Study: Electric cars cheaper to insure than gasoline equivalents
Electric cars tend to be cheaper to insure, says a new study by online comparison-shopping program CoverHound Insurance.
On average, drivers save $200 a year on insurance when they switch from gas to electric, CoverHound’s CEO Keith Moore says.
After selling about 20,000 policies, Moore says, “we found the electric cars were much cheaper to insure than what people were driving before they switched.”
A driver ditching a Cadillac CTS for a Chevy Volt could save $600 a year, CoverHound’s data show.
Shifting from a Nissan Maxima to a Nissan Leaf could save $300 a year.
Those savings do not include the cost of acquiring an electric vehicle -- which can often cost more than its internal combustion equivalent.
But the savings are additional, Moore said, to fuel cost savings. Gassing up a Corolla for a year would run, on average, $1830. Powering a Nissan Leaf might be as little as $328.
Overall, Nissan’s Leaf won the award for least expensive electric car to own and operate. Most expensive? Tesla’s Model S.
Follow me on Twitter: @misterfleming
Your guide to our new economic reality.
Get our free business newsletter for insights and tips for getting by.
You may occasionally receive promotional content from the Los Angeles Times.