Global sales of electric vehicles (EV) are growing fast and emerging as a new risk pool for the motor insurance industry.
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Insuring your brand-new electric vehicle might cost more, but there are a few reasons why that's okay.
Electric vehicles may cost more to insure than gas-powered cars. Prices are likely to drop as insurers gather more data on repair costs and EVs become more popular.
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Key takeaways ; Electric car insurance costs between 18 and 30 percent more, on average, than insurance for gas-powered vehicles. ; Complex repairs requiring longer claim cycles contribute to the higher cost of EV insurance. ; Electric car owners may qualify for unique discounts from some carriers that can offset higher premium costs.
We looked at average auto insurance rates for more than 50 top-selling vehicles to find the cars with the cheapest car insurance quotes.