Owning an electric car in Pomona, CA, has become commonplace over the last few years. Many area residents purchasing their first EV wonder whether they must get different insurance coverage for their new wheels. The insurance process for an EV is similar to that for a gas-powered vehicle, but you will encounter some differences. THINK Insurance & Financial Services can help make sense of what you will encounter.
You Don’t Need Extra or Different Auto Insurance
You’ll find the same types of coverage as you would for a vehicle with a gas powertrain: collision, comprehensive, liability, medical payments, personal injury protection (PIP), and uninsured/underinsured motorist coverage. The same companies that write policies for gas-powered vehicles also write coverage for EVs. You can customize a regular auto insurance policy with specific coverage for your high-end vehicle. While you can generally get coverage for an expensive vehicle with a general auto insurance company, you can also obtain coverage with carriers specializing in high-end vehicles. These carriers make it easier for you to get a policy that meets your needs.
Why Insuring Your EV is More Expensive
The reasons are simple. Most electric vehicles cost more. Other reasons for higher premiums include the following:
- EV repairs are more complicated
- Repairs require specialized technicians
- Owners tend to file more claims
- Claim amounts are higher
- Claims take longer to process
As electric vehicle costs become more comparable to traditional vehicles, insurance costs will likely drop. However, until then, consider add-ons like original or new car replacement to adequately protect your investment.
Contact THINK Insurance & Financial Services, serving Pomona, CA, to discover how to protect your EV.
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