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Electric cars are more expensive than cars with internal combustion engines. But another cost of EVs, namely insurance coverage, is rarely mentioned. You have no control over the price you pay for your EV. But unlike that cost, there are ways to keep your premiums as low as possible.
Why is EV insurance so expensive?
![electric car accident](https://www.motorbiscuit.com/wp-content/uploads/2022/11/Electric-vehicle-accident-2.jpg?w=925)
EV parts are expensive, so insurance companies will pay more for them if you are in an accident. And in many cases, collision repair shops do both cosmetic and mechanical repairs. Some crash centers are not qualified to repair electric vehicles. In other words, you need a specialty store.
Because they are specialized, they charge more per hour. All of these extra costs will be passed on to you instead of being absorbed by your insurance company. And over time, shops that expand into EV repairs will never return to charging the same way they did in the pre-EV days.
How to reduce EV insurance premiums?
![EV crash](https://www.motorbiscuit.com/wp-content/uploads/2022/11/Electric-vehicle-accident.jpg?w=925)
Due to the liability protections mandated in all states, the costs are irrelevant to the damage your EV suffers. But collision and blanket coverage are what cover the damage to your car. So what are the parameters that determine what the collision/coverage costs should be?
Insurance companies look at various metrics to determine this type of coverage. The type of car you have insurance for, your zip code, and your driving records can also help the insurance company determine your claim amount. However, each insurance company places a different emphasis on each of these categories, so premiums vary from company to company.
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![aftermath of the accident](https://www.motorbiscuit.com/wp-content/uploads/2022/11/Electric-vehicle-accident-3.jpg?w=925)
That’s why it’s best to get quotes from different companies so you can compare different rates. You can also use tools provided on their website to determine how much some companies charge online. But there’s more to watch than revenue. The amount of coverage and the insurer’s record of customer service should also be factors in the decision.
Surprisingly, there are insurance companies that offer discounts to owners of electric vehicles. There are also programs such as usage-based car insurance, according to the Motley Fool. Monitor driver behavior and how often they drive. These programs allow for rare driving.
There are other things you can do to keep costs down. You can lower your premium by increasing your deductible. Note, however, that this will increase the amount you pay to have your EV repaired in the event of an accident. Experts suggest emergency funds can cover accident costs. Of course, in today’s environment of ever-increasing costs, that can be difficult to do.
RELATED: Electric vs. gas: which is more expensive to insure?
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