Insurance cost - not pleased

[Volusiano]

While I agree that comparing policies from different people/locations is meaningless for the purpose of figuring out if you got a good deal, comparing vehicles on the same policy does make at least some sense. In particular I do not understand why the Leaf's liability premium is so much higher than my other faster car, and still higher than a SUV on the same policy, both of them can do more damage potentially than the leaf. Is it because they are afraid quiet EV's will be running over pedestrians who can't hear their approach?

I can tell you that my insurance company, Farmers, charges me $286 on the Leaf for 500/500 bodily injury and 100 property damage, as compared to $410 for the same thing on my 1992 Toyota Previa, and $278 on my 1998 Lexus LS400. And $156 for 100/300 for underinsured and uninsured for all 3 cars combined (don't know why they combine these together).

So as you can see, my Leaf's liability premium is definitely not higher than my other cars. It's even much lower than my 19 year old minivan. So what goes for one insurance company is not necessarily the same for all of them. I think you need to find insurance companies that don't just pad up on liability out of ignorance.

 

[hodad66]

Just got an online quote of $510 for 6 months
100/300 + collision & comprehensive..... from Farmers / 21st Century.

Think that I'll call my insurer (State Farm) on Monday. Still won't need
coverage until December.

addendum.... 5K miles

 

[shay]

I think it is the lack of actuarial data at this point, causing the insurance companies to assume the worst. My State Farm Leaf premium is slightly higher than the premium was for my BMW 3 or currently is for my Acura MDX, both of which cost more...

That sounds like my job. lack of requirements equals high LOEs.

 

[LEAFer]

Except for jkirkebo's post ... I don't see anyone mentioning MILES/YEAR when they post their quotes. With some companies that can make a HUGE difference, and not every company uses the same mile-tiers.

 

[mxp]

Wow, I can't believe I have the cheapest insurance of everyone here. I live in Norway, where everything usually is very expensive (the Leaf costs $50k & a Big Mac menu is ~$17). I pay $168 per 6 months for full coverage / 7500 miles

:shock: I didn't know a Big Mac is $17 in Norway! Ouch!

Anyways, insurance is lower in Norway perhaps due to lower population.

Nissan Leafs are the cheapest in the US. Other countries have awful things like high import taxes or very high vehicle registration taxes/fees like in Singapore.

 

[Volusiano]

Except for jkirkebo's post ... I don't see anyone mentioning MILES/YEAR when they post their quotes. With some companies that can make a HUGE difference, and not every company uses the same mile-tiers.

Isn't it obvious that most are for 2011 model year? As for miles, most are brand new with practically very low miles when quoted. But normally insurance companies don't care how many miles you've had on it, except so they can track from year to year how many miles you put on each year.

 

[LEAFfan]

Except for jkirkebo's post ... I don't see anyone mentioning MILES/YEAR when they post their quotes. With some companies that can make a HUGE difference, and not every company uses the same mile-tiers.

Isn't it obvious that most are for 2011 model year? As for miles, most are brand new with practically very low miles when quoted. But normally insurance companies don't care how many miles you've had on it, except so they can track from year to year how many miles you put on each year.

I think he meant to post how many miles are driven in a year. Some insurance companies charge more if you put a lot of miles on the car. Some give discounts if you drive less than 10K miles a year or if you just use it to drive back and forth to work.

 

[Yodrak]

When there are two autos on the same policy you cannot assume that the amounts shown for each car are actually based on that particular car alone. Reverse the order in which the cars are listed and the rates for each may change although the total should stay the same.

Similarly, if both cars have coverages such as collision and comprehensive, which are required if the cars are financed but optional if not - drop the coverage on a car for which it is optional and you may well find that the cost of the coverage on the other car goes up.

Every company has their own proprietary algorithms for determining premiums and displaying premiums, so again, comparisons between one person's policy and another's is meaningless.

It's because, however the total premium is arrived at, it's not necessarily the same as the breakdown shown on the policy declarations sheet.

In particular I do not understand why the Leaf's liability premium is so much higher than my other faster car, and still higher than a SUV on the same policy, both of them can do more damage potentially than the leaf.

 

[hodad66]

My current carrier (State Farm) quoted me a $50 increase over my
six month cost for my current vehicle (2010 Kia Soul)

 

[ttweed]

I just got my semi-annual bill for the Leaf after the first 6 months of ownership and was surprised to see the premium for it went up by over 15% while the premiums for all my other cars declined, as usual. I called my Allstate agent and he said that the company put the Leaf in a "higher rate class" during the last 6 months due to greater cost of repairing them than they originally anticipated when I first insured it in April. :evil:

TT

 

[Volusiano]

I just got my semi-annual bill for the Leaf after the first 6 months of ownership and was surprised to see the premium for it went up by over 15% while the premiums for all my other cars declined, as usual. I called my Allstate agent and he said that the company put the Leaf in a "higher rate class" during the last 6 months due to greater cost of repairing them than they originally anticipated when I first insured it in April. :evil:

TT

What greater cost of repairing them when all of them are still under 36 month warranty? Such BS from the insurance companies!

 

[Volusiano]

When there are two autos on the same policy you cannot assume that the amounts shown for each car are actually based on that particular car alone. Reverse the order in which the cars are listed and the rates for each may change although the total should stay the same.

Similarly, if both cars have coverages such as collision and comprehensive, which are required if the cars are financed but optional if not - drop the coverage on a car for which it is optional and you may well find that the cost of the coverage on the other car goes up.

Every company has their own proprietary algorithms for determining premiums and displaying premiums, so again, comparisons between one person's policy and another's is meaningless.

It's because, however the total premium is arrived at, it's not necessarily the same as the breakdown shown on the policy declarations sheet.

In particular I do not understand why the Leaf's liability premium is so much higher than my other faster car, and still higher than a SUV on the same policy, both of them can do more damage potentially than the leaf.

This is very true. I have 3 cars and the uninsured/under insured premium is shown only in 1 car and shows $0 cost in the other 2 cars. I asked them why it's like that, and they said that's just how they price things out. But it doesn't mean that the 2 cars that show $0 is not covered. They say all 3 are covered just the same but they just price it out for the first car they put on the list.

 

[Yodrak]

Insurance policies don't cover the same type of repairs as warranties, and vice versa.

What greater cost of repairing them when all of them are still under 36 month warranty? Such BS from the insurance companies!

 

[davewill]

That just doesn't make sense, ok +/- $200-$300 I understand based on location and other factors. ...

Sorry dude, but when I moved from San Diego to Hollywood for six months, my insurance rates TRIPLED. It is truly impossible to compare rates between individuals, especially if they don't live in the same community.

 

[Volusiano]

Insurance policies don't cover the same type of repairs as warranties, and vice versa.

What greater cost of repairing them when all of them are still under 36 month warranty? Such BS from the insurance companies!

You're correct. I didn't think it through enough. Insurance repairs are basically for accidents or comprehensive things like theft or vandalism. But the Leaf has barely been out for 8 months, and actually not in significant volume until around summer time. So how can there be a high rate of accidents or theft or vandalism on them? The only thing I hear that may be subject to insurance claims is maybe more incidents of chipped/cracked windshield reported than normal perhaps.

 

[ttweed]

But the Leaf has barely been out for 8 months, and actually not in significant volume until around summer time. So how can there be a high rate of accidents or theft or vandalism on them?

It may be this very scarcity that's the problem--the lack of readily available replacement parts may extend repair times, while the owner keeps driving around in a rental car? The fact that the vehicle cannot be easily replaced, and there are no sources for used parts off wrecked vehicles or in the aftermarket? Heck, maybe somebody at the insurance company RTFM and found out you have to take the battery pack and electronics out to put one in a heated spray booth for a repaint? All that prep work has to be done at the dealer because no one else is qualified or has the tools/expertise--they can't steer work to their usual discount repair shops? I'm guessing here, but it's a little disappointing--so much for all the happy talk about how EVs were going to get insurance discounts.... :evil:

TT

 

[johnr]

Two questions:

1. Does you current vehicle have comprehensive and collision coverage?
2. Do you want comprehensive and collision coverage on your Leaf?

I started out paying about $900/6mo with comp+coll coverage. However, since I've never had an accident in many years and wish to save some money, I took a calculated risk and dropped the comp and coll - and the premium plummeted to only $250/6 mo. Fortunately the bank I have it financed with is very reasonable and let me do that. So, that is an option that might be available to you if you elect to bear the risk it involves.

 

[LEAFfan]

Two questions:
1. Does you current vehicle have comprehensive and collision coverage?
2. Do you want comprehensive and collision coverage on your Leaf?
I started out paying about $900/6mo with comp+coll coverage. However, since I've never had an accident in many years and wish to save some money, I took a calculated risk and dropped the comp and coll - and the premium plummeted to only $250/6 mo. Fortunately the bank I have it financed with is very reasonable and let me do that. So, that is an option that might be available to you if you elect to bear the risk it involves.

Do you know how many drivers have NO insurance? Let me tell you...it's really close to 1 out of 3 drivers have NO insurance in CA (2 yrs. ago it was 28%, but prob is higher now) and I'm sure it's even higher here. That's a pretty risky option and if you lease, you MUST have 100/300 liability and both coll and comp.

 

[Volusiano]

Two questions:

1. Does you current vehicle have comprehensive and collision coverage?
2. Do you want comprehensive and collision coverage on your Leaf?

I started out paying about $900/6mo with comp+coll coverage. However, since I've never had an accident in many years and wish to save some money, I took a calculated risk and dropped the comp and coll - and the premium plummeted to only $250/6 mo. Fortunately the bank I have it financed with is very reasonable and let me do that. So, that is an option that might be available to you if you elect to bear the risk it involves.

For a brand new car, it's pretty risky to not have collision and comprehensive, considering that this car costs nearly $40K to replace (after tax and all, out the door). I know collision and comprehensive premium is expensive, but replacing your car is even more expensive. Instead of dropping c & c all together, I think a better option may be to go with the highest deductible they offer. I went with $1K deductible on my c & c.

Now after a few years and the car is not brand new anymore, then maybe...

 

[ttweed]

Two questions:

1. Does you current vehicle have comprehensive and collision coverage?

Yes, all of them except the '91 Miata, which is worth <$2000 these days.

2. Do you want comprehensive and collision coverage on your Leaf?

Yes I do. I don't want to take the risk of a $40K write-off.

I started out paying about $900/6mo with comp+coll coverage.

Ouch! That's really high. I don't pay $900 per YEAR for full coverage and that's AFTER this recent rate increase.

However, since I've never had an accident in many years and wish to save some money, I took a calculated risk and dropped the comp and coll...

I hope your luck holds out, but you don't have to be in an accident to suffer a total loss. If the car is destroyed by a natural disaster (a tree falls on it while parked, etc.) or it is stolen, you are SOL.

Fortunately the bank I have it financed with is very reasonable and let me do that.

You have a very understanding bank. Most won't do that--mine wouldn't.

YMMV,
TT