High Insurance Rates for EVs?

RickMachE

Well-Known Member
Joined
Jul 1, 2021
Threads
200
Messages
13,135
Reaction score
17,855
Location
SE MI
Vehicles
2022 Mach-E Premium 4X, 2022 Lightning Lariat
Country flag
I called Geico. I was told that in CA they're required to automatically assign the youngest driver to the most expensive vehicle simply because they have access to that vehicle. This is not something they can change. I can't make myself the primary driver of my own Mach-E. It doesn't matter if I never let my son drive my Mach-E. This is, apparently, a California thing.

They said that sometimes people will get a separate insurance policy for their more expensive cars that doesn't include their teenage drivers as a way of lowering their overall insurance cost.

Sigh. So I have some food for thought now and maybe some more calling around to do

Thanks for the responses. It really helps to know what other people's experiences are even if we're not directly comparable.
Bingo.
Sponsored

 

Flyn55

Member
First Name
Paul
Joined
Jan 28, 2022
Threads
0
Messages
8
Reaction score
7
Location
Las Vegas Nv
Vehicles
Mic and mme on order
Occupation
Retired
Country flag
A question about insurance in the US for the Mach-E and EVs in general. I have a Geico policy in California with three drivers (me, spouse, and teenage driver) and the 6-month premium for my Mach-E Select RWD is $1,500 while my 2019 Subaru Crosstrek is $500. My old 2007 Prius is only $350. Is this normal for EVs? Any idea what accounts for the significantly higher rates?
when I got my insurance for the Mach E it was cheaper that the Lincoln MKC. Bit I had a minor incident with the right lift gate tail light plastic cover was broken and just that light was quoted at $1148.00. The light works just fine but it requires the entire light fixture to be replaced. So I will stand by for the insurance increase. The body shop writer was shocked at the price. Oooh well.
 

BMT1071

Well-Known Member
First Name
Mike
Joined
Mar 21, 2021
Threads
61
Messages
3,076
Reaction score
4,223
Location
Glendale, AZ
Vehicles
21 MME SR RWD, 23 MME GTPE
Occupation
Machine Control Specialist
Country flag
I have GEICO and pay about $500/6 months. My '21 Infiniti QX50 is a little over $600. The two are pretty close in MSRP. 🤷🏻
 

mateo

Well-Known Member
Joined
Jul 28, 2022
Threads
6
Messages
228
Reaction score
339
Location
Chicago
Vehicles
2022 MME GT
Country flag
Two adult drivers on one GT and one GTPE is $800/6 months for me with Allstate. $500/$250 deductible. I plan on shopping around soon as I haven't in a couple of years.
 

Larham

New Member
Joined
Apr 18, 2023
Threads
0
Messages
2
Reaction score
0
Location
califoria
Vehicles
Ford Mustang Mach-E, Premium
Country flag
It's not unusual for EVs, such as your Mach-E, to have higher insurance premiums compared to traditional gasoline-powered vehicles like your Subaru Crosstrek or older Prius. The higher rates for electric vehicles can be attributed to several factors:
  1. Higher repair costs: EVs like the Mach-E often have more advanced technology and unique components, which can make repairs more expensive than those for traditional vehicles. Mechanics may require specialized training and equipment, which can also drive up repair costs.
  2. Higher market value: EVs generally have a higher market value than comparable gas-powered vehicles. Insurance companies may have to pay out more in the event of a total loss, which can lead to higher premiums.
  3. Advanced technology: Electric vehicles are equipped with advanced driver-assistance systems (ADAS) and other innovative features, which can be costly to replace or repair in the event of an accident.

It is worth noting that insurance premiums can greatly differ depending on various factors such as the driver's location, profile, and chosen coverage options. To make sure one is getting the best coverage at a competitive price, it is advisable to compare quotes from various insurance providers. Furthermore, some insurance companies offer discounts that are specifically intended for EV owners or for vehicles that have advanced safety features. These discounts could help minimize the impact of higher premiums for such vehicle owners.
 

parasandtobi

Well-Known Member
First Name
Paras
Joined
Dec 5, 2021
Threads
6
Messages
64
Reaction score
54
Location
Buffalo, NY
Vehicles
2021 Mach E Premium
Country flag
I was with Allstate. When I switched my insurance over from my old car to the Mach E it jumped from $450 to $850 for six months. I switched over to Hanover, doubled my liability coverage and it got the price back down to $450. So definitely shop around.
Sponsored

 
 




Top