Did you buy an electric vehicle? Congrats! We at VIU by HUB love new technology and everything green – including the green of saved money. Your electric vehicle likely cost more to insure upfront than a gas car, but there’s a good chance you will make up the difference at the gas station and by not needing some types of maintenance (no more oil changes to squeeze into your schedule!).

What are you looking at for electric car insurance costs though?

We’ve pulled together some of the most common questions we get about car insurance and electric vehicle costs. This guide can answer a lot for you, but the VIU by HUB Advisory Team is always there for you if you have a question that isn’t answered here.

Are electric cars more or less expensive to insure?

The price to insure electric cars is similar to any other car. There are a few factors, but a big consideration is simply money. If you’re in an accident in an electric car, it’s going to cost your car insurance company more to cover repair costs. Unfortunately, that added cost can get passed on to you.

You might still come out ahead overall though. Did you get a tax incentive for buying an electric vehicle? How much less are you paying for fuel and maintenance? Are you enrolled in a telematics program? Your car insurance premium is only one piece of the puzzle, and it shouldn’t discourage you from making the move to electric.

Electric car insurance versus conventional car insurance: Is there any special or specific insurance needed for an electric car?

There really isn’t that much of a difference! The biggest difference you’ll see is in your auto insurance rates, as we discussed above. Your coverage, and local coverage requirements, will be the same regardless of what type of auto policy you have.

How to save on electric car insurance costs

The good news is that you can save money on electric car insurance the same way you save on any auto insurance policy. Some good tips are to keep a clean driving record, have a good credit score, adjust your coverage and deductible and keep track of your policies to prevent any lapses in coverage.