Electric Cars Cheaper To Insure Than ICE Equivalents?

OCT 5 2014 BY ERIC LOVEDAY 17

According to CoverHound Insurance, electric cars are generally less expensive to insure than a similarly priced ICE vehicle.

CoverHound CEO Keith Moore states that, on average, “drivers save $200 a year on insurance when they switch from gas to electric.”

Moore adds that “we found the electric cars were much cheaper to insure than what people were driving before they switched.”

As noted in the infographic below, electric cars aren’t always cheaper to insure.

Finally, CoverHound says that the Nissan LEAF was found to be the least expensive electric car to own and operate.  Most expensive?  The Tesla Model S.

CoverHound Infographic

CoverHound Infographic

Source: CoverHound

Categories: General

Tags:

Leave a Reply

17 Comments on "Electric Cars Cheaper To Insure Than ICE Equivalents?"

newest oldest most voted

Very interresting!
For the first time a report compare the Leaf vs Nissan Maxima and a Volt vs Cadillac CTS, and I aggree fully.

But why did they choose to differ the model choosen when comparing the TCO is kind of a mysterie and again as usual, not a valid comparison for that specific.
Go figure!

+1

Big holes can be punched in Keith Moore’s conclusions JUST by using examples of 2015 models such as Ford F-150 and BMW i3. The F-150 was used as a measure against insurance costs of owning a Chevrolet Volt. The quoted costs cannot be of the 2015 Ford, which has bodywork almost entirely constructed of aluminum which is more costly to repair than previous models of steel. It’s still to be seen just how much more expensive, and – what percentage of body shops will endeavor to repair aluminum damage, as Model S and Ford F-150. Aluminum body components are the future – and prices of such are decreasing as we speak. It will take years for the repair industry to catch up. Same with lumping ALL electric cars together. Obviously a BMW i3 is going to cost loads more to repair than a LEAF or Volt which is constructed of traditional stamped steel. BMWBlog was an interesting source, as they showed proprietary jigs and tools that were needed by BMW dealers to do body repair on i3s and i8s. Then, in the same article, they described the cutting and gluing techniques proprietary only to BMW dealers which were required to… Read more »

That are very expensive insurance rates. In Europe, you will pay only half of it.

A Chevy Volt is cheaper to operate than a Rolls Royce too.

Comparing a $35k Volt to a $45K Cadillac with much greater luxury appointments and performance makes little sense.

Comparing a $29k LEAF to a $31k Maxima makes a little more sense if the LEAF had range close enough to Maxima’s 500 mile range on the highway.

The ICE equivalents are Nissan Versa and Chevrolet Cruze.

+1

Uh, not quite. The LEAF is roomier and much more well appointed than a Versa. They may resemble each other on the outside, but they are 2 different platforms. Likewise for the Volt. Looks like a Cruise from the outside, but much more luxurious and drives tighter and more refined than the Cruise.

A better comparison would be a top of the line Sentra or Altima and a Buick Verano.

I switched from a Mazda 5 to a Leaf and the insurance cost is identical (Ontario).

Cruze LT: 2100
Volt: 1600

Ontario.

Definitely confirmed for me 😉

with Allstate, my Volt ks far too expensive. Almost twice the rate of my wife’s CR-V which is similarly priced.

Why would it be fundamentally cheaper to insure? most of the cost is liability, and last time I checked, nobody cares if they got hit by an electric or gas car.

Well, the lower rates must be due to less claims from EVs. Most likely EV owners are better drivers than the general population.

GSP

I agree. Most of the cost of insurance in USA is not the cost of the vehicle, but how safe it is. Newer cars have better safety ratings and features. Every new car I have bought has been cheaper than the less safe car it replaced.

100% Electric vehicles are inherently safer since there is no tank of explosive gasoline. Li-ion batteries can burn, but are not explosive providing a greater safety margin!

Coverhound isn’t THAT EV friendly. There is no listing for the Ford Focus Electric.

Found it under “Focus BEV”. Please, that isn’t the name of the model.