Safety rating / insurance costs

[PSTom]

Our auto insurance is up for annual renewal in April, which brought up the question of insurance costs for the Lucid Air. Our agent explained that vehicle insurance is based completely on the safety rating of said vehicle. But I can’t find any rating info for Lucid Air. Even Consumer Reports says the Air is unrated. Any thoughts about this or alternative info you may have been given?

 

[hydbob]

As far as we know, they've only done internal testing.

 

[borski]

The NHTSA has not released any official ratings for it yet, but a company can absolutely insure you without it; generally speaking it is based largely on value / cost of the vehicle coupled with your driving history and demographic factors, where you live, etc.

 

[Paladin732]

Nearly all vehicles from nhtsa gets 5* now. Most places use other rating systems when they want a real rating. The problem is the tests have not evolved over time as vehicles have

 

[Crdgk]

Interesting. I have Progressive and just got insurance yesterday at 1000/yr. I did call Liberty Mutual and they wanted 3x more for my current vehicles! Didn’t even ask for Lucid at that point.

 

[hmp10]

We just got the annual renewals on two of our cars from State Farm with the same coverages and limits on each policy:

2018 Honda Odyssey Minivan -- $1217.94

2022 Lucid Air Dream Performance -- $1029.60

The Honda has high safety ratings and many advanced accident avoidance features, such as collision avoidance braking, lane departure warnings, etc.

Given that the Air is four years newer and cost 3.6 times what the Honda did, I'd say insuring the Air is a very inexpensive proposition.

I think part of this is that theft is one of the biggest costs to insurers, and stealing an EV (and keeping it charged) is much more difficult than stealing and gassing up an ICE vehicle.

 

[Adnillien]

We just got the annual renewals on two of our cars from State Farm with the same coverages and limits on each policy:

2018 Honda Odyssey Minivan -- $1217.94

2022 Lucid Air Dream Performance -- $1029.60

The Honda has high safety ratings and many advanced accident avoidance features, such as collision avoidance braking, lane departure warnings, etc.

Given that the Air is four years newer and cost 3.6 times what the Honda did, I'd say insuring the Air is a very inexpensive proposition.

I think part of this is that theft is one of the biggest costs to insurers, and stealing an EV (and keeping it charged) is much more difficult than stealing and gassing up an ICE vehicle.

How does the Lucid cost compare to last year. I also just got a renewal from Stefarm and my cost increased from about $1300 per year to $1450 per year. In AZ the increase may be due to the cost of windshield replacements. It is still not a bad cost compared to my other cars, about $100 per year more than my Grand Cherokee.

 

[hmp10]

How does the Lucid cost compare to last year. I also just got a renewal from Stefarm and my cost increased from about $1300 per year to $1450 per year. In AZ the increase may be due to the cost of windshield replacements. It is still not a bad cost compared to my other cars, about $100 per year more than my Grand Cherokee.

Interesting . . . your bill went up about 12%.

Our Lucid went from $870.60 to $1029.60 (18.3%)

The Honda went from $1034.20 to $1217.94 (17.8%)

I haven't seen the renewal yet for the Model S Plaid, but I did get a letter from my agent a few weeks ago warning me of price increases due to increased repair costs. Given that our homeowner's insurance seems to jump 20-21% per year (Florida hurricanes), these car jumps are not surprising -- especially after watching news coverage of fleets of cars flooded or floating away during Hurricane Ian a few months back.

 

[Rogue]

What in the world... My insurance cost is nearly double all of yours at ~$1970 every six months for an Ioniq and the Lucid. Maybe it's my age. The Lucid is nearly $1300 of that six month premium.

 

[Bobby]

What in the world... My insurance cost is nearly double all of yours at ~$1970 every six months for an Ioniq and the Lucid. Maybe it's my age. The Lucid is nearly $1300 of that six month premium.

Wow that’s high! What state? I’m at $3800 annually here in CA for 3 cars (2 EVs).

 

[hydbob]

Wow that’s high! What state? I’m at $3800 annually here in CA for 3 cars (2 EVs).

Hah! Amateurs...my Lucid is $3900/yr by itself...

 

[Adnillien]

Hah! Amateurs...my Lucid is $3900/yr by itself...

So you must be that BadDriver guy on twiter

 

[hydbob]

So you must be that BadDriver guy on twiter

I think it's just the factor of living in the greater LA region. Too much car theft/vandalism over here.

 

[tmilone103]

I have several cars on my 6 month policy but adding my Lucid AGT cost me $793 for 6 months. In comparison my 2022 Model S costs me $1493 for 6 months. I am sure this will rise over time but the biggest difference is collision costs $1045 on the Tesla alone but this is based on Tesla being so hard to deal with and limited dealers who are allowed to work on them.

 

[Crdgk]

My AGT is 1000/yr in line with others in the Rocky Mountain area. Like above poster, I think the main differentiation is where you live. My child moved from here to SF area and car insurance went way up for an old Toyota Prius. Re: needing NTSA testing, clearly wrong since we all got insurance and it really is reasonable given the cost of these cars (and Lord knows what will happen after a moderate accident). I am much more worried about getting parts if there is a moderate accident given how they struggle to produce new cars, let alone parts for repair.

 

[Rogue]

Wow that’s high! What state? I’m at $3800 annually here in CA for 3 cars (2 EVs).

Huntsville, Alabama. Insurance rate lowered from a move out of Knoxville, TN which was price equivalent to King George, VA; Augusta, GA; and Beech Island, SC (Aiken, SC/North Augusta, SC area).

I do have max coverage across the board though.

 

[Tim-in-CA]

Hah! Amateurs...my Lucid is $3900/yr by itself...

Have you tried Connect (Costco)? My quote is ~$580/6mo

 

[hydbob]

Have you tried Connect (Costco)? My quote is ~$580/6mo

They said the value was too high to give a quote last time I checked

 

[Tim-in-CA]

They said the value was too high to give a quote last time I checked

Bummer. Maybe difference between Dream P and AT … wouldn’t hurt to check again

 

[hmp10]

These insurance price comparisons are difficult without knowing the variables in policy coverages, limits, deductibles, and exclusions.

The salient point, at least in my case, is that, with these policy variables being the same for our Honda and our Lucid, the much newer and much more expensive Lucid costs significantly less to insure than the Honda . . . 15% less, in fact.