Why Electric Car Owners Pay Higher Insurance Premiums
A new study by NerdWallet indicates drivers of electric cars and their gas counterparts pay higher premiums in California. The study involved four models that had both gas and electronic versions of the same car: the Chevrolet Spark, Volkswagen Golf, Smart Fortwo, and Fiat 500. The insurance premiums for electric cars were on average 21% higher than quotes for the gas cars. The research identified two primary reasons why insurance premiums are higher for electronic cars. First, the base price of electric cars averaged 70% more than gas versions of the same car, meaning that an insurance company has to pay more if it is totaled or stolen. Second, electric cars generally cost more to repair in an accident because they have expensive battery systems and require specially trained mechanics.
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