Electric vehicle sales have grown, accounting for roughly 4.6% of the new light-vehicle registrations in Q1 2022, which is up from 2.6% for the full year in 2021 and 1.5% for the full year in 2020.
As automotive manufacturers increase efforts to unveil and promote new electric vehicle models, adoption has ramped up sharply.
While the proliferation of electric vehicles will certainly lead to dramatic changes for manufacturers, it will also have a tremendous impact across the entire ecosystem that supports properly insuring and repairing electric vehicles.
As more electric vehicles are sold in the U.S., the insurance and collision repair industries will see a wider range within the claim and repair mix.
New tax credits contained within the Inflation Reduction Act and plans by both New York and California to ban the sale of new gas-powered vehicles by 2035 will likely lead to additional states adopting similar regulations.
The state-level legislation, coupled with new tax credits, might finally provide enough momentum to push electric vehicle adoption past the tipping point.
Automotive manufacturers are working to assess how a rapid increase in demand for electric vehicles will impact supply chains and manufacturing.
Electric car insurance is a specific insurance policy that can be taken out by drivers of EVs. This insurance is designed to provide coverage for the unique aspects and components of EVs, that differ from those of standard gas cars.
EV insurance is, on the whole, more expensive than standard insurance for your gas car. This is due to the more intricate parts and design of EVs, which means they can cost more to repair or replace.
Despite being more expensive initially, EV insurance can be highly beneficial in the way it offers discounted premiums to drivers.
It’s a well-known fact that EVs are much safer to drive than standard gas cars. This includes both a safer driving experience, as well as heightened security and anti-theft systems.
EV drivers are much less likely to be involved in an accident, or make an insurance claim, and therefore, their premiums can be lowered.
Also, many insurance providers will offer premium discounts for EV drivers, simply to encourage the more environmentally friendly form of driving. This way, you automatically receive lowered premiums, all for just driving a cleaner, greener car.
Another main benefit of EV insurance, is not only the customizable coverage you gain for your car, but the coverage you’re offered for all your additional EV components.
You can choose the coverage you want for your EV insurance, and tailor it to your cars needs. On top of this, you can also gain coverage for all the essential components your EV needs to run, as these are just as important to protect and insure as the car itself.