In a pleasant turn of events for new car owners, they will pay lower rates for electric cars than those owners of gasoline or diesel powered vehicles, and it appears that’s the wave of the future for electric cars. Analysts are not entirely sure why electric car premiums are lower.
An Albany New York man who purchased a Chevy Volt reported that his car insurance premiums fell by around $1,000 a year. Other owners report similar savings in other regions of the country.
Electric Cars Cost Less to Insure
There are a few explanations that come to mind. Some of the reasons why electric vehicles cost less to insure include car owners that tend to be older individuals and to be responsible types such as school teachers and government employees. Such people have historically paid less for insurance because they get in fewer accidents.
Other reasons may include the fact that electric cars spend less time on the road because they have a shorter driving range. That leads to fewer accidents and lower insurance costs. Electric car owners also tend to drive at a slower speed than the average, which tends to reduce accidents. Some insurance companies offer discounts for electric cars.
Sometimes Electric Cars Cost More
However, there are some electric cars that cost more to insure than regular vehicles. Some electric vehicles cost more to insure because they are more expensive than other vehicles. The Teslas, which is a new line of luxury cars costs more to insure. The Tesla Roadster may cost more to insure because it is a sports car.
It can also cost more to get electric cars repaired because most repair shops don’t work on them yet. That means you may also have to pay extra to have the car hauled to a special repair center to get it fixed.
Some of the parts of electric cars such as the battery pack are very expensive. Yet some other electric car parts such as the engine may actually be much cheaper to fix. The labor costs for repairing an electric car can be less because it has fewer moving parts.
Any impact of recent incidents in which Tesla S series sedans caught fire because of electrical system defects on insurance rates hasn’t been seen yet. If there is a significant fire danger attached to electric cars insurance premiums could increase substantially. However, growing evidence indicates that most drivers will pay lower insurance premiums if they drive an electric car. That could change if electric car use becomes widespread.
An Albany New York man who purchased a Chevy Volt reported that his car insurance premiums fell by around $1,000 a year. Other owners report similar savings in other regions of the country.
Electric Cars Cost Less to Insure
There are a few explanations that come to mind. Some of the reasons why electric vehicles cost less to insure include car owners that tend to be older individuals and to be responsible types such as school teachers and government employees. Such people have historically paid less for insurance because they get in fewer accidents.
Other reasons may include the fact that electric cars spend less time on the road because they have a shorter driving range. That leads to fewer accidents and lower insurance costs. Electric car owners also tend to drive at a slower speed than the average, which tends to reduce accidents. Some insurance companies offer discounts for electric cars.
Sometimes Electric Cars Cost More
However, there are some electric cars that cost more to insure than regular vehicles. Some electric vehicles cost more to insure because they are more expensive than other vehicles. The Teslas, which is a new line of luxury cars costs more to insure. The Tesla Roadster may cost more to insure because it is a sports car.
It can also cost more to get electric cars repaired because most repair shops don’t work on them yet. That means you may also have to pay extra to have the car hauled to a special repair center to get it fixed.
Some of the parts of electric cars such as the battery pack are very expensive. Yet some other electric car parts such as the engine may actually be much cheaper to fix. The labor costs for repairing an electric car can be less because it has fewer moving parts.
Any impact of recent incidents in which Tesla S series sedans caught fire because of electrical system defects on insurance rates hasn’t been seen yet. If there is a significant fire danger attached to electric cars insurance premiums could increase substantially. However, growing evidence indicates that most drivers will pay lower insurance premiums if they drive an electric car. That could change if electric car use becomes widespread.
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