Electric cars are becoming increasingly popular as car buyers seek to save on fuel and maintenance costs and contribute to a greener planet. Fortunately, no special insurance is required for electric vehicles, PHEVs or hybrids. However, installing a car charging station in the driveway of your house or in the garage may affect your home insurance policy. It's essential to talk to your home insurance agent about any requirements before adding a charging station to your home. When it comes to insuring an electric car, drivers follow the same steps as those with conventional cars.
While electric vehicle insurance is often more expensive than gasoline insurance, some models may be more affordable than others. This is mainly due to the higher MSRP of electric vehicles and the fact that electric vehicles generally have higher repair costs, especially those with expensive technological features. Fortunately, as electric vehicles become more common, the technology used in these cars is also becoming more efficient and affordable. In addition to the typical insurance discounts offered by insurance companies for having several policies and not filing claims, the safety technology in your electric vehicle (such as a collision-avoidance system and automatic braking) can result in additional discounts. Some large airlines, such as Travelers and Liberty Mutual, offer exclusive discounts to owners of electric and hybrid cars. Be sure to learn about the costs associated with electric vehicles and how you can take advantage of certain discounts.
As time goes by and electric vehicles become more popular, the costs associated with repairing them could become less expensive. It's important to remember that even if you're not a risky driver, insuring the electric vehicle exposes the insurance company to higher costs than a car that runs on gas. In conclusion, there are no special insurance requirements for owning an electric car. However, it's important to talk to your home insurance agent about any requirements before adding a charging station to your home. Additionally, be sure to look for car insurance discounts that have a big impact on the final price.