need new insurance company

[Amster]

Man, I would LOVE $1300/6mo...

That's about what I'm paying now. But that ends in two months.

 

[manitou202]

I'm paying $964 / 6 months at State Farm. The Lucid is cheaper to insure than our Mercedes EQS. I was quite surprised.

 

[DeaneG]

Also check with Amica. We use them for everything. Very high customer satisfaction ratings compared to most others.

 

[donfenn]

I think that these high insurance rates are deal killers for some. Really bad in California, and Florida too. It was a big concern when I was about to take delivery too. Lucid should seek an affiliate to underwrite auto policies at more advantageous rates. I have been told that Tesla has some insurance options or affiliates

 

[suchluke]

I find it amusing when people are posting their cost of insurance for 6 months. It all depends on coverage, limits, deductibles, and most importantly your zip code. etc. Just listing your cost without actual coverage makes no sense to me. On the other hand I currently have Travelers and the cost to insure 3 cars (2 being EVs) was much cheaper what Geico was offering. I can't speak about their appraisal tactics since I never had to submit a claim (knock knock). From my research Travelers does not charge substantial premium for insuring EVs comparing to other companies. YMMV.

 

[donfenn]

I find it amusing when people are posting their cost of insurance for 6 months. It all depends on coverage, limits, deductibles, and most importantly your zip code. etc. Just listing your cost without actual coverage makes no sense to me. On the other hand I currently have Travelers and the cost to insure 3 cars (2 being EVs) was much cheaper what Geico was offering. I can't speak about their appraisal tactics since I never had to submit a claim (knock knock). From my research Travelers does not charge substantial premium for insuring EVs comparing to other companies. YMMV.

Of course everybody has different set of circumstances, coverage and location, but insurance costs are skyrocketing. I found the process excruciating here in California. BTW, I had Travelers on my commercial property so I asked broker for quote on my Lucid, and it came in around 6k a year... Premiums for almost every type of insurance are skyrocketing, and getting coverage for a Lucid EV can be difficult to find -- and costly in my area. Sounds like you have a good deal with Travelers, but they are raising rates... Did you add your new Lucid to an existing policy mid-year? If so you might have gotten a break, but hold on for a ride when the next policy year comes around

 

[Steveinarizona]

I find it amusing when people are posting their cost of insurance for 6 months. It all depends on coverage, limits, deductibles, and most importantly your zip code. etc. Just listing your cost without actual coverage makes no sense to me. On the other hand I currently have Travelers and the cost to insure 3 cars (2 being EVs) was much cheaper what Geico was offering. I can't speak about their appraisal tactics since I never had to submit a claim (knock knock). From my research Travelers does not charge substantial premium for insuring EVs comparing to other companies. YMMV.

I have had the same thoughts about these posts. My GEICO policy actually went down slightly when I traded in my BMW 530e for the GV60P. Twice the HP and less cost. Two additional thoughts: (1) I suspect that most of the folks on this forum also have an umbrella so the underlying limitations and umbrella costs should also factor in; and (2) FYI GEICO and Travelers are commonly owned by Berkshire Hathaway.

 

[donfenn]

I have had the same thoughts about these posts. My GEICO policy actually went down slightly when I traded in my BMW 530e for the GV60P. Twice the HP and less cost. Two additional thoughts: (1) I suspect that most of the folks on this forum also have an umbrella so the underlying limitations and umbrella costs should also factor in; and (2) FYI GEICO and Travelers are commonly owned by Berkshire Hathaway.

Geico is probably best, but still an uphill battle in California for a Lucid. I got a quote from Geico here in California.. It was better than others, but still $2300 for six months, and they have a 15 day underwriting approval period, so they could not provide a certificate in time for my delivery. Please also bear in mind the the actuarial and underwriting for your Genesis was probably much different than underwriting considerations for a Lucid Air.. In September most of the insurance experience on Lucid's was based on Touring and Grand Touring deliveries...

 

[Amster]

Of course everybody has different set of circumstances, coverage and location, but insurance costs are skyrocketing. I found the process excruciating here in California. BTW, I had Travelers on my commercial property so I asked broker for quote on my Lucid, and it came in around 6k a year... Premiums for almost every type of insurance are skyrocketing, and getting coverage for a Lucid EV can be difficult to find -- and costly in my area. Sounds like you have a good deal with Travelers, but they are raising rates... Did you add your new Lucid to an existing policy mid-year? If so you might have gotten a break, but hold on for a ride when the next policy year comes around

Excruciating is a good term! I'm in process of shopping now in addition to seeing what I can do with my current policy, for the car and house. Both are increasing a mind-boggling amount. At least in CA, it's crazy - expensive and very slow.

 

[idiot900]

Wouldn't it make sense to use an insurance agent to cross shop? Especially since getting multi-line discounts would require quotes for home and umbrella as well. I have a reasonable rate now buying direct from a regional carrier but if and when it skyrockets, I'll most likely try an agent.

 

[donfenn]

Wouldn't it make sense to use an insurance agent to cross shop? Especially since getting multi-line discounts would require quotes for home and umbrella as well. I have a reasonable rate now buying direct from a regional carrier but if and when it skyrockets, I'll most likely try an agent.

I did it all... Its a bad situation in my area... Did what I could directly and had two agents shop it.. I could only do better with some smaller insurer who meters rate by miles... I did not want to have my miles tracked--it just seemed odd..

 

[inthewoods]

State Farm premium for my Pure is $1,30/year in Upstate NY.

I also have a condo, Honda, house and Umbrella with them.

 

[Volund]

I recently purchased a Lucid Air and love the car. However, I am insured with Progressive and the increased my rates significantly. They are now charging me over $5,000 per year. My 16 year old son is about to get his license and they want to increase the rate to over $15,000 per year. My last car was a Tesla Model S. Does anyone have recommendations for a good auto insurance company for Florida. I am considered a safe driver and have not had any claims in over 3 years.

I thought mine was high, I'm with progressive at $170 a month

 

[Steveinarizona]

In September most of the insurance experience on Lucid's was based on Touring and Grand Touring deliveries...

Good point. Insurance companies get spooked by all that HP and torque.

 

[Genghis]

Has anyone tried getting their premiums requoted based on the depreciating / cost markdowns on their cars? I'm about to call my State Farm agent to do this as my premiums increased but the replacement value of the car has significantly come down. Any success stories out there?

 

[borski]

Has anyone tried getting their premiums requoted based on the depreciating / cost markdowns on their cars? I'm about to call my State Farm agent to do this as my premiums increased but the replacement value of the car has significantly come down. Any success stories out there?

I suspect you'll have trouble because now they have data around costs to repair, which are very high - but let us know how it goes!