You’ll save on gas but spend more on insurance.
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Between the ever-increasing gas prices and all the affordable electric cars coming in 2023, many consumers are considering an EV. And while your electric car will save you at the pump and requires less maintenance, EVs cost more to insure.
While this is slowly becoming less of an issue, electric car insurance is indeed more expensive than your gas guzzler. Even the same car model will cost more if it’s an EV or PHEV. So, while calculating your expenses and finances, don’t forget to factor in EV insurance coverage.
Here’s what you need to know about electric car insurance and ways to potentially lower your premium.
Why Is Electric Car Insurance More Expensive?
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While several factors go into anyone’s car insurance costs, you’ll spend more each month if the car is electrified. Those factors include driving history, violations, accidents, claims history, age, driving experience, where you live, and how much the vehicle costs.
And as we all know, electric vehicles are pretty expensive. Typically, more expensive cars…
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