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All You Ever Wanted to Know About Insurance

Electric Vehicle Insurance - How Is It Different Than Normal Auto Insurance?

As more electric vehicles begin to hit the road and increase in popularity, they bring with them lots of curiosity. One of these items is how to best protect your electric vehicle? Is insurance in the state of Michigan the same for a gas-powered vehicle as an electric vehicle?

               An electric vehicle can be insured under a personal automobile policy, similar to the gas vehicles now. In general, the cost to insure an electric vehicle is comparable to its gas counterpart. The cost to replace parts for an electric vehicle verse gas-powered can be higher, increasing the cost of repair. For this reason, damages to the electric vehicle can result in larger claim amounts paid out. Although, many electric vehicles are enabled with advanced safety features and measures that decrease the likelihood of an accident. These factors help to balance the cost of their insurance. Depending upon the automobile manufacturer; Tesla, Rivian, Chevrolet – Bolt, Ford – Hybrid, Nissan – Ariya & Leaf, Volvo, Audi and more, these features can vary.

               A few companies that manufacture electric vehicles, also offer insurance coverage directly through their companies. This is an option, although it can have widely varying premiums. Independent insurance companies offer coverage for these vehicles and their specializations. Our agency works with numerous insurance carriers to provide options for our customers. We quote our policies through these companies to find the most competitive rate for our customers. 

               With the personal ownership of electric vehicles within our agency, we have seen very positive results from the coverage and rates offered! It is important to know the advantages and differences of EV insurance in Michigan vs insurance of gas-powered vehicles. Give us a call at 517-347-1466 for a quote on your electric vehicle!