How to Find Cheap Electric Car Insurance
- Erie, Auto-Owners and Travelers have the cheapest electric car insurance.
- Insurance costs more for electric vehicles (EVs) than it does for gas cars, but only by 4%.
- Some electric cars are cheaper to insure than comparable gas vehicles.
Who has the cheapest electric car insurance?
Auto-Owners and Travelers have the next-cheapest electric auto insurance rates.
Cheapest auto insurance companies for electric cars
| Company | Monthly rate | LendingTree score |
|---|---|---|
| Erie | $168 | 4 stars (4.125) |
| Auto-Owners | $180 | 5 (4.8025) |
| Travelers | $183 | 4.5 (4.381) |
| AAA | $211 | 2.5 (2.38) |
| State Farm | $220 | 4.5 (4.498) |
| Geico | $221 | 3.5 (3.697) |
| Progressive | $275 | 4 (3.847) |
How much is electric car insurance?
Hybrids also cost more than gas cars to insure, but only by 3%.
Auto insurance costs by vehicle type
| Vehicle type | Monthly rate |
|---|---|
| Electric cars | $228 |
| Hybrids | $225 |
| Average all vehicles | $223 |
| Gas cars | $219 |
One of the best ways to get the lowest rate for you is to compare car insurance quotes from multiple companies while you shop around.
Why is electric car insurance more expensive?
Most electric cars have more technology on board than gas cars. These systems often make them more expensive than gas cars to repair after an accident. The technology in hybrids has a similar effect.
Insurance companies protect themselves from these potential costs with higher rates for EVs and hybrids. However, emerging data shows that some electric vehicles and hybrids cost insurance companies less than gas cars.
For example, the electric Ford Mustang Mach-E had fewer property damage liability costs from 2020 to 2022 than the gas Ford Mustang.
This helps explain why the Mach-E’s average insurance rate is only $206 a month. This is 15% less than the $243 a month average for a gas Mustang.
Electric car insurance rates vs. gas cars
The Mach-E is among a group of new electric cars that are cheaper to insure than comparable gas models, our research shows.
The Chevrolet Equinox EV is the cheapest to insure among 36 new EVs, hybrids and gas-powered cars we analyzed. Overall, three electric cars and one hybrid rank among the 10 cheapest vehicles to insure.
Electric cars are also on the opposite side of the spectrum. The Tesla Model 3 is the most expensive car in our analysis to insure. Its average insurance rate of $293 a month. This is 31% higher than the average for all vehicles.
Auto insurance rates by vehicle
| Vehicle | Power source | Monthly rate |
|---|---|---|
| Chevrolet Equinox EV | Electric | $162 |
| Honda CR-V | Gas | $182 |
| Ford Escape | Gas | $182 |
| Ford F-150 XL | Gas | $185 |
| Honda CR-V Sport Hybrid | Hybrid | $189 |
| Chevrolet Equinox | Gas | $191 |
| Volkswagen ID.4 | Electric | $192 |
| Hyundai Tucson | Gas | $193 |
| Volkswagen Atlas | Gas | $193 |
| Nissan Leaf | Electric | $194 |
| Hyundai Palisade | Gas | $200 |
| Kia Telluride | Gas | $202 |
| Toyota RAV4 Hybrid | Hybrid | $202 |
| Hyundai Tucson Hybrid | Hybrid | $203 |
| Ford Mustang Mach-E | Electric | $206 |
| Hyundai Ioniq 5 | Electric | $210 |
| Kia EV6 | Electric | $211 |
| Toyota Camry | Gas | $213 |
| Ford F-150 Lightning XLT | Electric | $215 |
| Audi Q4 E-Tron Premium | Electric | $219 |
| Toyota Prius | Hybrid | $222 |
| Cadillac LYRIQ | Electric | $225 |
| Lexus NX 350 | Gas | $227 |
| Lexus NX 350h | Hybrid | $227 |
| Nissan Altima | Gas | $228 |
| Polestar 2 | Electric | $239 |
| Ford Mustang | Gas | $243 |
| Cadillac XT6 | Gas | $248 |
| Audi Q5 Quattro | Gas | $248 |
| BMW I4 eDrive 35 | Electric | $265 |
| BMW 330i | Gas | $269 |
| Audi A5 | Hybrid | $276 |
| Mercedes-Benz C300 | Hybrid | $276 |
| Tesla Model Y | Electric | $277 |
| Rivian R1S | Electric | $281 |
| Tesla Model 3 | Electric | $293 |
How to get auto insurance for an electric car
The type of vehicle you drive is just one factor that influences your car insurance rates. Other factors include:
- Your driving record
- The amount of coverage you need
- Your credit (in most states)
- Any discounts you may receive
Each company weighs these factors differently. And since a company’s rates vary by customer, it’s good to compare car insurance quotes from several companies.
How to save on electric car insurance
Bundle your insurance
Most insurance companies give their biggest discounts to customers who bundle car insurance with a home or renters policy. You can usually save more in combined costs by adding an umbrella policy or other insurance to your bundle.
Consider a safe driving app
Most large companies offer a generous discount for joining their safe driving program. These programs use a smartphone app to monitor your driving. You usually get an initial discount just for signing up. If you drive safely enough, you get a discount each time you renew.
Eco-friendly discounts
A few companies, including Travelers and Lemonade, offer a discount to customers who drive a hybrid or electric vehicle. This discount isn’t very common, but it’s still worth asking about.
Military and affinity discounts
Farmers, Liberty Mutual and Geico are among the companies that offer a discount to military service members. Geico also offers discounts to other federal employees. Farmers affinity discounts also extend to health care workers and teachers. Find out if your occupation qualifies you for a discount with the companies you contact for quotes.
Increase your deductibles
Raising your collision and comprehensive deductible can also help reduce your car insurance rates. A car insurance deductible is the amount that comes out of your pocket for covered repairs. If you have money in the bank, consider increasing your deductibles to $1,000 or more.
Frequently asked questions
Not always. Some electric models are cheaper to insure than comparable gas vehicles. For example, an electric Ford Mustang Mach-E can be cheaper to insure than a gas-powered Ford Mustang.
Erie has the cheapest EV insurance in our analysis of car insurance rates for 36 new vehicles. Auto-Owners and Travelers have the next-cheapest rates.
Yes. Hybrids are generally more expensive to insure than gas-powered cars, though not by much. The average cost of car insurance for new hybrids is only 3% more than it is for gas cars. A few hybrids are even cheaper to insure than comparable gas cars. Electric cars tend to cost more than hybrids, but factors beyond fuel source factor into insurance rates.