VERIFY: Is car insurance more expensive for electric vehicles?

Electric vehicles are becoming more popular, but could the money you save on gas wind up going to higher insurance premiums? In this video, VERIFY reporter Meghan Bragg goes to car insurance experts to find out if it costs more to insure an electric vehicle than a similar gas-powered model.

OUR SOURCES
USAA Insurance
North Carolina Department of Insurance

THE QUESTION

Is it more expensive to insure an electric vehicle -- such as a Tesla -- than a gas-powered car?

THE ANSWER

Yes, it is more expensive to insure an electric vehicle if you add comprehensive and collision coverage to your policy. According to USAA, if you have two cars that are identical in every way except one is electric and the other is gas-powered, it would likely cost more to carry comprehensive or collision insurance on the electric vehicle.

USAA says it all comes down to the cost of claims for electric or hybrid vehicles. EVs have parts that are most expensive to repair and replace.

#WakeUpCLT #VERIFY

[danr]

Insurance on muscle cars originally was the same as other cars. It will be going way up. You forget about the price of replacing the battery.

[peteormond]

Question/s - EV parked under main roof in the garage has a thermal runaway fire, house burns down, who pays ? Car insurance, house insurance or if the car is under warranty and the $600, 00 - plus - house is destroyed, does the manufacturer or which insurance replaces the house ?
What if your EV catches fire and it spreads to an apartment building - see where this is going ? Or what about the dangerous noxious smoke from that event causes nearby people harm or death - what then ?

[bobdadruma]

Only a fool would forgo collision coverage on an EV or any car for that matter.

[Vuongiam]

I like how straight and to the point this video is thank you.

[CrustyCodger]

If you believe anything a government agency says, you will learn a lesson the hard way, but it is your money.

[channelofstuff]

you aint saving anything buying the tires and insurance.

[Karl-Benny]

Is EV`s not less likely to have an Accident than a regular car

[KenMac-uivb]

Insanity. A Democrat Green Insanity. No range. Range anxiety. Battery degradation. Slow and more expensive service. No infrastructure. Insurance nightmares. Charging frustrations. I'LL TAKE TWO !!! SMH

[DavidTorres-twkv]

The money you save this company's will take that savings 😅 you never win as a middle class

[geert]

WEF wants u on a bus or bicycle in the rain and cold 👋

[macgyver]

A good friend of mine is an independant insurance agent, and yesterday he said the rates are about double in MN for an EV. And Hertz just did a public service by informing the world that EV's cost WAY more to maintain, not less. PS, why did this bogus news outlet calculate an exact amount for maint savings and then just say insurance is "more"?

[worshamslawnservice]

EV's are known to self explode. That makes ev cars a no go for me.

[manchildusa]

This is so dumb. It’s just the price of the car, just like any other car. The people who hate evs in the comments probably drive electric golf carts around their white collar neighborhood