Electric Cars May Also Save On Insurance Premium

New guidelines from regulatory entities, such as the U.S. Environmental Protection Agency and National Highway Traffic Safety Administration, as well as rising fuel costs, have encouraged the creation and increased popularity of electric cars.

Insure4USA recently published an article explaining the impact electric cars might have on auto insurance premiums and policies. According to the website, insurance providers are increasingly offering discounts on auto insurance policies for electric car owners, while the general guidelines are relatively new.

"Electric vehicles are a saving grace for insurance companies because these vehicles have a solid, dependable image," a manager of the website explained in a statement. "A solid, dependable image means fewer accidents, which means fewer expenses for insurance companies. With people becoming more conscious about their environment, insurance companies can only help the cause further with lower insurance rates."

The website notes that insurance guidelines for electric cars are often stricter than for other automobiles, as some companies will refuse insurance to electric car owners with multiple accidents on their record.

Electric cars have become more commonplace over the past few years, and experts expect this trend to continue on its current path, as fuel crises lead to more stringent regulations. According to the NHTSA, automakers will be required to produce cars, trucks and vans that average 54.5 mpg by 2025. 

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