EV Insurance Is 50% More Than Gas-Powered Cars
EV car insurance is higher than gas-powered car insurance. They require an average of 3.04 hours to repair. The comparable gas car number is 1.66 hours. In some cases, the insurance premium of an EV over a gas vehicle is 99%.
The information is from a new study by Insurify.
EV owners pay an average annual insurance rate of $4,058. For gas-powered cars, the comparable number is $2,732, which is 49% higher.
Among the other findings, the Tesla Model X and Model 3 are the most expensive EVs to insure at $4,765. That is up 36% from the year before.
Location matters.” Full-coverage car insurance for EVs costs up to 99% more than for gas-powered cars in Arkansas, Pennsylvania, and Idaho. Low adoption rates and minimal EV infrastructure are primary cost drivers,” the research finds.
Varies From State To State
The states where the EV insurance is closer to gas car insurance are states with a high adoption rate. EV premiums are only 15% in New Jersey. In California, they are 31%
The insurance rates are another hurdle for EV sales in the US. The list remains long. EVs have an average new car price of $55,000, which is $10,000 above gas-powered cars. EVs will lose their $7,500 tax credit in less than two months.
Consumers still worry about range per charge and the number of charging stations.
EV sales were supposed to take off in the middle of this decade, but did not.
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