The words “low-cost” and “insurance” really should not be used together, specifically when you are trying to find the cheapest auto insurance for electric cars. Let’s take a look at a few of the things that help determine car insurance rates, and find a way to take the sting out of the next policy you buy.
The vehicle driven is one of the main factors that determines if you can find affordable auto insurance for electric cars. Vehicles with high performance, a lack of safety features, or a high likelihood of having liability claims will cost substantially more to insure than safer models. The list below estimates insurance rates for a number of the more affordable automobiles to buy insurance for.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX-P 4-Dr Sedan | $2,256 |
| Hyundai Elantra SE Touring Station Wagon | $2,453 |
| Honda CR-V LX 2WD | $2,470 |
| Ford F-150 XLT Super Cab 2WD | $2,531 |
| Ford Escape XLT 4WD | $2,619 |
| Toyota Tacoma Double Cab 4WD | $2,676 |
| Volkswagen Jetta S 4-Dr Sedan | $2,685 |
| Dodge Grand Caravan SXT | $2,727 |
| Ford Explorer Limited 4WD | $2,736 |
| Toyota Prius | $2,747 |
| Honda Odyssey EX-L W/Navigation | $2,819 |
| Kia Optima LX | $2,863 |
| GMC Sierra 2500HD SLE Crew Cab 4WD | $2,869 |
| Chevrolet Equinox LTZ AWD | $2,878 |
| Jeep Grand Cherokee Limited 4WD | $2,869 |
| Chevrolet Malibu LTZ | $2,877 |
| Chevrolet Silverado LTZ Extended Cab 4WD | $2,869 |
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Data variables include single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Louisiana minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, claim-free, and homeowner. Premium costs do not factor in specific New Orleans, LA garaging location which can increase or decrease prices greatly.
Looking at the rates, you can see that makes and models like the Honda Accord, Hyundai Elantra, Honda CR-V, Ford F-150, and Ford Escape are most likely to be a few of the less-costly vehicles to insure for eco-friendly vehicles.
Determining which company quotes the cheapest car insurance rates for electric cars requires a bit more effort than just getting one or two price quotes. Every car insurance company has a unique approach for establishing rates, so let’s take a look at the car insurance companies with the overall cheapest rates in New Orleans.
Keep in mind that New Orleans car insurance rates are impacted by many factors that control the price you pay for coverage. Turning one year older, increasing liability limits, or getting a few speeding tickets may generate price changes resulting in some rates now being cheaper in comparison to the competition.
Find the Cheapest Car Insurance for EV’s
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $1,594 |
| 2 | MetLife | $1,892 |
| 3 | GEICO | $1,945 |
| 4 | Progressive | $1,946 |
| 5 | Safeway | $2,132 |
| 6 | Southern Farm Bureau | $2,204 |
| 7 | California Casualty | $2,315 |
| 8 | State Farm | $2,383 |
| 9 | Safe Auto | $2,575 |
| 10 | Allstate | $3,035 |
| 11 | Encompass | $3,170 |
| 12 | Liberty Mutual | $3,608 |
| Find Cheaper Rates Go | ||
USAA may have some of the most affordable car insurance rates in New Orleans at around $1,594 each year. This is $820 less than the average price paid by Louisiana drivers of $2,414. MetLife, GEICO, Progressive, and Safeway also are some of the more affordable New Orleans, LA insurance companies.
As shown above, if you currently have coverage with MetLife and switched to USAA, you might achieve a yearly savings of approximately $298. Drivers with GEICO could save as much as $351 a year, and Progressive insureds might see rate reductions of $352 a year.
These prices are averaged across all types of insureds and vehicles and and are not calculated with a specific vehicle garaging location for electric cars. So the insurer that can offer you the best rate may not even be in the top 12 companies in the list above. That point stresses why you need to get auto insurance quotes using your own individual information.
Accidents and violations increase rates
The best way to maintain the cheapest car insurance premiums in New Orleans for eco-friendly vehicles is to be a cautious driver and not get tickets or have accidents. The example below illustrates how traffic citations and fender-benders can affect insurance costs for each age group. The premiums are based on a married female driver, comprehensive and collision coverage, $100 deductibles, and no policy discounts are applied.
In the previous example, the average cost of car insurance in New Orleans per year with no violations or accidents is $2,047. Receive two speeding tickets and the average cost rises to $2,918, an increase of $871 each year. Then throw in one accident along with the two speeding tickets and the yearly cost of car insurance for electric cars goes up to an average of $3,789. That’s an increase of $1,742, or $145 per month, just for not keeping your driving record clean!
The example below shows how choosing a deductible can raise or lower yearly insurance costs when getting quotes for cheap insurance for electric cars. The information is based on a single male driver, comprehensive and collision coverage, and no discounts are applied.
A 50-year-old driver could pocket $382 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $576 by using a $1,000 deductible. Younger drivers, like the Age 20 category, could lower their rates up to $1,254 every year just by choosing higher deductibles. When choosing a higher deductible, it is important to have enough spare savings to allow you to cover the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Get discount New Orleans car insurance rates
Auto insurance companies that offer quotes for electric cars may also offer discounts that could reduce prices by as much as 30% if you are eligible for them. A list of car insurance companies and their possible discounts are detailed below.
- State Farm includes discounts for good driver, Drive Safe & Save, good student, defensive driving training, driver’s education, and passive restraint.
- American Family offers premium reductions for good driver, mySafetyValet, air bags, good student, and early bird.
- AAA has discounts for good driver, multi-car, multi-policy, pay-in-full, and AAA membership discount.
- GEICO offers discounts including multi-vehicle, multi-policy, federal employee, defensive driver, daytime running lights, and membership and employees.
- Mercury Insurance offers discounts for professional/association, ease of repair, location of vehicle, low natural disaster claims, good driver, and multi-car.
- Farmers Insurance policyholders can earn discounts including good student, electronic funds transfer, mature driver, distant student, multi-car, pay in full, and bundle discounts.
- Progressive may include discounts for online signing, homeowner, good student, multi-policy, and online quote discount.
The example below illustrates the difference between auto insurance rates with and without discounts applied to the premium. The premium estimates are based on a male driver, no claims, a clean driving record, Louisiana state minimum liability limits, comprehensive and collision coverage, and $100 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with vehicle safety, multiple policy, anti-theft, defensive driving course, marriage, and safe-driver discounts applied. When these discounts are applied, the average amount saved each year on car insurance for electric cars is 28% or $734.
Your cheap policy may actually be overpriced
New Orleans car insurance rates are influenced by many factors which can substantially decrease or increase the price you pay for coverage. Simply getting older, filing a claim, or getting a ticket for running a stop sign may generate price changes resulting in some rates now being cheaper in comparison to the competition. Not only may your situation change, but insurers amend pricing without warning in order to be able to pay unexpected claims. Unexpectedly high claims can cause more expensive prices, while lower claim expenses can produce cheaper New Orleans car insurance rates.
For instance, the bar chart below shows the company with the cheapest car insurance in New Orleans, LA for a 30-year-old male driver with no prior claims, no tickets, and solid credit. When quoting prices based on his current risk profile, USAA quotes the most affordable car insurance rates in New Orleans at $2,754 per year. This is $340 more than the average policy premium paid by Louisiana drivers of $2,414. MetLife, GEICO, Progressive, and Safeway are also included in the best New Orleans, LA auto insurance companies.
Now we will give the driver in the first example a claim or two, bad credit, and a blemish on his driving record. Since every insurance provider has a proprietary formula to establish rates, analyzing rates most likely will result in a different list of cheap New Orleans auto insurance companies as shown below.
Southern Farm Bureau now has the cheapest insurance rate in New Orleans, LA with State Farm, GEICO, Safe Auto, and USAA now being in the top five. This example demonstrates why it is important to compare as many rates as possible to get the cheapest insurance rates for electric cars.
Insurance prices are calculated by many factors and can change substantially, so the cheapest option the last time you shopped around may now cost much more than other companies.