A new Insurify report shows that the average annual cost to insure an electric vehicle is $3,159. That’s about 42% higher than the average annual rate for a gas-powered car. For newer vehicles, the difference drops to 18%, but EV owners still pay about $501 more per year on average.
Higher insurance premiums are a major barrier for people thinking about buying an EV. But experts believe this gap won’t last forever. As more EV repair shops open, insurers collect more data, and new pricing models appear, EV insurance costs may start to drop. But for EV owners today, the rates can be startling.
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