Car Insurance For Electric Cars

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PluggedIn

Member
Joined
Jul 6, 2012
Messages
6
Does the car insurance for electric cars differ in any great degree from there similar gas counterparts? If the insurance was cheaper on the BMW i3 then other similar compact sports cars it might be a worthwhile investment in insurance and gas savings alone. Are there any comparisons on the safety of electric cars vs. gas cars? Wouldn't it be harder for lets say the BMW i3 to catch on fire in an accident due to there being no gas?
 
PluggedIn said:
Does the car insurance for electric cars differ in any great degree from there similar gas counterparts? If the insurance was cheaper on the BMW i3 then other similar compact sports cars it might be a worthwhile investment in insurance and gas savings alone. Are there any comparisons on the safety of electric cars vs. gas cars? Wouldn't it be harder for lets say the BMW i3 to catch on fire in an accident due to there being no gas?

Actually the insurance is mostly based on the replacement value of the car. I've been driving and insuring electric cars for nearly four years now and the insurance cost is the same as it would be for a comparable gas car.
 
I researched insurance premiums for gas and electric versions of the same cars and found that insurance for EVs costs more in all cases, I know that it dependents on a lot of factors (coverage, location, credit history, driving history, discounts, etc...), not just the car. but I also think these cars’ higher values and repair costs are to blame. I'm still looking in this forum for car insurance quotes for electric car and find the best deals and didnt find anything interesting, can you help ?
 
That is not entirely true. In France, certain insurances propose special prices for electric cars because they think/know that electric cars drivers are less likely to cross the speed limit for instance.
Also, some propose special prices just to get new client and pretend to care about ecology.

My insurance cost me approx. 40 euros per month (full coverage, assistance 0km, flat tires and so forth included).
 
I've been a commercial insurance broker for about 40 years. Roughly speaking, about two-thirds of your car insurance premium is tied to liability coverage -- that's the coverage for what you would owe others for bodily injury, death or property damage if you are at-fault in an accident and they sue.

The balance of the premium is mainly tied to physical damage coverage for the car itself. Since cars become worth less and less as they age (and most policies will not pay you more than what a car in comparable age & condition would sell for on the used market), that two-thirds ratio increases as the car gets older.

An electric car can run into someone else just as violently as an auto with a gas engine, hence there is typically not much premium difference there. However, from a physical damage standpoint, electric cars often have unusual construction and mechanical aspects that may make them more costly to repair.

Ultimately, especially in the personal lines insurance market, the carriers track the claim cost statistics by make and model. That's why certain sports cars (which may be driven more aggressively) may be more costly to insure than a similarly priced SUV or sedan.

Other factors play into insurance rates, including the age & driving history of the driver(s) as well as the territory involved. Urban settings tend to have a higher claim experience than suburban or rural areas. Rural areas tend to have the lowest rates. Finally, the insurance cost will vary by state in the U.S. due to the differing legal requirements.
 
To re-ask the OP's question: "Due to the carbon fiber body, does the i3 cost any more to insure than a similarly priced vehicle with the same safety features?"

I think the answer is no, but haven't got it quoted yet.
 
Are there any U.S.-based auto insurance companies offering meaningful EV and safety tech discounts? I saw that insurance companies were gearing up to offer discounts for features such as frontal collision prevention systems, and I believe Liberty Mutual does, but they are still very overpriced compared to what I pay with Progressive.
 
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