Is car insurance cheaper for electric cars?

No, car insurance is not cheaper for electric cars. Electric cars are usually more expensive to insure than standard gas-only cars because they are made of expensive specialty parts that, when broken, require a specialist to repair. Because repair costs for electric cars are higher on average, insurance companies charge about 10-20%+ more to cover them, according to third-party reports.

How to Save on Electric Car Insurance

• Compare at least 3 quotes before purchasing a policy.
• Look for electric car discounts from companies like Liberty Mutual and Farmers.
• Check if your electric car qualifies for state or federal tax credits.
• Maintain a clean driving record.
• Consider raising your deductible or reducing your coverage.

Electric cars will not always be more expensive to insure than gas-powered cars. As electric cars become more common and more mechanics become familiar with electric vehicle repair, the cost to insure electric cars will decrease.

In the meantime, if you want to learn how you can save more money on premiums, check out WalletHub’s guide on how to lower your car insurance costs.