Some electric vehicle owners find savings on insurance
Early adopters of electric vehicles have to dig deep into their wallets to make the purchase, but some are reaping unexpected savings on their insurance bills.
Insurance premiums vary widely based on driving history, local crime and vehicle theft rates, but experts said owners of vehicles such as the Chevrolet Volt and Nissan Leaf can generally expect a lower insurance premium.
"When you look at electric vehicle owners, you probably have a pretty careful bunch there," said Jack Nerad, executive editorial editor and market analyst at Kelley Blue Book. "They're probably pretty mature, and they're not the young 20-something male who gets into the most fights and has the most car accidents."
Although electric vehicles are likely to remain a niche segment of the auto industry for several years, insurers are starting to compete for EV policies.
Hartford Insurance announced in April that it would start offering a 5% discount to EV owners throughout the U.S. by the end of the year. The company described the offer as part of its commitment to encouraging environmental sustainability.