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Switching to an electric car to help the environment? Here’s how to find the cheapest insurance

insure your electric car

The electric car market has grown more slowly than we would have liked. Fortunately, the pros are starting to outweigh the cons, making them increasingly popular.

Saving fuel and protecting the environment are just two of the many reasons to switch to an electric car. There’s just one problem: navigating electric car insurance premiums can be a nightmare.

That’s because electric vehicles are more expensive to repair and purchase.

How do conventional and electric car insurance compare?

Conventional and electric car insurance offer the exact same benefits regardless of tiers. For example, the liability insurance for conventional and electric cars covers the costs of the other driver during an accident. You need to upgrade your insurance to cover yourself and your eco-friendly car.

Why is electric car insurance more expensive?

Electric cars cost more off-lot and require specific parts to repair, making them more expensive to insure. However, several countries offer initiatives for green driving, tax exemptions and government subsidies to offset these costs. You will also save money on gas and general maintenance.

While electric cars have a high initial cost, you will pay less to run your vehicle in the long run. In addition, it is easier to install newer technology in electric cars because the connections are already included. You’re also helping the planet by limiting your use of fossil fuels.

How can I save money on electric car insurance?

You should never pay more for auto insurance than you need to, but you may not know how to shop for the best rate. If you are looking for an electric car, be sure to follow our tips.

1. Compare insurance quotes online

It would take days to research every insurance company in your state and ask for a quote. Comparison sites like Cheap insurance so you can instantly find cheap insurance quotes. You can even find companies that offer senior discounts or package rates.

2. Drive a smaller electric vehicle

Because larger vehicles are more expensive to maintain, they typically cost more to insure. Smaller cars are often more economical and cost-effective. Plus, they take up less space and don’t take as long to charge. When comparing quotes, look at the costs of the exact model you want to insure.

3. Use alternative transportation

Insurance companies take into account how often you use your vehicle when calculating your premiums. If it takes you an hour to drive to and from work each day, you’re spending more on insurance than someone with a 30-minute commute. Walking, cycling or taking the bus can lower your fares.

4. Increase your insurance deductible

In general, a low deductible increases your premium, while a high deductible lowers your premium. Since you have to pay your premium monthly but only have to cross the road after an accident for the deductible, a safe driver with a high deductible can save more each month.

5. Improve your credit score/rating

Poor payment history and debt can negatively impact your credit score and insurance rates. According to insurers, you are less likely to file a claim if you are more responsible in your personal life. Regardless of whether that’s true, a good credit score will lower your monthly premiums.

6. Switch to Pay-as-You-Go insurance

Some insurers will offer “pay-as-you-go” insurance to drivers with a clean track record. With Drivewise from Allstate, for example, you can track your mileage with a telemetry device installed on your car. If you drive less than 10,000 miles a year, you can save money with this type of program.

7. Take out what you don’t need

It is common for motorists to insure more than they need to, just to be on the safe side. However, you may not need comprehensive insurance if you live in a rural part of town, and you may be able to remove an additional driver who no longer uses your vehicle. Check your coverage regularly to save.

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