[Hecilopter]

Anyone have any idea of the insurance cost of an electric vehicle? I've heard but not verified (BIL is an insurance agent) it costs more simply because if the battery is damaged, that is a significant cost to repair, if not total. Anyone with actual experience that drives a BEV?

 

[Billyk24]

I have a 2017 Cmax energi that has a hvb battery in it. Insurance cost for the vehicle was fairly cheap. I have an outstanding driving record and the cost of insurance was based on the car value, not due to battery pack.

 

[Cowherd.J]

There's a bunch of different factors that can determine what the insurance costs are for an EV but the rates can be more expensive compared to a traditional ICE car because if something goes wrong it likely costs more to fix. It also

Like getting insurance for any car it's good to shop around and compare rates.

MyEV.com does a good job going through some of the differences in EV insurance costs.

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.

This is from an older article, but here are how insurance rates in 2015 differed from ICE cars to electric cars.

Annual car insurance quotes for gas and electric cars in California
2015 vehicles	Gas	Electric	Difference
Chevrolet Spark	$1,669	$1,982	19%
Fiat 500	$1,597	$2,016	26%
Smart Fortwo	$1,474	$1,807	23%
Volkswagen Golf	$1,741	$2,014	16%
Average	$1,620	$1,955	21%

Cheapest insurance companies for electric cars in California
	Cheapest	Second	Third
Chevrolet Spark	Mercury, $1,294	Allstate, $1,689	Auto Club, $1,754
Fiat 500	Mercury, $1,294	Farmers, $1,670	Auto Club, $1,904
Smart Fortwo	Mercury, $1,294	21st Century, $1,632	Auto Club, $1,754
Volkswagen Golf	Mercury, $1,256	Farmers, $1,691	Allstate, $1,778

BUT there is a possibility that some insurance providers can offer discounts for EV owners. I know in Canada at least it's possible, here's an example - https://www.tdinsurance.com/products-services/auto-car-insurance/green-car-discount

 

[theothertom]

Check around. People on the Tesla forum have been quoted rates that are very high to reasonable. It just depends on the insurance company.

 

[BoltPride]

Glading disregarding that cult car company in that western state; I add that my insurance is dirt cheap.

 

[Ponypower50]

I have a 2014 CMax and pay $504. Yr ( Kemper, Ins) for full coverage. I am 65 and in Illinois.

 

[FStephenMasek]

Also consider:
1) You can get deals on home and auto insurance packages; and,
2) Insurance for more expensive vehicles probably is more expensive

 

[Cowherd.J]

Also consider:
1) You can get deals on home and auto insurance packages; and,
2) Insurance for more expensive vehicles probably is more expensive

Agreed, bundling insurance has been a handy move for me.

 

[FStephenMasek]

Also, shop it every year.

 

[Cowherd.J]

Also, shop it every year.

I haven't always done that but I'll have to keep that in mind, thanks for the tip!