If you’ve bought an all-electric vehicle lately, you’re not alone.
According to the International Energy Agency, global sales of electric vehicles increased by 63% in 2020 compared to 2019. In just this past year, when gas prices really began to skyrocket, total new vehicle sales fell 8%, but electric vehicle sales grew by a stunning 65% year over year. In all, nearly 6% of every new car bought in the United States in 2022 was electric, almost double the rate from 2021.
EVs are not the same as gas-powered cars, neither are EV policies
However, as the number of EVs on the road continues to grow, so does the need for insurance coverage. But many first time EV owners may not be aware that coverage is not exactly the same as gas-powered vehicles.
Generally speaking, electric vehicles tend to be more expensive to insure than traditional cars due to their higher repair costs and potential for battery failure. At the same time, some insurers may offer discounts for EVs that have advanced safety features such as lane departure warning systems or automatic emergency braking systems.
Overall, the cost of insuring an electric vehicle can vary significantly depending on several factors, including the make and model of the car, its age, and its safety features.
What goes into an EV policy?
Most states require drivers to carry liability insurance, which covers damage or injury caused by your vehicle in an accident. Comprehensive coverage is also available, which covers damage to your vehicle from events such as theft, vandalism, or weather-related incidents. This could be in addition to collision coverage which helps cover damages from an accident with another vehicle, or with a stationary object such as a tree. It could also cover a single vehicle accident or when someone hits your parked vehicle. It’s important to understand what type of coverage is required in your state and what additional coverage may be beneficial for your particular situation.
In addition to standard auto insurance policies, there are also specialized policies available specifically for electric vehicles. These policies typically provide additional coverage for things like roadside assistance services, such as jump starts or flat tire changes if your EV runs out of power while you’re on the road. It’s important to read through any policy carefully before signing up so that you understand exactly what is covered and what isn’t covered in case something happens while you’re driving your EV.
Don’t forget, EVs need regular upkeep and maintenance just like regular vehicles
Finally, it’s important to remember that electric vehicles require regular maintenance just like any other car in order to keep them running smoothly and safely on the road. This includes regular maintenance such as tire rotations, fluid checks and electronics evaluations, and having any necessary repairs done promptly by a qualified mechanic who is certified in EV repair. Regular maintenance can help prevent costly repairs down the line and can help keep your insurance premiums low by reducing the risk of accidents or breakdowns due to mechanical issues with your EV.
Find the EV insurance policy that’s right for you
So to sum up, insuring an electric vehicle is similar in many ways to insuring a traditional gasoline-powered car but there are some important differences that should be taken into consideration when shopping around for a policy. The agents at Insurance Pros of Arizona have been insuring electric vehicles for many years and are constantly reviewing new trends and policies as EVs grow in popularity in Arizona. If you have any questions at all, including how to easily switch from your insurance for your gas-powered car to one that covers an EV, please reach out to us today. We are happy to help and answer all your questions, so you have peace of mind before you head back out onto the road.
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