As prices top $4 a gallon, should you consider an electric vehicle? One consideration: They're more expensive to insure and repair. Here's why.

Not only are electric-vehicle sticker prices higher on average than comparable cars and SUVs with traditional internal-combustion engines , the cost to insure an EV outruns its gasoline-guzzling cousins.

“This relative inexperience with the potential full range of things that can go wrong or be replaced encourages insurers to hedge their bets against potentially large, but not-yet-experienced, payouts for claims,” he adds. “‘As EVs become increasingly mainstream and more insights become available, current insurance premium gaps may close.’”

The EV insurance market will continue to grow U.S. sales of new EVs, hybrid gas/electric and other types of plug-in hybrid vehicles surpassed 100,000 for the first time ever in mid-2021, accounting for nearly 9% of all new vehicle sales and doubling their share of sales versus a year earlier, according to industry-tracker Cox Automotive.

Tesla’s insurance offering is now available in Florida, Texas, Illinois, Ohio and California. The company hopes to have its coverage available to 80% of its U.S. customers by the end of the year, chief financial officer Zach Kirkhorn said during the company’s latest earnings conference call last month.

“Most EVs on the market today are luxury cars, which cost more to insure in general,” said Chris Harto, Consumer Reports senior sustainability policy analyst, in a guide on the CR site. Luxury has higher replacement value “regardless of whether they’re electric or gasoline-powered.” It’s also important to consider what kind of the multiple types of insurance — collision, liability, uninsured motorist, personal injury, medical payments and comprehensive, which covers hail damage or theft — are most suitable.

With gas prices hitting $4 per gallon, fuel savings and other factors kick in lowering the price of ownership over the life of the vehicle, but the insurance industry sees a chance to jump in the “green” movement as well.

Source: Energy Industry News (energyindustrynews.net)

Elon can sell insurance for $TSLA only. The other cars he can't. Need big pile of cash like Warren Buffett.

But a guy was so happy that don't have to make a phone call to the insurance company.

It’s actually cheaper, from personal experience. Much cheaper.

I'm a nude model, rate my photos)😘😘😘

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