Is insurance higher on an electric car?
Why do electric cars tend to cost more to insure? Historically, insurance rates for EVs have been higher than ICE vehicles because they can be more expensive to repair and replace. Replacement battery packs, for example, can be pricey. A recent AAA survey revealed that the top motivators against buying EVs included high purchase prices, range anxiety, and a lack of public charging stations—among others. Many automakers, including Toyota, see plug-in hybrid-electric vehicles as the best interim solution.Second hand electric cars are a good buy if you’re looking to get an EV but don’t want to pay the full list price, especially if you can get one where the battery is still under warranty. That’s because most electric cars come with 7 to 8 years of battery warranty or have leased batteries.