Higher insurance costs?

[instantnet]

I just got a super high quote from our insurance company. She said it was because it was an EV. It's not an aluminum Tesla! My 6 month premium is $700 for 6 months full coverage and other normal limits with $100 comp and $1000 collision deductible. What are you paying for what type of coverage with what company?

 

[NeilBlanchard]

That seems a little high, but not crazy high. Have you tried getting a quote from somewhere else?

 

[SmokingRubber]

I believe my premium is around $700

My premium on my FJ alone was 600, now it's 1250 with the Bolt @ 15k miles a year and the FJ @ 5k miles a year. I was hoping the premium on the FJ would drop a bunch more since it's not my DD any longer, but it didn't. I'm insuring through Mercury. No tickets, no DUIs or accidents. I'm 50 yrs old and married. I think I should shop insurance quotes ... I'll be following this thread. Please update us if you find anything reasonable.

 

[winterescape]

I had a friend get a crazy high quote at first too. I think they just don't have much data yet and are starting very high unless you push back.

We are under $600/ year for the Bolt with 2 vehicles on the policy, we are with GEICO. The Bolt is, however, actually mostly aluminum, hood, hatch, door skins, etc...

The good news is that when my friend called back and mentioned that he understood they had others insured with the same car (Bolt LT) for less than $600/ year they "adjusted" his premium.

 

[JerryBob]

When I got my BMW i3 over 2 years ago the insurance was higher. The explanation was the insurance company saw it as a $45,000 car, a new model with new technology, built different, and an unknown cost with the battery pack. Without previous data they did not know how much it would cost to make repairs for what kind of damage. How hard and where could it get hit and not have to replace the battery pack at what cost, etc. Different insurance company's have wildly differing rates. Insurance speak for we don't want to insure you so we will quote you a high rate. I am with State Farm and have bundled 2 cars and a home to be around $600 every 6 months.

 

[boltage]

Most EVs tend to have lower insurance losses than non-EVs (e.g. compare e-Golf versus Golf or Spark EV versus Spark). However, the Tesla Model S and Model X have worse collision losses than other vehicles in their class.

http://www.iihs.org/iihs/topics/insurance-loss-information

Of course, specific insurance companies may have loss rates different from the overall average.

The Bolt is new enough that insurance companies probably have not had enough model-specific loss experience.

Shop around if the insurance rates are a concern.