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Do Electric Cars REALLY Save You Money?

  • admin
  • February 12, 2015 3:55 PM
  • 1 Comments

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Whether you’re concerned about your wallet or preservation of the environment and our ecosystem, electric cars present a lot of opportunities to save money over the life of the vehicle. That being said, the out the door price on them can be steep, and even those who are considering the purchase often end up with gas alternative vehicles because it’s hard to get solid numbers on what you’ll be saving.

If you’re trying to make the big decision or you’re already in the market for an electric vehicle, your process may be bolstered when you learn that car insurance for an electric car should cost less then insurance for a traditional gas powered car or hybrid. You can add savings on car insurance to the gas savings that may very well make electric the way to go for you.

Fewer Pieces to Insure

It can be less expensive to insure an electric car because there are just fewer parts to deal with. A lot of the expensive pieces that contribute to the function of a gas powered car aren’t necessary on an electric vehicle. For instance, most of the gas-powered power train doesn’t exist in the similar system on a electronic car. Electric vehicles do not have a clutch, fuel pump, alternator or several other parts for a gas-powered vehicle that can be costly repairs.

Fewer Repairs Equates to More Money in Your Pocket

With fewer things that can be fixed, there are, as a result, fewer things that would need to be repaired should something happen to your car. As a result, if your mechanic is capable of fixing an electric vehicle after an accident or unexpected damage, then your insurance company won’t be footing as much for parts on the deal.

Ensuring That You’re Insured for MSRP

One of the most important things to remember when you’re buying a new electric car and benefitting from the tax incentives involved is that your policy needs to cover your vehicle for the MSRP, not what you paid for it. A huge benefit with going electric, even though the costs are higher out of the gate, is that the government and some companies fork over change to drop the price of the vehicle in a lot of cases. If something were to happen to it, though, you could end up in the whole for the cost of the incentives if you’re not properly insured.

Forgetting the Fuel and Dropping the Insurance

If you consider the fact that you will be spending much less on fuel with a new electric car, the addition of lower costs for insurance significantly bolster the advantages to skipping gas powered all together. It will still be an adjustment if you’re a distance driver, and you do have to pay for the electricity to charge your vehicle, but the costs are so vastly different on a daily basis that they hardly even compare.

You will be paying more up front for the vehicle itself, and it may be harder to find a repair shop with technicians trained on your vehicle. You’ll have to balance the potential drawbacks with the financial perks. If you have an incredibly long commute, no amount of savings on insurance is going to make it worth a dead battery on the side of the road. That being said, if you’re doing short, city distances and have the ability to use a street side or garage mounted charger, the benefits on a purchase could be more than good enough to make it worth the extra cash up front.

 

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