Owners of electric vehicles continue to pay an average of 15 to 25 percent more for auto insurance than drivers of comparable gas-powered models. Insurers cite higher repair costs, expensive battery replacements, and a shortage of certified EV repair technicians as primary factors.
Some EV manufacturers have launched their own insurance programs with rates tailored to the specific risk profiles of their vehicles. Tesla's insurance arm, for example, uses real-time driving data to price policies.
As the EV repair ecosystem matures and parts availability improves, industry observers expect the premium gap to narrow over the next several years.
