The electric Chevy Equinox and Blazer are the most affordable EVs to insure. According to a new study, Chevy’s electric SUVs topped the list, but Hyundai had the most models in the top ten.
What are the top 10 most affordable EVs to insure?
I’m sure you’ve heard by now that electric vehicles can be more costly to insure than internal combustion engine (ICE) or hybrid vehicles.
Insurance rates vary throughout the US, but much of the higher cost is due to parts repairs. For example, according to a recent study from Insurify, the Tesla Model X is the most expensive EV to insure.
Why? Because it has more expensive parts, like the falcon-wing doors, which can cost thousands to repair alone, depending on the severity.
The report also points out that fewer EVs in a certain area means fewer insurance claims. To protect themselves, insurers will set higher premiums. Electric vehicles cost $4,058 on average to insure, according to Insurify, which is 49% more than the average cost of insuring a gas-powered car.
For those looking to save, we now have a list of the cheapest electric vehicles to insure. Leading California-based auto insurer, Mercury Insurance, revealed its annual top 10 list of the most affordable EVs to insure.
The Chevy Blazer and Equinox EVs topped the list, followed by the Nissan Leaf, Kia Niro EV, and Ford F-150 Lightning.
Hyundai’s Kona Electric ranked sixth, followed by the Mini Cooper SE, all Hyundai IONIQ models (IONIQ 5, IONIQ 6, and IONIQ 9), and the Fiat 500e. The Subaru Solterra and Toyota bZ4X tied for tenth.
“With federal EV tax credits set to expire in the near future, now is the time to get into an EV for consumers who are interested in one,” Chong Gao, Director of Product Management R&D for Mercury Insurance, said.
| Rank | Electric Vehicle |
| 1 | Chevy Blazer EV |
| 2 | Chevy Equinox EV |
| 3 | Nissan Leaf |
| 4 | Kia Niro EV |
| 5 | Ford F-150 Lightning |
| 6 | Hyundai Kona EV |
| 7 | Mini Cooper SE |
| 8 | Hyundai IONIQ 5, IONIQ 6, IONIQ 9 (all EV models) |
| 9 | Fiat 500e |
| 10 | Subaru Solterra/ Toyota bZ4X |
Gao said that although insurance costs can be higher, there are still clear benefits to owning an EV, including lower operating costs.
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