Over the last several years, electric vehicles have become increasingly common on the roads in and around Wayne, PA. If you’ve been considering purchasing one, you may be wondering whether you need different auto insurance to protect it. The Sirover Agency LLC can help you find the right auto insurance policy for your electric vehicle.

Do Electric Vehicles Require Special Insurance?

The process for insuring an electric vehicle is similar to insuring a gas-powered vehicle. You’ll find the same types of coverage available, including liability, comprehensive, collision, medical payments, personal injury protection, and uninsured/underinsured motorist coverage. Most auto insurance carriers that cover gas-powered vehicles also offer coverage for electric vehicles (EVs) and hybrids.

Why Are Premiums Higher for Electric Vehicles?

The overall higher cost of electric vehicles and hybrids impacts the cost of insurance premiums. On average, electric cars cost about 11% more than their gas-powered counterparts. Several factors contribute to this difference. Electric vehicles (EVs) have specialized components, particularly the batteries that power them, which can be expensive to replace. Additionally, parts for some models are produced in limited quantities, driving up costs. Repair shops with expertise in electric vehicles (EVs) are less common, which can lead to higher labor costs. Insurers typically pass these costs on to policyholders, resulting in increased premiums for collision and comprehensive coverage.

Additional Coverage Options to Consider

Given the higher costs associated with electric vehicles, drivers may want to consider additional measures to protect their investment. Add-ons such as new car replacement and gap insurance can be invaluable if your electric vehicle (EV) is totaled. Another increasingly popular option is coverage for battery degradation and replacement costs, which can help mitigate the financial impact of maintaining your vehicle.

The Sirover Agency LLC, serving drivers in Wayne, PA, can help you explore essential options for your EV auto insurance policy. Contact our office today to get started.