It’s no secret that there is considerable controversy in the automotive industry when it comes to electric cars. There is a dedicated core of fans who thrown their undying support behind models like the Nissan Leaf or BMW i3, while there are plenty of others who are constantly trying to discredit the technology and its practicality, often citing the high purchase price of such vehicles as a big turn off.
Cue Coverhound Insurance, which has stepped into the fray by declaring the electric vehicles are cheaper to own. The company, which has sold about 20,000 policies for automobiles, claims that insuring an electric car is about $200 less than insuring a vehicle with an internal combustion engine. On top of that, the money saved by using electricity instead of fuel to get around makes electric models that much cheaper to own.
Speaking to The Los Angeles Times, CEO Keith Moore said that much of the insurance savings likely comes from the fact that owners of electric vehicles aren’t as prone to accidents or tickets because they are “more responsible.”
Just how much does it cost to “fuel” an electric car? Coverhound estimates that a Nissan Leaf uses about $300 of electricity every year, for the average owner. For comparison, the company says a Toyota Corolla runs the average driver $1,675 per year in fuel.