With electric vehicles (EVs) becoming increasingly common on U.S. roads, more drivers are discovering that EV ownership comes with unique insurance needs. From battery coverage to specialized repair costs, traditional auto insurance policies don’t always offer the best protection for your electric ride.
In 2024, several top insurers have stepped up their game by offering EV-focused policies—with competitive rates, added protection for high-tech components, and incentives for eco-friendly drivers. If you’ve recently purchased an EV or are considering one, here’s what you need to know about the best insurance providers and policies for electric vehicles this year.
Why Electric Vehicle Insurance Is Different
Electric vehicles differ from gas-powered cars in both structure and value. EVs typically:
Cost more upfront
Have higher repair costs (especially battery-related)
May need coverage for home charging stations
Are often driven fewer miles per year
Qualify for green or eco-driver discounts
Because of these differences, it’s important to choose a provider that not only understands EVs but offers products that match the needs of EV owners.
What to Look for in EV Car Insurance
Before choosing an insurance policy for your EV, consider these key features:
Battery coverage: Some policies offer specific coverage for EV batteries, which are one of the most expensive components.
Charging station coverage: If you’ve installed a home charging unit, make sure your insurance extends to cover damage, vandalism, or electrical failures.
Roadside assistance: EVs need tow trucks that can transport them without damaging the powertrain. Choose an insurer that offers EV-specific towing.
Usage-based or low-mileage discounts: Many EV drivers log fewer miles and can benefit from policies based on driving behavior.
OEM parts coverage: Since EVs are high-tech machines, always look for a policy that guarantees original manufacturer parts in repairs.
Top EV Car Insurance Providers in 2024
Based on customer satisfaction, EV-specific offerings, claims service, and pricing transparency, here are the top insurers to consider:
1. Travelers
Travelers is among the best EV insurance providers in 2024 thanks to their specific policies for hybrid and electric vehicles. They offer:
Discounts for owning an EV or hybrid
Optional OEM parts coverage
Roadside assistance with EV towing compatibility
Bundle deals with home insurance (ideal if you have a charging station)
Best for: EV owners who want a traditional insurer with eco-conscious perks
2. Progressive
Progressive offers customizable policies for EVs, plus strong telematics tools through Snapshot, which can reward low-mileage and safe driving.
Up to 30% savings with Snapshot usage-based program
Coverage for personal property like charging cables
Easy claims process through their mobile app
Competitive premiums for newer EVs
Best for: Drivers who want to track their driving habits to lower rates
3. Nationwide
Nationwide’s SmartRide® and SmartMiles® programs make it perfect for EV drivers who use their cars less frequently.
Up to 40% off with SmartRide safe driving
Per-mile pricing with SmartMiles
Flexible add-ons for high-value vehicles
Covers charging station damage (optional)
Best for: Low-mileage EV drivers and Tesla owners
4. State Farm
State Farm doesn’t have EV-specific policies, but their high reliability and Drive Safe & Save™ program make them worth a look.
Discounts for low annual mileage
Repair network trained on newer EV models
Good multi-policy discounts
Well-rated for customer service and fast claims
Best for: EV drivers who prioritize customer service and local agent access
5. GEICO
GEICO has strong affordability and some of the best multi-vehicle and low-mileage discounts on the market. While they don’t offer extensive EV-specific options, they still cover electric vehicles thoroughly under standard policies.
Basic EV protection for batteries and electronics
Fast quote and claims process
EV savings built into standard pricing models
Great option for second-hand EVs or budget EV buyers
Best for: Budget-conscious EV owners who want reliable basics
6. Tesla Insurance
Available in select states, Tesla Insurance is tailored specifically for Tesla owners and uses real-time driving behavior to adjust premiums.
Real-time data used to determine monthly premium
Offers parts and labor coverage specific to Tesla models
Tied into Tesla app for seamless support
Discounts for safe, autopilot-friendly driving behavior
Best for: Tesla drivers who want integrated, tech-savvy insurance
7. Liberty Mutual
Liberty Mutual offers Green Vehicle Discounts for hybrid and electric vehicles. They also allow you to add on identity theft protection and roadside EV services.
Specialized coverage for EV charging equipment
Claims repair network includes certified EV technicians
Multi-policy discounts available
Mobile app tracks all aspects of policy and claims
Best for: Drivers who want additional tech services alongside vehicle coverage
Tips to Save on EV Insurance in 2024
Bundle your coverage: Combine auto, home, and umbrella insurance where possible.
Choose higher deductibles: If you can afford it, raising your deductible can lower monthly premiums.
Enroll in telematics programs: Safe, low-mileage EV drivers can benefit from usage-based pricing.
Compare quotes annually: EV rates vary more than gas vehicles depending on market demand, repair cost updates, and vehicle tech.
Ask about charger coverage: Not all providers automatically include home chargers—add it if you’ve invested in a Level 2 station.
Final Verdict: Who Has the Best EV Insurance in 2024?
There’s no one-size-fits-all answer, but here’s a quick guide based on your driving and vehicle type:
Best overall for EV-specific coverage: Travelers
Best for Tesla owners: Tesla Insurance
Best for low-mileage EV drivers: Nationwide
Best for affordability and simplicity: GEICO
Best for high-tech integration and mobile tools: Progressive
As EVs continue to rise in popularity, expect more insurers to offer specialized electric vehicle coverage. Until then, stick with providers who already understand what makes electric cars unique—and are willing to protect your investment accordingly.
