The words “bargain” and “auto insurance” probably shouldn’t be used together, in particular when searching for the cheapest auto insurance for electric cars. Because of the high cost, let’s familiarize you with a few of the things that impact car insurance prices, and come up with some ideas to reduce the cost of the next policy you buy.
The vehicle model needing coverage is one of the biggest factors when shopping around for the best coverage for electric cars. Vehicles with limited top-end speed, good crash test ratings, or a low likelihood of having liability claims will cost quite a bit less to insure than high performance models. The next list outlines car insurance rates for a selection of the most budget-friendly vehicles to insure.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda Accord LX 4-Dr Sedan||$1,115|
|Honda CR-V EX-L 2WD||$1,139|
|Ford Focus S 4-Dr Sedan||$1,295|
|Volkswagen Jetta 2.0T Station Wagon||$1,302|
|Ford Escape Limited 2WD||$1,304|
|Ford Explorer Eddie Bauer AWD||$1,345|
|Hyundai Elantra GLS Touring Station Wagon||$1,369|
|Toyota Camry XLE||$1,386|
|Toyota Corolla S||$1,393|
|GMC Sierra 2500HD SLE Extended Cab 4WD||$1,412|
|Dodge Ram Quad Cab SLT 2WD||$1,443|
|Hyundai Sonata SE 4-Dr Sedan||$1,484|
|Ford Fusion Sport AWD 4-Dr Sedan||$1,506|
|Chevrolet Silverado 2500HD LT Crew Cab Diesel 4WD||$1,515|
|Chevrolet Equinox LS 2WD||$1,511|
|Dodge Grand Caravan SE||$1,532|
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Prices above based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Pennsylvania minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, homeowner, and multi-vehicle. Price estimates do not factor in specific garaging location which can decrease or increase price quotes substantially.
Looking at the numbers, you can expect cars like the Honda Accord, Honda CR-V, Ford Focus, and Volkswagen Jetta should be some of the most economical vehicles to insure for eco-friendly vehicles.
One of the more important factors that determine the annual cost of car insurance is where you call home. Areas with increased crime or more people will most likely pay more, whereas areas with less crime or weather claims have the luxury of cheap car insurance rates.
The next table ranks the highest-priced places in Pennsylvania for electric cars to buy auto insurance in. Pittsburgh is listed at #16 with an annual cost of $1,053 for coverage, which is approximately $88 each month.
|8||Municipality of Monr||$1,081|
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Information shown are comparative as the specific garaging location can change coverage prices noticeably.
Trying to find budget car insurance is not always easy, and finding out which insurers offer the lowest-priced auto insurance rates for electric cars requires even more diligence.
Every car insurance company uses their own formula to set premium rates, so let’s take a look at the auto insurance companies with the overall cheapest rates in Pittsburgh, PA. It’s important to know that Pittsburgh auto insurance rates are influenced by many factors that can increase the price of your policy. Improving your credit score, adding a teenager to your policy, or getting a DUI can trigger rate changes that can make some companies cheaper than competitors.
Best Car Insurance Prices for EV’s
|Rank||Company||Cost Per Year|
|17||Mutual Benefit Group||$1,411|
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General Casualty generally has some of the cheapest car insurance rates in Pittsburgh at around $726 a year. This is $931 less than the average policy premium paid by Pennsylvania drivers of $1,657. Travelers, Erie, USAA, and Penn National would also make the list of some of the most economical Pittsburgh, PA insurance companies.
As shown in the rates above, if you currently have coverage with Erie and switched to General Casualty, you may realize a yearly savings of around $74. Drivers with USAA may save as much as $83 a year, and Penn National policyholders might lower prices by $90 a year.
To find the cheapest rates for your vehicle, click here to start your free quote or quote rates from the companies below.
It’s important to note that these rates are averages across all ages of drivers and types of vehicles and do not factor in a specific zip code for electric cars. So the insurer that has the cheapest price for you may not even be in the top 30 companies in the list above. That helps illustrate why you need to quote rates from many companies using your own specific driver information and vehicle.
The example below illustrates how your choice of deductibles can raise or lower insurance costs when searching for cheap insurance for electric cars. The prices are based on a single female driver, full physical damage coverage, and no discounts are applied to the premium.
A 30-year-old driver could pocket $356 a year by changing from a $100 deductible to a $500 deductible, or save $538 by choosing a $1,000 deductible. Young drivers, like the age 20 example, can cut up to $796 or more just by using higher deductibles. If you do decide to increase your deductibles, it is a good idea to have additional savings on hand to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Price comparison of only insuring for liability
Paying less for auto insurance is the goal of the majority of people, and one easy way to pay lower rates for insurance for electric cars is to buy liability only. The chart below illustrates the difference between insurance prices with and without physical damage coverage. Data assumes a clean driving record, no at-fault accidents, $250 deductibles, drivers are not married, and no policy discounts are applied.
Averaged out for all age groups, physical damage coverage on your policy costs $1,731 per year over and above liability only. That is a large expense and it proposes the question when is the right time to remove full coverage. There is no clear-cut formula of when to exclude physical damage coverage on your policy, but there is a broad guideline. If the annual cost of coverage is about 10% or more of the replacement cost minus the deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s pretend your vehicle’s replacement cost is $5,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, you would only receive $4,000 after you pay the deductible. If it’s costing you more than $400 annually for your policy with full coverage, then you may need to consider dropping full coverage.
There are some cases where dropping physical damage coverage is not a good idea. If you still have a lienholder on your title, you must maintain physical damage coverage in order to prevent your loan from defaulting. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should maintain full coverage.
Why you should compare rates
Pittsburgh, PA auto insurance rates are based on many factors that will increase or decrease the price you pay for coverage. Simply having a birthday, becoming a homeowner, or getting a reckless driving citation can trigger changes in premium resulting in some rates now being more affordable than competitors.
In addition to those changes, insurance companies change their prices as often as every quarter in order to protect their financial rating. Significantly higher losses can result in rate increases, while lower claims can produce cheaper Pittsburgh car insurance rates.
As an example, the bar chart below shows a variety of companies that have the cheapest car insurance in Pittsburgh, PA for a 40-year-old female driver with no accidents or violations, and a high credit rating. If we look at prices based on her personal risk profile, General Casualty may offer the best car insurance rates in Pittsburgh at $861 annually. This is $796 less than the average rate paid by Pennsylvania drivers of $1,657. Travelers, Erie, USAA, and Penn National are also on the list of the top five cheapest Pittsburgh, PA auto insurance companies.
Now we will pretend the driver in the first chart an accident claim, poor credit, and a traffic citation. Because each company has their own guidelines to set premium rates, analyzing rate quotes may result in a different list of cheap Pittsburgh auto insurance companies as shown below.
Atlantic States now has the best car insurance rate in Pittsburgh with Amica, Donegal Mutual, Travelers, and Allied also having competitive pricing. This demonstrates why it is so important to compare lots of rates when trying to find the most budget-friendly auto insurance rates for electric cars. Rates can be altered by many factors and can decrease or increase without notice, so the cheapest rate the last time you shopped your coverage around may now be one of the more expensive options.