How to Minimize the Cost of Insuring Your Electric Vehicle

The age of electric travel is fast approaching. As the effects of human-caused global warming have become more apparent, several governments have pledged to phase out the sale of new internal-engine (ICE) vehicles to reduce emissions. Electric vehicles (EVs), despite running on clean energy and producing zero emissions at the tail pipe, are quite expensive. And even if you can afford to purchase an EV, you’ll have to contend with insurance costs, which tend to be higher than traditional vehicles.

A new report from Self Financial found that, on average, EVs are $442 more expensive to insure, with the average annual insurance costing $1,674 per year compared to $1,232 for fossil-powered vehicles. According to David Harlow, managing director at pH Innovate, a Wales-based insurance technology firm, this is because EV parts are harder to obtain. Additionally, repairs on EVs tend to cost a lot more, causing insurers to see EVs as a higher risk.

However, you can avoid paying higher monthly premiums and cut yourself a better deal by doing the following:

Prioritizing EV-based insurance that offers ‘green rewards.’ Some insurance companies have begun issuing policies and discounts to drivers who practice eco-friendly driving as a way of supporting and rewarding the electrification of the roads. Emie-Claude Lamoureux, manager of communications and engagement at ChargeHub, recommends focusing on green-vehicle incentives/rebates, alternative-fuel-vehicle incentives/rebates and fuel-efficient discounts. There are many more EV incentives that may use different insurance policy brand names, she adds.

Shop for insurance rates and quotes. Auto-insurance companies don’t offer a homogenous policy for every electric vehicle. They use a variety of factors to determine premiums on a case-by-case basis, including your driving profile, the region where you register your EV, your credit rating, the cost of replacing the vehicle, mileage driven, and where you live. Lauren Fix, founder of Car Coach Report, recommends shopping in at least four different locations.

Talk to your existing insurance provider. More often than not, the insurance company that covers your homeowner’s insurance or renters insurance will give you a favorable rate, Fix says. Working with your primary insurance provider first may keep you from doing a lot of unnecessary work. If your current provider ultimately can’t offer a desirable rate, Fix says, then you cast your net a little wider. Online comparison sites such as Credible can help make your search easier.

Lots of manufacturers are catering to the diverse interests of consumers in the EV space. For example, Boston-based ev Transportation Services Inc. has carved out a niche for itself meeting the transportation needs of vehicle buyers in the security, last-mile urban delivery, and building maintenance sectors.

NOTE TO INVESTORS: The latest news and updates relating to ev Transportation Services Inc. are available in the company’s newsroom at https://ibn.fm/EVTS

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