Go green and save with the best value auto insurance for your electric car.
Best Value for Auto Insurance for Electric CarsFull Coverage Averages
• Annual Premium: $1,643
• Monthly Premium: $137
Pros + Cons
✓ One of the cheapest auto insurances for electric vehicles on average
✓ Multiple discounts, including safety features, good payer, multi-policy, and student discounts
X Only available in 26 states, primarily in the Midwest, South, and Southeast
Full Coverage Averages
• Annual Premium: $1,630
• Monthly Premium: $136
Pros + Cons
✓ Benefits available for new-car owners
✓ Discounts for hybrid/electric car drivers
X Below-average claims satisfaction
Full Coverage Averages
• Annual Premium: $1,697
• Monthly Premium: $141
Pros + Cons
✓ Multiple discounts available for safe drivers
✓ Anti-theft discounts, which most electric vehicles have
X No accident forgiveness
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Looking for insurance for your EV? As an electric vehicle owner, you know the benefits of driving an electric or hybrid vehicle include lower emissions and maintenance costs. Most insurance companies will insure electric and gas vehicles; however, the insurance cost for electric cars is higher, typically. Choose your auto insurance provider carefully to get the best coverage for your electric car.
While insurance for an electric vehicle may be higher, see how much you’ll save on fuel compared to a gas car. We’ve also reviewed the best auto insurance for Teslas and assembled a guide to insuring an electric vehicle.
Editor’s note (last updated June 18, 2024): We have updated this page to reflect the most recent pricing information, third-party data, and coverage options.
Best Auto Insurance for Electric Cars
| Provider | What it’s best for | J.D. Power claims satisfaction rating (out of 1,000) 1 | Discounts available | Average annual cost of insurance for full coverage | Policy covers charging equipment? |
|---|---|---|---|---|---|
| Auto-Owners | Value | 888 | Multi-policy, good payer, paperless billing, safety features, student discounts | $1,643 | No, but may be covered under homeowners insurance |
| Travelers | New-car owners | 871 | Driver training, good student, hybrid/electric auto, multi-policy, student away | $1,630 | No, but may be covered under homeowners insurance |
| COUNTRY Financial | Teachers and emergency responders | 894 | Multi-policy, legacy, engaged couple, good student, good driver, advanced quote | $1,728 | No, but may be covered under homeowners insurance |
| State Farm | Safe drivers | 891 | Accident-free, defensive driver course, multi-car, student away from home | $1,697 | May be included in collision/comprehensive coverage |
| Farm Bureau Financial Services | Farm Bureau members | Not ranked | Member’s Choice (home and auto bundle), safe driving, claim-free, good student, low-mileage, multi-car, loyalty | $1,788 | No, but may be covered under homeowners insurance |
SPOT THE DIFFERENCE:
Electric cars have rechargeable batteries and no gas engines. Plug-in hybrid electric vehicles (PHEVs), in contrast, have engines and electric motors. PHEVs recharge their batteries through their rechargeable batteries and regenerative braking.
Auto-Owners Insurance offers life, home, and business insurance in addition to its original offering: auto insurance. Over 48,000 licensed agents across 26 states represent this Fortune 500 company. The average annual cost of auto insurance for an electric car from Auto-Owners Insurance is $1,643, making it one of the cheapest auto insurance companies for electric vehicles on average. Auto-Owners Insurance also offers safety feature discounts that benefit new car owners, including electric vehicle owners.
Who It's Best For On-time payers (over the last 36 months) New-car owners Frequent rental car users Good students and their parents Who It's Not Best For Drivers in the Northeast and Western regions of the United States Frequent users of online and mobile toolsStandard auto insurance coverage for gas and electric vehicles from Auto-Owners Insurance includes:
Electric vehicles tend to have a wide range of modern safety features, such as collision warning systems and blind-spot monitors, so you’ll save if your insurance offers discounts for these high-tech safety features. Auto-Owners offers discounts if your electric vehicle has antilock brakes, airbags, and anti-theft devices.
Auto-Owners offers multiple student discounts. Students are eligible for a good student discount of up to 20 percent if they maintain at least a B average. On top of that, students attending school more than 100 miles from home without vehicles and teenage drivers with GPS devices or other eligible safe driving tech for teens may receive additional discounts.
Many insurance companies, including Auto-Owners, help cover the cost of a rental car if you can’t use your vehicle due to an accident. Auto-Owners also extends your coverage to any rented vehicle as long as you travel within your coverage area. If your primary car is an electric vehicle, rental car coverage can help you bypass one of the pitfalls of long-distance driving.
Depending on where you live and where you’re going, there may or may not be charging stations along your route. More rural areas, for example, likely won’t have the infrastructure to support driving your electric vehicle over long distances. If you need to rent a car for road trips, weekend trips, and other unexpected events, rental car coverage from Auto-Owners might give you peace of mind.
2. Best Auto Insurance for New Electric Car Owners - TravelersTravelers issued the first automobile insurance policy in the U.S. in 1897. Fast forward to the 21st century, and Travelers is one of the largest providers of property and casualty insurance products in the U.S. Travelers has an online portal and app through which you can find an agent, pay your premium, and file a claim. It offers new-car replacement coverage if your car is totaled in the first five years of ownership and a specific discount for hybrid/electric cars, making its auto insurance affordable for electric vehicle owners.
Who It's Best For Hybrid car owners New-car owners Good payers Homeowners (even if not insured with Travelers) Who It's Not Best ForRideshare drivers as Travelers rideshare coverage is not available in all states, including California
Drivers looking for the cheapest optionTravelers offers multiple discounts you can apply to your new electric vehicle. When you purchase a new car or own a car that is less than three years old, you’ll qualify for a discount as well as new-car replacement coverage. New car replacement coverage from Travelers will replace a vehicle with a brand-new car of the same make and model if you total your car in the first five years of ownership (some insurers offer this type of replacement coverage for the first two or three years).
Travelers provides a specific discount for hybrid/electric car drivers. If you own or lease a hybrid car, you may be eligible for its hybrid car insurance discount.
Like many auto insurance companies, Travelers offers bundling discounts. You can save up to 13 percent on your Travelers car insurance when you purchase home/condo insurance or another policy from Travelers. Travelers also offers a car insurance discount if you own a home or condo, even if you insure it elsewhere. (This discount is not available in California.)
Travelers has been around for 165 years and remains financially solvent. AM Best, the largest credit rating agency in the world specializing in the insurance industry, studies financial stability and sustainability. It gave Travelers an A++ (Superior) financial strength rating, which means Travelers demonstrates a superior ability to meet its ongoing insurance policy and contract obligations. 2 To put it simply, Travelers remains solvent and meets its financial obligations to its clients.
WHAT IS DRIVING THE DEMAND FOR ELECTRIC VEHICLES?
Plug-in vehicle sales reached 79,325 in July 2022, a 38 percent increase from July 2021. 3 The increase in demand is due to several factors, including climate legislation. The California Air Resources Board (CARB) voted to phase out the sale of new gasoline-powered vehicles in order to cut emissions, resulting in a total ban by 2035. 4 The federal government also provides tax credits to people looking to buy new or used electric vehicles. 5
3. Best Electric Car Insurance for Teachers and Emergency Responders - COUNTRY FinancialFormed by farmers in 1925, COUNTRY Financial began offering auto insurance in 1927. With over 2,000 representatives across 19 states, COUNTRY Financial offers auto, home, farm, business, and life insurance. Along with reasonable auto insurance rates, COUNTRY Financial provides enhanced new-car protection and emergency roadside reimbursement for electric vehicle drivers.
Who It's Best For Engaged couples Full-time K-12 teachers, firefighters, police officers, EMTs, and paramedics Good students and college graduates People who own multiple cars New car owners Who It's Not Best ForDrivers who don’t live in Alabama, Alaska, Arizona, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nevada, North Dakota, Oklahoma, Oregon, Tennessee, Washington, and Wisconsin
People with bad or no credit Tech-oriented drivers who prefer advanced, user-friendly digital and online toolsCOUNTRY Financial’s standard auto insurance coverage includes bodily injury and property damage liability, uninsured/underinsured motorist, medical payments/personal injury protection, comprehensive, and collision coverage.
COUNTRY Financial offers optional coverage that protects your new car in the event of an accident. It pays for a brand-new car of the same make and model if your car is three to four model years old. This type of coverage is especially relevant to electric vehicle owners because the average electric vehicle in the U.S. is three and a half years old. 6
There are plenty of reasons for electric vehicle owners to choose COUNTRY Financial’s auto insurance, including some unique discounts that complement its coverage for electric cars. COUNTRY Financial offers a discount for engaged couples getting married in the next year, as well as an occupation discount for full-time K-12 teachers, firefighters, police officers, EMTs, and paramedics.
has risen to 270 miles on a single charge, with some vehicles getting over 500 miles per charge. 7 While there are many benefits to owning an electric vehicle, you may decide to keep a second car for longer drives so you don’t have to make frequent stops to charge your car, or worry about finding a charging station along a less-traveled route. Alternatively, if you own a PHEV or gas-powered vehicle and want to make an eco-conscious choice for a second car, you might purchase a fully electric vehicle.
COUNTRY Financial provides a multi-car discount when you insure two or more cars (including the cars of drivers under 25 who live away from home). This way, you can save even if your electric car is not your primary vehicle.