If you hate paying high gas prices, then car + electricity = awesomeness. But even though you are not paying for gas with the new crop of electric vehicles, it’s important to look at other hidden expenses, like insurance.
How do you insure something that’s a new technology, with very little history of safety or reliability?
We tried getting on some popular insurance sites to see whether we could insure a Nissan Leaf or Chevy Volt yet, but the cars are too new to be listed.
While it’s hard to say just what will happen when these battery powered beasts hit the road, here’s what experts are predicting:
Warranties: Good For Saving
As it turns out, many of the electric cars that will be hitting the road will have better warranties than traditional gasoline-powered cars. This is being done by manufacturers because they want their owners to have some peace of mind as they take a chance on this new technology. This is especially true with concern over how long the batteries will be able to last over the life of the vehicle. The cost savings here could be considerable.
Conservation: Good For Saving
The theory goes that those who opt for an electric vehicle will be interested in conserving the environment. Insurance companies realize this, and will likely be insuring electric cars for less than, shall we say, more “aggressive” drivers.
Limited Range: Good For Savings
All of the new electric cars will be limited to a particular range before they run out of electricity. Experts suggest that will translate to drivers spending less overall time on the road, with outings more carefully planned. It is expected that the Nissan Leaf will have a range of 100 miles, while the Chevy Volt will only be able to go 50 miles before the gas generator kicks in.
The prospects for saving money on car insurance with an electric vehicle seems likely. Barring any sort of mechanical failures that may happen when a new product hits the market, going electric seems like a good bet to help reduce those premiums. Of course, saving the environment feels even better when you are also saving a wad of cash.