Young woman charging her electric car in the city

Most Affordable Electric Vehicles to Insure

The electric vehicle (EV) market has seen strong growth as more and more options — both new and used — become available to consumers. EV sales are expected to hit their highest level on record in 2021, with automakers offering 30 models, according to Edmunds1.

“The thought of owning an electric vehicle continues to attract more consumers and they have even more options to pick from today than in the past,” said Chong Gao, director of product management R&D for Mercury Insurance. “We put together this list to help inform your decision, because many people don’t consider what it will cost to insure a vehicle before they buy it. Some great news is that all of the vehicles today on our list qualify for the max Federal Tax Credit rebate.”

Electric vehicles offer some advantages over conventional internal combustion engine vehicles. There are a variety of options for charging your EV while at home, at work or on the road, meaning you can “fuel” your vehicle up without having to inconvenience your daily routine. In fact, EV owners who charge at home overnight can expect to travel at least 100 miles, according to the U.S. Department of Energy2. EV owners may also benefit from programs offered by their utility providers, like lower rates during certain hours, EV-only electrical rate plans, and itemized costs for home charging usage.

Additionally, electric vehicles tend to require less maintenance than a gas-powered vehicle — there are fewer moving parts that need replacing, and you never have to take it in for oil changes.

Mercury Insurance was named the cheapest insurance provider for electric vehicles in California by NerdWallet3.

Mercury’s research and development team examined 2020 to 2021 model year EVs that are available at car dealerships today to compile this list4. Here is the top-ten list for new 2020-2021 model year green vehicles/EVs, beginning with the most affordable make and model to insure.

  • Kia Soul
  • Nissan Leaf
  • VW E-Golf
  • Hyundai Ioniq
  • BMW i3
  • Chevrolet Bolt
  • Honda Clarity
  • Ford Mustang Mach-E
  • Jaguar I-Pace
  • Audi E-Tron

Mercury’s research and development team also examined 2016 to 2019 model year EVs — to compile this list5. Here is the top-ten list for used green and EVs, beginning with the most affordable make and model to insure.

  • 2016–17 Chevrolet Spark EV
  • 2016–19 Fiat 500 Electric
  • 2016–19 Kia Soul EV
  • 2016–19 Nissan Leaf
  • 2016–19 VW E-Golf
  • 2016–19 Smart Fortwo
  • 2016–18 Ford Focus
  • 2017–19 Hyundai Ioniq
  • 2016–19 BMW i3
  • 2016–17 Mitsubishi I MIEV

Mercury offers affordable car insurance without sacrificing quality support and service. Talk with an agent today to help you find cheap car insurance.


1 https://www.edmunds.com/industry/press/us-electric-vehicle-market-poised-for-record-sales-in-2021-according-to-edmunds.html

2 https://www.fueleconomy.gov/feg/topten.jsp

3 https://www.nerdwallet.com/article/insurance/car-insurance-quotes-electric-cars

4 Mercury Insurance developed the new EV list based on full coverage premium (BI, PD, COMP, COLL, MP, UMBI and UMPD) for a hypothetical driver with average factors for each rating element. 

5 Mercury Insurance developed the used EV list based on full coverage premium (BI, PD, COMP, COLL, MP, UMBI and UMPD) for a hypothetical driver with average factors for each rating element.