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Electric Vehicles Present New Challenge for Insurers

Companies said they need experience to determine rates and they have little right now.

by on Apr.28, 2011

Insurers don't have any experience insuring electric vehicles such as the Chevrolet Volt, so they are classifying them neutrally.

When it comes to insurance, it’s all about experience. And right now, insurers have virtually no experience insuring the new breed of electric vehicles.

With electric vehicles starting to trickle into the marketplace, insurance companies are trying to figure out how to price coverage for them.

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Real experience will take a while as claims start to come in for electric cars involved in accidents, theft and other insurable incidents. With so few of them on the road, that could take a while.

“We do not yet have enough claims data from electric vehicles to make any such conclusions about them. Until we do, we will rate them neutrally,” said Angie Rinock, spokeswoman for State Farm Insurance.

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