EVs Save You Gas Money, But EV Insurance Costs More

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Key Insights: 
  • EVs are an average $56/month ($672/year) more expensive to insure than gas-powered vehicles
  • The five most expensive states to insure your EV are New Jersey, New York, Wisconsin, Colorado, and California

Electric Vehicles are More Expensive to Insure

EVGas-Powered Vehicles
Average Monthly Car Insurance Premium (September 2021-March 2022)$205$149
Jerry car insurance pricing data reveals electric vehicles are an average $56/month more expensive to insure than gas-powered vehicles. This is attributed to a few major factors. First, the purchase price of EVs are often more expensive than combustion vehicles. According to Kelly Blue Book, the average transaction price for an EV is $62,876, about $15,000 above the industry average of $46,404 for a combustion vehicle. 
EVs are also more expensive to repair. For example, Tesla battery replacement costs can run up to $7,000 per battery. Because there are fewer EVs on the road (3% of all cars), there is also a smaller market for replacement parts and mechanics that know how to repair EVs.

Methodology

Jerry analyzed business data from September, 2021 - March, 2022.

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