The insurer has released a list of the top 10 models of EVs for affordable coverage.
Electric vehicle insurance is one of the main costs potential owners consider before they decide that an EV is the right choice for them.
After all, this is an ongoing expense that will help to determine the amount paid for the vehicle’s lifetime.
Mercury has released a list of the top 10 most affordable electric vehicle insurance models, based on calculations for the coverage they provide. This was, in part, to place the spotlight on the discount the insurer offers on coverage for EVs in ten of the eleven states in which the insurer sells personal auto policies.
A growing number of consumers are considering EVs as the price of the cars themselves starts to fall and as more people seek to avoid reliance on fossil fuels for their transportation. Research cited in a Mercury news release showed that 71 percent of US drivers are open to purchasing an EV in the future. Moreover, over 30 percent of them have indicated that they will make their next car purchase an EV.
Mercury is a leading electric vehicle insurance provider in California and 10 other states.
That insurer assembled a list of affordability for the models of available EVs in the states where they sell coverage. The list is based on a purchase of a new vehicle from the 2021 model year among those currently available at car dealerships.
The list of the least expensive EV models to cover is as follows, with the cheapest option at the top.
- Hyundai Santa Fe
- Kia Soul EV
- Nissan Leaf
- Hyundai Ioniq
- BMW i3
- Volkswagen ID.4
- Chevrolet Bolt EV
- Honda Clarity
- Volvo XC40 Recharge
- Ford Mustang Mach-E
“Electric vehicles are very attractive to consumers from styling to performance,” said Chong Gao, Mercury’s Director of Product Management R&D, in the release about affordable electric vehicle insurance. “EVs have very responsive torque and can be charged at home, at work, or while you’re out running errands. One factor that consumers will have to consider when purchasing an electric vehicle is the cost to insure it, and Mercury offers a discount on EVs in 10 of the eleven states we offer personal auto insurance.”