A recent Wall Street Journal article reports that insuring electric vehicles tends to be more expensive compared to gas-powered cars. The higher upfront costs of EVs, uncertainty around long-term repair expenses for specialized components like batteries, difficulty sourcing replacement parts currently, and added precautions needed for damaged high-voltage systems are all contributing factors driving up insurance premiums.

According to the article, automobile insurers are taking different approaches – some apply flat increases to EV policies, while others price premiums more granularly based on the specific EV model and claims data. Though most expect the insurance costs to become more aligned over time, EV owners are advised to shop around as premium hikes can vary widely for the same coverage.

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