For some, buying an electric car is a decision made based on their desire to have a positive impact on the economy. Others, while often supporting eco-friendly measures, are considering buying an electric car for reduced costs over the long run. They figure that with the tax credits and lack of buying gasoline, they’ll recoup their costs over the years. However, the question is more complicated than that, as most people don’t factor in auto insurance. Depending on your driving record, insurance company, your current car, and selected coverage, your premium may vary greatly.
Find out exactly how much you would be paying, or could save on your current policy, by contacting Don Allred Insurance, a high-quality company serving the Burlington, NC area.
Are Gas or Electric Cars More Expensive to Insure?
Usually, an electric car is more expensive to ensure that its gasoline counterpart. One of the main reasons is that an electric car model is more expensive than the gasoline model, so in the event of an accident, the insurance company has to pay out more money. Not only are the MSRPs of electric vehicles higher, parts are usually more expensive, too.
Is There Any Way for Electric Car Drivers to Save?
Yes, it’s possible for electric car drivers to lower their insurance premiums. Some companies offer an eco-friendly discount, rewarding you for making a decision that benefits the planet. Electric cars are often more heavy than gas vehicles, which makes the electric cars safer, generally. According to the IIHS, the chances of being injured in an accident are 25 percent lower for those in hybrid vehicles versus non-hybrid cars. Some insurance companies factor this into their quotes and offer reduced rates.
There’s no need to guess whether it would be cheaper to insure your hybrid vehicle. Get in touch with Don Allred Insurance, which serves the Burlington, NC area, to find out more about electric car insurance.