The Unexpected Cost of Electric Vehicle Ownership

Electric vehicle purchasers don't have to worry about fuel costs, but what consumers may not realize is these vehicles come with higher insurance rates than their gas-engine counterparts - on average, insurance quotes are 21 percent higher for electric vehicles. NerdWallet recently studied the Chevrolet Spark, Volkswagen Golf, Smart Fortwo and Fiat 500 to find the average rate for California drivers to insure these vehicles and found that Mercury Insurance offers the most affordable insurance rates for the electric models (up to $600 less than its closest competitors).

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