Take, for example, the Kia Soul EV, which starts at around $35,000, compared to the base gas-powered Soul (with an automatic transmission) at just over $19,000. The gas version’s premiums cost an average $1,442 a year, while the EV costs an average $1,663 annually, according to the rate calculator at Insurance.com.
By that yardstick it should come as no surprise that most expensive EVs to cover are the priciest. Not only is the Tesla Model S the electrified ride that suffers the highest national average insurance rates at an annual $3,300, it’s among the costliest-to-cover vehicles in the industry. And that’s for the base model that starts at around $80,000. You can expect to pay a lot more for the top trim level with the available Ludicrous Mode with a sticker price over $115,000. The Tesla Model X SUV comes in at a close second at an annual average premium of $3,042. According to a separate source, Tesla's Model 3 costs a yearly average of $2,814 to cover.
The average among all 2019 models, according to Insure.com, is $1,812. We’re featuring the five EVs among this year’s crop of models in the above slideshow that enjoy auto insurance rates at or below the average annual cost. (Some newer EVs, like the electric versions of the Hyundai Kona and Kia Niro, are not yet included in the website’s database.)
The rates quoted here and in the slideshow are national averages based upon a hypothetical low-risk driver. Insurance premiums can vary significantly from one motorist to another based on personal factors like gender, age, your credit rating, and driving record. Rates are also dependent on where you live, with those living in densely populated urban areas paying more than those who live in sleepier rural areas. They also fluctuate from one state to another based on regulations and court decisions governing insurance companies. For example, a BMW i3 will cost an average $3,235 to insure if you live in Michigan, but only $1,252 a year if you reside in Maine.
