Insuring your new electric vehicle (EV) or hybrid vehicle can be an affordable, simplistic and intelligent decision. When people consider the costs of EVs, they often consider the purchase price, taxes, expenses for maintenance, fuel and more, but fail to consider how much their insurance will cost. That’s a bit strange too because insurance is normally the third most expensive non-purchase consideration associated with purchasing any new vehicle, right after depreciation and fuel. By another standard, automobile insurance normally accounts for just about 25% of a given vehicle’s fixed costs for ownership.
So, is purchasing EV or hybrid vehicle insurance less expensive than purchasing insurance for a traditional automobile?
According to general information gathered from Canada, the UK and the United States, in the majority of cases, electric vehicle insurance is cheaper than insurance for conventionally fueled vehicles. Discounts are granted for a variety of reasons including the fact that electric vehicle owners represent a dependable, financially-responsible image to insurance providers. This is understandable right now, but as EVs become more and more popular, insurance company actuaries will need to adjust their algorithms for premium rate determinations.
More facts about hybrid and electric vehicles:
- Other factors that normally impact premium rates for individual policyholders still apply. These may include the applicant’s age, gender, marital status, address, driving record, credit score, military status and more.
- It’s good to remember that all automobile insurance policies have been and still are increasing in price. The costs associated with providing medical care, handling legal fees and repairing vehicles continue to rise. Insurance companies adjust their pricing schedules for all policies accordingly.
- Electricity is one of the planet’s cleanest, most renewable and familiar energy sources. Especially with the current worldwide spreading of the Green philosophy, fossil fuel dependence is abhorred by millions. Renewable energy sources, like electricity, are the future.
- Recharging an electric vehicle from the comfort of your own home, or business, is convenient and extremely cost-effective. Nearly every home or business has a suitable electrical service able to accommodate recharging EVs. Further, when compared to gasoline, running your vehicle on electricity costs about 35% less annually.
You’ll find the most cost-effective electric vehicle insurance policies available online!
- New rapid charging units allow electric vehicle owners to charge their batteries, up to 80% capacity, in under 20 minutes.
- All EVs are zero-emission vehicles. There are no tailpipes. There are no air filters. There is no exhaust system. There is no exhaust. They run silently and cause no pollution. And you should remember that the government offers attractive incentives for those who wish to purchase hybrid and/or electric vehicles.
- Today’s electric vehicles are beautifully styled and able to perform at high levels. In fact, the world’s top speed record for an EV is 215 miles per hour!
- Batteries for electric vehicles continue to be designed that are smaller, lighter, less expensive and simultaneously more efficient. At this moment, there are scientists all around the planet diligently attempting to develop better battery-powered systems for hybrid and electric vehicles.
- Most electric vehicles today feature regenerative braking devices. These devices gather the energy that is created while the vehicle is braking (friction), harness it, channel it and then store it for future use.
Everybody loves electric and hybrid vehicles; even the insurance companies! When you need insurance for your electric or hybrid vehicle, the intelligent choice is to efficiently comparison shop online. You’ll be able to make side-by-side comparisons of the best offers from the leading insurance providers in America including General, AAA, Geico, Progressive, Allstate and more. All of these top insurance providers will be competing for your business allowing you to save time, frustration, inaccuracies and money.