{"id":355,"date":"2022-11-02T18:18:32","date_gmt":"2022-11-02T18:18:32","guid":{"rendered":"https:\/\/www.autobuyersmarket.com\/news\/?p=355"},"modified":"2025-05-05T10:24:30","modified_gmt":"2025-05-05T10:24:30","slug":"electric-vehicles-proving-to-be-more-expensive-to-insure-than-gas-powered-counterparts","status":"publish","type":"post","link":"https:\/\/www.autobuyersmarket.com\/news\/2022\/11\/02\/electric-vehicles-proving-to-be-more-expensive-to-insure-than-gas-powered-counterparts\/","title":{"rendered":"Electric Vehicles Proving More Expensive to Insure Than Gas-Powered Counterparts"},"content":{"rendered":"\n
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Replacement parts for EVs can be quite pricey, and that means that automotive insurance companies have to pay out more for repairs after their customers get into accidents with them. File photo: Frimu Films, Shutter Stock, licensed.<\/figcaption><\/figure>\n\n\n\n

WASHINGTON, D.C . – While electric vehicles (EVs) are increasingly growing in popularity in recent years as concerns over global warming and the harm that gas-powered conveyances are doing to the environment, early adopters are finding that EVs \u2013 despite their cutting-edge tech and \u201cgreen\u201d sensibilities \u2013 have two fairly major and intertwined drawbacks<\/a>: they\u2019re currently somewhat expensive, and due to that high price tag, they are correspondingly expensive to insure when compared to their gas-powered brethren.<\/p>\n\n\n\n

EVs tend to be more expensive than their internal combustion engine counterparts due to the far more complex technology that goes into their design; while this translates into low overall maintenance costs and a fairly cheap power source when compared to gas, the caveat comes in the form of more cost when the owner gets into an accident.<\/p>\n\n\n\n

Simply put, replacement parts for EVs can be quite pricey, and that means that automotive insurance companies have to pay out more for repairs after their customers get into accidents with them. Another factor contributing to high EV insurance costs is that there are fewer auto mechanics that are experienced with fixing EVs, often necessitating their owners to seek out shops that specialize in them, often at a higher cost.<\/p>\n\n\n\n

These factors have led to insurance carriers charging owners of EVs more than owners of gas-powered ones, although not on every kind of insurance available. For example, an EV owner may find themselves charged more for collision and comprehensive coverage, which covers the policyholder’s in the event of an at-fault accident.<\/p>\n\n\n\n

However, liability insurance \u2013 required by state law to cover medical costs and repairs to other motorists and pedestrians involved in an accident with the policyholder \u2013 costs roughly the same as for a gas-powered vehicle, as an EV would incur no additional costs to other parties in that regard.<\/p>\n\n\n\n

And of course, the other typical factors of determining the cost of auto insurance \u2013 the driver’s accident history, their ZIP code, their education level, their marital status, and so on \u2013 would figure into the final quote as well.<\/p>\n\n\n\n

Drivers of EVs can shop around and compare quotes to find the best rates, and there are even some insurers that will offer discounts to EV owners, although this is rare.<\/p>\n\n\n\n

But as time goes by and EVs evolve and become more commonplace in society, it is expected that the costs of insuring them will lower as well, bringing them in-line with the costs of insuring gas-powered vehicles.<\/p>\n","protected":false},"excerpt":{"rendered":"

WASHINGTON, D.C . – While electric vehicles (EVs) are increasingly growing in popularity in recent years as concerns over global warming and the harm that gas-powered conveyances are doing to the environment, early adopters are finding that EVs \u2013 despite their cutting-edge tech and \u201cgreen\u201d sensibilities \u2013 have two fairly major and intertwined drawbacks: they\u2019re currently […]<\/p>\n","protected":false},"author":4,"featured_media":356,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-355","post","type-post","status-publish","format-standard","has-post-thumbnail","category-market-updates","entry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\n\t\t\n