THURSDAY, FEBRUARY 16, 2023
There are numerous advantages to driving an electric vehicle, including lower fuel costs. However, the purchase price of an electric vehicle might be higher than a traditional car, which could result in higher auto insurance premiums. While insurance for electric cars provides the same options as coverage for combustion vehicles, it’s crucial to work closely with your agent to get appropriate coverage.
Contact Stewart Kriese Insurance in Modesto, California, to learn more about properly ensuring your electric car.
Are Electric Cars More Expensive to Insure?
Due to numerous factors, electric vehicles may cost more to insure than combustion vehicles. The best way to understand your electric car insurance costs is to discuss your coverage options with your agent.
Insurers consider a vehicle’s value when setting premiums. Higher-value vehicles tend to have higher repair and replacement costs, which are reflected in the car’s insurance premiums. Electric cars are equipped with sensor-based functions and may require original equipment (OE), contributing to higher repair costs.
Depending on the insurer you choose, your electric vehicle may be eligible for green car discounts. Your agent can help you get quotes from electric vehicle-friendly insurers to get the best coverage for your electric car.
What Types of Insurance Do I Need for an Electric Vehicle?
Electric vehicles must have the same minimum amounts of liability insurance coverage required by California. Auto liability insurance helps pay for third-party injuries and property damage after an at-fault accident.
If you financed or leased your electric vehicle, your lienholder requires full coverage, including comprehensive and collision insurance. This policy may help pay to repair or replace your electric vehicle if you hit another vehicle or object. It may also help cover damage due to vandalism, theft, fire and weather damage.
Your agent may also recommend purchasing gap insurance. This coverage may help pay the difference between your car’s payoff amount and your insurer’s settlement if a covered accident or incident renders your electric vehicle a total loss. Gap insurance might be appropriate if your vehicle is worth less than you owe on the loan or lease.
Your agent may also recommend adding the following policies and endorsements:
- Rideshare insurance coverage
- Rental car reimbursement
- Medical Payments (MedPay)
- Uninsured/underinsured motorist coverage
How to Get Electric Vehicle Insurance
Contact Steward Kriese Insurance today to get electric vehicle insurance quotes.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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