Electric Vehicle Auto Insurance Discounts [2024]
Insurance companies offer a variety of electric vehicle auto insurance discounts. The most popular are green vehicle discounts, saving drivers up to 10% with many providers. Geico offers the biggest electric vehicle discount, while Liberty Mutual and American Family offer home charging station discounts.
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Daniel Walker
Licensed Auto Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
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UPDATED: Oct 14, 2024
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Oct 14, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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- The best insurance companies for EVs offer an electric vehicle discount of up to 10%
- On average, electric auto insurance costs $158 monthly, while standard coverage averages $119 monthly
- State Farm and Geico offer an electric auto insurance discount ranging from 5% to 10%
Finding companies with electric vehicle auto insurance discounts is the best way to buy cheap EV auto insurance rates since electric vehicle insurance policies cost around 33% more than standard coverage.
Ask for electric vehicle insurance discounts, such as the State Farm electric vehicle discount, from the best auto insurance companies to get affordable EV insurance coverage in your area.
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Why Electric Vehicle Auto Insurance Costs More
There are various factors that affect auto insurance rates for EVs. Electric vehicle auto insurance costs more than coverage for gas-powered cars because electric and hybrid vehicles have specialized parts and advanced technology, meaning insurers will pay out more for claims.
You’ll pay around $158 per month for an EV insurance policy. Check out the table below to compare auto insurance rates by vehicle make and model for electric cars:
Electric Vehicle Auto Insurance Average Rates by Model
Vehicle Model Monthly Rate
Audi E-tron $210
Fiat 500c $122
Ford Focus $136
Ford Fusion $140
Hyundai Ioniq $149
Jaguar I-PACE $153
Nissan Leaf $153
Smart EQ Fortwo Prime $130
Smart EQ Fortwo Pure $125
Tesla Model 3 $180
Tesla Model S $222
Tesla Model X $219
Toyota Prius $145
As shown, Toyota Prius auto insurance prices are relatively affordable, averaging $145 monthly — you can also get a hybrid vehicle auto insurance discount for your Prius. On the other hand, you’ll pay around $180/mo for Tesla Model 3 auto insurance.
How to Qualify for Electric Vehicle Auto Insurance Discounts
You might be wondering how to get a discount on your electric auto insurance if you recently purchased an electric or hybrid vehicle. Simply ask your insurance company if they offer any auto insurance discounts for electric vehicles specifically or discounts for having an EV home charging station.
Electric vehicles have higher price tags and may require specialized repair facilities. So, insurers consider this when setting rates.Tracey L. Wells LICENSED INSURANCE AGENT AND AGENCY OWNER
Green vehicle owners may also be more likely to qualify for other discounts, such as a safety feature or low-mileage discount.
Hybrid vs. Electric Vehicle Auto Insurance Discounts
Most of the top auto insurance providers offer the discounts listed below to make your EV insurance policy cheaper:
- Green vehicle auto insurance discount
- Low mileage auto insurance discount
- Anti-lock brakes auto insurance discount
- Good driver auto insurance discount
Finding the best insurance for electric cars involves comparing good hybrid and electric auto insurance discounts from various companies.
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Companies Offering Electric Vehicle Auto Insurance Discounts
Some companies offer EV owners an electric and/or hybrid vehicle auto insurance discount for simply owning an electric or hybrid car. Other discounts, such as a safety features discount, aren’t specific to EVs but may apply to them. See the table below to compare auto insurance discounts for electric vehicles from the top insurers:
Electric Vehicle Auto Insurance Discounts Offered by Provider
Discount Details Allstate American Family Farmers Geico Liberty Mutual Nationwide Progressive State Farm Travelers USAA
Energy Efficiency For vehicles with high energy consumption efficiency 0% 0% 5% 5-10% 0% N/A 0% N/A 5% N/A
Green Vehicle Discount for driving a hybrid or electric vehicle 5% 5% 5% 5-10% 5% 5-10% 5% 5-10% 5% 5-10%
Home Charging Station Discount for installing a home charging station 10% 10% 0% N/A 10% N/A 0% N/A 0% N/A
Low Mileage EVs often have lower daily mileage. 0% 10% 0% 5-10% 10% 5-10% 5% 5-10% 0% N/A
Safety Feature EVs may have advanced safety features. 5% 5% 5% 5-10% 5% 5-10% 5% 5-10% 5% 5-10%
USAA, Nationwide, State Farm, and Geico auto insurance‘s electric car discount for green vehicles offers savings of up to 10%. Read more about the best auto insurance companies for eco-friendly drivers.
EV Federal Tax Incentives and Other Auto Insurance Discounts
If your income isn’t too high, you could qualify for a $7,500 federal EV tax credit for new clean vehicles purchased in 2023 or after. You must meet certain IRS requirements for manufacturing, and if the electric car you buy is too expensive, you may only get a partial credit.
For example, certain vehicles, including the Chevrolet Bolt and the Tesla Model Y, qualify for the full $7,500 credit — learn how to find the best auto insurance companies that insure Teslas.
It’s tax season: owning an EV could mean qualifying for a💲7,500 tax credit?! Cha-Ching!💵 Want to continue the trend of putting money back into your wallet? check out 👉https://t.co/27f1xf131D for our free auto insurance comparison tool.🚗EV review: https://t.co/zpSqHn8Sf8 pic.twitter.com/5QfhNjSrIE
— AutoInsurance.org (@AutoInsurance) February 25, 2023
Other possible auto insurance discounts for electric vehicles include usage-based auto insurance, which monitors driving habits and offers a sizeable discount if you drive safely. A usage-based policy is an excellent way to find the best insurance for EVs if you’re a safe driver.
Other Ways to Save on Electric Vehicle Auto Insurance
There are always tips you can follow to get the best insurance rates for electric cars. Read the list below to learn how to lower your auto insurance cost for electric vehicles:
- Increase your auto insurance deductible.
- Shop around with various companies.
- Ask your insurer how to save money by bundling insurance policies.
Of course, you could also find an older EV to insure for lower rates. Learn more about auto insurance for older cars.
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More About How to Find Electric Vehicle Auto Insurance Discounts
You can get electric vehicle auto insurance discounts of up to 10% from the best auto insurance companies for EVs — all you have to do is ask.
In addition, it’s important to compare cheaper auto insurance vs. fuel efficiency savings when shopping around for affordable electric vehicle auto insurance rates. Insert your ZIP code into our free quote comparison tool below to find affordable electric auto insurance in your area.
Frequently Asked Questions
Is auto insurance cheaper for electric cars?
Electric vehicle auto insurance rates are higher than coverage for standard vehicles, but it’s still possible to find affordable EV insurance.
What is the cheapest auto insurance for EV?
Your EV insurance price will depend on various factors. However, State Farm auto insurance and Geico generally offer excellent electric vehicle rates.
How much more is EV auto insurance?
Electric vehicle auto insurance costs around 33% more than standard policies. However, you can save up to 10% with a State Farm or Geico electric auto insurance discount.
What are the auto insurance discounts for having an electric car?
Many of the top auto insurance companies offer discounts ranging from 5% to 10% for electric car drivers, including State Farm, Geico, and Nationwide.
How much does electric car auto insurance cost?
On average, EV auto insurance costs $158 monthly. However, quotes vary, so shop around for discounts, coverage options, and find the cheapest rates for your electric car.
Is any special auto insurance required for electric cars?
Buying auto insurance for an EV is the same as buying it for a gas-powered car. You must carry liability auto insurance coverage to drive legally in most states.
Is EV auto insurance more expensive for Tesla cars?
Yes, Teslas are more expensive to insure than other car makes, even electric cars. While the overall EV insurance average cost is $158/mo, auto insurance for a Tesla averages over $200 monthly.
What is the cheapest electric car to insure?
You’ll find the cheapest EV insurance rates with the Fiat 500c, averaging $122 monthly.
Do electric vehicles cost more to maintain?
EVs don’t need as much repair and maintenance as gas cars, so they’re cheaper to maintain.
Are electric cars covered by insurance?
Yes, the process for insuring an electric vehicle is the same as a gas car.
Does owning an EV save you money?
According to a 2020 Consumer Reports study, maintenance costs for electric cars are 50% cheaper than standard cars. So not only can you find affordable EV insurance coverage, but you can also save on regular maintenance.
Which Tesla model is the cheapest to insure?
The cheapest Tesla model to insure is the Tesla Model 3, averaging $180 monthly.
Are there disadvantages to owning an electric vehicle?
Some disadvantages of owning an EV include the location of charging stations, time to charge, high MSRP, and low driving range.
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Enter your ZIP code below to view companies that have cheap auto insurance rates.
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Daniel Walker
Licensed Auto Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Auto Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.