November 25th, 2014
Electric cars tend to be cheaper to insure, says a new study by online comparison-shopping program CoverHound Insurance.
On average, drivers save $200 a year on insurance when they switch from gas to electric, CoverHound's CEO Keith Moore says.
After selling about 20,000 policies, Moore says, "we found the electric cars were much cheaper to insure than what people were driving before they switched."
A driver ditching a Cadillac CTS for a Chevy Volt could save $600 a year, CoverHound's data show.