Convenience, saving on fuel and helping the environment are just some of the reasons why drivers switch to an electric vehicle. But while making the change can bring many benefits, you might want to look at the whole picture of electric vehicle ownership. For example, how much does it cost to insure an electric car compared to a gas car? By understanding how to best insure an electric vehicle, you can not only save money, but ensure you have the correct coverage for your new purchase.

Compare rates and save on auto insurance today!

Close X
Advertising Disclosure
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

Compare auto insurance rates

Answer a few questions to see personalized rates from top carriers.
Caret DownCaret Up
Please select age
Location-Icon Created with Sketch.

Save on auto insurance with quotes from trusted providers like:

Progressive

Drivers switch & save an average of $750+/year

Liberty Mutual

Are you overpaying for auto insurance?

Allstate

Safe drivers choose Allstate®

Powered by Coverage.com (NPN: 19966249)
Insurance Disclosure

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

See more providers in
Choose from insurers in

Electric car insurance vs. conventional car insurance

Typically, you will pay more to insure an electric vehicle than a conventional automobile. This is primarily due to the higher electric vehicle purchase price and the fact that electric vehicles generally have higher repair costs, especially those with expensive technology features.

For example, auto insurers know upfront that they will likely pay more to replace an electric vehicle than they would with conventional cars. Similarly, if even a minor accident results in damage to the battery pack of an electric vehicle, the cost to replace this key component may exceed $15,000.

How much does electric car insurance cost?

Although electric vehicles typically cost more to insure than their gas-powered counterparts, Bankrate analyzed premiums for several makes and models using data provided by Quadrant Information Services to provide insight into just how costs are affected when insuring an electric vehicle.

Electric vehicle (2022 model) Average 6-month premium Average annual premium
Audi e-tron $2,134 $4,268
Chevy Bolt $915 $1,830
Hyundai Ioniq $1,201 $2,402
Ford F-150 Lightning $980 $1,960
Nissan Leaf $902 $1,804
Polestar 2 $1,213 $2,426
Rivian R1T $1,495 $2,989
Tesla Model 3 $1,306 $2,612
Tesla Model S $2,033 $4,066
Tesla Model X $2,097 $4,193
Toyota Prius $870 $1,740

These are just average rates. The amount you pay for your electric vehicle’s insurance will depend on a variety of individual rating factors.

Auto Car Guides

Looking to save money on auto insurance?

ADVERTISEMENT
People with dog on back of truck
Progressive logo
Powered by Coverage.com (NPN: 19966249)
Advertising Disclosure
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Who provides electric car insurance?

Insuring an electric car is no different than covering a conventional vehicle. Electric car policies feature the same coverage options such as liability, bodily injury, collision and comprehensive coverages. Most national and regional auto insurers write policies for electric vehicles, according to the Insurance Information Institute (Triple-I), including:

While several major auto insurers have started toeing into the waters of the electric/hybrid vehicle market by providing guides on the subject (see Allstate, Geico, Farmers and State Farm), you may have a hard time finding discounts for your electrical vehicle. While you can expect to save money by avoiding the gas station and possibly pocketing some tax incentives, many insurance providers are not yet offering any discounts for drivers who choose an electric vehicle.

That said, we found a couple who are. Some large carriers, including Travelers and Liberty Mutual, extend exclusive discounts to electric and hybrid car owners.

Tesla Insurance

Tesla owners can purchase Tesla Insurance directly through the mobile app. It offers all mandatory coverage required for car insurance, like bodily injury and property damage liability, collision and comprehensive insurance. A unique feature of Tesla Insurance is that it uses real-time driving habits and behaviors to rate a driver’s car insurance policy, as tracked by features within the Tesla itself, and could change based on the vehicle’s monthly Safety Score. Drivers are not rated based on car insurance rating factors like age, claims history and credit, among others. Instead, Tesla does analyze the type of vehicle you drive, where you live, how often and how safely you drive and the selected coverage.

For drivers who like to use the autonomous driving feature, Tesla also offers an Autonomous Vehicle Protection Package that includes autonomous vehicle owner liability, cyber identity fraud expenses, electronic key replacement and wall charger coverages.

Currently, Tesla Insurance is only available in Arizona, Colorado, Illinois, Nevada, Ohio, Oregon, Texas and Virginia. It is available in California, but does not base rates off of telematics data in this state. Additionally, if you are a Tesla vehicle owner but have other cars, these can also be insured with a Tesla policy.

How to save on electric car insurance

If you decide to purchase an electric vehicle, you can save on insurance the same way conventional car owners do: avoid accidents and traffic violations. If you already have an electric car and are curious about finding more affordable rates, consider requesting quotes from several providers. You might get a better deal by switching to another company.

You can also take advantage of discount programs. Insurers offer all types of discounts for purchasing multiple policies, insuring more than one vehicle, remaining claims-free and taking a defensive driving course, among many others, according to the Triple-I.

Also, research local, state and federal programs that offer rebates or tax credits for having an electric vehicle. For instance, the California Clean Vehicle Rebate Project pays rebates up to $4,000 to Californians who purchase an eligible electric battery vehicle. The federal government offers tax credits up to $7,500 for purchasing certain makes and models of electric cars and SUVs.

What are the benefits of driving electric vehicles?

Owning an electric or hybrid vehicle has more benefits than you might think. Here are a few highlights:

  • Energy independence: While you must rely on a charging station to recharge your vehicle’s battery, you can say goodbye to gas stations. With a home charging station, you can plug in your automobile when you get home from work and it will be ready to go the next morning.
  • Lower environmental impact: Electric automobiles produce no tailpipe emissions. While driving an electric car will not eliminate your transportation carbon footprint, it will significantly reduce it. Additionally, hybrid electric vehicle models utilize either gasoline or battery energy and are a popular option for those not quite ready to fully commit to an all-electric car.
  • Reduce inhaled emissions: Tailpipe emissions pollute both the environment and your vehicle’s interior to varying degrees, depending on factors such as the type of car you drive and its climate control system. Car emissions contain many dangerous carcinogens, including volatile carbon oxides, organic compounds and particulate matter. An electric car can help you avoid breathing in these emissions.
  • Reduce fuel expenses: Typically, fueling an automobile with gasoline or diesel costs more than the electricity expenses of operating an electric vehicle.
  • Extended battery life: Reports about electric car battery performance vary widely. However, based on predictive modeling conducted by the National Renewable Energy Laboratory, new technology has extended the life of some types of batteries up to 12 to 15 years. And research continues on ways to extend electric car battery life.
  • Reduce maintenance expenses: With an electric vehicle, you do not need to worry about regular oil changes or periodically changing incidental parts such as fan belts, gaskets and radiator hoses. Some electric car owners have even reported driving their vehicles 70,000 miles or more on original brake pads.

Bottom line

All indications show the electric car market will continue to grow. They offer an environmentally friendlier way to get from one point to the next, quieter engines and none of the nasty exhaust fumes of conventional vehicles. Typically, electric cars require less regular maintenance and can go an astounding number of miles on original parts.

The sticker price of an electric car might set you back a little more, and you may pay slightly higher insurance rates. But you might be surprised. When you take the time to shop around, you can often find rates comparable to many conventional automobile makes and models. To achieve the lowest premium possible, ask agents about discount programs, including discounts specifically for electric vehicles.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2020 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2020 electric vehicle of the following make and model types, commute five days a week and drive 12,000 miles annually:

  • Audi e-tron
  • Chevy Bolt
  • Hyundai Ioniq
  • Ford F-150 Lightning
  • Nissan Leaf
  • Polestar 2
  • Rivian R1T
  • Tesla Model 3
  • Tesla Model S
  • Tesla Model X
  • Toyota Prius

These are sample rates and should only be used for comparative purposes.