English 
Español 
Compared to a traditional gas-powered car, an electric vehicle offers significant benefits with regard to emissions. However, there are some things to take into consideration prior to purchasing an electric vehicle, such as the possibility that insurance will be more expensive. This isn’t always the case, as it depends on the type of vehicle you own and the insurance company’s fees. Although insurance rates are often higher, for reasons mentioned below, there are also many benefits to consider when purchasing an electric car, truck, or SUV.
More Expensive Repair Services
In some instances, electric vehicles are considered more challenging to repair than conventional cars in terms of parts costs and service requirements. The part may be limited and only available in a particular state or country, which causes the technician to wait longer for its arrival. More extended repair time could also be caused by other supply chain issues, such as on-road accidents and severe weather conditions, or the result of more difficult diagnostics required by specialized technicians.
Higher Replacement Costs
If an electric vehicle is in a more severe accident, the insurance company could consider the crash a total loss. In comparison, this is less likely when it pertains to gas-operated cars. The cost of replacing a part, such as the battery, could be too high, leading to higher insurance rates. In some cases, depending on the manufacturer and vehicle type, some replacements and repairs for an expensive electric vehicle are nearly half the cost of the car, which results in the total loss declaration.
No Specialized Coverage Requirement
While these automobiles are generally more expensive, you don’t need specialized coverage. The underwriting guidelines are usually the same. For example, most state laws require at least liability coverage for automobiles, regardless of whether they’re conventional vehicles or electric cars. It would be best to add theft, collision, and other coverage for the electric automobile, as it’s more expensive to purchase, repair, and replace. Your driving record, age, credit history, and location could be a factor with regard to specialized insurance requirements. However, you’re entitled to high-quality service, regardless of your insurance type.
Savings Options
There are ways to save on higher-priced auto insurance, such as shopping for the perfect plan that suits your vehicle needs and budget. You could also raise your deductible to lower your monthly payments. There are incentives offered by the federal government as well as state rebates. Taking advantage of the rebates and tax incentives could offset higher up-front insurance costs.
You should also check with your local utility company regarding reduced charging prices, which could lower your overall ownership expenses. It’s always best to speak with an insurance provider about discounts and specials before making a final decision. Some companies offer special bundle rates when you buy multiple policies, such as homeowners insurance and health plans.
It’s always critical to make sure you have reliable insurance for your vehicle. If you need affordable, high-quality auto or motorcycle insurance, trust the experienced team at Altra Insurance Services. For a free quote, reach out to us today at (619) 404-6311.