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Is Car Insurance Different for Electric Cars?

April 4th, 2013  |  Insurance

There is no doubt that electric and hybrid vehicles continue to grow in popularity each year. We see more of them on the road each day and an increased number of manufacturers are now producing hybrid models to compete in the growing market.

While more hybrid cars provide consumers with more options, it also creates more questions when it comes time to buy a car. One of the most common questions asked by people who are considering an electric car is “How do electric cars impact my auto insurance rates?”

Is car insurance different for electric cars?

Since electric cars are still new, the insurance industry is still adjusting and evolving in terms of how to approach insurance for electric cars. But, the truth is that insurance for electric cars is still weighed on the same factors that are used for traditional vehicles.

Things like your driving history, where you live, the value of your vehicle, its safety rating, how often it is stolen, and who many people are on your insurance policy will all factor into the cost of your insurance. However, some insurance companies are now offering a discount for people that drive electric cars.

On the surface it seems as though insurance for electric cars still remains relatively the same as insurance for traditional cars. Since there may be some variance in the policy options, it is a good idea to get a quote for auto insurance for your electric car. This will be the only way for you to weigh your options and get the best possible price for insurance coverage for your hybrid car.

Do you drive an electric car? Do you find that auto insurance rates are different or similar to traditional vehicles?

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