Anyone tempted to buy an electric vehicle on the promise of lower running costs may want to pause. A familiar fact is back in the spotlight: insuring an EV runs about 49 percent higher on average than coverage for a comparable gas-powered car.
The steep premiums stem from costly repairs, expensive battery components, and specialized parts. While EVs may save money at the charger, those savings can evaporate quickly once the insurance bill arrives, complicating the math for prospective buyers.