It costs on average 49% more to insure an electric vehicle than to insure a gas-powered car, recently released data from the digital insurance agent Insurify show.
I just got a Chevy Bolt. It’s not especially expensive to insure. I was paying $65 per month for super basic liability coverage on my old Honda. The Bolt has collision, comprehensive, and loan payoff coverage, and it’s about $100 per month. I don’t think that’s particularly high considering considering the amount of coverage I added.
I checked the Bolt and Ioniq 5, got normal rates for both. When I checked the Model 3, it was almost double what the Ioniq 5 was.
That’s why I’m doubting their numbers. And all they say is that it’s an average of their EV and ICE data. But EVs will tend toward newer and more expensive. Unless they accounted for that, the EV insurance rates would be higher in a broad average.
I believe Teslas specifically are also expensive to insure, there’s a reason Tesla offers their own insurance. So if they’re just being lumped into EV vs ICE, instead of breaking it down further, that would explain some of it as well.
I just got a Chevy Bolt. It’s not especially expensive to insure. I was paying $65 per month for super basic liability coverage on my old Honda. The Bolt has collision, comprehensive, and loan payoff coverage, and it’s about $100 per month. I don’t think that’s particularly high considering considering the amount of coverage I added.
I checked the Bolt and Ioniq 5, got normal rates for both. When I checked the Model 3, it was almost double what the Ioniq 5 was.
That’s why I’m doubting their numbers. And all they say is that it’s an average of their EV and ICE data. But EVs will tend toward newer and more expensive. Unless they accounted for that, the EV insurance rates would be higher in a broad average.
I believe Teslas specifically are also expensive to insure, there’s a reason Tesla offers their own insurance. So if they’re just being lumped into EV vs ICE, instead of breaking it down further, that would explain some of it as well.