Electric cars – what is the future of the automobile?

Electric cars have become more efficient with better technology and longer-lasting batteries. Tesla has been in the news a lot lately. As one of the pioneers of the electric car market, their popularity means that electric cars are becoming more and more popular. In general, the technology behind electric cars has been consistently improving, which is why more people are making the jump to replace their gasoline-powered vehicles with electric cars.

The technology behind Electric Cars

Electric cars have seen an increase in demand as the technology behind them has been improved. A higher volume battery pack was recently released by one brand, which has caused its sales to soar. As the batteries have improved, it’s meant that you can travel further from home without needing to stop and charge your car.

When electric cars first came out, it was Hybrid cars like the Prius that were making the news. These Hybrids let you have a backup plan of running your car on gasoline should your battery run out of power while you were traveling. As cars have created newer, bigger, and better battery packs, there is less of a need for that gasoline-powered backup, which is why electric cars are soaring in popularity.

COVID-19 and the Effect on Electric Cars

While electric cars have been gaining in popularity for years, the global pandemic has accelerated the shift to electric cars across the world. The increase in demand has led to an increase in charging stations.

One of the chief complaints of people who have not yet bought into electric cars is that there are not enough charging stations, making it unfeasible to travel long distances in an electric car. With more charging stations constantly being developed, that argument will soon go away, making it easier than ever to travel long distances, since you will be able to easily stop and charge your vehicle.

Competition is Fierce

Tesla is no longer the only name in the game of electric cars. For a while, all you heard about was how amazing Teslas are. While that is still the case, and their popularity has only increased, there are many more options becoming available. Teslas can be quite expensive, so as cars like the Chevy Bolt have been introduced, people have been able to buy more affordable electric cars than before.

Not only are there now affordable options on the market, but the competition has forced car manufacturers to constantly work to improve their electric cars. This is why you see more improved battery power, for example, as one brand works to create a better battery than a competitor.

Electric Cars are now More Cost-Efficient than Gas

A car like the Chevy Bolt, for example, can now be purchased for less than many gas cars. It used to be that you paid more upfront for an electric car since you would save money over the life of the car by powering it with electricity and not gas.

Now that you can buy an electric car for relatively cheap upfront, there are no financial advantages to continuing to operate a gas car. Not only will you save in upfront cost and in gasoline costs, but electric cars also require a lot less maintenance over the life of the car as there are no oil changes required or other routine maintenance costs typically associated with running a gas car. Now, not only are electric cars less harmful to the earth, but they are cheaper for your wallet too.

What’s Next?

Reach out and contact us today to discuss the future of the automobile and how it can affect your insurance coverage. We can help guide you with how your insurance rates might change should you make the switch from a gas car to an electric car.