Should I Buy An Electric Car? - NYCM Insurance Blog

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Aug 11, 2021

Should I Buy An Electric Car?


Whether you're in the market for an electric car or looking into one for the first time,

there is a lot to learn about these eco-friendly vehicles. We’ve put together a beginner’s guide to electric cars that explains exactly what an electric car is, why you might want to purchase one, the environmental impacts they have, and the associated costs. Continue reading to learn more!

 

What is An Electric Car?


Unlike the more common gas-fueled vehicles that most of us grew up with, electric cars use motors that are powered using a battery pack. The original electric car was invented in the early 1800s and since then electric cars have become more and more popular. To recharge an electric car, you can install a charging station in your home or garage, or stop by a public charging station. The mileage that your electric car can travel on a single charge will vary depending on the make and model, however it will typically land somewhere between two and three hundred miles.

 

What are the Benefits of Driving an Electric Car?


The choice to switch from a gas-fueled vehicle to an electric vehicle can be driven by multiple factors. One reason that is often mentioned is the reduced cost in fuel prices. When you switch to an electric vehicle, you may gain a sense of “energy independence,” as you are no longer at the mercy of gas station prices. Whether you charge at home or on the go, the overall cost in “fuel” is significantly lower than that of filling up at the gas station.

 

Another common consideration is reduced maintenance expenses. Electric cars don’t require regular oil changes or certain replacement parts, such as radiator hoses, gaskets, or fan belts.

 

Do Electric Cars Have Less of An Impact on the Environment? 


Although some studies have shown that electric cars are not doing as much good for  the environment as we previously thought, the research still indicates that electric cars are responsible for fewer greenhouse gas emissions than gas-fueled vehicles. While no greenhouse gas emissions come directly from electric vehicles, they do run on electricity which is still largely produced using fossil fuels across different regions of the world. That being said, according to  CarbonBrief.org, electric cars are still an important part of meeting global goals on climate change as they “feature prominently in mitigation pathways that limit warming to well below the 2-1.5C  which would be in line with the Paris Agreement’s targets.”

 

What are the Costs Associated with Having an Electric Car?


While we already know that the overall cost of maintaining an electric car tends to be cheaper than that of a traditional vehicle, there are costs that come along with owning an electric car to be aware of.

 

The first cost to consider is your charging station. Whether you live in a rural area (away from public charging stations) or would enjoy the convenience of having a home charging station, this will be an important cost to consider. If the make and model of your vehicle allows you to plug in to a standard 120-volt outlet in your home, this may be an option for you. However, it is important to know that this method of charging takes much longer than a charging station and that you will need to plan around those charging times. If you opt for a home charging station, the price will vary depending on the dealer that you purchase it from. Installation fees are typically separate from the station itself, which can be costly. For example, installation costs in New York State can range anywhere from $2,000 to $10,000 per port, depending on your location. This would not include the price of the unit itself. 

 

Another cost to be aware of is the possibility of higher insurance prices. While owning an electric car doesn’t make you a riskier driver, it can make you a greater liability.  Although this will depend on the carrier, insurance costs can often be more expensive since they can damage more easily and can cost more to repair.

 

For more information about a car insurance policy with NYCM Insurance, check out the link below to speak with one of our trusted agents.