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Is car insurance cheaper or more expensive for electric cars?
I’m thinking about buying my first electric car, and I was wondering how the price of car insurance would differ compared to a gas-powered car. Are electric cars cheaper to insure?
Allison Stone · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The cost of
car insurance
on your new electric car
will vary based on many factors, but in general electric cars cost 15% more to insure than their gas-powered counterparts. This is due to their higher price tag and more expensive parts. In spite of these higher costs, driving an electric car will save you on fuel and repairs over time. Buyers of a new electric car can also get up to $7,500 in federal tax credits.
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