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How much more EVs cost to insure
Insurify’s analysis found EV drivers paid an average $3,159 a year in 2026 versus $2,218 for gas-powered cars, a 42% difference. That’s down from a peak EV average of $3,509 in March 2025. Part of the gap reflects age: the EV fleet is much newer than the gas fleet. Looking only at 2024-and-newer models, EVs averaged $3,293 versus $2,792, an 18% difference.
MoneyGeek’s August 2026 study, using a standard 40-year-old driver with 100/300/100 limits, put the average EV at $3,281 a year for full coverage, compared with $2,956 for hybrids.
Where the gap is biggest
The difference varies by state. Insurify found the largest EV premiums relative to gas cars in Massachusetts (54% more), New York (45%) and Rhode Island (39%). In Montana and West Virginia, EVs were about 4% cheaper to insure, and in Nebraska about 1% cheaper.
Costs by model
| Comparison | EV premium / yr | Gas equivalent / yr |
|---|---|---|
| Tesla Model Y vs. Audi Q5 | $4,021 | $3,011 |
| Tesla Cybertruck vs. Chevrolet Silverado | $4,135 | $2,754 |
Source: Insurify via CarScoops, June 2026.
| EV model | Average full coverage / yr |
|---|---|
| Chevrolet Silverado EV (cheapest in study) | $1,947 |
| Tesla Model 3 | $3,268 |
| Tesla Model Y | $3,343 |
| Audi SQ8 e-tron (priciest in study) | $10,402 |
Source: MoneyGeek, August 2026. The two studies use different driver profiles, so their figures for the same model differ.
Insurify’s most expensive EVs to insure were the Mercedes-Benz EQS ($4,703), Tesla Model S ($4,558) and BMW i5 ($4,554).
Why EVs cost more to insure
- Higher purchase prices. Collision and comprehensive cover is priced on what the car is worth.
- Expensive, specialized repairs. Battery packs, high-voltage systems and proprietary parts need trained technicians and certified shops, and repairs take longer.
- Sensors and driver-assist systems. AAA research found advanced driver-assistance systems can make up nearly 38% of a repair bill. Recalibrating a windshield camera alone costs about $900 to $1,200.
- Battery damage. Even modest crashes can lead insurers to write off a car if the battery’s integrity is uncertain.
How to lower your EV premium
- Compare quotes before you buy the car. Premiums vary a lot by model; the Silverado EV cost less than half as much as a Model Y in MoneyGeek’s data.
- Ask about EV and hybrid discounts. Travelers and Lemonade offer them.
- Consider insurer telematics. Tesla Insurance, available in 13 states, uses the car’s Safety Score to set prices outside California, where telematics-based pricing isn’t allowed. See usage-based insurance.
- Choose your deductible carefully. A higher deductible lowers the premium, but make sure you could pay it after a crash.
- Add gap insurance on a financed EV with a small down payment, since EVs can depreciate quickly; see our gap insurance guide.
- Use standard discounts too: bundling, multi-car, safe driver and paid in full. See our discounts guide.
Questions to ask before you buy an EV
Because premiums vary so much between models, it’s worth getting insurance quotes while you’re still choosing a car, not after you’ve signed. When you call insurers or an agent, ask:
- How do you value the battery after a crash? Some insurers total a car with any battery damage; others pay for inspection and partial repair.
- Is a home charger covered? A wall-mounted charger may fall under your home insurance rather than your auto policy. Check both.
- Do you require certified repair shops? Some manufacturers require approved body shops, which can limit choice and lengthen repairs.
- What does rental cover pay for? Long EV repair times make rental reimbursement more valuable. Check the daily limit and the maximum number of days.
- Are EV, hybrid or telematics discounts available, and can they be combined with bundling and multi-car discounts?
It also helps to compare a like-for-like gas or hybrid model. MoneyGeek found hybrids averaged $2,956 a year for full coverage, about $325 less than EVs, which can change the total cost of ownership calculation.
Frequently asked questions
Are electric cars more expensive to insure?
On average, yes: about 42% more than gas cars in Insurify’s 2026 data, or about 18% more when comparing only 2024 and newer models.
Which EV is cheapest to insure?
In MoneyGeek’s August 2026 study of 33 models, the Chevrolet Silverado EV was cheapest at about $1,947 a year for full coverage.
Is Tesla insurance cheaper?
It can be for drivers with high Safety Scores. Tesla Insurance is offered in 13 states; in California it can’t use driving behavior to set prices.
Do I need special insurance for an EV?
No. EVs use the same coverages as gas cars. Some insurers add EV-specific options such as charger or battery cover, so ask what’s included.
Are EV insurance costs going down?
Yes. Insurify found the average EV premium fell from a peak of $3,509 in March 2025 to $3,159 in 2026.
Sources
- CarScoops – EV insurance costs study (Insurify data, June 2026)
- MoneyGeek – Electric vehicle insurance costs (Aug 2026)
- AutoGuide – AAA study: advanced safety features make crashes more expensive
- CarInsurance.com – How much is car insurance? (Aug 2026)
- Insurify – Average car insurance rates, October 2026
- MoneyGeek – Pay-per-mile car insurance (Oct 2026)
Insurance prices, discounts and rules change often and vary by state. Figures were checked in October 2026; confirm details with the insurer or your state insurance department.