Massive insurance premium increase

[TRJ_Lucid45]

Just got my renewal from State Farm and it went up 20% for my Lucid. All my policies have gone up this year. It is system wide for all policies, home and auto.

 

[thecodingart]

Wow you’re insurance was cheap. Mine has been $1388.51 every 6 months after the last renewal price increases

 

[AirPlur]

I posted on this in early September before getting my Air.. I feel your pain... I had huge issues with this.. The entire insurance industry is imploding in California.. However, the $1450 a year quote sounds like a major mistake--I know that you can't insure a used Corolla for that price. Several carriers stopped writiing new auto insurance in California, and the Lucid quotes are very high. After much wrangling I was able to get price down for my Air Pure with my current insurer because I added before the policy renewed, but it is still crazy high.. More than 3k a year. FYI, Geico seemed best at first, but they have a slow 15 day review period and if you have any accidents or claims it will hurt. I think this insurance situation will kill potential buyers off.. Lucid needs to work out some sort of an insurance referral or alliance with a carrier if they want to get cars on California roads.

$1,450 was too good to be true, but I was somewhat convinced given everything else I'm insuring with them and my driving history. I think I'm more peeved that they mis-quoted me so egregiously and didn't bother to let me know (yet are still happy to send me 235729 marketing emails/letters each week), and actually stated charging me for my policy before even giving me the quote much less the actual number. Like, what's even the point of having a quote if it's off by nearly 3x other than bait'n'switch, or to show how terrible at quotes their system is? They also attributed the margin of miscalculation to "not being able to account for various features and other various factors." MF'er my only option is the color blue, and is Jordan Schlansky your underwriter? Seems unreasonably vague, and more than enough cause to write a "business-angry" (diplomatically worded, gramatically meticulous, devastatingly rational and yet empathetically undeniable) email. Regardless, given other horror stories about cosmetic repair costs, perhaps I need to start driving it not like it's a $90K whole car, but instead a $900,000 sum of replacement/one-time-use-parts car.

Lucid needs to work out some sort of an insurance referral or alliance with a carrier if they want to get cars on California roads

Abso-f'ing-lutely. This car went from a multi-proposition, semi-rational, fuel-cost-saving purchase to, well, now it's just really fun to drive and honk the horn remotely from the app. I did run across a guy on one of these threads who was offering a car insurance "personal shopper" service, whom I just emailed to see if he can do anything since he claimed to be able to save other owners thousands. Will report back!

@thecodingart was cheap, and only in State Farm mis-quote fantastyland. The average I'm seeing around here is in the neighborhood of $3K+/yr, so sounds like you're still ahead of the pack.

 

[Sandvinsd]

My insurance just renewed with farmers for $2378 on my Lucid Air Grand Touring (In CA)

 

[HariK]

I posted on this in early September before getting my Air.. I feel your pain... I had huge issues with this.. The entire insurance industry is imploding in California.. However, the $1450 a year quote sounds like a major mistake--I know that you can't insure a used Corolla for that price. Several carriers stopped writiing new auto insurance in California, and the Lucid quotes are very high. After much wrangling I was able to get price down for my Air Pure with my current insurer because I added before the policy renewed, but it is still crazy high.. More than 3k a year. FYI, Geico seemed best at first, but they have a slow 15 day review period and if you have any accidents or claims it will hurt. I think this insurance situation will kill potential buyers off.. Lucid needs to work out some sort of an insurance referral or alliance with a carrier if they want to get cars on California roads.

I don't think the insurance is going to be higher for ev. I think it is all about the cost of parts and labor and they went up a lot more than inflation

 

[thecodingart]

I don't think the insurance is going to be higher for ev. I think it is all about the cost of parts and labor and they went up a lot more than inflation

There’s way more than that involved in insurance pricing:

https://www.cnn.com/2023/09/13/business/inflation-car-insurance-rate-increases/index.html

With that being said, hot take, insurance is a scam and and it’s core is there to make money rather serve the people. I’m no fan of this system. EVs usually drive a higher cost due to repair costs and their risk — even if they have lower real world statistics on things like accidents.

 

[Bunnylebowski]

$1,450 was too good to be true, but I was somewhat convinced given everything else I'm insuring with them and my driving history. I think I'm more peeved that they mis-quoted me so egregiously and didn't bother to let me know (yet are still happy to send me 235729 marketing emails/letters each week), and actually stated charging me for my policy before even giving me the quote much less the actual number. Like, what's even the point of having a quote if it's off by nearly 3x other than bait'n'switch, or to show how terrible at quotes their system is? They also attributed the margin of miscalculation to "not being able to account for various features and other various factors." MF'er my only option is the color blue, and is Jordan Schlansky your underwriter? Seems unreasonably vague, and more than enough cause to write a "business-angry" (diplomatically worded, gramatically meticulous, devastatingly rational and yet empathetically undeniable) email. Regardless, given other horror stories about cosmetic repair costs, perhaps I need to start driving it not like it's a $90K whole car, but instead a $900,000 sum of replacement/one-time-use-parts car.


Abso-f'ing-lutely. This car went from a multi-proposition, semi-rational, fuel-cost-saving purchase to, well, now it's just really fun to drive and honk the horn remotely from the app. I did run across a guy on one of these threads who was offering a car insurance "personal shopper" service, whom I just emailed to see if he can do anything since he claimed to be able to save other owners thousands. Will report back!

@thecodingart was cheap, and only in State Farm mis-quote fantastyland. The average I'm seeing around here is in the neighborhood of $3K+/yr, so sounds like you're still ahead of the pack.

Haha your description of writing a business angry letter cracked me up.

 

[crareman]

We have been with Allstate for 50+ years (Home Auto, Umbrella). When Lucid arrived, Allstate would not even insure me. Got several quotes, and the best for same coverage was Progressive @ $1562/6 mo. (2.5 X's what it was for my BMW). Renewal just came and it went DOWN to $1398/6 mo. same coverage. How suspicious should I be?

 

[AirPlur]

If there's one thing I'm starting to see a pattern of, it's that the spread between a quote and an actual for a Lucid is quote dramatically stupidly large. For understandable reasons. Geico just quoted me $1,254/6 mo for my Lucid, 02 Boxster and 06 ML500. That's substantially less than State Farm is charging me for just the Lucid, though we'll see what things look like after the 15-day underwriting review. Hey at least they're going to tell me what my actuals are before just going ahead and charging me the 3x cost as state farm did with no warning Will report back. For science!

 

[Bunnylebowski]

If there's one thing I'm starting to see a pattern of, it's that the spread between a quote and an actual for a Lucid is quote dramatically stupidly large. For understandable reasons. Geico just quoted me $1,254/6 mo for my Lucid, 02 Boxster and 06 ML500. That's substantially less than State Farm is charging me for just the Lucid, though we'll see what things look like after the 15-day underwriting review. Hey at least they're going to tell me what my actuals are before just going ahead and charging me the 3x cost as state farm did with no warning Will report back. For science!

I have GEICO, haven’t had a claim with them for the Lucid yet. I switched to them in the parking lot of Hollis auto body as soon as they handed me the fob back after replacing my bumper and light bar, given I was not willing to drive one inch further “covered” by the losers at Esurance/NGIC. The Lucid shop said GEICO is good and hasn’t caused any trouble. They’re $286/month for me in Rhode Island but also have homeowners insurance through their partner Liberty Mutual so I got a bit of a discount.

 

[Steveinarizona]

I also have GEICO. My prior car was a BMW 530e. I have auto insurance with GEICO and homeowners and an umbrella via GEICO. My insurance cost actually went down slightly when I replaced it with the Genesis. I will see at renewal time if it stays that way

To some extent, Lucid's excellent engineering may have been a contributing factor. It does appear that the engineering was (IMO properly) focused on performance and not repair costs.

I have GEICO, haven’t had a claim with them for the Lucid yet. I switched to them in the parking lot of Hollis auto body as soon as they handed me the fob back after replacing my bumper and light bar, given I was not willing to drive one inch further “covered” by the losers at Esurance/NGIC. The Lucid shop said GEICO is good and hasn’t caused any trouble. They’re $286/month for me in Rhode Island but also have homeowners insurance through their partner Liberty Mutual so I got a bit of a discount.

 

[Amster]

My insurance is about $2K /year for the Lucid, $5K total for three cars/three drivers one of them being a 23 year old male. AAA wanted $8K for less coverage. This policy renews in December and I'm definitely not looking forward to seeing how much it will go up. I'm sure I'll be shopping around.

 

[borski]

I thought I had somehow had an amazing stroke of luck when State Farm (with whom I insure two other cars, my wife's matrimonial bling, and our rental property) quoted me $1450/yr to add my Lucid. Come to find out through no notification or contact from the company or my agent that the actual came in at about 3x as much ($4k/yr). Feeling incensed at how an insurance agency catfished me, I immediately...hit the Lucid forum. Things I can confirm: seems many insurers (Costco, Geico, maybe others) are ditching California, and the rest are massively jacking rates. That and finding once that provides gap insurance is also annoying.

@borski sounds like I should give PURE a look based on your experience and the fact that I'm your neighbor further down the peninsula. Lemme know if you have anyone you've been working with you'd like to refer my way

I work with Stan Sanchez @ EPIC Brokers. You can tell him I sent you.

 

[PompousAss]

Decision day is imminent, so I'm gathering quotes. Safeco is the leader in the clubhouse, but not by an enormous margin. I had Safeco homeowners insurance back about a decade ago and the claims process was fine when we had a hailstorm, but I have no experience with auto claims. State Farm has always been solid, maybe because I've never had an at-fault claim.

 

[Amster]

Decision day is imminent, so I'm gathering quotes. Safeco is the leader in the clubhouse, but not by an enormous margin. I had Safeco homeowners insurance back about a decade ago and the claims process was fine when we had a hailstorm, but I have no experience with auto claims. State Farm has always been solid, maybe because I've never had an at-fault claim.

I'm with Safeco now. They were a little slow on the process, but they gave me full replacement value for my first Lucid, so I'm very happy with them. I wouldn't have been able to buy a second one without that.

 

[kurious]

I put Safeco on my "never again" list after a rear bumper to rear bumper where they did not stand behind me their insured at all. I took the other driver to small claims court, won full damages and court costs, fired Safeco and never look back. The traffic laws are clear -- and to me so is Safeco's business model: milking your insureds is more profitable than defending their rightful interests.

 

[AirPlur]

Alright, time to make some new agent friends at Pure and Safeco and see what they can do. Thanks for the recommendation @borski !

@Amster anyone or any office you recommend working with at Safeco? Looks like neither they nor Pure do online quotes and require an agent phone call.

 

[borski]

Alright, time to make some new agent friends at Pure and Safeco and see what they can do. Thanks for the recommendation @borski !

@Amster anyone or any office you recommend working with at Safeco? Looks like neither they nor Pure do online quotes and require an agent phone call.

EPIC (or most other brokers) can get you quotes for both.

 

[vices]

Pure was at least 2k higher per year than statefarm for me. Sure it would pay out around 10k more in the event of a total loss, but I can self insure against that instead of paying 2k per year more.

 

[Amster]

Alright, time to make some new agent friends at Pure and Safeco and see what they can do. Thanks for the recommendation @borski !

@Amster anyone or any office you recommend working with at Safeco? Looks like neither they nor Pure do online quotes and require an agent phone call.

My agent is Kim Briggs. 1-918-794-0777, [email protected]