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Discussion Starter · #1 ·
Hey everyone,

As we near production of some of your Edition 1 models I’m curious to hear what you find when it comes to insurance. I’m fully expecting insurance rates to be higher than what they are on my Sierra Denali, but I’m curious how much more. I know EVs generally run a little higher, but I’ve heard some people speculate that the Hummer could run upwards of $3000/year. Curious what some of you may be paying on some Tesla model X or model S in that $100k price range.
I’ve always had a clean driving record and the highest yearly premium I’ve paid was about $840 for a 2017 Grand Sport Vette 3LT.
curious on everyone’s predictions for insurance.
 

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Hey everyone,

As we near production of some of your Edition 1 models I’m curious to hear what you find when it comes to insurance. I’m fully expecting insurance rates to be higher than what they are on my Sierra Denali, but I’m curious how much more. I know EVs generally run a little higher, but I’ve heard some people speculate that the Hummer could run upwards of $3000/year. Curious what some of you may be paying on some Tesla model X or model S in that $100k price range.
I’ve always had a clean driving record and the highest yearly premium I’ve paid was about $840 for a 2017 Grand Sport Vette 3LT.
curious on everyone’s predictions for insurance.
I pay $1000 a year for the E-Tron, $900 a year for the Tesla Model Y, and $800 a year for my 2020 GMC Denali 2500HD

Tesla's are more expensive to insure generally because the lack of parts availability, but most other cars are just based on value, so I would assume the Hummer EV will be $1000-1200 a year or so. Lability will be about the same, so only the vehicle coverage increases with vehicle value.

Corvettes are typically pretty inexpensive to insure as the incidence rate for Corvettes is low.
 

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@Tom E-Tron who's your carrier that's seems very reasonable. I have Geico and pay considerably more. I thought it was just electric cars.
I am also through Geico, and get some good discounts from them having multiple policies, and also a Berkshire shareholder. Actually Costco had an auto program that was about $300 per year less, but I would lose the Geico discounts on our homeowners and umbrella which were a factor in our decision to stay with Geico. Here are my discounts...


1199
 

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Discussion Starter · #5 ·
I pulled up some other “average” insurance rates for cars I’ve owned and my rates have been well below the numbers I’m seeing on some of these insurance pages that show an average. I’ve been a State Farm customer for 20 years and have multiple policies and discounts through them similar to what E Tron has through Geico so hopefully it won’t be bad. I wonder if once the edition 1’s roll out if they would have it in their system to give me a quote even though mine would be a 3X.
 

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I’m currently with Central Mutual and have been happy with them over the past several years. I re-quote about every other year just to see how they stack up and to keep them honest. But they have been good to me. That said, I had to pull my Tesla from their policy and place it with my Progressive policy. Central does not do Motorcycles and ATVs so I already had a policy there and they gave me a rate that was 1/5th what Central was charging for the Tesla.

Some of the issues with insurance companies and Teslas come down to limited parts availability and limited certified shops/ lack of training on repairs and all that…. In reality it’s more of a fear of EVs combined with Tesla being a “new” company. I’m seeing rates starting to settle though with so many Teslas on the roads these days and repair times and costs are improving for the 3 and Y.

It will be interesting to see how the rates work out for the Hummer, Lightning and other upcoming EVs. I have a hunch that the Hummer is going to be on the very expensive side to insure. With its weight and being a truck, I may do better placing it on my commercial policy.
 

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Discussion Starter · #7 ·
I’m currently with Central Mutual and have been happy with them over the past several years. I re-quote about every other year just to see how they stack up and to keep them honest. But they have been good to me. That said, I had to pull my Tesla from their policy and place it with my Progressive policy. Central does not do Motorcycles and ATVs so I already had a policy there and they gave me a rate that was 1/5th what Central was charging for the Tesla.

Some of the issues with insurance companies and Teslas come down to limited parts availability and limited certified shops/ lack of training on repairs and all that…. In reality it’s more of a fear of EVs combined with Tesla being a “new” company. I’m seeing rates starting to settle though with so many Teslas on the roads these days and repair times and costs are improving for the 3 and Y.

It will be interesting to see how the rates work out for the Hummer, Lightning and other upcoming EVs. I have a hunch that the Hummer is going to be on the very expensive side to insure. With its weight and being a truck, I may do better placing it on my commercial policy.
Keeping my fingers crossed that it won’t be so expensive. I hadn’t thought about the insurance much until recently. Could I afford $3k-$4k a year on insurance…sure, but this would be my first $100k vehicle (Vette was $84k MSRP) and it took a lot for me just to mentally commit to a 6 figure vehicle. I gotta draw a line somewhere. If insurance is in that $1500 yearly range im good with that but I think that’s where I’d draw my line. That would be slightly over twice what I was paying for my Vette
 

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I’m currently with Central Mutual and have been happy with them over the past several years. I re-quote about every other year just to see how they stack up and to keep them honest. But they have been good to me. That said, I had to pull my Tesla from their policy and place it with my Progressive policy. Central does not do Motorcycles and ATVs so I already had a policy there and they gave me a rate that was 1/5th what Central was charging for the Tesla.

Some of the issues with insurance companies and Teslas come down to limited parts availability and limited certified shops/ lack of training on repairs and all that…. In reality it’s more of a fear of EVs combined with Tesla being a “new” company. I’m seeing rates starting to settle though with so many Teslas on the roads these days and repair times and costs are improving for the 3 and Y.

It will be interesting to see how the rates work out for the Hummer, Lightning and other upcoming EVs. I have a hunch that the Hummer is going to be on the very expensive side to insure. With its weight and being a truck, I may do better placing it on my commercial policy.
I would suggest everyone shop Geico, and also Costco, as both of them were much lower than I previously had with Country Mutual. If you decide on Geico, buy 1 share of Berkshire B before signing up, and its an automatic 10% associate discount on the insurance. Geico is awesome, because it is all online (No agent BS'ing you) and you can totally customize your coverage to each vehicle. Also look a the customer satisfaction index when it comes to claims, Allstate, State Farm, and Farmers are near the bottom in customer satisfaction.

For Tesla, rates are higher on the value because Elon Musk insists on controlling the parts(and Tesla does a very bad job on managing parts flow), so when a Tesla needs parts it is often out of service many times longer than other makes. I had a friend with broken roof glass on a Model 3, 5 weeks for repairs, because the shop could not get the glass from Tesla, and the insurance company was fighting over storage fees, and rental car fees. It has nothing to do with EV, on the rates, it has to do with Elon Musk Arrogance with parts. Our E-Tron on a value basis is right on par with a typical European car to insure.
 

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Discussion Starter · #9 ·
Thanks for the advice E Tron. I look forward to hearing what some of the first reservation holders pay. In the meantime, maybe I’ll have my SF agent quote me a model S to give me a general idea of the rate for a $100k EV
 

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Thanks for the advice E Tron. I look forward to hearing what some of the first reservation holders pay. In the meantime, maybe I’ll have my SF agent quote me a model S to give me a general idea of the rate for a $100k EV
Just got a quote from Geico added to my policy (10K miles a year), $1082.05 a year for the Hummer EV valued at $112.695
 

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That’s awesome to hear. Guess I’ll switch to geico if it doesn’t work out with SF!
I was just checking for fun, Geico already has Rivian R1T in their system, at $800 a year for 10K miles $82K valuation. I am going to go check PLAID now...
 

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I was just checking for fun, Geico already has Rivian R1T in their system, at $800 a year for 10K miles $82K valuation. I am going to go check PLAID now...
Wow, Tesla Model S is by far the most expensive, $1800 a year, I guess Geico does not like Tesla Model S
 

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Discussion Starter · #14 ·
Great info E Tron! Definitely made my day. At least I know if things don’t work out with my current company I should be able to find a good rate elsewhere. I have a buddy that is an agent that can shop and sell quotes from multiple different companies so I’ll check with State Farm tomorrow and if for any reason the rates are stupid I’ll check with my buddy.
Interested to hear what the plaid runs though, I would think for the price it would be higher than a Hummer EV
 

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Great info E Tron! Definitely made my day. At least I know if things don’t work out with my current company I should be able to find a good rate elsewhere. I have a buddy that is an agent that can shop and sell quotes from multiple different companies so I’ll check with State Farm tomorrow and if for any reason the rates are stupid I’ll check with my buddy.
Interested to hear what the plaid runs though, I would think for the price it would be higher than a Hummer EV
You can shop Geico all online, if you enter your name and address, it will populate with all the vehicles you own, makes it easy. Geico is very high tech, and no agent needed, just personalize your quote and you get the number instantly. When I first got a quote form them I had to load it twice, did not believe the savings. For me it was almost half, although at renewal the Model Y price went up.
 

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Great info E Tron! Definitely made my day. At least I know if things don’t work out with my current company I should be able to find a good rate elsewhere. I have a buddy that is an agent that can shop and sell quotes from multiple different companies so I’ll check with State Farm tomorrow and if for any reason the rates are stupid I’ll check with my buddy.
Interested to hear what the plaid runs though, I would think for the price it would be higher than a Hummer EV
I just ran the same quote through Costco (American Family Insurance) and its about $100 cheaper across the board.
 

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Wow, Tesla Model S is by far the most expensive, $1800 a year, I guess Geico does not like Tesla Model S
Nope, they don’t like the S. Progressive gave me the best rate on my S. I check Geico every time I add/change vehicles or re-quote anything. They haven’t given me a reason to switch to them yet.. Same with Costco/ AFI. Central Mutual doesn’t like EVs of any make. But some of their other car rates are weird too. I can’t complain much overall as I practically get the homeowners policy for free by bundling it with the auto policy. I just keep the few things they won’t cover or won’t quote a good price for on the Progressive policy.

Any trick to getting a quote for the Hummer through Geico? It is not in their system when I try to quote it.
 

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Nope, they don’t like the S. Progressive gave me the best rate on my S. I check Geico every time I add/change vehicles or re-quote anything. They haven’t given me a reason to switch to them yet.. Same with Costco/ AFI. Central Mutual doesn’t like EVs of any make. But some of their other car rates are weird too. I can’t complain much overall as I practically get the homeowners policy for free by bundling it with the auto policy. I just keep the few things they won’t cover or won’t quote a good price for on the Progressive policy.

Any trick to getting a quote for the Hummer through Geico? It is not in their system when I try to quote it.
Geico quoted the HummerEV for me, I entered it manually, and they emails me the quote 15 minutes later
 

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My taycan 4s is nearly as much as the Tesla. I should call them and ask. I expect to pay a bit more because NJ is one of the highest rate states in the country but it seems a bit to high.
 

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Discussion Starter · #20 ·
I just spoke with my agent at State Farm. She said the info for the Hummer isn’t in the system yet but she isn’t seeing a huge difference between gas or electric vehicles. She said their rates are based mostly on MSRP. So she plugged in the edition 1 MSRP and it came to about $1500 a year. Just for a comparison I had her plug in a current model S long range because she actually had those in her computer system, and it came to about $1235 a year. I think I’m safe to estimate I’ll be somewhere between $1200-1500. Definitely relieved to hear that!
 
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