The words “economical” and “insurance” probably shouldn’t be used together, specifically when you are trying to find the best insurance rates for electric cars. To help control this cost, let’s familiarize you with a few of the things that significantly impact insurance rates, and come up with some ways to slash the price of your next policy.
The vehicle you are insuring is one of the largest factors when comparing the most economical car insurance for electric cars. Vehicles with lower performance, excellent safety ratings, or low incidents of liability claims will cost less to insure than fast, unsafe models.
The information below showcases car insurance premiums for a selection of the most cost-effective automobiles to insure.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Ford Escape Limited 2WD||$1,547|
|Toyota RAV4 4WD||$1,563|
|Chevrolet Malibu LS||$1,569|
|Nissan Altima 2.5 4-Dr Sedan||$1,563|
|Dodge Grand Caravan Crew||$1,594|
|Ford Explorer Eddie Bauer 4WD||$1,601|
|Ford Focus SEL 4-Dr Sedan||$1,615|
|Hyundai Elantra GLS Touring Station Wagon||$1,620|
|Toyota Corolla LE||$1,643|
|Honda Odyssey EX-L W/Rear Entertainment||$1,652|
|Honda CR-V EX-L 4WD||$1,656|
|Hyundai Sonata GLS 4-Dr Sedan||$1,672|
|Kia Optima LX||$1,680|
|Ford F-150 STX Regular Cab 4WD||$1,698|
|Nissan Rogue SL AWD||$1,753|
|Toyota Tacoma 2WD||$1,758|
|Toyota Camry LE||$1,792|
|Jeep Wrangler Rubicon 4WD 2-Dr||$1,810|
|Chevrolet Impala LT||$1,915|
|Jeep Grand Cherokee Laredo 2WD||$1,923|
|Chevrolet Equinox LT AWD||$1,915|
|Volkswagen Jetta 2.0T 4-Dr Sedan||$1,920|
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Prices above based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and California minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, homeowner, and claim-free. Rate quotes do not factor in specific location information which can alter coverage prices greatly.
Looking at the data, you can presume that models like the Ford Escape, Toyota RAV4, and Chevrolet Malibu will be a few of the more affordable vehicles to insure for eco-friendly vehicles.
One of the many considerations that are looked at to determine insurance cost is your zip code. Areas with a lot of weather claims or more people are more likely to pay higher prices, whereas areas with lower crime rates and fewer weather claims benefit from lower coverage costs.
The following table rates the most costly cities in California for electric cars to purchase a policy in. San Francisco shows up at #3 having an annual price of $1,745 for the average insurance policy, which is around $145 per month.
|Rank||City||Average Per Year|
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Premium amounts are comparative as specific location information can lower or raise price quotes noticeably.
The illustration below illustrates how choosing a deductible can impact premium costs when getting quotes for cheap insurance for electric cars. The premiums assume a single female driver, comprehensive and collision coverage, and no additional discounts are factored in.
A 50-year-old driver could save $350 a year by increasing from a $100 deductible up to a $500 deductible, or save $530 by using a $1,000 deductible. Youthful drivers, like the Age 20 category, could reduce their rates up to $888 or even more by using a higher deductible. If you do make the decision to raise your deductibles, it will be required to have spare funds to enable you to pay the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.
Violations and accidents raise rates
In a perfect world, the ideal way to get affordable car insurance premiums for eco-friendly vehicles is to be an attentive driver and avoid accidents and violations. The example below highlights how speeding tickets and accident claims can raise yearly insurance costs for each different age category. The costs are based on a married female driver, full coverage, $1,000 deductibles, and no discounts are applied.
In the previous chart, the average cost of an auto insurance policy per year with no accidents and a clean driving record is $1,882. Get one speeding ticket and the average cost increases to $2,200, an increase of $318 each year. Next add one accident along with the one speeding ticket and the 12-month cost of car insurance for electric cars jumps again to an average of $3,091. That’s an increase of $1,209, or $101 per month, just for a couple of infractions!
What is the best car insurance company in California?
Buying coverage from a high-quality company can be difficult considering how many different companies there are to choose from in San Francisco. The company rank data below could help you decide which coverage providers you want to consider shopping prices with.
These rankings only include companies who write in the majority of U.S. states, so smaller companies will not be included in this list. If you’d like to compare prices from these and other competitive companies, follow this link.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
|AAA of Southern California||91||94||97||92%||A+||94.1|
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Data Source: Insure.com Best Car Insurance Companies