Is electric car insurance more expensive?
Is electric car insurance more expensive? Sales of electric cars will double in 2021. These vehicles will go from 1.8% to 3.5% of market share, until advancing to 10% in 2025.
However, the general idea is that electric cars are more expensive to insure if we compare them with their combustion version, but this assessment is not entirely accurate.
If we compare the insurance price of a gasoline Ford Focus with its electric version, we will observe that, indeed, the price of the electric car increases from 7% to 23% depending on the insurers. The same is true for both versions of the Chevy Spark. The insurance of the electric model ranges between 6% and 30% more expensive.
But before concluding that electric car insurance is more expensive, we must not only compare one version with another of the same brand but also include the price of both versions in the formula and measure the increase proportionally. Thus we would draw another conclusion.
For example, the gasoline Ford Focus is priced at $ 19,790, while the electric version costs $ 32,700. That is, 51 %% more expensive. So it is easy to see that in the worst case, insuring the electric version of this brand would be only 7% more expensive. In other words, a 7% increase protects a car that costs 51% more.
The same goes for the Chevy Spark. Its price is $ 13,100 and the electric version is $ 25,900, 98% more expensive. However, the latter can be insured for just 6% to 30% more than its gasoline version. In other words, insurers do not pass on the total price of the fuel vehicle premium in the electric version and therefore the insurance of electric cars is proportionally cheaper. Is electric car insurance more expensive?
If you are thinking of purchasing an electric car, do not overlook that at Univista Insurance you will find the cheapest prices on the market.