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Electric vehicles (EVs) are equipped with advanced technology and specialized components, which can make repairs more complex and costly.
For instance, EVs often feature high-tech parts that are more expensive to repair or replace compared to traditional vehicles. Since EVs are fairly new, it may also be harder to find replacement parts. Since there are not yet a lot of third party options, replacement parts are often priced at a premium through the automaker.
Additionally, the battery pack, a central component of EVs, accounts for about 50% of the vehicle's initial cost. In the event of an accident, insurance companies may opt to total the vehicle due to the high costs and complexities associated with battery assessment and replacement.
Why are insurance companies to cautious about batteries, even if there's no visible damage? Repair shops, insurance companies, and technicians often lack the expertise to sign off that the battery is OK. Even if they are qualified, it is a liability for the insurance company if a battery they claimed was fine were to cause problems down the line.
Despite these factors, it definitely pays to shop around. EV owners report wildly different rates between insurance providers and most drivers are able to find a company that rivals the cost for a gas car.
In the near future, when replacement parts and battery-qualified technicians are more accessible, EV insurance costs should reach parity with gas cars.
Source: https://www.recurrentauto.com/research/does-ev-insurance-cost-more
