One of the great pitches for buying an EV is lower total cost of ownership. There are fewer moving parts in them, after all, so that would at least make sense from a maintenance perspective. There are a few hidden costs, though. Higher upfront price for new cars and a steep depreciation curve don't help matters. And there's one big monthly bill folks often forget to account for: insurance.
A new study from Insurify shows that car insurance is one of the biggest cost differentiators between owning a traditional internal combustion-engine (ICE) car and an EV. In fact, the average late-model EV (from 2024 and newer) costs 18% more to insure than the average late-model gas-powered vehicle.
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