Why Electric & Hybrid Vehicles Car Insurance Costs More
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As of 2018, Eco-friendly vehicles have emerged as an attractive alternative to gas-powered cars as more Americans become more environmentally conscious.
Electric and Hybrid Car Insurance: Costs, Coverage, and Tips
The General Insurance shares some important facts about the premiums for electric and hybrid cars and found that car insurance costs more in all cases. Because of their unique parts and service needs, hybrid and electric vehicles often cost more to insure than do gas-powered cars.
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The Facts of on Electric & Hybrid Car Insurance
Hybrid cars and electric auto insurance costs 14% more than insurance for a sedan, and 21% more than insurance for an SUV.
One big reason for the extra cost is that electric cars are worth more. The more a car is worth, the more an insurance company has to pay if it’s totaled or stolen. And although electric cars require less service than their gas counterparts, it can cost more to repair them after an accident because of their expensive battery systems and the need to use specially trained mechanics.
Some electric cars qualify for a $7,500 federal tax credit, which can ease the pain of your car insurance bill. Also, a unique aspect of hybrid or EV car insurance is the potential for an EV or hybrid auto insurance discount. While the name of the benefit may vary, it’s sometimes called a “green vehicle discount,” an "alternative fuel vehicle discount," or a “fuel-efficient discount.” The amount of the discount depends on the insurance company, but premium reductions enjoyed by hybrid owners often average 5% per 6-month policy period.
No matter what car you drive, The General Insurance is the best way to nail down a good deal on hybrid and electric car insurance.
Call 1-800-771-7758 for a rapid hybrid and electric auto insurance quote today.
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