Why are electric cars so expensive to insure?

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Willie Schulist asked a question: Why are electric cars so expensive to insure?
Asked By: Willie Schulist
Date created: Tue, Mar 23, 2021 2:56 AM
Date updated: Wed, Jun 22, 2022 2:18 PM

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Top best answers to the question «Why are electric cars so expensive to insure»

One major factor why car insurance premiums are higher may be that the cost of the vehicles are higher. Electric vehicles tend to be filled with cutting-edge technology like high-capacity batteries, sophisticated sensors, and more. The more a vehicle costs, the more expensive it is to repair.

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Electric vehicles are more expensive than gasoline or diesel-powered vehicles, which is one of the major reasons why their insurance premiums are higher. In addition to high-capacity batteries and sophisticated automotive parts, EVs are equipped with cutting-edge technology. Accordingly, the Insurance Premium rises in direct proportion to a car's price.

Insurance experts say electric cars can attract higher premiums – but they are coming down... Electric cars are generally hailed as cheap to run, because of the relative cost of electricity...

While electric cars have fewer moving parts than petrols and diesels, some components like the lithium-ion batteries are very expensive to repair if damaged. Providers take this into account when calculating premiums. Another less-discussed reason is the availability of staff to repair electric and hybrid cars.

Electric vehicles are more expensive than gasoline or diesel-powered vehicles, which is one of the major reasons why their insurance premiums are higher. In addition to high-capacity batteries and sophisticated automotive parts, EVs are equipped with cutting-edge technology. Accordingly, the Insurance Premium rises in direct proportion to a car’s price.

Why Is Electric Car Insurance So Unbelievably Expensive? By. Ankita Dixit - 11/08/2021. 6. The general rule of thumb is that the more it costs to protect a vehicle from hazards like fire, theft, accidents, etc., the more expensive it becomes to insure it. However, there are multiple other factors that have an effect on the price of electric car insurance. As with traditional cars, your age, the state you live in, and your driving history all impact how much you need to pay in premiums. If ...

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