Is electric car insurance more expensive?

Is Electric Car Insurance More Expensive? Electric car sales will double in 2021. These vehicles will increase their market share from 1.8% to 3.5%, and are projected to reach 10% by 2025.

However, the common perception is that electric cars are more expensive to insure compared to their combustion counterparts, but this perception is not entirely accurate.

If we compare the insurance price of a gasoline-powered Ford Focus with its electric version, we will indeed see that the price of the electric car increases by 7% to 23% depending on the insurance companies. The same applies to the two versions of the Chevy Spark. The insurance for the electric model ranges from 6% to 30% more expensive.

But before concluding that insurance for electric cars is more costly, we must not only compare one version with another of the same brand but also consider the price of both versions and measure the increase proportionally. This would lead us to a different conclusion.

For example, the gasoline-powered Ford Focus has a price of $19,790, while the electric version costs $32,700. That is, it is 51% more expensive. Therefore, it is easy to observe that, in the worst-case scenario, insuring the electric version of this brand would only be 7% more expensive. In other words, with a 7% increase, you protect a car that costs 51% more.

The same applies to the Chevy Spark. Its price is $13,100, and the electric version is priced at $25,900, which is 98% more expensive. However, the electric version can be insured for only 6% to 30% more than its gasoline counterpart. In other words, insurance companies do not pass on the full premium price of the combustion vehicle to the electric version, making electric car insurance relatively more affordable.

If you are considering purchasing an electric car, do not overlook the fact that Univista Insurance offers the cheapest prices on the market. Is electric car insurance more expensive?

Call us today for a full qualification! 305-508-9575. You can also quote for free here.