Electric car batteries are a crucial component of electric vehicles (EVs), and their replacement can be expensive. Fortunately, automakers provide Electric Car Battery Insurance coverage that protects your EV’s battery.
Key Things to Know About Electric car insurance
Basic Coverage: Electric car insurance policies provide the same basic types of coverage as traditional car insurance, such as liability, collision, and comprehensive coverage.
Specific Coverage: Electric car policies can provide additional coverage specific to electric cars, such as coverage for the battery pack and charging equipment.
Higher Premiums: Electric cars may have higher insurance premiums than comparable gasoline-powered vehicles due to factors such as relatively high Electric Car Battery Insurance Cost, specialized repair requirements, and limited availability of parts.
Where to Get Electric Car Insurance: It can be purchased from electric car companies, like Tesla, and from normal car insurance companies. Some insurance companies offer car insurance discounts for electric car owners.
Electric Car Battery Warranty
- Warranty Coverage: The car warranty period and coverage vary among carmakers, but it typically lasts for at least 8 years or 100,000 miles.
- Coverage Conditions: Some automakers will replace the battery under warranty coverage if there is a failure, while others will replace the EV battery if its capacity drops below a certain percentage.
- Exclusions: However, an electric car battery warranty only covers specific items, with certain exclusions. It’s best to check the warranty fine print before purchasing any vehicle.
Electric Car Battery Insurance Cost
- Average Battery Cost: The average cost of an electric car battery varies depending on several factors, including the make and model of the car, the size and capacity of the battery, market prices, and the cost of labor. According to Consumer Reports, the replacement cost of an electric car’s battery can range from $5,000 to upward of $15,000.
- Warranty Coverage: If the electric car is still under its factory warranty, the replacement pack would be free to the customer.
- Electric Car Insurance Costs: Electric car insurance costs are typically higher than those for gas-powered cars. The national average premium for an electric vehicle (EV) was $2,280 per year.
- Factors Affecting Cost: However, the cost of electric car battery insurance depends on several factors, including your driving history, claims history, driving experience, location, coverage amount, and credit-based insurance score
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How to Get Electric Car Insurance
Getting electric car insurance is similar to getting insurance for a traditional gasoline-powered car. Here are the general steps to follow:
- Research Insurance Companies:
Look for insurance companies that offer coverage for electric cars. You can start by checking with your current insurance provider or by searching online for insurance companies that specialize in electric car insurance. - Most major insurance companies will insure electric vehicles, and Lemonade and State Farm are among the companies offering specialized electric car insurance.
- Consider Discounts:
When you compare quotes, you should also take into consideration possible electric car insurance discounts. Some insurers offer a discount on your premium for driving an electric vehicle. - For instance, Farmers and Travelers both offer discounts on auto insurance for driving a hybrid or an alternative-fuel car. In addition to auto insurance discounts, electric car owners may be eligible for a tax credit in certain states.
- Choose Your Coverage: Almost every state requires drivers to carry a certain amount of bodily injury and property damage liability insurance.
- Several states also require uninsured/underinsured motorist coverage, personal injury protection (PIP), and medical payments coverage (MedPay). Your state’s minimum coverage can be purchased as part of your electric car insurance policy.
In addition to your state’s minimum requirements, electric vehicle owners should also consider comprehensive and collision coverage, which both cover damage to your vehicle, since electric car repair and replacement costs are typically pricey.
