My Geico policy went way up today :)

[HC_79]

My GEICO renewal came in and went up by $300 which was about a 30% increase. Ringing around, a lot of companies refuse to insure it or offering a ridiculous premium. My policy will be around $1500 for 6 months.

It’s kind of getting beyond a joke the freedoms these insurance companies are being given to just outright refuse insurance. Yes, they’re a business but it’s also something that you’re required to have so we need to meet in the middle somewhere.

I know in CA the labour rates are so high for body shops they just write the cars off but clearly this is the ripple effect of those decisions.

 

[hmp10]

IMHO the high cost of repair for Lucid is what is keeping the insurance quotes so high!

I see a couple people who had fender benders costing $20K.

Without a bigger body shop repair network and longer track record of repairs you won't see the insurance numbers come down.

One of the things I learned after our Air was wrecked is that, in order to get certified for Lucid repairs, a body shop has to send employees to a Lucid facility for training and to invest in some specialty tooling. It's an expenditure that only body shops that work on expensive vehicles at commensurately high shop rates seem willing to undertake.

 

[Crimson]

My GEICO renewal came in and went up by $300 which was about a 30% increase. Ringing around, a lot of companies refuse to insure it or offering a ridiculous premium. My policy will be around $1500 for 6 months.

It’s kind of getting beyond a joke the freedoms these insurance companies are being given to just outright refuse insurance. Yes, they’re a business but it’s also something that you’re required to have so we need to meet in the middle somewhere.

I know in CA the labour rates are so high for body shops they just write the cars off but clearly this is the ripple effect of those decisions.

If there's an entity you want to be irritated at, it should be the CA Department of Insurance. For some context, they had a policy of restricting rate changes to 6.9% annually and for any rate change requests 7.0% or above, it would've been a grueling battle that very few insurance companies wants to partake in since it would also involve the consumer watchdog. If they could only take 6.9% and the needed rate was something like 15%, this means that if the same rate was needed next year, you're all of a sudden looking at a 23.1% rate increase needed and the can keeps getting kicked down the road, leading them to only have the option of not offering coverage and pulling out of the state to avoid the growing losses, not being able to take the rate they need, and staying as solvent as possible to continue to pay out claims.

Thankfully, CA is starting to approve the larger rate changes so that future rate changes aren't all large sudden rate increases, and is starting up their Sustainable Insurance Plan which will finally allow them to catch up with some better pricing mechaisms like catastrophe modeling.

IMHO the high cost of repair for Lucid is what is keeping the insurance quotes so high!

I see a couple people who had fender benders costing $20K.

Without a bigger body shop repair network and longer track record of repairs you won't see the insurance numbers come down.

It isn't likely that there are enough claims involving Lucid vehicles to solely determine premiums, at least not credibly, so I would imagine they are being aggregated with other manufacturers and premiums are being determined moreso at how the repair costs are trending overall (combined with whatever else they're being rated on) rather than just Lucid themselves until more claim data can be obtained.

 

[WildRide47]

One of the things I learned after our Air was wrecked is that, in order to get certified for Lucid repairs, a body shop has to send employees to a Lucid facility for training and to invest in some specialty tooling. It's an expenditure that only body shops that work on expensive vehicles at commensurately high shop rates seem willing to undertake.

That did not appear to be the case when I swerved and went over a curb to avoid hitting a car about 17 months ago. My car went to Bel-Red AutoRebuild in Seattle. My car sat there for over 2 months with nothing being done because they could not put the car on "the table" to evaluate the damage because they needed to order a part from Lucid so my AGT would fit onto their table. When they finally received the part from Lucid, it took another 3 months for the repair(5 months in total). My car had no exterior damage at all from the incident, all the work was on the electronics etc. under the front of the car. Bel-Red was very uncooperative in keeping me up to date and refused to talk with me stating we only talk to your insurance agent. They only agreed to talk to me when they wanted the $500 deductible before they released my car. Cost was $40K. All picked up by my insurance company except for the deductible($25K for the work and another $15K for the rental car). On the brighter side, they did do excellent work and my car came back in excellent condition, except they scraped both wheels on the other side of the car, which Lucid exchanged for me at no charge.

Perhaps because my car was the first car Bel-Red had worked on this was responsible for the 5 month wait, but I feel that they should have had the part in the first place to put my car on the table instead of waiting 2+ months for it to arrive. If as you say they sent their employees to a Lucid facility for training and to invest in specialty tooling, why did Bel-Red not have that tool available to begin with, and why did Lucid certify them if they were unable to put my car on the table for evaluation.

Most likely things are different now, but it was an unpleasant experience. But that is in the past and I my car drives great.

 

[Batteryman]

This is an area that I follow. Despite their well crafted propaganda to the contrary I can ensure you that they’re doing just fine.

• The p/c insurance industry made a record $88 billion in profits in 2023.
• The $88 billion profit was more than double the profits of the previous year and marked the industry’s most profitable year in history.
• In Q1 2024, profitability continued to surge, reaching $39 billion in one quarter, putting the industry on pace to shatter 2023’s record profits.

yep, they scam just like the home insurance companies.....never trust them! Insurance should be non-profits, just like hospitals.

 

[hmp10]

That did not appear to be the case when I swerved and went over a curb to avoid hitting a car about 17 months ago. My car went to Bel-Red AutoRebuild in Seattle. My car sat there for over 2 months with nothing being done because they could not put the car on "the table" to evaluate the damage because they needed to order a part from Lucid so my AGT would fit onto their table.

It may be that body shops only purchase the special tooling needed for most repairs but not every possible repair, just as mobile techs have local storerooms where they stock the most frequently needed parts but not every single part of the cars.

I got the information about certification requirements from the person at Lucid who certifies and oversees Lucid's body shop network.

By the way, on another thread about insurance repairs there was suspicion that some body shops are padding the repair bills on Lucid. One of the things that Lucid's body shop oversight team does is review the shop work orders for Lucid repairs to detect and head off such practices . . . or at least they were doing so when our car was wrecked over a year ago. (It may be that, with more Lucids out there and a growing database on repair work, Lucid no longer exercises this level of oversight. Lucid Engineering also probably wanted maximum feedback in early days on how cars were holding up in collisions.) I found this out when I got pulled into a dispute between the body shop to which our car went and the insurer who claimed the body shop was padding the estimates. Lucid got involved and sorted things out, including assuring me that, at least in our case, the estimate was not being padded despite the adjuster's claim that it was.

 

[TFCooper]

yep, they scam just like the home insurance companies.....never trust them! Insurance should be non-profits, just like hospitals.

On the off chance that you're serious, do you view hospitals as good examples of fair pricing and transparency?

 

[WildRide47]

Yep, seeing the same thing with State Farm. Even so, our premium for the 2022 Lucid Air Dream Edition is still less than for our 2018 Honda Odyssey with the same coverage, although the gap has closed a bit.

Just received my Insurance premiums here in Oregon.

I bought my 2022 AGT in April 2022- cost to insure $3,192
I bought my 2023 BMW i4M50 in Dec. 2022 -cost to insure $1,498
Total $4690 yearly-increase of about $800+

Agreed value of cars:

Lucid AGT-cost $132,000($139,500 less $7,500 tax credit)-present agreed upon value $75,800
BMW i4M50-cost $64,000($71,500 less $7,500 tax credit)-present agreed upon value $64,672

I am quite aware that all expensive high price cars whether they are ICE or electric have terrible depreciation, but I am quite surprised that my wife's nearly 2 year old BMW is actually valued more than what I paid for it.

 

[Lucken]

Just received my Insurance premiums here in Oregon.

I bought my 2022 AGT in April 2022- cost to insure $3,192
I bought my 2023 BMW i4M50 in Dec. 2022 -cost to insure $1,498
Total $4690 yearly-increase of about $800+

Agreed value of cars:

Lucid AGT-cost $132,000($139,500 less $7,500 tax credit)-present agreed upon value $75,800
BMW i4M50-cost $64,000($71,500 less $7,500 tax credit)-present agreed upon value $64,672

I am quite aware that all expensive high price cars whether they are ICE or electric have terrible depreciation, but I am quite surprised that my wife's nearly 2 year old BMW is actually valued more than what I paid for it.

The agreed upon value on the i4 is $672 higher than the cost?

 

[WildRide47]

The agreed upon value on the i4 is $672 higher than the cost?

That is correct.

But that's due to the fact I received a $7,500 tax credit that reduced my cost of the car from $71,500 to $64,000.

Agreed upon value by my insurance Co is $64,672 which is $672 more than my cost.

Without the tax credit that I received, my cost would have been $71,500 vs $64,672 agreed upon value at present time.

 

[hourglass]

I have joined the party with the renewal letter. $1800 -> $2400 with $2500 deductible for the next half of the year. Sadly it seems to still be the better deal, as many insurance don't have Lucid as an vehicle option and others quote $1000 a month or something ridiculous like that.
Hopefully with more Pures on the road Lucid can figure something out about lowering repair cost

 

[jake241983]

My insurance just went up on my 2024 Touring for the next six months. It was $111 per month and now it's went up to $125 per month. This is with State Farm. I guess I should count myself lucky compared to some of the rates in this thread.