We analyzed six of the most popular electric cars and found that the cheapest EV to insure is the Hyundai Kona, which costs an average $2,152 per year for a full-coverage policy.

For car models that are available with either an electric or gas engine, the cost of car insurance for an electric car is 25% more than the equivalent gas model.

Electric car insurance cost

We collected thousands of quotes for six of the best-selling electric cars and found the average annual cost of insurance ranged from $2,152 to $4,725. The cheapest electric car to insure was the Hyundai Kona crossover SUV, and the most expensive was the Porsche Taycan, an electric sports car.

Cheapest insurance company for electric vehicles

The cost to insure an electric car varies by insurance company. State Farm is the cheapest insurance company for electric cars. The average cost of a State Farm insurance policy for the six most popular EV cars is $1,434 per year.

A great way to find cheap car insurance for your electric vehicle is to collect quotes from multiple companies.

Electric vs. gas car insurance

We compared three types of electric cars to their gas counterparts to see how the cost of insuring an electric car compares to a gas car. The three cars we analyzed have gas and electric versions, and are priced between $13,000 and $25,000 MSRP.

The electric Chevy Spark had the closest rates to its gas counterpart. On average, if the insurance premium for a gas Chevy Spark is $1,000 per year, the premium for the electric version would be $1,190.

Why do electric cars cost more to insure?

Insurance premiums are typically higher for electric cars because EVs tend to cost more to buy. Therefore, an electric vehicle would cost more to repair or replace after a car accident. One of the main reasons for the increased price is that electric vehicles contain expensive, high-capacity batteries.

How to save money with an electric car

While they typically cost more to insure, there are financial benefits to owning an electric car. For example, the cost to charge an electric car costs much less than filling up a car with gas.

Along with cheaper fuel costs, your electric vehicle might qualify you for a tax credit of up to $7,500, depending on your income, the cost of your EV and whether the car was made in the U.S.

Methodology

Our analysis used insurance rate data from Quadrant Information Services. The insurance rates were publicly sourced from insurer filings and should only be used for comparative purposes. Your actual rates may be different based on your location, age, driving record and other factors.

The insurance rates for the six EV models were sourced from thousands of quotes across Texas. To determine how the cost of insurance differs between electric cars and gas cars, we collected insurance quotes in New York state for three cars available in both electric and gas models.