How Much is Insurance for Electric Cars in Washington?

The words “economical” and “auto insurance” really shouldn’t be used in the same sentence, specifically when looking for the best car insurance for electric cars. Because it’s not cheap, let’s familiarize you with some of the things the can have a considerable influence on auto insurance premiums, and come up with some ways to take the sting out of your next policy.

The safety and performance level of the vehicle needing coverage is one of the largest factors when trying to find low-cost coverage for electric cars. Vehicles with economical engines, good safety features, or a track record of few liability claims will cost substantially less to insure than adrenaline junky models. The data below illustrates coverage rates for a selection of the most budget-friendly automobiles to buy coverage for.

Price data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Washington minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-vehicle, and multi-policy. Information does not factor in specific location information which can change auto insurance rates greatly.

Data rating is based on single female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Washington minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, multi-vehicle, and claim-free. Information does not factor in zip code location which can alter auto insurance rates considerably.

Data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Washington minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, multi-policy, and safe-driver. Estimates do not factor in garaging location in Washington which can change price quotes greatly.

Determining which company offers the lowest-priced car insurance rates for electric cars will involve a bit more effort than just getting one or two price quotes.

Every auto insurer has their own process for determining rates in each state, so let’s take a look at the most budget-friendly car insurance companies in Washington.

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Capital may have some of the best car insurance rates in Washington at around $761 each year. Grange, Nationwide, PEMCO, and Travelers would also make the list of some of the cheapest Washington insurance companies.

As the example above demonstrates, if you are insured with PEMCO and switched to Capital, you may realize an annual savings of in the vicinity of $233. Drivers with Travelers might save as much as $247 a year, and Mutual Enumclaw policyholders might cut rates by $273 a year.

Remember that these estimates are averages for all insureds and vehicles and and are not figured with a price discount for electric cars. So the insurer that has the cheapest rates for you may not even be in the chart above. That underscores the importance of why you need to compare rates from as many companies as possible using your own personal information and vehicle type.

Should you buy full coverage?

Finding cheap insurance for electric cars in Washington is the goal of most vehicle owners, and one of the quickest ways to buy cheap insurance is to not insure for full coverage. The chart below shows the difference between insurance premiums with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The information is based on no claims or driving violations, $100 deductibles, single marital status, and no discounts are applied.

As an average for all age groups, full coverage costs an extra $2,266 per year over liability only. That brings up the question when is it safe to stop buying full coverage. There is no clear-cut rule to eliminate full coverage, but there is a general school of thought. If the annual cost of coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then you might want to consider buying only liability coverage.

For example, let’s pretend your vehicle’s replacement value is $3,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, you would only receive $2,000 after paying the physical damage deductible. If it’s costing in excess of $200 annually for comprehensive and collision coverage, then you might want to think about dropping full coverage.

There are some situations where dropping physical damage coverage is not advised. If you still have a lienholder on your title, you are required to maintain full coverage as part of the loan conditions. Also, if you can’t afford to buy a different vehicle if your current one is in an accident, you should keep full coverage on your policy.