Like all developing technologies, electric vehicles have early adopters and never-buyers. However, if you find yourself sitting on the fence, a little added security might be the nudge you need. A supplemental vehicle protection policy specifically for electric vehicles can help ease some worries that hold new buyers back.
What are some of those worries?
Driving Range
If you’re like most people, your biggest concern about EVs is the battery, including how far you can drive on a charge. You should evaluate your driving habits and the specific vehicle you’re considering to determine if they’re compatible. If you regularly drive distances longer than a standard charge will support, an EV might not be right for you. However, if your driving needs are generally within range and you’re worried about the chance of an occasional emergency, supplemental EV insurance can ease your mind by covering emergency battery charging.
Charging Infrastructure
Battery range would be less concerning if there were a robust charging infrastructure in place. While charging locations are becoming more widespread and there are maps available to help plan stops, it’s still possible to get caught in bad charging circumstances. A coverage plan specifically for EVs can provide roadside assistance and emergency charging services.
Upfront Costs
In addition to the EV's purchase price, which depends on factors like vehicle type, incentives, and tax credits, most new owners will need a home charging system. The cost of equipment and installation can range from $300 to $2,000, depending on the charger type, the proximity to your home’s electric supply, any necessary updates to your electrical system, and local regulations and permits. While some of those initial costs can often be covered by incentives and credits, repair or replacement in case of failure won’t be unless you purchase coverage as part of a protection plan.
Repair and Maintenance
Studies show that by the time a car is five years old, and EV will cost about $900 each year in maintenance, while a gas-powered car will cost around $1,200. This will vary, of course, but by design, there are fewer moving parts to maintain in an electric vehicle. The biggest maintenance cost for an EV would be a battery replacement, which can cost $5,000 or more. However, batteries typically last eight to 10 years and degrade slowly over time rather than failing unexpectedly all at once. As technology continues to develop, battery prices can be expected to decrease as lifespan increases. Factory warranties on EV parts vary, so it’s good to know your coverage and purchase supplemental coverage for replacement or repair if you need enhanced peace of mind.
Conclusion
Every vehicle purchase is a considerable investment for most of us, and we need to consider it even more carefully when making the leap to new technology like EVs. It’s OK to wait and learn from the experiences of others before making your decision. Being fully informed will help you make the best choice and protect your investment.