In an effort to get more electric vehicles off the showroom floor, Honda is offering customers free insurance coverage for anyone that buys a brand new Fit EV. The caveat is, Honda will only pay for the collision coverage, you will still need to get liability and comprehensive coverage elsewhere. Regardless, this is still a pretty enticing offer considering the average collision coverage tacks on close to $600 to an annual premium.
Honda believes that this move will not only provide an incentive to customers but will also help insurance companies who may not be able to fully assess the risk of the Fit EV as there are not many of them on the roads. Remember insurance companies base their rates on probabilities and it is difficult to get an accurate statistic of something if the sample volume is low.
The Honda Fit EV will not be available for outright purchase, but instead Honda will be selling 1100 leases of the vehicles starting in July. People interested in the Fit EV will need to shell out $389 per month for 36 months. Annual milege for the leased Fit EV will be capped at 36k.