You’ve seen the captivating commercials from insurers like GEICO, Liberty Mutual, and Allstate that make claims of big savings, so you should just choose the one with the best commercial, right?
Unfortunately, it’s not that simple as there are many unknown aspects such as where you live, your age, whether you just want liability only, and how safe your vehicle is. This article goes into detail about some of these factors and educate you enough to have a jump start in finding the best auto insurance.
The type of vehicle you are trying to insure is a large consideration when looking for the best car insurance for electric cars. Vehicles with lots of horsepower, poor crash test ratings, or a high likelihood of having liability claims will cost quite a bit more to insure than safer models.
The list below outlines insurance rates for the more affordable vehicles to buy coverage for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda Accord LX-P 4-Dr Sedan||$1,317|
|Honda CR-V LX 2WD||$1,441|
|Dodge Grand Caravan SE||$1,475|
|Toyota Tacoma 2WD||$1,527|
|Ford Escape XLT 4WD||$1,529|
|Toyota RAV4 Limited 4WD||$1,558|
|Jeep Wrangler Unlimited Sport 2WD 4-Dr||$1,573|
|Nissan Rogue SL 2WD||$1,672|
|Chevrolet Impala LS||$1,674|
|Ford Edge SEL AWD||$1,681|
|Ford Explorer XLT AWD||$1,680|
|Dodge Ram Quad Cab SLT 2WD||$1,700|
|Jeep Grand Cherokee Laredo 2WD||$1,760|
|Chevrolet Equinox LS AWD||$1,765|
|Hyundai Elantra Blue 4-Dr Sedan||$1,768|
|Toyota Camry Hybrid||$1,786|
|Toyota Camry Hybrid||$1,792|
|Chevrolet Silverado 2500HD LT Crew Cab Diesel 4WD||$1,786|
|Ford F-150 Lariat Super Cab 4WD||$1,799|
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Data rating is based on single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Massachusetts minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-policy, and multi-vehicle. Rate information does not factor in specific location which can alter price quotes greatly.
Looking at the numbers, you can assume that vehicles like the Honda Accord, Honda CR-V, and Toyota Prius are likely to be the cheaper vehicles to insure for eco-friendly vehicles.
Determining which company quotes the cheapest auto insurance rates for electric cars may require a little more work than just picking a company at random. Every insurance company uses a different method to set premium rates, so let’s take a look at the overall cheapest auto insurance companies in Boston, MA.
Keep in mind that Boston, MA auto insurance rates are calculated based on many things that will increase or decrease the cost of a policy. Getting older, getting divorced, or getting a ticket for running a stop sign can trigger price changes that can now make some companies more affordable than before.
Compare Cheap Insurance Quotes for EV’s
State Farm offers some of the most affordable car insurance rates in Boston at around $741 a year. This is $494 less than the average premium paid by Massachusetts drivers of $1,235. National Grange Mutual, GEICO, OneBeacon, and Commerce Group are also some of the most economical Boston, MA car insurance companies.
As shown in the table above, if you are currently insured with OneBeacon and switched to National Grange Mutual, you could see a yearly savings of in the neighborhood of $45. Customers with Commerce Group could save as much as $53 a year, and Arbella customers might reduce prices by as much as $169 a year.
Remember that these prices are averaged for all drivers and vehicles in Massachusetts and do not factor in an exact vehicle garaging location for electric cars. So the car insurance company that fits your needs best may not even be in the top 21 companies in the list above. That illustrates why you need to quote rates from many companies using your own personal information and vehicle type.
For eco-friendly vehicles, one of the more important criteria that help determine car insurance rates is where your residence is. Areas with more people or more claims are more likely to pay higher prices, whereas areas with less people or fewer weather incidents have the benefit of cheaper car insurance.
The next table lists the priciest cities in Massachusetts for electric cars to buy auto insurance in. Boston shows up at #7 with an annual cost of $1,805 for the average insurance policy, which is about $150 monthly.
|Rank||City||Premium Per Year|
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Information shown are estimated as the specific Boston residence address can modify auto insurance rates considerably.
The chart below illustrates how your deductible choice can influence premium costs when getting quotes for cheap insurance for electric cars. The premium estimates are based on a married female driver, full physical damage coverage, and no discounts are applied.
In the chart above, a 30-year-old driver could reduce rates by $266 a year by switching from a $100 deductible up to a $500 deductible, or save $400 by selecting a $1,000 deductible. Even younger insureds, such as the 20-year-old chart data, could lower their rates $568 each year by using a higher deductible.
If you do make the decision to raise your deductibles, it will be important to have spare funds to allow you to cover the extra out-of-pocket expense, which is the one shortcoming of high deductibles.
Get discounts on Boston auto insurance
Insurance providers that provide coverage for electric cars may additionally offer price discounts that could potentially reduce rates by 25% or more if you meet specific criteria. A list of companies and their possible discounts are:
- GEICO includes discounts for seat belt use, good student, emergency military deployment, military active duty, anti-theft, and air bags.
- MetLife may offer discounts for claim-free, good student, multi-policy, good driver, defensive driver, and accident-free.
- State Farm has savings for good student, defensive driving training, anti-theft, driver’s education, good driver, passive restraint, and Steer Clear safe driver discount.
- Progressive has discounts for online signing, multi-vehicle, homeowner, good student, and multi-policy.
- Mercury Insurance may include discounts for multi-car, accident-free, type of vehicle, multi-policy, and annual mileage.
- 21st Century policyholders can earn discounts including teen driver, automatic seat belts, defensive driver, anti-lock brakes, air bags, and driver training.
- Allstate discounts include resident student, good student, premier discount, defensive driver, 55 and retired, and safe driver.
The information below shows the difference between insurance premiums with and without discounts. The rate quotes are based on a female driver, no accidents or driving violations, Massachusetts state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows the average annual price with no discounts. The second bar shows the rates with accident-free, defensive driving course, claim-free, vehicle safety, marriage, and anti-theft discounts applied. When discounts are applied, theamount saved on auto insurance for electric cars is 28% or $620.
Why are you paying too much for car insurance?
Boston auto insurance rates are impacted by many factors which can substantially change the price of your policy. Improving your credit rating, getting divorced, or getting a driving violation can trigger changes in premium that can make some companies more affordable than competitors.
Not only may your situation change, but insurers modify pricing as needed in order to maintain liquidity for claims. Heavier than normal losses may result in a rate increase, while profitable underwriting can result in cheaper Boston car insurance rates.
The bar chart below shows rates for the cheapest car insurance in Boston, MA for a 40-year-old female driver with no prior accidents, a clean driving record, and good credit. If we estimate prices based on her personal profile, State Farm may offer the best car insurance rates in Boston at $958 per year. This is $277 less than the average policy premium paid by Massachusetts drivers of $1,235. National Grange Mutual, GEICO, OneBeacon, and Commerce Group also make the list of the best Boston, MA auto insurance companies.
Now we will pretend the driver from above a couple of claims, bad credit, and a traffic ticket or two. Since every car insurance company has a different process for setting rates, comparing insurance quotes may now show a completely different list of the cheapest Boston car insurance companies as shown below.
Arbella now has the best insurance rate in Boston with USAA, Norfolk and Dedham, National Grange Mutual, and Amica now rounding out the top five. This demonstrates why Boston drivers need to shop around when trying to find the lowest insurance rates for electric cars.
Prices are made up of many things and can change without notice, so the most economical company the last time you compared rates may now be quite expensive.