Electric vehicle sales have been propelled by the entry of lower-cost models from more automotive manufacturers. Consumers are purchasing a larger proportion of all-electric-vehicles than hybrid electric vehicles. The advantages of ownership include government rebates on the initial purchase, no need to budget for gasoline and reduced maintenance costs due to fewer parts, but one key item consumers need to factor in is the cost to insure the electric vehicle. Mercury Insurance has put together a list of the 10 cheapest electric vehicles to insure.
Mercury’s research and development team examined 2019 electric vehicles available at car dealerships today or in the near future to compile a list of the most affordable vehicles to insure. The list was created based on Mercury’s price for full coverage – liability, comprehensive and collision – in California.
“The thought of owning an electric vehicle continues to attract more consumers and they have even more options to pick from today than in the past,” said Chong Gao, senior product manager, R&D for Mercury Insurance. “We put together this list to help inform your decision, because many people don’t consider what it will cost to insure a vehicle before they buy it. Some great news is that all of the vehicles today on our list qualify for the max Federal Tax Credit rebate.”
Here is the complete top-10 list for 2019 all-electric vehicles, beginning with the most affordable make and model to insure*.
· Fiat 500e
· Kia Soul EV
· Nissan Leaf
· Volkswagen e-Golf
· smart EQ fortwo pure coupe
· Hyundai Kona Electric SEL
· Ford Focus Electric
· Hyundai IONIQ Electric
· BMW i3
· Chevrolet Bolt EV
* Mercury Insurance developed the list using a 30-year-old with a clean driving record, who lives in Newport Beach, California, and travels 13,000 miles per year. The full coverage with a $500 deductible includes liability limits of $100,000 in injuries per person, $300,000 per accident, and $50,000 in property damage.