Chevy Bolt Insurance Cost: What Will You Pay?
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The Chevrolet Bolt EV is a battery-electric subcompact hatchback that’s been a hit among critics and drivers alike in the 2022 model year. With a starting MSRP of $31,500 for the base model, it’s an affordable entry into the world of all-electric vehicles. But how much does Chevy Bolt insurance cost? This article will explore the factors that influence insurance premiums and spell out what you can expect to pay to insure your new Chevy Bolt.
Chevy Bolt Insurance Cost: What to Expect to Pay
The cost to insure a 2022 Chevrolet Bolt is significantly higher than the national average. According to our data, the Chevy Bolt EV costs $238 a month to insure, which equates to an annual premium of $2,856 — more than double the average national rate. Typically, electric cars tend to be more expensive to insure because of their higher initial price.
About the Chevrolet Bolt
The Chevrolet Bolt is available in two different trims: the Bolt EV and the Bolt EUV. The trims actually share far more similarities than differences. Both vehicles are powered by a 65 kWh lithium-ion battery and have an all-electric range of 259 miles. Each car seats five passengers. The two trims also have an identical max cargo volume of 57 cubic feet with the rear seats folded. However, the Chevrolet Bolt EUV does offer under-floor storage.
The biggest difference between the two vehicles? The Bolt EUV comes with a wheelbase that is 2.9 inches longer than the Bolt EV, which adds 6.3 inches in the overall length of the vehicle. This allows for a bit of a roomier seating environment for passengers.
4 Factors That Impact Chevy Bolt Insurance Costs
There are many different factors that go into how insurance companies determine car insurance rates. The factors that influence the average cost to insure an electric car are similar to those that influence insurance premium rates for their gas-powered predecessors. They include:
The Chevrolet Bolt EUV has a starting MSRP of $33,500, meaning it may cost slightly more to insure than many similarly-sized economy vehicles. That’s because the more expensive a new vehicle is, the more car insurance companies will charge to insure it against damages. The Bolt model you choose and the features you add to it will impact its initial cost and the overall price to insure.
Your location will also impact your Chevy Bolt insurance costs — particularly where you park your vehicle every day. If you live in a city and rely on on-street parking, your Chevy Bolt is at a higher risk for damage and theft and as a result, may cost more to insure. If you live in a rural area or suburb and/or park your Chevy Bolt in a garage overnight, it is less susceptible to damage and will likely be less expensive to insure. Different states also can have vastly different insurance costs, so your home state can play a big role as well.
Personal history like your age, gender, marital status, credit score, and driving record can also impact your car insurance costs. People with better than average credit scores and clean driving records represent less of a risk to auto insurance companies, who in turn offer such drivers lower rates. Drivers with poor credit and/or a history of accidents are believed to be at a higher risk to insure, which may be reflected in increased premium rates.
Type of Insurance Coverage
Chevy Bolt insurance costs will fluctuate greatly depending on the types of insurance you choose to purchase. The more complex your coverage, the pricier your policy is likely to be. The following chart illustrates the national average rates of car insurance based on coverage levels:
Average Cost of Car Insurance in the U.S. for 2022
|Type of Coverage||Annual Premium Cost||Monthly Premium Cost|
Source: U.S. News & World Report
The level of car insurance coverage you choose for your new Chevrolet Bolt is the main factor for cost. Some states require certain amounts of coverage, so make sure you’re familiar with the insurance requirements in your state before selecting a coverage policy. The different types of insurance coverage offered by providers include:
- Liability coverage, which is the minimum type of coverage required in most states, and usually covers bodily injury from car accidents in addition to property damage tp vehicles and property other than your own
- Personal injury protection, which covers injury to the driver and passengers of the vehicle — and also mandatory in many states
- Collision coverage, optional coverage that protects against damage to your vehicle so you don’t have to pay for repair costs out of pocket
- Comprehensive insurance, which is another optional coverage plan that protects against theft and damage due to extreme weather events and damage from events that do not occur while driving
Car Insurance Provider
Prices of car insurance premiums can vary widely between auto insurance providers. Getting the best car insurance for your Chevy Bolt doesn’t necessarily mean having to choose the most expensive. If you’re a safe driver with an accident-free driving record, get insurance quotes from a variety of different providers. The car insurance industry is highly competitive, so doing your research, getting a large sample of free quotes from different providers, and letting companies barter for your business is a savvy way to get the best auto insurance rates.
Compare Rates from Dozens of Companies
Compare Rates from Dozens of Companies
Take the time to compare quotes between major car insurance companies like State Farm, Allstate, and GEICO to the insurance policy that’s right for your budget.
Are Chevy Bolt Insurance Costs Worth It?
The cost of Chevrolet Bolt EV insurance rates will vary from driver to driver. While the cost to insure the Bolt is higher than the national average cost of car insurance, it’s important to remember that purchasing a new electric vehicle can also help you save money in certain areas.
Purchasing a new EV may be eligible for tax credits that can help reduce the initial cost of the vehicle. In addition to obvious fuel savings, electric vehicles like the Chevy Bolt also tend to cost less to maintain across their lifespan than gas-powered vehicles.
If you’re looking to reduce your car insurance rates, you can take steps like improving your credit score, purchasing a less expensive, pre-owned vehicle, or shopping around for the lowest rate for the coverage you need most.
No matter which type of new EV you choose, you can find an affordable used one in your neighborhood by using our comparison tool:
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