Coverhound Insurance has sold around 20,000 auto policies, and that's been enough for the online comparison-shopping site to notice an EV-friendly trend: electric vehicles are cheaper to insure. An average of $200 cheaper, in fact, according to CoverHound CEO Keith Moore.
At this point, there are tens of thousands of individual stories about what it's like to live with a Chevrolet Volt. But it also remains informative to take a look at one of these in depth. For example, one Atlanta-area Volt owner says he's cut his cents-per-mile ownership costs by almost 40 percent compared to his previous car primarily because of his ability to drive almost all the time on electric power.
The sticker prices for electric vehicles in the US market, even when federal tax incentives and state and local rebates are factored in, are usually significantly higher than fuel-efficient small cars. Still, if you're looking at total lifecycle ownership costs, the fuel savings are very good for electric vehicles compared to gasoline- and diesel-powered competitors. Another number to look at on the lifecycle cost sheet is maintenance, where EVs win big.
What's the percentage of Canadian buyers that could benefit financially from choosing to go electric instead of relying on old internal combustion? Well, somewhere between 20 and 40 percent.