Insurance for Electric Vehicles: What You Need to Know

Electric vehicles (EVs) are becoming increasingly popular for drivers who want to enjoy this technology. However, when it comes to insuring these innovative vehicles, there are unique considerations to consider.

Understanding Insurance for Electric Vehicles

Insurance for electric vehicles operates under the same principles as traditional gasoline-powered cars. However, EVs’ distinctive features and values can influence the insurance process and offerings.

For instance, the cost of repairing or replacing parts in electric vehicles—especially the battery—is typically higher compared to conventional cars. This factor, among others, can impact the insurance premiums for EVs.

Oregon’s Minimum Auto Insurance Requirements for EVs

Oregon’s minimum auto insurance requirements apply to all vehicles, including electric ones. These requirements ensure that all drivers have a basic level of financial protection in case of accidents.

Oregon drivers must maintain minimum amounts of the following coverages:

• Bodily injury and property damage liability coverage
• Personal injury protection
• Uninsured motorist insurance

If you lease or finance your EV, the lienholder can impose additional insurance requirements, including comprehensive and collision coverage.

Factors Influencing Electric Vehicle Insurance Costs

Several factors can affect the cost of insuring an electric vehicle:

• Vehicle value—EVs often have a higher initial purchase price than traditional vehicles.
• Repair costs—EVs’ specialized parts and technology can be more expensive to repair.
• Battery replacement—The battery is one of the most expensive components of an EV, and replacing it can be costly.

EV owners must discuss these factors with their insurance provider to understand how they may influence their insurance policy.

Tips for Insuring Your Electric Vehicle

When looking to insure your electric vehicle, consider the following:

• Shop around. Compare quotes from different insurers to find the best coverage.
• Consider additional coverage. You might want to explore comprehensive and collision coverage options, which may help cover various types of damage to your vehicle.
• Ask about discounts. Some insurers offer discounts for eco-friendly vehicles, including EVs.

Contact Us

If you’re an electric vehicle owner in Ashland, Oregon, and are exploring insurance options, Reinholdt & O’Harra Insurance is here to assist you. We can help you understand how Oregon’s minimum auto insurance requirements apply to your EV and explore coverage options that may suit your needs.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.