Electric Vehicles (EVs) are found to have insurance costs that are 49% higher compared to gas cars, yet some question the accuracy of this study.

The results of a recent study by Insurify have caused a stir in the automotive industry, claiming that the Chevrolet Blazer, Nissan Leaf, Kia Niro EV, Hyundai Ioniq lineup, Ford F-150 Lightning, Subaru Solterra/Toyota bZ4X twins are the cheapest electric vehicles (EVs) to insure. However, critics have raised concerns about the study's methodology and unclear data controls, casting doubt on its findings.

According to the study, the average insurance rate for EVs and gas-powered cars reflects full coverage on a 2020 model year or newer. The study suggests that EV owners pay 49 percent more to insure their cars, on average. This increase is attributed to higher costs associated with EVs, including repair costs.

One of the key factors influencing insurance companies' specialized programs for EVs is the high cost of battery replacement, which can cost up to €20,000. About 72% of customers want battery protection included in their insurance, prompting insurers like ADAC to recommend all-risk coverage for the battery.

However, the study's assumptions may skew the results. It assumes a driver with a clean record and good or better credit, and it ignores factors like real-world repairability, warranty coverage, or depreciation curves. These oversights could quickly tilt the figures against EVs.

Some on Reddit have pointed out that some of the comparisons in the study make no sense, such as comparing the Tesla Model X to the Audi Q3 and the Mercedes A-Class, which are not apples-to-apples comparisons. Additionally, parts for EVs are often harder to come by, making repairs more expensive.

The federally mandated 8-year/100,000-mile EV battery warranty offered on every new EV reduces risk for owners, a factor that insurers might not fully weigh. Insurance companies may build in a buffer for the risk associated with EVs due to their newness and potential repair costs.

Whether the numbers in the study are genuinely meaningful is up for debate. Some argue that the study might say more about how we measure costs than it does about EV ownership. The insurance for EVs might trend higher for the time being, but this study might not accurately reflect the reality of EV ownership. Each repair case is unique, and the true cost depends on the car in question.

In conclusion, while the study by Insurify has generated headlines, it has also sparked a debate about its methodology and the accuracy of its findings. As the EV market continues to grow, it is essential to consider the various factors influencing insurance costs and to approach studies with a critical eye.

Electric Vehicles (EVs) are found to have insurance costs that are 49% higher compared to gas cars, yet some question the accuracy of this study.