car, your driving record, average annual mileage and, of course, the safety features and repair costs.
Repairs for electric vehicles tend to cost less due to there being fewer moving parts, but insurance generally costs more than it would for your standard gasoline car because of the standard cost of each of these parts.
In addition, when searching for the insurance premium that’s right for your EV, you’ll want to make sure it includes:
- Coverage for your home charging station
- Coverage for your car’s portable charger
- Cover tows to charging stations – just in case
Saving money
When it comes to getting your quote, don’t just look for the cheapest premiums. Shop around to make sure you have the right combination of coverage, deductibles and limits to make your EV and its insurance work for you.
Select your deductibles and limits
When you enter your information for your EV insurance, you’ll be asked to select your deductibles and limits. This this the amount of money you’d be willing to pay out-of-pocket towards the cost of an accident, before your insurance provider. Picking a higher deductible provides the company with less risk, and therefore could lower your premium.
What’s more, selecting a lower coverage limit can also cap the risk of your insurer, again lowering your insurance rates in return.
Save more with lower mileage
As previously mentioned, your premium will also be calculated based on your average annual mileage. The less you drive, the less likely you are to be involved in an accident, and therefore the cost of your insurance will be lowered.
Combine insurances
Another great way to save money on your electric car insurance is by combining policies. Blending your car insurance with your homeowners, renters, life or pet policies could save you money, as some providers might offer discounts for this.
Use telematics
Finally, you could use telematics insurance, as this will allow an app on your phone or chip in your windshield to record data using Global Positioning System (GPS), tracking how safely you drive and how often. It can then help insurers adjust your premium to cater it to your personal needs and mileage.
This can be great for the more tech-savvy driver, or those who fit into particular demographics, such as new or young drivers who are statistically expected to be involved in more accidents. With telematics, though, you can be rewarded for your save driving, as well as your environmentally-friendly EV choice.
James Pierce
Author
Camilo Wood
Reviewer
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