Everyone wants to insure their car to ensure better safety people go for insurance. Insurance will cover the majority of your losses in case the accident is not that hectic.
Ensuring your electric vehicles is any as buying an electric vehicle costs you more in case of an accident the cost for repairing will also be more. Ensuring your vehicle from all kinds of both legal and physical problems in case of accident to your vehicle.
Here we will also look into different insurance premium rates that are offered by different companies in the USA for different electric vehicles. and we will also look into ways to save insurance premium prices without paying more.
Table of Contents
Why Need For Electric Car Insurance?
The first sort of insurance shields you against legal and financial obligations to a third party. Complete insurance coverage, on the other hand, protects your car from damage caused by accidents, fire, robbery, cyclones, and floods, among other things. It also includes coverage for third-party liability. Here are five key advantages of automobile insurance.
1.Vehicle damage or loss is covered under the policy.
You are covered if your car is damaged in an accident. Even if the automobile is stolen or burglarized, your insurance coverage will cover the losses. Another advantage of automobile insurance is that it protects you from loss or damage while traveling by any means of transportation.
2. Coverage for personal injuries
Another benefit of automobile insurance is that it includes personal accident coverage up to a certain level. Accident coverage protects you from permanent complete disability and death as a result of an accident. Other passengers in the car might be covered under this policy.
3.Obtaining Insurance is simple with a large network
Nowadays, car insurance guarantees that you receive cashless services in all of these areas and makes it simple to obtain repair services if your vehicle is damaged.
4.Liabilities of third parties
If your automobile is involved in an accident that causes destruction to the property of others, your car insurance will cover it. And, in the event of physical harm or death to a third party, your automobile insurance covers you.
5.Bonus for not making a claim
That a no bonus is among the most significant benefits of getting vehicle insurance. Customers who do not claim any insurance are entitled to this bonus every year. This might be in the form of a premium decrease, making auto insurance even more reasonable.
What is Covered Under this insurance?
There are many things covered under insurance for electric vehicles let us look into the major aspects covered under EV insurance in the U. S. A.
1.Bodily injury liability
This includes medical fees in the event that someone is injured in an accident.
2.Property damage liability
If there is any property damage as a result of an accident, the insured amount will be given to the insurer.
3.Personal injury protection
After an accident, the cost of medical expenditures for you or your passenger in the car will be covered.
4.Uninsured vehicle
The money will be given to a motorist who has no automobile insurance as a kind of recompense because the damage is caused to your vehicle when you are not driving.
5.Collision
Under this cover, they pay for your damages irrespective of whose mistake it is.
What Is Not Covered Under The Ev Insurance?
1.Regular wear and tear causes damage.
It indicates that the insurance will not cover routine long-term damage, such as changing brake pads or oil changes, etc.
2.Damage done on purpose.
If you deliberately cause damage to your vehicle or a third-party automobile, your insurance would not cover it.
3.Performing routine maintenance
You will not be compensated if you take your car in for normal maintenance or servicing.
4.Damage that exceeds your liability policy’s limitations
Insurance coverage will not be offered if the damage to your car is beyond repair.
- Damage caused to extra fittings other than what came with the car is not covered.
List Of Electric Vehicle Insurance Plans In USA
Insurance rates for different electric cars annually in the USA differ for each Car. Let us look into the annual premium plans of different electric cars.
1.Tesla Model S
The Tesla Model S introduced electric vehicles to the awareness of the public at large, making the concept of a purely electric vehicle appear feasible. With a starting bid of $75,000, it is also one of the most expensive electric vehicles available on the market.
| Company | Premium |
| Allstate | $ 4,759 |
| GEICO | $ 3,291 |
| Farmers | $ 4,923 |
| Liberty Mutual | $ 3,100 |
| Nationwide | $ 2,145 |
| Progressive | $ 2,299 |
| State Farm | $ 2,397 |
| USAA | $ 1,766 |
2.Tesla Model x
In the electric car industry, the Tesla Model X has been a game-changer. It has been the most costly automobile on our ranking. It will be comparably expensive to cover, with a starting price of $81,000.
| Company | Premium |
| Allstate | $ 3,781 |
| GEICO | $ 2,970 |
| Farmers | $ 4,603 |
| Liberty Mutual | $ 3,316 |
| Nationwide | $ 2,069 |
| Progressive | $ 2,011 |
| State Farm | $ 1,798 |
| USAA | $ 2,131 |
3.Mitsubishi i-miev
With a starting price of $22,995, the Mitsubishi i-MiEV is one of the cheapest electric automobiles on the market. The Mitsubishi i-MiEV is also reasonably priced to insure, with an average annual premium.
| Company | Premium |
| Allstate | $ 2,359 |
| GEICO | $ 1,608 |
| Farmers | $ 1,836 |
| Liberty Mutual | $ 1,350 |
| Nationwide | $ 1,500 |
| Progressive | $ 2,016 |
| State Farm | $ 1,443 |
| USAA | $ 1,117 |
4.Nissan Leaf
The Nissan Leaf is among the most reasonable electric cars in terms of pricing and typical insurance rates. It costs $29,990 to purchase and has a top-notch design.
| Company | Premium |
| Allstate | $ 2,393 |
| GEICO | $ 1,461 |
| Farmers | $ 1,769 |
| Liberty Mutual | $ 1,685 |
| Nationwide | $ 1,359 |
| Progressive | $ 1,796 |
| State Farm | $ 1,456 |
| USAA | $ 1,158 |
5.Chevrolet Volt
In terms of price and average premiums, the Chevrolet Bolt is a reasonably priced solely electric car. The Chevy Bolt costs $36,620 on average to purchase.
| Company | Premium |
| Allstate | $ 2,672 |
| GEICO | $ 2,017 |
| Farmers | $ 1,830 |
| Liberty Mutual | $ 1,873 |
| Nationwide | $ 1,796 |
| Progressive | $ 2,044 |
| State Farm | $ 1,647 |
| USAA | $ 1,289 |
So from the above table, we have known that different companies offer different premiums at a different rates, choosing the right premium matters than choosing the costliest premium per annum.
How can I save money on insurance?
- Take a look around.
when you’re looking for automobile insurance Obtaining quotes from numerous insurance providers before making a purchase is one of the most effective strategies to reduce your insurance expenses, sometimes significantly.
- Keep your low rates low with a higher deductible by taking advantage of the discounts you’re entitled to.
Insurance companies provide a range of benefits that might help you save money on your auto insurance. When you acquire an insurance quotation, some of them will be automatically included. The most apparent strategy to keep your vehicle insurance prices low after you have it is to drive properly and avoid accidents. However, this isn’t the only thing we can do is to maintain your insurance prices low.
- Pay-Per-Mile Insurance is an option to consider.
For folks who just don’t travel much or more often, a pay-per-mile or utilization insurance coverage is a fantastic method to save money on vehicle insurance. You usually pay a basic charge and then a little price for every mile you travel with usage-based insurance.
- Allow your insurance company to track you if you don’t pay your premiums. You are not required to pay your bill in full.
The On-Board Diagnostics port under your dashboard is where a telematics device is plugged in. It can keep track of when and how far you travel, as well as your driving patterns. Your insurance will be notified if you accelerate fast, stop harshly, or activate sophisticated safety features like automatic emergency braking.
- Before you buy a car, think about the cost of insurance.
Thinking about the price of the insurance premium before buying the car can be more beneficial.
- Take out a small loan.
Take a small loan before buying an electric vehicle to avail of tax benefits using your property as collateral.
- Making a Claim Isn’t Always Necessary
Don’t make claim for minute problems with your vehicle like refilling your tire.
- Annually revise your policy
Revise your insurance premium every year to prevent any further issues in the case of electric vehicle insurance.
Faq
Although many insurance companies have still yet to provide benefits for eco-friendly automobiles, American Mutual and Travellers have both offered discounts to drivers who opt for a hybrid or electric vehicles.
Electric automobiles, on average, cost more to maintain than traditional cars. Electric cars are more expensive to acquire and service, therefore insurance companies charge their customers more for coverage.
An umbrella policy can serve as additional liability coverage, as well as funding legal bills and defense costs.
Electric vehicle insurance will cover from bumper to bumper.
You can get the quote online but to know and get a better idea of what the premium cover contact the insurance company you prefer for details.
Conclusion
Electric vehicle insurance has been blue mean in the last few years and with insurance, you will have a better option for yourself and your family who is traveling with you and for the other person if you get involved in an accident.
And as per government rules insurance is a basic concept that everyone has to use insurance or it will be violated to law and you will be punished for the same.
You can choose any insurance company you like without worrying about the service because everything does the same job but when you go for the above-mentioned companies will get the premium amount in case of an accident faster.