The words “low-priced” and “insurance” probably shouldn’t be used together, especially when trying to find the cheapest car insurance for electric cars. Because of the high cost, let’s introduce you to some of the factors that have a considerable impact on insurance premiums, and see if we can help you reduce the price of your next policy.
One of the many criteria that determine car insurance rates is where you normally keep your vehicle. Areas with increased crime or more people tend to have more expensive auto insurance rates, whereas areas with lower vehicle theft rates and fewer weather claims get the luxury of paying less.
The next table sorts the most expensive areas in Texas for electric cars in which to purchase auto insurance. Austin makes the list at #16 costing $1,659 for the average insured, which is approximately $138 monthly.
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Prices are comparative as the specific zip code location can revise auto insurance rates greatly.
The vehicle model you are seeking coverage for is a large factor that determines the availability of economical auto insurance for electric cars. Vehicles with more horsepower, poor safety features, or a high likelihood of having liability claims will cost much more to insure than more economical and safe models.
The next list estimates car insurance costs for some of the most affordable automobiles to insure in Texas.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 2WD||$1,001|
|Honda Accord EX 4-Dr Sedan||$1,070|
|Ford Escape XLS 4WD||$1,102|
|Ford Edge SEL AWD||$1,137|
|Chevrolet Malibu Hybrid||$1,157|
|Toyota RAV4 Sport 2WD||$1,166|
|Ford Explorer XLT 4WD||$1,195|
|Ford Focus SEL 4-Dr Sedan||$1,200|
|Ford F-150 XLT Regular Cab 2WD||$1,213|
|Honda Odyssey EX-L||$1,220|
|Toyota Tacoma 2WD||$1,242|
|Volkswagen Jetta S 4-Dr Sedan||$1,267|
|Jeep Wrangler Unlimited Sport 2WD 4-Dr||$1,275|
|Chevrolet Impala LS||$1,283|
|Dodge Grand Caravan SXT||$1,291|
|Hyundai Elantra Blue 4-Dr Sedan||$1,336|
|Dodge Ram 2500 Crew Cab SLT 4WD||$1,347|
|Dodge Ram Quad Cab Sport 2WD||$1,355|
|Hyundai Sonata GLS 4-Dr Sedan||$1,358|
|Ford Fusion SEL 4-Dr Sedan||$1,360|
|GMC Sierra SLE Crew Cab 2WD||$1,369|
|GMC Sierra 2500HD SLE Extended Cab 2WD||$1,387|
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Table data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, claim-free, and multi-vehicle. Premium costs do not factor in vehicle location which can change coverage rates substantially.
Looking at the rates, models like the Honda CR-V, Honda Accord, Ford Escape, Ford Edge, and Chevrolet Malibu are most likely to be the cheapest vehicles to insure for eco-friendly vehicles.
Buying low-priced insurance is challenging, and determining which companies have the cheapest car insurance rates for electric cars takes even more work. Every insurance provider uses a different method to determine premium rates, so we need to take a look at the car insurance companies with the most affordable rates in Austin, TX.
Lowest Insurance Price Quotes for EV’s
|Rank||Company||Cost Per Year|
|3||Texas Farm Bureau||$1,211|
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Travelers quotes some of the lowest car insurance rates in Austin at around $1,021 each year. USAA, Texas Farm Bureau, Germania Mutual, and Esurance would also be considered some of the lowest-priced Austin, TX car insurance companies.
As shown above, if you currently have coverage with USAA and switched to Travelers, you might achieve an annual premium reduction of about $74. Insureds with Texas Farm Bureau might save as much as $190 a year, and Germania Mutual policyholders might reduce prices by as much as $223 a year.
It’s important to note that these premiums are averages across all ages of drivers and types of vehicles and are not factoring in an exact location for electric cars. So the auto insurance company that fits your situation best may not even be in the list above. That affirms the importance of why you need to compare as many prices as possible using your own driver information and specific vehicle type.
Impact of speeding/accidents on car insurance rates
The recommended way to snag cheap car insurance rates for eco-friendly vehicles is to drive carefully and avoid accidents and violations. The example below demonstrates how speeding tickets and at-fault collisions can drive up annual premium costs for different categories of driver ages. The data assumes a single male driver, full coverage, $100 deductibles, and no discounts are applied.
In the chart above, the average cost of auto insurance per year with a clean driving record and no accidents is $2,922. Add in two speeding tickets and the average cost swells to $3,883, an increase of $961 each year. Now include two accidents along with the two speeding tickets and the yearly cost of car insurance for electric cars goes up to an average of $7,323. That’s an increase of $4,400, or $367 per month, just for not driving carefully!
Cost difference between full coverage and liability
Buying cheaper car insurance should be important to most vehicle owners, and one of the fastest ways to buy cheaper insurance for electric cars is to not insure for full coverage. The illustration below shows the difference between premium costs with full physical damage coverage and with liability coverage only. The data assumes no claims, a clean driving record, $100 deductibles, drivers are not married, and no other discounts are factored in.
As an average, comprehensive and collision coverage on your policy costs an additional $2,429 per year more than buying just liability insurance. That raises the question if you should buy full coverage at all. There isn’t a written rule for excluding full coverage, but there is a general guideline. If the yearly cost of comp and collision coverage is 10% or more of the vehicle’s replacement cost less your deductible, then you may want to consider only buying liability coverage.
Picking the best auto insurance provider is hard considering how many companies provide coverage in Texas. The company information shown next could help you analyze which providers you want to consider when shopping your coverage around. The ratings below are only made up of large nationwide companies, so companies without a large exposure are not taken into consideration for this list.
Top 10 Large Car Insurance Companies Overall in Austin
- Mercury Insurance
- AAA Insurance
- State Farm
- The Hartford
- Safeco Insurance
Top 10 Large Car Insurance Companies in Austin Ranked by Customer Satisfaction
- USAA – 91%
- AAA Insurance – 90%
- Esurance – 90%
- Mercury Insurance – 89%
- Nationwide – 89%
- Travelers – 88%
- Progressive – 88%
- Safeco Insurance – 88%
- State Farm – 88%
- Allstate – 88%
How to find budget-friendly car insurance for electric cars
It’s not impossible to find cheaper rates, and here are some of the recommended money-saving suggestions that can help drivers locate cheaper coverage.
- Do not file small claims
- If your vehicles are older, consider dropping full coverage
- Accident-free drivers may qualify for discounts
- Bundle home and auto and earn a discount
- Buy vehicles with good safety ratings
- Do not get traffic tickets
- Compare prices as often as possible
The last tip in the list is remarkably important, as was pointed out in the prior article. Coverage rates vary greatly, so you should be ready to buy a policy from a new company if you can find a cheaper rate. Having a favorite company is great, but we do not recommend it if that faithfulness ends up costing you a considerable chunk of change every month. In less than five minutes you could shop around to find cheaper car insurance for electric cars in Austin.