Electric cars have been making a splash in the news lately. They’re fast, they’re sleek and of course, they don’t cost a fortune to fuel up. More and more people are beginning to see that owning an electric car is not only eco-friendly but also beneficial from a financial standpoint.
However, with all the benefits of owning an electric car, there are still some drawbacks. One of the biggest concerns for people considering owning an electric car has to be insurance. Due to their lack of popularity and novelty, electric cars will likely be more expensive to insure than other cars, at least for a little while. But with these tips on how to get the best coverage possible, you can lower your costs and enjoy the advantages of being an electric car owner!
11. Shop Around for Electric Car Insurance Rates
The first thing you should do before getting any type of insurance on a new car is shop around. You might think that because everyone knows electric cars are more expensive to insure, it would be easy to find a competitive rate. While this may be true for some insurance providers, many companies still don’t treat electric cars differently than conventional vehicles.
10. Ask about Discounts
Just like with any other type of car insurance policy out there, it never hurts to ask your provider if they offer any discounts on their rates. This is especially true if your car will not be parked in a garage. Make sure to inquire with your insurance provider about any special rates they may offer for garaging your car, as well as discounts you might qualify for if you’re an accident-free driver or haven’t had any recent claims with the company.
9. Insure Your Other Vehicles Together
If you have more than one car, another way to save money on your coverage is to insure them together. Some insurance providers allow you to add a second car to your policy for a discounted rate, so it’s well worth the time and effort to find out if this option is available with your company.
Yes, budgeting should probably be at the very top of this list. If you’re like most people, however, you probably don’t like thinking about your budget as much as other things (like choosing which color car you should get). Nevertheless, insurance rates are often based on how much previous drivers with similar profiles paid for their policies. So if it’s within your means to do so and won’t cause you to skimp on other essentials, try increasing your deductible or putting more money into a savings account each month. This way, when it comes time to renew your insurance policies, you’ll be in a better position to negotiate for lower premiums.
7. Go Green
When possible, make the move toward green living. While this might not be the most important factor when it comes to negotiating for lower rates, if your insurance provider offers some sort of discount for going green (such as getting a more energy-efficient car), you’ll get the best bang for your buck.
6. Talk with Your Insurance Provider
The purpose of any relationship is communication, and this rule applies to your insurance policy just as much as your relationship with your significant other. If you haven’t had any contact with your insurance provider in a while, give them a call to see if they have any promotional deals or new discounts on the market that you might qualify for.
5. Be Careful What You Put Into Writing
When you are negotiating with your insurance provider, one of the most important things to remember is that everything is negotiable. No matter what type of policy you have or how much money you’re already paying them each month, just about every company out there will be willing to offer better rates if approached in the right way. Just try not to take advantage of their good will by adding any unnecessary items to your policy. Ultimately, you’ll pay for these “extras” with higher premiums down the road.
4. Shop Around for Low Mileage Discounts
One way to get a better deal on your insurance is to limit the number of miles you drive. Since gasoline prices are just starting to creep up, many drivers are looking into purchasing larger vehicles in order to save money at the pump. While this may be okay in terms of increasing your disposable income, it’s not good for your wallet in terms of your insurance premiums. To get the best rates, consider driving less or purchasing a more fuel-efficient vehicle.
3. Ensure Your Car is Insured on Weekends
It’s common knowledge that some insurance providers won’t cover your car if it’s parked outside of a garage at night. What about during the day? You may be surprised to learn that some insurance companies won’t cover your car during this time either! When it comes to deciding which company to go with, don’t forget there are many providers who will insure your car anytime of the day.
2. Take Advantage of Discounts
If you’re looking for ways to save on your insurance bill, it’s important to keep an eye out for any discounts that might be available. Most of these are offered as a way to entice you into signing on with a particular company, but some will offer them regardless. For instance, many providers offer discounted rates for college students or members of certain civic organizations or unions. Likewise, some companies offer discounts to customers who haven’t been involved in an accident or filed any claims.
1. Get a Higher Deductible
You may be surprised to find out that the deductible you choose for your insurance policy actually has a huge impact on how much you pay for it. If you can afford to put more money into savings each month, try raising your deductible. Not only will you be able to lower your premiums, but you’ll also be better prepared if an accident does occur and need to pay for a deductible out of pocket.
What is the deductible for electric car insurance?
The deductible for electric car insurance depends on how much your monthly premiums cost. If you’re able to afford more money in savings each month, try getting a higher deductible. This will lower your premiums and prepare you if an accident does occur which requires paying the deductible out of pocket.
What is the first step to getting the best electric car insurance?
The first step to getting the best electric car insurance is communication. Make sure you’re in contact with your provider and let them know about any promotional deals or new discounts that might be available. By staying in touch, you’ll be able to get the best deal on your insurance policy.
What are some good cars for insuring?
Some good electric cars to insure include Nissan Leaf, Mitsubishi i-Miev, and Toyota Prius. While each of these vehicles is different in terms of models and features, they all tend to be more affordable than standard gas-powered alternatives.
What is the penalty for not having car insurance?
The penalty for not having electric car insurance varies depending on the state you live in and the company you go through. However, it’s important to note that many states will require additional fines and may even take away your ability to drive! If pulled over, you may also risk having your vehicle impounded.
What is the difference between comprehensive and collision insurance?
If you’re in an accident where another driver is at fault, comprehensive insurance will reimburse you for repairs to your car. Collision insurance, on the other hand, will cover damages if there’s a collision with another vehicle.
Upon Further Analysis
Now that you’ve read through our 11 steps on how to find the best electric car insurance, we hope you feel more confident in your decision. Comment below and tell us what other pieces of advice or information would have helped convince you to make a purchase! We want to know if there are any questions about this article that were not answered for you, so please leave them here as well.