Despite an industry-wide push towards the mass adoption of all-electric vehicles, consumer demand for EVs remains relatively tepid, with high pricing often cited as a major barrier for customers. That said, the cost of ownership for some EVs is more affordable than others, and that includes insurance costs. Now, an insurance company has published a top-10 list of the most affordable EVs to insure, placing the Chevy Equinox EV mid-pack.
The top 10 list was published by Mercury Insurance, which offers a range of insurance products around the U.S., covering auto, homeowners, renters, and commercial insurance. The list of the top 10 most affordable EVs to insure is based on a variety of different factors, including claims on similar vehicles, costs to repair, and vehicle safety records. The Mercury research and development team only considered 2024-model-year vehicles currently available at dealerships in order to create the new top-10 list.
The Chevy Equinox EV placed sixth among the top 10, with the Nissan Leaf taking the top spot. The rest of the list includes the Ford F-150 Lightning, Kia Niro, Hyundai Ioniq, Volvo C40/XC40 Recharge, Fiat 500e, Subaru Solterra / Toyota BZ4X / Fisker Ocean Sport (tied), Volkswagen ID.4, and finally, the Genesis G80.
“One of the most important aspects when researching your ideal EV is to consider the total cost of ownership, in which insurance plays an important part,” said the Director of Product Management R&D for Mercury Insurance, Chong Gao. “We realize that for many customers this may be their first time considering an EV and it helps to have as much information as possible.”
As GM Authority covered previously, EVs cost more to repair than equivalent gasoline-powered vehicles, which can place all-electric models out of reach for some customers, especially in light of rising insurance costs over the last few decades. Prior to its discontinuation, the Chevy Bolt EV was among the cheapest EVs to insure.
Sales for the new Chevy Equinox EV are showing strength so far, with the all-electric crossover posting 1,000 deliveries during its first sales quarter in Q2 of the 2024 calendar year. The 2025 Chevy Equinox EV starts at under $35,000.
As a reminder, the Equinox EV rides on the GM BEV3 platform and features GM Ultium batteries paired with GM Ultium Drive motors. Production takes place at the GM Ramos Arizpe plant in Mexico.
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Comments
This isn’t that useful of information without a comparison to similar ICE vehicles. Sort of like a list of lowest calorie chocolate cream cheese cakes, that doesn’t compare other cakes.
Also, none of those would be on my list to purchase, for various reasons, so it doesn’t help me at all, other than letting me know what I might want to purchase would be more expensive.
Not helpful, how much does the insurance actually cost and how does it compare to ICE.