Owning an electric vehicle (EV) comes with numerous benefits, including lower fuel costs and a reduced environmental footprint. However, EV insurance can sometimes be more expensive than traditional car insurance due to the higher cost of repairs and specialized parts. Fortunately, there are several strategies you can use to lower your EV insurance rates.
Here are some practical tips to help you save, along with information on how a policy review and exclusive memberships such as that with the EV Society might make a difference in your bottom line.
Bundle Your Policies
One of the easiest ways to lower your EV insurance rates is to bundle your policies. If you have homeowners, renters, or other types of insurance, see if you can combine them with your auto insurance under the same provider. Many insurance companies offer discounts for bundling multiple policies, which can lead to significant savings.
Increase Your Deductible
Raising your deductible is another effective way to reduce your insurance premiums. By agreeing to pay a higher amount out-of-pocket in the event of a claim, you can lower your monthly or annual insurance costs. Just make sure you choose a deductible that you can comfortably afford in case you need to file a claim.
Maintain a Good Driving Record
A clean driving record can go a long way in securing lower insurance rates. Safe driving habits demonstrate to insurers that you are a lower-risk driver, which can result in discounted premiums. Avoid traffic violations, accidents, and other infractions to keep your driving record spotless and your insurance rates low.
Take Advantage of Discounts
Many insurance companies offer various discounts that you may be eligible for. These can include discounts for low mileage, safety features, and even for being a member of certain organizations. Make sure to ask your insurer about all available discounts and see if you qualify for any.
Install Safety and Anti-Theft Devices
Equipping your EV with safety and anti-theft devices can also help lower your insurance rates. Features such as anti-lock brakes, airbags, and advanced driver assistance systems (ADAS) can make your vehicle safer and less likely to be stolen, reducing the risk for insurers and potentially lowering your premiums.
Shop Around for the Best Rates
Insurance rates can vary significantly between providers, so it’s important to shop around and compare pricing. Don’t settle for the first quote you receive. Instead, get quotes from multiple insurance companies and compare their coverage options and prices to find the best deal for your EV.
Not interested in doing the research? We’ve got you covered. Lean on your broker to complete this cost analysis for you and present you with the most comprehensive options for your situation.
Participate in a Policy Review
Regularly reviewing your insurance policy can help ensure you’re getting the best rates and coverage. Changes in your driving habits, new discounts, or updates to your personal circumstances can all affect your insurance premiums. A policy review with a knowledgeable broker can help identify areas where you can save.
Curious about lowering your EV insurance rates? Schedule a policy review with one of our brokers today to find the best coverage options (and savings) for your electric vehicle.
Join the Electric Vehicle Society (EVS)
Becoming a member of the Electric Vehicle Society (EVS) can also lead to lower insurance rates. Some insurers offer discounts to EVS members, recognizing their commitment to sustainable driving and green initiatives. This membership can also provide you with valuable resources, support, and community connections related to EV ownership.
Not a member of the Electric Vehicle Society yet? Speak with our team to learn whether you qualify, and connect with a community of like-minded electric vehicle enthusiasts, today.
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By bundling policies, increasing your deductible, maintaining a good driving record, taking advantage of discounts, installing safety features, shopping around, and participating in a policy review, you can save on your insurance premiums. Additionally, joining the Electric Vehicle Society can provide further discounts and benefits.
Get a no-obligation quote from our team, or give us a call to be paired with a broker and learn more about the available options for your EV.
