MONDAY, FEBRUARY 27, 2023
If you’ve decided to purchase an electric vehicle, you may wonder whether you need special insurance. While there isn’t a specific type of auto insurance designed to cover electric vehicles, getting a policy tailored to meet your needs is crucial.
Is Insurance for Electric Vehicles Required?
Electric vehicle owners aren’t required to purchase any special auto insurance coverage, but all Texas drivers must carry at least the minimum auto liability coverage.
Liability insurance helps cover the insured’s legal liability for third-party property damage and injuries. Your agent may recommend that you buy more than the state’s minimum required amount to ensure appropriate coverage. 
If you financed or leased your electric vehicle, the lienholder requires full coverage auto insurance, which helps protect their investment. If your vehicle is damaged in a covered event, your full coverage insurance may help cover repair or replacement costs.
Your lienholder may also require guaranteed asset protection (gap) insurance. This coverage helps bridge the financial gap between an insurer’s settlement and the total amount due to pay off your loan or lease if an accident renders your vehicle a total loss.
How Can I Protect My Electric Vehicle With Insurance?
Your auto insurance policy provides financial protection according to the policy’s terms. Depending on your coverage, you may receive help repairing or replacing your electric vehicle after a covered accident or incident.
If you want insurance coverage that helps accident-related repairs, talk with your agent about purchasing full coverage insurance.
Full coverage auto insurance typically includes the following:
1. Comprehensive insurance helps pay to repair or replace your electric vehicle if it is damaged in a non collision-related incident, such as a fire, storm, theft or vandalism.
2. Collision insurance helps pay to repair or replace your electric vehicle if it sustains accident-related damage after colliding with an object or another vehicle.
Your agent may recommend that you purchase additional endorsements and coverages such as the following:
- Rental car reimbursement coverage
- Personal injury protection (PIP)
- Uninsured/underinsured motorist coverage
How to Get Electric Vehicle Insurance in Texas
Our experienced agents can help you build an auto insurance policy to comply with the state’s minimum liability laws and satisfy your lender’s requirements. Texas drivers who own electric vehicles can get appropriate insurance coverage by contacting Texas Risk Solutions in New Braunfels, Texas.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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