Production ramp

That's very cheap. I'm very surprised.

Same thing with our new Tesla Model S Plaid. The rate barely budged when we traded in our 2015 Model S P90D for it.

I have never filed an auto insurance claim in over 50 years of driving. I've had a few minor fender benders but always paid for them out of pocket to keep from filing a claim (which is why I chose a relatively high $2,000 deductible for collision).
 
I was quoted a similar number - $842/year. It was around the same cost as my 2010 Acura MDX - wow!

Car theft is one of the biggest components on insurance risk, and EVs don't get stolen much, as they can't be charged without the car being traced. I've insured three EVs, and all were cheaper to insure than an ICE car of equivalent price.

And -- contrary to internet buzz -- EVs actually experience a lower rate of vehicle fires than ICE cars (unless you bought a Chevy Bolt).

EVs, especially Teslas, also had an early advantage in accident avoidance technology, but ICE vehicles are catching up there.
 
I live in Westchester County, NY - A suburb of NYC.

I lived in Redding, CT for seven years and used to commute through Pound Ridge in Westchester County to work in Stamford.

It's beautiful countryside with incredible driving venues but, given the weather conditions you can encounter on the hills and curves of the area, that is truly an astonishingly low insurance rate.
 
It took two weeks for State Farm to rate the car, but I just was told that my insurance rate for the Dream Edition is $422 for six months. 250/500 Bodily Injury; $2,000 Collision Deductible; windshield replacement included in Comp (by Florida mandate).
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I too have Statefarm and actually my agent is in Naples (I lived in Naples until I moved to Orlando just last year). My agent was able to give me a quote within 30 min of me sending them an email with my VIN etc. My quote is higher at $685 for 6 months but is with only $1000 deductible for collision.
Got my VIN last week on Monday and since then got 1 call to confirm I was ready with funds/financing plan.. but nothing since.
 
I too have Statefarm and actually my agent is in Naples (I lived in Naples until I moved to Orlando just last year). My agent was able to give me a quote within 30 min of me sending them an email with my VIN etc.

I requested a quote on November 22, the day I got my VIN. The agent could not find anything about Lucid in the State Farm rate database and said it would have to be referred to State Farm's corporate office to set the rate for such a new car. I was told I would get the rate the following week. At the end of that week, I got a call saying it was going to be another week, which turned out to be spot on. My guess is that I was the first request State Farm got for a rate on a Lucid, and they now have Lucid in their rate database so that agents can quote rates more quickly.
 
I requested a quote on November 22, the day I got my VIN. The agent could not find anything about Lucid in the State Farm rate database and said it would have to be referred to State Farm's corporate office to set the rate for such a new car. I was told I would get the rate the following week. At the end of that week, I got a call saying it was going to be another week, which turned out to be spot on. My guess is that I was the first request State Farm got for a rate on a Lucid, and they now have Lucid in their rate database so that agents can quote rates more quickly.
Yes I agree, that seems very reasonable and most likely.
 
Yes I agree, that seems very reasonable and most likely.
I received a quote for the Lucid touring model at $1660 per year through Electric company. I’m in Arizona, the accident capital of the world! Lol
 
I just got my 6-month renewal bill from State Farm for my 2018 Honda Odyssey: $529.93 compared to $422 for the Lucid Air Dream -- same company, same coverages.
 
I just got my 6-month renewal bill from State Farm for my 2018 Honda Odyssey: $529.93 compared to $422 for the Lucid Air Dream -- same company, same coverages.
You would think the carrier would look at the potential payouts for a totaled Lucid Dream vs a totaled 2018 Honda Odyssey.

Excuse me while I go scratch my head.
 
You would think the carrier would look at the potential payouts for a totaled Lucid Dream vs a totaled 2018 Honda Odyssey.

Insurance underwriting is a pure numbers game.

Three of the ten most stolen cars in the U.S. are Hondas. And EVs are much harder to steal and are easier to recover. (From 2011-2018, 112 of the 115 Teslas that were stolen were recovered, while only 58% of stolen ICE cars were recovered.) And ICE cars catch fire at much higher rates. (From 2012-2020, there was one Tesla fire for every 205 million miles driven compared to one fire for every 19 million miles driven in an ICE vehicle.) And, if there is an accident, injury rates for EV passengers are much lower than for ICE passengers (40% lower from 2011-2019).

All in all, the higher cost to repair/replace an EV is more than offset by the much lower risks of theft, fire, and passenger injury with an EV.
 
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