Electric vehicles are becoming more popular, but could the money you save on gas wind up going to higher insurance premiums? In this video, VERIFY reporter Meghan Bragg goes to car insurance experts to find out if it costs more to insure an electric vehicle than a similar gas-powered model.
OUR SOURCES
USAA Insurance
North Carolina Department of Insurance
THE QUESTION
Is it more expensive to insure an electric vehicle — such as a Tesla — than a gas-powered car?
THE ANSWER
Yes, it is more expensive to insure an electric vehicle if you add comprehensive and collision coverage to your policy. According to USAA, if you have two cars that are identical in every way except one is electric and the other is gas-powered, it would likely cost more to carry comprehensive or collision insurance on the electric vehicle.
USAA says it all comes down to the cost of claims for electric or hybrid vehicles. EVs have parts that are most expensive to repair and replace.
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