Wouldn’t this article be short if we could tell you the single best company that has the lowest rates for electric cars? Regrettably, it’s not quite that easy, as there are many unknowns such as the amount of coverage you want, the vehicle you are insuring, and if you have points on your license, that all impact the cost of your policy. The information below will cover the types of situations that result in high rates and also should give you a good start in finding the cheapest insurance in Georgia.
Determining which company has the most affordable insurance rates for electric cars takes a tad more effort in order to find the lowest price. Each company has their own formula to set policy rates, so let’s take a look at the insurance companies that tend to have lower prices in Atlanta, GA.
It’s important that readers know that Atlanta insurance rates are impacted by many factors that will increase or decrease your annual premium. Simply having another birthday, becoming a homeowner, or having a fender bender may generate price changes resulting in some rates now being more affordable than the competition.
Cheap Insurance Rates for EV’s
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Auto-Owners | $830 |
| 2 | The Hartford | $913 |
| 3 | USAA | $1,008 |
| 4 | Central Mutual | $1,193 |
| 5 | MetLife | $1,264 |
| 6 | Georgia Farm Bureau | $1,273 |
| 7 | Travelers | $1,331 |
| 8 | Mercury | $1,355 |
| 9 | Country | $1,377 |
| 10 | State Farm | $1,390 |
| 11 | Safeco | $1,397 |
| 12 | Allied | $1,467 |
| 13 | California Casualty | $1,515 |
| 14 | Encompass | $1,689 |
| 15 | Progressive | $1,774 |
| 16 | Nationwide | $1,845 |
| 17 | Liberty Mutual | $1,984 |
| 18 | GEICO | $2,143 |
| 19 | Allstate | $2,180 |
| 20 | Victoria | $2,483 |
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Auto-Owners may offer some of the cheapest car insurance rates in Atlanta at around $830 annually. This is $699 less than the average rate paid by Georgia drivers of $1,529. The Hartford, USAA, Central Mutual, and MetLife would also make the list of some of the more affordable Atlanta, GA auto insurance companies.
As shown in the table above, if you currently buy coverage from MetLife and switched to The Hartford, you could earn a yearly savings of about $351. Georgia drivers with Georgia Farm Bureau could save as much as $360 a year, and Travelers insureds might reduce rates by $418 a year.
If you want to see how much you could save, click here to start your free quote or feel free to get quotes from the companies below.
Understand that those policy prices are averages for all drivers and vehicles and and are not calculated with a vehicle location for electric cars. So the auto insurance company that fits your situation best may not even be in the top 20 companies shown above. That helps illustrate why you need to quote rates from as many companies as possible using your own driver data and vehicle information.
For eco-friendly vehicles, one of the big factors that help determine car insurance rates is where you choose to live. Areas with more people or even just a higher incidence of claims will most likely pay more, whereas areas with less congestion have the luxury of cheap car insurance rates.
The information below lists the priciest cities in Georgia for electric cars in which to purchase auto insurance. Atlanta is ranked #2 with the yearly price of $1,405 on average, which is about $117 per month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | East Point | $1,480 |
| 2 | Atlanta | $1,405 |
| 3 | North Atlanta | $1,349 |
| 4 | Dunwoody | $1,281 |
| 5 | Smyrna | $1,280 |
| 6 | Marietta | $1,279 |
| 7 | Roswell | $1,272 |
| 8 | Mableton | $1,254 |
| 9 | Macon | $1,253 |
| 10 | Sandy Springs | $1,242 |
| 11 | Alpharetta | $1,234 |
| 12 | Gainesville | $1,232 |
| 13 | Savannah | $1,227 |
| 14 | Augusta | $1,209 |
| 15 | Columbus | $1,206 |
| 16 | Rome | $1,170 |
| 17 | Athens | $1,170 |
| 18 | Peachtree City | $1,156 |
| 19 | Albany | $1,154 |
| 20 | Hinesville | $1,145 |
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Price information shown is comparative as zip code location can influence premiums greatly.
The vehicle you are buying coverage for is one of the largest factors when looking for low-cost coverage for electric cars. Vehicles with higher performance characteristics, poor passenger safety features, or an increased likelihood of liability claims will cost significantly more to insure than safer, lower-performance models. The list below illustrates coverage premiums for some of the most economical automobiles to buy coverage for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Toyota Prius | $1,673 |
| Ford Explorer XLT 2WD | $1,701 |
| Honda CR-V LX 2WD | $1,735 |
| Chevrolet Malibu Hybrid | $1,793 |
| Toyota RAV4 Limited 4WD | $1,802 |
| Honda Accord LX 4-Dr Sedan | $1,858 |
| Ford Escape XLT 4WD | $1,902 |
| Chevrolet Equinox LTZ AWD | $1,922 |
| Jeep Grand Cherokee Limited 2WD | $1,927 |
| GMC Sierra SL Crew Cab 2WD | $1,922 |
| Dodge Ram Quad Cab ST 4WD | $1,955 |
| Jeep Wrangler Unlimited Rubicon 4WD 4-Dr | $1,986 |
| Honda Odyssey EX | $2,014 |
| Ford Focus SE 2-Dr Coupe | $2,017 |
| Volkswagen Jetta SE 2.5 Station Wagon | $2,028 |
| Ford Edge SE 2WD | $2,036 |
| Dodge Grand Caravan CV | $2,081 |
| Toyota Tacoma 4WD | $2,088 |
| Ford F-350 XLT Crew Cab Cabela Turbo Diesel 2WD | $2,084 |
| Honda Civic LX 4-Dr Sedan | $2,123 |
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Premium data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Georgia minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, homeowner, and safe-driver. Rate information does not factor in vehicle garaging location which can decrease or increase insurance rates noticeably.
Based upon the table data, we can tell that makes and models like the Toyota Prius, Ford Explorer, and Honda CR-V should be some of the cheapest vehicles to insure for eco-friendly vehicles.
The example below highlights how deductible selection can affect insurance costs when searching for cheap insurance for electric cars. The prices are based on a married female driver, full coverage, and no other discounts are factored in.
As shown above, a 40-year-old driver could lower rates by $324 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $488 by changing to a $1,000 deductible. Younger drivers, like the 20-year-old example, could possibly save as much as $798 every year by choosing larger deductibles on their policy. When insureds make the decision to increase the deductibles on their policy, it will be required to have additional funds squirreled away to offset the extra out-of-pocket expense, which deters some people from using high deductibles.
How to get discounts on Atlanta auto insurance rates
Auto insurance companies that offer cheap quotes for electric cars may also give you rate discounts that can lower rates by 25% or more if you are eligible to receive them. A list of insurance companies and a partial list of their discounts can be read below.
- Progressive includes discounts for multi-policy, homeowner, online signing, multi-vehicle, and online quote discount.
- SAFECO has discounts for anti-theft, drive less, bundle discounts, teen safety rewards, homeowner, and accident prevention training.
- American Family offers premium reductions for air bags, early bird, multi-vehicle, defensive driver, and Steer into Savings.
- MetLife may have discounts that include good driver, multi-policy, good student, accident-free, claim-free, and defensive driver.
- GEICO may offer discounts for anti-theft, daytime running lights, good student, defensive driver, driver training, and military active duty.
- The Hartford policyholders can earn discounts including anti-theft, good student, bundle, defensive driver, and driver training.
The diagram below shows the difference between insurance costs with and without discounts applied to the policy rates. The costs are based on a female driver, no accidents or driving violations, Georgia state minimum liability limits, full coverage, and $500 deductibles.
The first bar for each age group shows the average rate with no discounts. The second shows the rates with multiple policy, marriage, accident-free, claim-free, passive restraint, and vehicle safety discounts applied. When taking advantage of discounts, the average amount saved each year on insurance for electric cars is 28% or $533.
Cost of full coverage
Finding cheaper insurance is probably important to the majority of people, and a good way to lower the cost of insurance for electric cars is to buy only liability coverage. The chart below compares insurance rates with and without full coverage. The data is based on no violations or accidents, $1,000 deductibles, single marital status, and no policy discounts are applied.
If we average the cost for all age groups, comprehensive and collision coverage on your policy costs $1,786 per year more than carrying just liability coverage. Many of you may wonder if buying full coverage is a good investment. There isn’t a written rule that is best for determining when to drop physical damage coverage, but there is a general convention. If the annual cost of having full coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then it could be time to drop full coverage.
For example, let’s say your vehicle’s settlement value is $4,500 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $3,500 after the deductible is paid. If you are paying over $350 annually for comprehensive and collision coverage, then you may need to consider dropping full coverage.
There are some circumstances where only buying liability is not recommended. If you still owe a portion of the original loan, you have to carry full coverage as part of the loan conditions. Also, if you can’t afford to buy a different vehicle if your current one is totaled, you should keep full coverage on your policy.
How to find cheaper insurance for electric cars
It’s not impossible to find cheaper rates, and here are some of the better money-saving suggestions that can help you locate more affordable coverage.
- Buy vehicles with good safety ratings
- Serious violations like DUI or careless driving can make car insurance unaffordable
- Avoid filing excessive claims
- Accident-free drivers may qualify for discounts
- Multi-policy discounts save money
- Compare rates regularly to ensure the best deal
That last piece of advice is incredibly critical, as we noted in the article above. Prices change constantly, so don’t be tentative to change insurance companies if you can find a cheaper rate. Having brand loyalty is commendable, but is isn’t recommended if that devotion results in you overpaying lots of hard earned cash every month. If you have a few minutes, now is a great time to compare prices to find cheaper insurance for electric cars in Atlanta.