Dave Haman

Jun 29 2016

How to Insure your Electric Car

How to insure your electric car.

While a majority of Americans still line up at the gas pump, more people are purchasing electric vehicles. If you are considering purchasing an electric vehicle, consider these two important factors.

  1. Many auto insurance companies offer discounts for drivers of electric vehicles.

    Discounts may be based on safe-driving data associated with owners of such vehicles or the fewer miles typically driven in such cars, or maybe it’s just the insurance companies’ way of encouraging cleaner driving. Regardless, finding a discount on auto insurance is always a plus.

  2. The overall cost of insuring an electric vehicle may be higher than its non-electric counterpart.

    Absent a discount, insurance companies traditionally charge higher premiums to insure vehicles that are more expensive to repair or replace if damaged. Since electric vehicles are still not widely circulated, the supply of parts and labor is not abundant. Additional costs associated with their battery packs and other electric components remain high.

If you’ve decided your next car will be electric, contact the Hills Insurance Agency for more information on what to do expect when getting insurance.

Reprinted by permission, The Mines Press, Inc. Volume 44, Issue 2.
Insurance products are not a deposit, not FDIC insured, not insured by any government agency, carry no bank guarantee, and may go down in value.
Dave Haman

About Dave Haman

Dave Haman is a Vice President, Insurance Agency Manager at Hills Bank’s Iowa City Gilbert Street location. He has been at Hills Bank since 1994 helping customers with their insurance needs. Dave can be reached at dave_haman@hillsbank.com.

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