Electric vehicles are popular, but they often carry higher insurance premiums than comparable gas cars.
Why EVs cost more to insure
- Expensive batteries: a damaged battery pack can cost a large share of the car's value.
- Specialized repairs: fewer certified shops and pricier parts.
- Higher purchase prices mean larger total-loss payouts.
- Advanced sensors raise repair costs after even minor crashes.
Where EVs can save you money
- Lower theft rates for some models
- Safety features that may earn discounts
- Some insurers offer green-vehicle discounts
How to keep premiums down
- Compare quotes, since insurers price EVs very differently.
- Ask about EV-specific or eco discounts.
- Choose a higher deductible if you can absorb it.
- Bundle with renters or homeowners coverage.
As repair networks expand, the gap between EV and gas-car premiums is gradually shrinking.