Best EV Car Insurance Companies in 2023

Electric vehicles (EVs) are becoming increasingly popular, and as their numbers grow, the demand for specialized EV car insurance has also risen. In 2023, several insurance companies stand out for their comprehensive coverage, competitive rates, and customer satisfaction. Here are the best EV car insurance companies to consider:

  • Nationwide: Nationwide is widely recognized as the best overall EV car insurance company in 2023. They offer competitive rates, a wide range of coverage options, and various discounts tailored for EV owners. Nationwide’s commitment to customer satisfaction and their extensive experience in the insurance industry make them a top choice.
  • State Farm: State Farm is another excellent option for EV car insurance. Known for their reliable customer service and competitive rates, State Farm offers comprehensive coverage and a variety of discounts for EV owners. With a strong reputation and a track record of customer satisfaction, State Farm is a trusted choice in the insurance market.
  • Geico: Geico is a popular choice for car insurance, and they also provide competitive rates for EV insurance. Their straightforward online quote process and flexible coverage options make it convenient for EV owners to obtain the coverage they need. Geico’s reputation for customer service and the ability to easily modify or add coverage contribute to their appeal.
  • Progressive: Progressive is another well-established option for car insurance and offers a variety of discounts specifically designed for EV owners. These discounts include rewards for good driving records, the use of anti-theft devices, and low mileage. Progressive’s dedication to providing innovative solutions and their commitment to competitive pricing make them a notable choice for EV car insurance.
  • USAA: While exclusive to members of the military and their families, USAA consistently provides some of the best rates for car insurance. EV owners who are eligible for USAA membership can benefit from their extensive coverage options, competitive rates, and various discounts. USAA’s reputation for outstanding customer service further strengthens their position as a top choice.
How Much Does EV Car Insurance Cost?

The cost of EV car insurance can vary depending on factors such as age, driving record, location, and the type of EV you own. Generally, EV car insurance tends to be more expensive compared to insurance for gasoline-powered cars. This is primarily due to the higher repair costs associated with EVs and their increased susceptibility to theft.

How to Save Money on EV Car Insurance

Despite the higher costs, there are several ways to save money on EV car insurance:

  • Get multiple quotes: Obtain quotes from multiple insurance companies to compare rates and find the most affordable option.
  • Bundle your insurance: If you have other insurance policies, such as home or renters insurance, bundling them together with your EV car insurance can often result in discounted rates.
  • Drive safely: Maintaining a good driving record can help you qualify for discounts on your insurance premiums.
  • Install an anti-theft device: Equipping your EV with an anti-theft device not only provides added security but can also lead to reduced insurance premiums.
  • Drive less: If you have a low annual mileage, inquire about discounts for reduced driving habits.
  • Choose the right coverage: Select coverage options that align with your specific needs. Avoid unnecessary coverage as each additional coverage type will increase your insurance costs.

While EV car insurance generally comes with a higher price tag compared to traditional car insurance, there are ways to mitigate the costs. By obtaining multiple quotes, bundling insurance policies, maintaining a good driving record, installing anti-theft devices, driving fewer miles, and selecting the appropriate coverage, you can effectively reduce your EV car insurance expenses.

To secure the best EV car insurance rate, consider shopping around, taking advantage of discounts offered for good driving records and anti-theft devices, increasing your deductible, and exploring the possibility of a usage-based policy that adjusts premiums based on your driving habits. With careful consideration and comparison, you can find an EV car insurance policy that provides adequate coverage at an affordable price.