Electric cars are increasing in popularity, and one of the reasons is they are money savers in some cases. However, these cars can be more expensive in other unexpected areas.
Tesla is becoming a more well known brand, and a new survey points to more people saying they want an electric car at some point, but when it comes to car insurance buyers should get certain answers before they buy to avoid surprises.
According to ValuePenguin, the pluses to electric cars people talked about included the environmental perks like not needing to pay for gas and tax credits. People who wanted an electric car reported being ok with paying a bit more up front for savings down the line, but the cost of the technology is still keeping people away.
"When we asked people what do you not like about again the biggest thing was that they cost more. and even though only 37% of people say they never want an electric vehicle, many more than that view price as a detriment," says Andrew Hurst, data writer, ValuePenguin.
Tesla is the most popular brand at this point, but companies like Ford and Amazon are backing electric vehicle start ups-- indicating that the market is there.
There is one thing that might cost you more about an electric vehicle, that many people don't know about going in to the purchase.
"Along with the sticker price for electric vehicles being more expensive we actually found that insurance for a couple of the most popular models-- the LEAF, the Bolt, and then the Tesla is about 39% more expensive," says Hurst.
Hurst recommends talking with your car insurance provider before buying an electric vehicle. You can check if there are any savings opportunities and how the coverage might need to change.
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