It only costs a few hundred dollars to buy a new car battery and have it installed. However, if you own an EV, replacing your battery can cost as much as $20,000. Buying EV battery insurance can help offset this cost by providing compensation for buying a new battery and having it installed, but you’ll want to make sure you actually need this type of coverage before you buy it.
Who Needs EV Battery Insurance?
Many brand-new EV batteries are covered under a manufacturer’s warranty. The warranty covers the cost of repairing the battery or replacing it should the need arise, which means you don’t need insurance coverage for this expense. Additionally, if you own a compact EV, the battery replacement cost ranges between $5,000 and $8,000, which means you may be able to cover the expense of buying a new battery without insurance coverage.
However, if you own a luxury EV, long-range EV, or electric pick-up, the cost of replacing a battery is quite high. Ft. Worth, TX EV owners who don’t have a warranty to cover this expense may want to seriously consider buying EV battery insurance.
Call Main Street Independent Insurance Agencies Inc. for Policy Information
Main Street Independent Insurance Agencies Inc. has more than twenty years of experience offering auto insurance to meet the needs of individuals and businesses alike. We understand the unique auto insurance needs of EV owners and are always happy to help Ft. Worth, TX, EV drivers find policies that provide ample coverage without breaking their budget. Call us today, and we’ll happily answer your questions, offer personalized advice, and provide you with price quotes on specific policies.
