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?

 

[joec]

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

My insurance when I lived in Philly was insane. I remember reading a statistic at the time that if I were to get into an accident, there was a 70% chance the other car's driver didn't have insurance. Also, theft was pretty common. This was before most cars had cut-off switches.

Later, after living in CA for a while, I moved back to the East Coast to NYC. I didn't own a car. But I thought I should keep insurance going, just so I wouldn't have to go through the "new driver" nonsense if I ever got a car again. They wanted several hundred dollars more than I had paid in San Francisco, just to cover me as an occasional driver. With no car of my own.

Don't miss those days at all.

 

[hmp10]

Florida's relatively low car insurance rates -- even with recent increases -- are nothing compared to what's been happening to our other insurances. Over the past three years:

Homeowner's rate up 56.9%

Long-Term Care rate up 98.5%

The increase of hurricane activity in Florida is sending our HO rates up 20-21% per year. Given that the damage we had from Hurricanes Irma and Ian were both within our deductibles, I'm actually thinking about dropping the hurricane coverage which is over 80% of our premium.

 

[babwine]

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.

LUCID received a 5 star rating from EURO NCAP

2022 Lucid Air Receives 5-Star Euro NCAP Rating

Lucid is preparing for the introduction of the Lucid Air model in Europe and one of the signs that the market launch is near are Euro NCAP safety tests.

insideevs.com

 

[abid]

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

Is that with multiple car discount? How many miles per year?

 

[Steveinarizona]

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.

I had a similar experience. I traded in a 2018 BMW 530e for a Genesis GV60 Performance last month. They had similar MSRPs. I expected to pay more for the GV60 because it was five years newer with twice the horsepower. But my GEICO insurance costs actually went down a bit.

 

[Bobby]

I had a similar experience. I traded in a 2018 BMW 530e for a Genesis GV60 Performance last month. They had similar MSRPs. I expected to pay more for the GV60 because it was five years newer with twice the horsepower. But my GEICO insurance costs actually went down a bit.

Wait, you have a GV60? Cool!

 

[Bel]

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

Me too. Im in WA. Costco Connect only insures up to 150k. They even tried with extra underwriters but still couldnt do it. My agt was 153k with tax. Did Progessive. First time with Progressive.

 

[Tim-in-CA]

Is that with multiple car discount? How many miles per year?

Yes, that is with 2 vehicles, right now 3K miles each per year

 

[SDHacker]

Me too. Im in WA. Costco Connect only insures up to 150k. They even tried with extra underwriters but still couldnt do it. My agt was 153k with tax. Did Progessive. First time with Progressive.

Must be state by state limit. I’m covered by Costco with same final cost in CA. They did say that all high value cars go through underwriting for approval while a Camry would have been added to my policy with no underwriting approval required