The Cheapest And Costliest Electric Cars To Insure

Both consumer interest in, and sales of electric vehicles have been on the upswing in recent months, perceived as a way to beat this summer’s sky-high gasoline prices, with reduced maintenance costs and zero tailpipe emissions sweetening the deal.

However, in addition to being costlier to purchase, EVs tend to be more expensive to insure than their conventionally powered counterparts. The average car’s annual insurance premiums for full coverage in 2022 is estimated at $1,150, while it’s a considerably higher $2,322 for electric vehicles, according to the website Insurance.com.

Generally speaking, some vehicles are inherently more expensive to cover than others. Among other factors, safe and sane models that are relatively inexpensive to repair, and are deemed to be a total loss at a lower cost threshold should they get into a wreck tend to be cheaper to cover than costly luxury models and sports cars. In addition to their higher sticker prices, EVs generally cost more to restore than conventionally powered rides, due largely to their costlier components. A given model’s battery pack can cost as much as $15,000 to replace, with work that requires a specialized technician to perform.

By that yardstick it should come as no surprise that most expensive EVs to cover are also the priciest to purchase. Not only is the $102,200 Audi RS e-tron GT the electrified ride that suffers the highest national average insurance rates at an annual $4,150, it’s also among the costliest-to-cover vehicles of any kind. At the other end of the price spectrum is the MINI Cooper SE that starts at just under $30,000 and carries an average annual premium of $1,479. We’re running down what are currently the 10 cheapest and costliest EVs to insure below, with data supplied by Insurance.com.

Note that the rates quoted here are national averages based upon a hypothetical low-risk 40-year-old male driver. Insurance premiums can vary—and quite significantly so— from one motorist to another based on personal factors like his or her gender, age, credit rating, and driving record. Rates are also dependent on one’s Zip Code, with those living in densely populated urban areas paying more than those who live in sleepier rural areas. They also fluctuate from one state to another based on regulations and court decisions governing insurance companies.

For example, Insurance.com says that MINI Cooper SE will cost an average $3,079 to insure in Michigan, but only $905 a year for those residing in Maine.

No matter where one calls home, there are ways to help minimize the cost of insuring an electric vehicle. Start by comparing costs among multiple carriers. This is especially important for young and single city dwellers, and especially those having a history of multiple accidents or moving violations. Each insurance company uses its own actuarial formulas to determine a given motorist’s rates, with some charging more or less for what it deems to be higher-risk policyholders.

As an example, Insurance.com found that State Farm is the cheapest carrier from which to obtain electric vehicle insurance, with a hypothetical driver’s average annual premium at $1,624 a year, while AmTrust Financial was found to be the most expensive at $3,650.

In addition, cost-conscious drivers can cut their insurance rates by reducing liability coverage to their state’s minimum requirements, and raising the deductibles for comprehensive and collision coverage. Likewise, canceling or declining medical payments, rental reimbursement, and towing coverage can whittle down one’s annual car insurance rates.

Also, be sure to take advantage of a carrier’s various discounts, such as those granted for cars equipped with specific safety and anti-theft features, and for teens and senior citizens who’ve taken approved safe-driving courses. Some companies grant modest discounts to owners of alternative-fuel cars, which include EVs. Providers typically give policyholders a break for bundling car and homeowner’s or renter’s coverage, for driving less than a set number of miles per year, taking a driver safety course, and for using a device that monitors driving habits and the number of miles traveled per year.

That said, here are the electric vehicles for the 2022 model year Insurance.com’s research indicates will garner the lowest and highest average annual auto insurance rates, with applicable trim levels noted for each.

Cheapest EVs To Insure:

1. Mini Cooper SE: $1,479 annual premium
2. Hyundai Kona SEL: $1,498
3. Hyundai Kona Limited: $1,534
4. Kia Niro EV EX: $1,577
5. Kia Niro EV EX Premium: $1,687
6. Nissan Leaf S: $1,756
7. Chevrolet Bolt EV LT: $1,777
8. Ford F-150 Lightning Pro: $1,792
9. Ford F-150 Lightning Platinum: $1,792
10. Ford F-150 Lightning Lariat: $1,792

Most-Expensive EVs To Insure:

1. Audi RS e-tron GT: $4,150 annual premium
2. Tesla Model S Plaid: $4,115
3. Porsche Taycan Turbo S: $4,028
4. Tesla Model S Long Range: $3,503
5. Tesla Model X Plaid: $3,386
6. Porsche Taycan Turbo: $3,336
7. Porsche Taycan 4S: $3,319
8. Porsche Taycan: $3,319
9. Tesla Model X Long Range: $3,182
10. Porsche Taycan GTS Sport Turismo: $2,920

Source: Insurance.com/Quadrant Information Services.