How to Lower Your EV Car Insurance Rates
Shop quotes from multiple insurers. This step cuts your EV costs the most. For a 2024 Hyundai IONIQ 6, you pay $36 per month in Illinois. In Texas, rates reach $68 for the same car. These differences show why you compare.
Full coverage varies by company. Check the IONIQ 5, a close model. GEICO quotes $106 monthly. AIG charges $377. That $271 gap adds up to over $3,000 a year. EVs like the IONIQ 6 beat national averages. First-year insurance costs $753. By year five, it rises to $864. This saves $769 yearly over sedans. Safety features create those savings. Parts cost more, so rates may increase over time.
Practical Steps to Lower Rates
Follow these steps to drop your premiums:
- Compare quotes from at least three insurers. Use online tools for fast rates. Choose EV-friendly companies.
- Bundle policies. Add home or renters insurance. Save 10% to 25% on car rates.
- Ask for EV discounts. Many insurers offer 5% to 10% off for electrics. EVs repair at lower costs and score high on safety.
- Keep a clean driving record. Skip accidents and tickets. Safe drivers pay much less.
- Raise your deductible. Switch from $500 to $1,000. Save 10% to 15% each month. Confirm you can cover it out of pocket.
- Get low-mileage discounts. Drive under 10,000 miles a year? You qualify for cuts. EVs work great for short trips.
- Try usage-based insurance. Apps track your habits. Safe driving earns big discounts.
| Tip | Potential Savings | Example for IONIQ 6 |
|---|---|---|
| Compare Insurers | Up to $271/mo | $106 vs $377 (IONIQ 5) |
| Bundle Policies | 10-25% | $75-190/mo off |
| EV Discount | 5-10% | $38-75/mo off |
| Higher Deductible | 10-15% | $36-50/mo off |
Key Facts on EV Insurance
Rates depend on your age, location, history, and coverage. EVs shine with top safety tech. This earns discounts. Some insurers worry about repair costs. Shops get better at EV fixes each year.
Tools like Sidekick optimize your vehicle costs, including insurance.
Next Steps
Get quotes from three insurers today. Ask about EV deals, bundles, and deductibles. Check rates every year. New discounts pop up often.