Electric vehicles (EVs) have electric motors instead of internal combustion engines and batteries instead of gasoline tanks. They produce no tailpipe emissions and can be charged with renewable energy (e.g., wind or solar). An EV may be the right choice for drivers looking to lower their fuel costs.

Benefits of Owning an Electric Vehicle

A growing number of Americans are considering purchasing EVs for the numerous benefits these cars offer. Some advantages of owning an EV include the following:

• Lower emissions
• Potential savings on gas
• Tax incentives
• Low maintenance
• Quick acceleration
• Access to new technology

As a potential buyer, you should consider what you need from your vehicle and whether an EV could be right for you.

Considerations for Buying an Electric Vehicle

Buying an EV is a big decision that requires planning. Charging stations aren’t as easy to find as gas stations in some parts of the country. Although there are solutions (e.g., advancing technology and numerous apps for EV drivers), potential drivers should understand what owning an EV entails. Here are some tips for buying an EV:

• Research your charging options. There are different types of EV chargers—Level 1, Level 2, and Level 3—which impact charging times.
• Search for incentives. You may be eligible for federal tax credits, state rebates, and local incentives designed to make EVs more affordable.
• Know your range. A standard EV can be driven 200 miles without charging, but EVs with greater driving distances are also available.
• Consider alternatives. If an EV doesn’t fit your needs, you may want to consider a plug-in hybrid. These cars operate on both electric and gas and may be eligible for some of the same tax incentives as fully electric vehicles.

Contact us

In some cases, an EV may be more costly to insure than a traditional gas-powered vehicle. This is because they are high-value cars with complex equipment. An experienced insurance agent can help you understand how buying an EV will impact your premiums. Contact Christensen Group Insurance to get an auto insurance quote.

​

© 2023 Zywave, Inc. All rights reserved. This Know Your Insurance document is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.