By Steven Symes 
If you’re wanting to finally buy that EV after reading reports about how they cost less to operate, you might want to hold off. What we’ve known for a long time is being highlighted once again, that electric cars cost 49 percent more to insure than traditional vehicles, on average.
Guy driving Acura Integra R on bald tires aggressively through canyon crashes big time.
This fact comes as a big shock to many who just take the plunge and buy a Tesla or whatever EV they think is best. With insurance premiums already at an all-time high for most, having that amount go up by another 49 percent could feel crushing.
According to Insurify, a digital insurance platform, the average cost to insure an electric vehicle is $4,058 annually. In comparison, the average internal combustion engine vehicle costs just $2,732 to insure each year. That’s a big gap.
There are reasons for the higher insurance premiums. After all, EVs on average cost more to replace, so if you have to file a total loss claim, the insurance company has to pay out more.
Repairs on an electric car cost more, despite so many trying to claim that’s no so. Sure, they don’t need oil changes, but you might get sticker shock when you do have to fix things on your Tesla or Ford Mach-E. Just replacing the wheels and tires can be ridiculously expensive.
Insurify says EVs are also more problematic, making owners far more likely to file an insurance claim. That last one has been a reason for people we’ve personally known to walk away from electric cars.
“Insurance costs, because they are ongoing, do matter in the long-term calculation of whether it costs more or less for any given person to drive an EV versus a gas-powered car,” said Julia Taliesin, who authored the report.
Image via OldMateEngineer/X