The high demand for gas due to COVID-19 reopenings made our fuel costs this summer soar with the highest gas prices in the U.S. since 2014.
Many new car shoppers consider buying electric and hybrid cars to save on gas. When something goes wrong, a vehicle service contract (also referred to as an extended car warranty) can cover electric and hybrid repairs — with a few exceptions.
Are you considering a switch? Read below to learn the difference between electric/hybrid cars and gas cars.
What are the different types of electric cars?
If you’re looking to buy an electric car, know that there are essentially three types (within the three types there are also subsets).
1. Battery-Electric Vehicles (BEVs)
BEVs don’t have internal combustion engines. These are cars that run completely on battery power. A BEV driver can charge their car at home with a Level 1 or Level 2 charger or at a commercial charging station with Level 3 charge, which is more powerful.
2. Hybrid Electric Vehicles (HEVs)
HEVs still rely on gas but they have some electronic components, which include regenerative braking systems. This means that the car actually charges itself without ever having to plug it in.
3. Plug-in Hybrid Electric Vehicles (PHEVs)
PHEVs are similar to HEVs in that they run on both gas and electricity, but the difference is that they can be plugged in to be recharged.
What are the costs of having an electric car vs. gas car?
Not too long ago, electric cars were not worth it for the average customer since it meant spending a fortune (both on purchase price and maintenance).
Over the years, electric vehicles have become more popular, so thankfully today there are a lot more models to choose from, including economy options.
Still, electric cars are more expensive than cars that run solely on gas. But experts agree it’s a higher upfront cost that can later pay off.
Here are the factors you should be considering before buying an EV.
You should consider them relative to how long you plan on having the car. The savings add up in the long-term:
- The cost of gas – According to Self.inc, the average annual cost of charging an EV is $460.32 compared to fueling a gas powered car, which is $837.92.
- The cost of car insurance – EVs tend to have higher insurance rates when compared to gas-powered cars because electric cars are easier to damage. According to Forbes, the average cost in 2020 for full coverage car insurance on an EV car was $1,134.
- The cost of maintenance – Electric cars have lower maintenance costs because they don’t require the changing of certain fluids that gas-powered cars do. According to a New York City Fleet Newsletter from 2019, drivers in NY spent between $200 and $400 a year on EV maintenance. The national average for a gas-powered car that year was $1,600.
- The vehicle purchase price – The average purchase price of an electric car is about $19,000 higher than a gas-powered car.
|Can you get a government discount for switching to an electric car? Yes, but government incentives will vary by state. The Electric Car Tax Credit Program is available for certain types of EVs in:|
Arizona, California, Colorado, Connecticut, Delaware, Georgia, Illinois, Maryland, Massachusetts, Montana, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, Texas, Utah, Washington, Wisconsin.
Can electric cars go as fast as cars that run on gas?
Electric cars can actually accelerate faster than gas-powered cars. However, gas-powered cars can reach higher top speeds than EVs. This will change as technology advances.
Does an extended car warranty cover electric or hybrid cars?
Yes, extended car warranty coverage of car repairs after the manufacturer’s warranty runs is available on electric and hybrid cars. However, in most cases there will be some exclusions on the electric or hybrid parts themselves. For example, electric fuel cells, regenerative braking systems, or electronic memory systems may not be covered under the vehicle service contract.
Keep your electric car for longer with vehicle breakdown coverage
Car repairs for major parts like the A/C and suspension systems can cost thousands of dollars at the repair shop. Vehicle breakdown coverage can keep your electric car running great for a long time and allow you to enjoy the cost benefits for years to come. With just a low-cost, month-to-month subscription, you get better control over your car budget and a worry-free car ownership experience.
Uproar.car has created vehicle breakdown coverage that is simple, trustworthy and affordable. Transforming the extended car warranty marketplace through technology and transparency, Uproar.car offers a full suite of worry-free, no haggle car care plans through low-cost, 100% online, monthly subscriptions that drivers can sign up for in less than five minutes. Get an instant quote today!