Do electric vehicles require special insurance?

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Finding good coverage is actually not that difficult.

Key Point

  • Electric car insurance is the same as gasoline car insurance.
  • Many well-known insurance companies cover electric vehicles, but the premiums can be high.

Electric vehicles are growing in popularity, but are not yet mainstream. It’s normal for first-time drivers to have questions, such as how to get proper insurance.

Below, we’ll take a closer look at what type of insurance you need for an electric vehicle, where to get it, and how to save money on it.

What insurance is required for electric vehicles?

Insuring an electric car is the same as insuring a conventional gasoline car. All drivers must have at least the minimum liability insurance required by state law. It covers medical expenses and property damage for others if the policyholder has an accident.

If the driver has a lease or loan on their vehicle, the lender will most likely Collision and Comprehensive Coverage likewise. Collision coverage is paid to repair a driver’s vehicle when the driver has an accident or is involved in a single-car accident. Comprehensive Coverage covers damage caused by weather, animal and vehicle collisions, theft and vandalism. Drivers can also add optional protection to their vehicle if desired.

Drivers can purchase auto insurance for electric vehicles with any policy. auto insurance companyThe process is the same as insuring a conventional vehicle. Drivers share information about their vehicles and driving records, get quotes, adjust insurance limits and coverage options, and purchase insurance. Then, if a claim is required, the insurance company will pay the damages once the driver has met the deductible.

The biggest difference between traditional car insurance and electric car insurance is the cost. Since electric vehicles are generally more expensive to purchase, they are also more expensive to repair. Insurance companies charge higher premiums to owners of electric vehicles because they may have to pay more for their claims.

How to save on electric car insurance

Whether your car is gas or electric, shopping is the best way to score a lot on auto insurance. Compare quotes from several providers and find out Check out the providers that offer the best combination of high coverage, low rates, and great customer service.

Although rare, there are some companies that: Liberty Mutual When Travelerthe offer discount For drivers of electric or hybrid vehicles. This can result in significantly lower driver fees, but the only way to know for sure is to get a quote from your insurance company.

Electric vehicle owners who want to test their safe driving skills can also try. Pay-as-you-go car insuranceIt monitors driving behavior via a mobile app or a small device installed in the vehicle. Many companies that offer this offer drivers an upfront discount on participation, and drivers can receive additional discounts for driving safely and infrequently.

If that’s not enough, drivers can also increase the deductible to lower insurance premiums. These are out-of-pocket costs paid by the policyholder at the time of the claim. Those worried about not having enough cash on hand should take the extra money they are saving on their monthly insurance premiums and stash it within themselves. emergency fund Until you have enough savings to cover your deductible.

Finding the right insurance for your electric car may take some time, but it’s worth it in the event of an accident. And if the fee doesn’t easily fit in the driver’s budget, he can always shop around again in a year or two to see if he can find a lower premium.

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