How Much Does Insurance Cost for Electric Cars in Massachusetts?

The words “low-cost” and “auto insurance” really should not be used together, especially when you are trying to find the lowest insurance prices for electric cars. To save some money, let’s start off by going over a few of the things that influence car insurance rates, and find out if we can help you cut the cost of your next policy.

When buying auto insurance for eco-friendly vehicles, one of the key components used to calculate the amount you pay for auto insurance is where you normally keep your vehicle in Massachusetts. Densely populated urban areas like Revere, Springfield, and Malden are more likely to pay higher prices, whereas areas with lower vehicle theft rates and fewer weather claims tend to receive cheaper rates.

The illustration below lists the priciest cities in Massachusetts for electric cars in which to purchase auto insurance.

Rate quotes are estimated as the specific garaging location can increase or decrease coverage rates noticeably.

Everyone has different tastes in autos, and the style of vehicle to be insured is a large factor when trying to find economical insurance for electric cars. Vehicles with lots of speed or power, a lack of safety features, or high incidents of liability claims will cost significantly more to insure than safer models. The next tables presents auto insurance costs for a selection of the more afforable automobiles to buy coverage for.

Data based on married female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Massachusetts minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, multi-policy, and homeowner. Rates do not factor in Massachusetts location which can lower or raise prices significantly.

Prices above based on married female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Massachusetts minimum liability limits. Discounts applied include multi-vehicle, claim-free, multi-policy, homeowner, and safe-driver. Premium amounts do not factor in vehicle location which can change insurance rates noticeably.

Data based on married female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Massachusetts minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, claim-free, and multi-policy. Premium costs do not factor in zip code location which can raise or lower insurance rates noticeably.

Ending up with the right insurance provider can be difficult considering how many different insurance companies sell coverage in Massachusetts. The company ratings in the lists below can help you decide which auto insurance companies to look at when buying insurance for electric cars.

The rankings below only include companies that insure vehicles across America, so smaller regional companies are not included in these rankings. To compare price quotes from these top insurers and more, click here.

Top 10 Major Auto Insurers Overall in Massachusetts

1. The Hartford
2. Progressive
3. Travelers
4. State Farm
5. Farmers Insurance
6. Safeco Insurance
7. USAA
8. GEICO
9. Liberty Mutual
10. AAA Insurance

Top 10 Major Auto Insurers in Massachusetts Ranked by Claims Service

1. Progressive
2. USAA
3. Liberty Mutual
4. State Farm
5. GEICO
6. Allstate
7. The Hartford
8. Farmers Insurance
9. Esurance
10. AAA Insurance

The chart below illustrates how your choice of deductibles can influence annual premium costs when researching cheap insurance for electric cars. The premiums are based on a married female driver, full coverage, and no discounts are factored in.

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As shown above, a 40-year-old driver could reduce rates by $318 a year by changing from a $100 deductible up to a $500 deductible, or save $480 by choosing a $1,000 deductible. Even younger insureds, like the Age 20 category, have the ability to save as much as $788 or more by choosing larger deductibles on their policy. When choosing a higher deductible, it will be important to have enough in a savings account to be able to cover the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.

How to find cheap insurance for electric cars in Massachusetts

It’s not impossible to find cheaper rates, and here are some of the better penny-pinching ideas that can help Massachusetts drivers find lower-cost car insurance.

• Do not get traffic violations
• Do not pay for comprehensive and collision coverage on older vehicles
• Staying accident-free helps keep rates low
• Try paying for small claims out-of-pocket
• Drive safe vehicles
• Buying home and auto together can help save money
• Keep rates low by shopping around frequently

The last idea is very significant, as we noted in this write-up. Coverage prices can change in a short period of time, so you should be ready to buy from a new company if you can save money. Being loyal to a particular company is commendable, but it’s not recommended if that dedication is costing a small fortune. In just a few minutes you could compare prices to find cheaper car insurance for electric cars.

Who has the cheapest insurance quotes for eco-friendly vehicles?

Due to technology, there are many ways to purchase insurance in Massachusetts, but the most common ways are from an exclusive insurance agency such as Allstate or State Farm, an independent insurance agent, or direct either online or via phone.

Each way is similar, but insurance buyers need to understand the differences in how they provide price quotes.

Independent agents write for multiple companies and can provide price quotes from all of them. These agents do not write with just one company and can give you more rate choices, which may provide you with the best chance of saving money. If your premiums go up, the business is moved internally and that require little work on your part.

An agent who is captive is only able to write with one company, two popular examples being an Allstate or State Farm agent. Exclusive agents cannot compare other company’s rates, so if finding the cheapest insurance is your goal, you will want to shop around.

The last way is buying direct, which means you bypass an independent or exclusive agent and instead shop direct online or over the phone from a company like Geico or Esurance. This option may be good for families who do not need high amounts of coverage and have a good understanding of what insurance covers and what it doesn’t.

When shopping for insurance, which way works best for finding cheap insurance for electric cars in Massachusetts? It would be premature to say shopping direct saves money because there is no agent involved, but in reality, that argument does not hold true. And we’d like to say an independent agent is the best way to save since there are more companies to choose from, but that’s not always true, either. In many cases, exclusive agents have price quotes that are the lowest in Massachusetts.

Because of the variability of insurance rates, the only true way to buy the cheapest coverage is to get rate quotes and compare. Money-saving experts recommend you get prices from all three to get a good idea who is cheapest. For a list of insurance companies with low rates, click here to view.