An article from Forbes explained that owners of electric vehicles (EVs) may have to pay more for insurance than owners of gas-powered cars. Some of the experts interviewed for the article said that the higher insurance rates can be attributed to the fact that repair costs for an EV are greater than those for conventional autos.
The most expensive repair for EVs, Forbes said, is battery replacement. If the battery is damaged, the EV owner has to buy a newer battery, which can be very costly. The article pointed out that there is no aftermarket for used EV batteries yet, leaving owners with no choice but to lay out more money for these repairs.
Late-model EVs have a bigger price tag compared to their gas-powered counterparts, which could also result in higher insurance rates, according to the article. Some people are in the market for a used, less expensive EV. However, some of the used EVs may have been involved in an accident. Insurance companies are more likely to consider these vehicles to be “totaled.” The “totaled” EVs are then auctioned off to businesses, which repair and resell them to local dealerships.
There is some good news for those looking to insure the EVs: depending on the model, they may be eligible for a discount. Some of the insurance companies that offer these discounts include AIG, Arbella, Mercury, Travelers and Verti.
Once you have bought an EV, you may be wondering what to do with your older vehicle. Why not get money for your unwanted car and sell it to Gershow Recycling? They will buy your old car and pay you on the spot. That money can be used to make that first insurance payment on your EV.
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