Written by: VehiclesInformation Editorial Team · Fact-checked against: state insurance department rules and 2026 rate data (our methodology) · Last reviewed: October 2026
Electric cars cost about 10% to 25% more to insure than comparable gas cars in 2026. A typical EV costs about $150 to $200 a month for full coverage, compared with about $117 to $158 for a similar gas car. Mass-market EVs like the Chevrolet Equinox EV and Hyundai Ioniq 5 are close to gas prices; Teslas and luxury EVs cost the most.
See your own estimate by choosing “Electric / hybrid” in our car insurance calculator.
EV insurance cost by model (2026)
| Model | Est. full coverage (monthly) | Est. yearly | vs. similar gas car |
|---|---|---|---|
| Chevrolet Equinox EV | $129–$158 | $1,550–$1,900 | About the same to +10% |
| Hyundai Ioniq 5 | $142–$175 | $1,700–$2,100 | +10% to +15% |
| Ford Mustang Mach-E | $146–$183 | $1,750–$2,200 | +10% to +15% |
| Tesla Model 3 | $158–$208 | $1,900–$2,500 | +20% to +30% |
| Tesla Model Y | $183–$242 | $2,200–$2,900 | +20% to +30% |
| Tesla Model S | $250–$375+ | $3,000–$4,500+ | +30% to +50% |
For comparison, a Toyota Camry costs about $1,350 to $1,600 a year to insure and a Honda CR-V about $1,450 to $1,750 for the same driver. Figures are 2025–2026 averages for a 35-year-old driver with a clean record and a $500 deductible; your state and record matter more than the model.
Why electric cars cost more to insure
- Higher value: EVs usually cost more to buy, so a total loss costs the insurer more.
- The battery: the pack can be 30% to 45% of the car’s value. Even a moderate crash may need a battery inspection, and a damaged pack can total the car.
- Repair costs: EV collision repairs often run 25% to 40% more than similar gas repairs because of special parts, sensors and aluminum bodies.
- Fewer qualified shops: longer repair times raise rental car costs.
- Faster acceleration: instant torque can mean more crashes for some drivers.
What lowers EV insurance
- Strong crash-test results and standard driver-assist systems.
- Lower theft rates on many EVs.
- Insurers’ growing repair data, which is slowly narrowing the gap.
Is an EV still cheaper to own?
Often yes. Over five years and 15,000 miles a year, fuel and maintenance savings can outweigh an extra $400 to $800 a year in insurance, depending on your electricity price and the model. Run the numbers for your own driving before you buy.
How to lower EV insurance
- Compare three to five insurers. EV prices vary more between companies than gas-car prices.
- Choose a mass-market EV if insurance cost matters.
- Raise your collision deductible to $1,000 for roughly 8% to 12% savings on that part of the bill.
- Join a telematics program if you drive smoothly.
- Bundle with home or renters insurance.
- Ask about discounts for safety features, anti-theft systems and green vehicles.
- Check carmaker insurance where available; some brands offer their own policies in certain states.
Hybrids vs. EVs
Hybrids usually cost slightly more to insure than gas versions of the same model but less than full EVs, because their batteries are smaller and repairs are closer to normal cars.
Frequently asked questions
Are electric cars more expensive to insure?
Yes, usually 10% to 25% more than comparable gas cars, and more for premium models.
What is the cheapest EV to insure?
Mass-market models like the Chevrolet Equinox EV and Hyundai Ioniq 5 are among the cheapest.
Why is Tesla insurance so high?
Teslas are valuable, quick and costly to repair, with fewer approved repair shops.
Do I need special insurance for an EV?
No. A normal car policy works. Some insurers offer add-ons for charging equipment and battery damage.
About our numbers
Prices on this page are estimates for U.S. drivers, built from 2025–2026 published rate studies (including Insurify, CarInsurance.com, The Zebra and state insurance department rules) and our own pricing model. Percentages for age, tickets, accidents, DUI, credit and vehicle type are our model estimates, not quotes. Your insurer, ZIP code and history will change your price. Read how we estimate car insurance costs.
This is general information, not insurance or legal advice.
VehiclesInformation Editorial Team
The VehiclesInformation Editorial Team researches and writes our car and car insurance guides for U.S. drivers. Insurance figures are checked against state insurance department rules and published 2026 rate studies, and pages are updated when laws or rates change. Read how we estimate car insurance costs.
