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What will it cost to insure my Electric Vehicle?
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Electric vehicle sales are increasing around the world. According to the International Energy Agency (IEA), there were 6.6 million electric vehicles sold in major markets in 2021, nearly double the number of electric cars sold the year before.
While purchasing an electric vehicle has a number of benefits, it’s important to consider the cost of electric car insurance before you decide to purchase one. In general, electric cars are more expensive to insure than gas-powered cars, and the premiums are even higher if you purchase a luxury model.
In this guide, we’ll look at the average cost of electric vehicle insurance and which electric vehicle models are the cheapest to insure.
There are several reasons why car insurance premiums for electric vehicles tend to be expensive. First, electric vehicles often cost more than gas-powered vehicles. Due to the higher value of electric cars, insurance companies usually charge higher rates for coverage.
In addition, electric vehicles are often more expensive to repair than gas-powered cars. If you get into an accident, your insurance company will need to pay a larger settlement to cover the full cost of repairs. To offset the potential costs of a claim, insurance companies raise premiums for electric vehicle owners.
The cost of car insurance for an electric vehicle depends on many factors. The make and model of your vehicle is one of the biggest things that can impact your rate. Based on our rate data, electric vehicle insurance premiums can range from around $1,300 per year to $2,680 per year.
In the table below, you can see the average full coverage insurance rates for some of the most popular electric vehicle models:
Annual rates for a single 35-year-old male, estimated using public rate filings sourced from First Interpreter. Rates do not represent actual quotes. Accurate as of January 2024.
In addition to your vehicle type, there are many personal factors that contribute to your premium. Your location, age, credit score, claim history, and driving record are a few of the rating factors that insurance companies use to calculate your unique premium.
Your policy choices will also impact your rate. For example, policies with a higher deductible usually have lower rates. If you add any endorsements to your policy, like gap insurance or accident forgiveness, that will cause your rate to increase.
Personalized rate estimates at the top insurance companies in your state
Your rates will vary based on where you live, your age, and other factors like your driving record
The average monthly cost of electric vehicle insurance depends on the factors mentioned above. However, our rate data suggests that average monthly rates fall somewhere between $108 and $223 per month for full coverage insurance.
While there aren’t necessarily differences in the policy or coverage for electric car insurance or gas-powered cars, electric vehicles are typically more expensive to insure than gas-powered vehicles. Electric vehicles often have a higher value than gas-powered cars, and they can be more expensive to repair after a covered loss. If you’re thinking about buying an electric vehicle, you should make sure the cost of insurance fits into your budget.
However, electric vehicles aren’t always more expensive to insure than gas-powered cars. The specific model of your electric car has a big impact on insurance rates. For example, the average rate for a Chevrolet Bolt EV 1LT is around $1,310, which could be less expensive than the average rate for a gas-powered luxury SUV.
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The best car insurance for electric vehicles is different for every driver. It depends on factors like your location, coverage needs, budget, what discounts you can qualify for, and more.
Based on our analysis, the best and cheapest insurance companies for electric vehicles are Kemper, Nationwide, Erie, Progressive, and State Farm. These companies also have the cheapest electric vehicle insurance rates, on average.
There isn’t one electric vehicle model that is the cheapest to insure for everyone. Car insurance rates are personalized based on many factors besides the type of vehicle you have. However, some electric vehicles have cheaper average rates than others. If you are looking for cheap car insurance EVs, it’s a good idea to compare rates from several insurance companies.
Electric vehicles with cheap insurance: According to our analysis of recent rate data, the Chevrolet Bolt EV 1LT has the cheapest average premium. The average cost of full coverage insurance for the Chevrolet Bolt is $1,307, or about $108 per month. Below, you can see which popular electric vehicle models have the cheapest average insurance rates.
The Chevrolet Bolt is a popular electric vehicle known for its impressive range and affordability. It’s also the cheapest popular electric vehicle to insure on average. Erie, Kemper, and Nationwide offer some of the most affordable options nationwide.
The Volkswagen ID.4 is an all-electric SUV that combines style, versatility, and sustainable driving. For insurance, ID.4 owners can find affordable coverage with insurance providers like Erie, Kemper, and Progressive, known for offering some of the cheapest rates nationwide for this vehicle.
The fourth most popular electric vehicle in 2022, the Ford Mustang Mach-E is an all-electric SUV that combines the iconic Mustang name with eco-friendly performance. Kemper, Erie, and Nationwide offer competitive rates for this vehicle nationwide.
Electric vehicles with more expensive insurance: Electric vehicle premiums can be very expensive. Our data rate shows that the Tesla Model X has the highest average premiums among popular 2022 electric vehicles. The Model X has an average premium of $2,680 per year or $223 per month. Despite their popularity, Tesla EVs are generally much more expensive to insure than EVs from other brands, like Kia or Ford.
Among popular electric vehicles, Teslas are the most expensive to insure with a full-coverage car insurance policy.
The Tesla Model X is an all-electric luxury SUV that combines cutting-edge technology, exceptional performance, and spacious seating for up to seven passengers. Kemper, Progressive, and State Farm offer the most competitive coverage for this model on average.
The Tesla Model S is an all-electric luxury sedan that offers impressive acceleration, long-range capabilities, and a sleek design. Kemper, State Farm, and Nationwide offer the most competitive coverage for this model on average.
The Tesla Model Y is an all-electric SUV that offers seating for up to seven passengers, impressive performance, and advanced features. Auto-Owners, Nationwide, and State Farm offer the most competitive coverage for this model on average.
Because the cost of electric vehicle insurance can be expensive, you might be looking for ways to lower your premium. Here are some tips for getting cheap car insurance for your electric vehicle:
Choose higher deductibles: Selecting high deductibles for policies like collision and comprehensive insurance will result in a lower monthly premium.
Look for discounts: Most car insurance companies offer discounts. You can typically find savings for claim-free drivers, safe drivers, good students, insuring a new vehicle, having an anti-theft system in your car, and many others.
Improve your credit score: In most states, your credit score impacts your car insurance premium. Drivers with excellent credit usually pay the lowest rates.
Pay in full: You can typically get a small discount on your insurance rate if you pay your annual premium upfront and in full.
To get the most affordable premium for your situation, it’s also important to shop around and get rates from multiple insurance companies. Take our short quiz to see how much you can expect to pay to insure your EV.
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Insurance premiums for electric vehicles are typically more expensive than rates for gas-powered vehicles. That’s due to the high value of electric cars and the increased cost of repairs. However, your insurance premium depends on factors besides the type of car you drive. Your location, age, credit score, driving record, and claim history can also impact your premium.
In most cases, electric vehicles are not more expensive to maintain than gas-powered cars. Keep in mind that the cost of maintenance may depend on the make and model of your electric vehicle, as some EVs are more reliable than others.
Rate Retriever rates are based on public rate filings obtained by analytics company First Interpreter. This data comes from the rating plans insurance carriers submit to each state’s department of insurance. Rating plans detail how each carrier calculates premiums using factors such as location, age, gender, and driving record, and they ensure that insurance premiums are both fair and competitive.
For the data on this page, we made the following assumptions: a 35-year-old single male with a clean driving record and Good credit score. We adjusted this profile by vehicle make, model, trim, and year to determine the rates you see on this page.
These rates are not actual quotes and should only be used for comparative purposes. Your rates can vary significantly based on your unique driver profile.
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