You would think that it would cost less money to get an electric car insured. After all, you’re driving a vehicle that is great for the environment. It’s not necessarily going to be the most prominent theft target out there either. It is certainly a popular type of vehicle that will turn heads anywhere you go with it.
Well, the truth is that insurance is more expensive for electric cars than it is for other options. You could actually be paying at least $400 more per year on insurance for your electric car.
For instance, the cost for insuring a Fiat 500 gas-powered vehicle can be about $1,300 per year. You’d have to pay about $1,800 per year to insure the electric variant of that car. Of course, the cost varies based on where you live among many other factors.
The High Purchase Price Is Important
A key reason why it would be more expensive for you to get insurance for your car is because an electric car typically costs more to buy. Cars that have higher purchase prices tend to cost more to insure. This is due to the perceived increase in the value of the car. Considering the extensive technology used in such a vehicle, it will certainly cost more for you to insure such a vehicle.
Parts Are Tough
Also, it is not always easy to find parts for electric cars, what with them not being as commonplace on the road as you might think. This in turn makes it harder for such a vehicle to be maintained without having to spend loads of money. This in turn makes it more expensive for you to insure such a vehicle. you have to watch for this point when getting insurance for your car no matter what you plan on doing with it.
Repair Costs Are High
Repair costs on electric cars are also very high on average. This is again due to how hard it is to find parts and services. The intricate parts of an electric car make it a challenge to maintain and fix up without spending loads of money and time just to get things right again. Because the costs are so high, insurance companies will charge you more to ensure that they can handle the expenses associated with getting your car fixed.
Crime Is Always a Factor
No matter where you go, you will have to watch for crimes relating to your car. Any car could be stolen by anyone. Considering how your electric car is worth so much money, you will have to pay a little extra to insure your car to see that it won’t be costly to get an appropriate replacement for the vehicle if it does come to this point.
Insurance can be rather costly for any kind of car. Your electric car will certainly cost more money to insure because of its value and complexity of its parts. You must be prepared for being able to handle the cost associated with insurance so you will stay protected.
