This means you’ll have to shop around for insurance.
The good news is there are affordable options if you know where to look.
What Makes EV Insurance Different?
Image Credit:IIHS
Right now, it’s hard to find any automotive techniciansthose qualified to work on EVs are even rarer.
This scarcity equates to high labor rates.
Battery
Even if EVs have fewer parts, many of those parts are expensive.
Image Credit:Bankrate
Batteries also present safety issues.
Even if kinematics wasn’t your strong suit: Which would you prefer to have accidentally run into you?
An elephant or a squirrel?
Batteries add weight to EVs, and this additional force factor is weighed into risk calculations by insurance actuaries.
Is EV Insurance Pricing Fair?
Teslasays: “Many providers base your premium on information that has little to do with your driving.”
If you’re shopping new, there are manufacturing restrictions, thoughthese EVs qualify for the credit.
Along with insurance and tax credit, maintenance is another essential factor to consider.
According toYale Climate Connections, EVs can be up to 40% less expensive to maintain than ICEs.
And, of course, you won’t be paying for fuel but rather for charging.
EVs occupy a precarious position in the marketplace.
Though they carry certain risks, only time will tell if certain models are truly at higher risk.
