[Hecilopter]

Anyone have any idea of the insurance cost of an electric vehicle? I've heard but not verified (BIL is an insurance agent) it costs more simply because if the battery is damaged, that is a significant cost to repair, if not total. Anyone with actual experience that drives a BEV?

 

[Billyk24]

I have a 2017 Cmax energi that has a hvb battery in it. Insurance cost for the vehicle was fairly cheap. I have an outstanding driving record and the cost of insurance was based on the car value, not due to battery pack.

 

[Cowherd.J]

There's a bunch of different factors that can determine what the insurance costs are for an EV but the rates can be more expensive compared to a traditional ICE car because if something goes wrong it likely costs more to fix. It also

Like getting insurance for any car it's good to shop around and compare rates.

MyEV.com does a good job going through some of the differences in EV insurance costs.

Take, for example, the Kia Soul EV, which starts at around $35,000, compared to the base gas-powered Soul (with an automatic transmission) at just over $19,000. The gas version’s premiums cost an average $1,442 a year, while the EV costs an average $1,663 annually, according to the rate calculator at Insurance.com.

By that yardstick it should come as no surprise that most expensive EVs to cover are the priciest. Not only is the Tesla Model S the electrified ride that suffers the highest national average insurance rates at an annual $3,300, it’s among the costliest-to-cover vehicles in the industry. And that’s for the base model that starts at around $80,000. You can expect to pay a lot more for the top trim level with the available Ludicrous Mode with a sticker price over $115,000. The Tesla Model X SUV comes in at a close second at an annual average premium of $3,042. According to a separate source, Tesla's Model 3 costs a yearly average of $2,814 to cover.

The average among all 2019 models, according to Insure.com, is $1,812. We’re featuring the five EVs among this year’s crop of models in the above slideshow that enjoy auto insurance rates at or below the average annual cost. (Some newer EVs, like the electric versions of the Hyundai Kona and Kia Niro, are not yet included in the website’s database.)

The rates quoted here and in the slideshow are national averages based upon a hypothetical low-risk driver. Insurance premiums can vary significantly from one motorist to another based on personal factors like gender, age, your credit rating, and driving record. Rates are also dependent on where you live, with those living in densely populated urban areas paying more than those who live in sleepier rural areas. They also fluctuate from one state to another based on regulations and court decisions governing insurance companies. For example, a BMW i3 will cost an average $3,235 to insure if you live in Michigan, but only $1,252 a year if you reside in Maine.

This is from an older article, but here are how insurance rates in 2015 differed from ICE cars to electric cars.

Annual car insurance quotes for gas and electric cars in California
2015 vehicles	Gas	Electric	Difference
Chevrolet Spark	$1,669	$1,982	19%
Fiat 500	$1,597	$2,016	26%
Smart Fortwo	$1,474	$1,807	23%
Volkswagen Golf	$1,741	$2,014	16%
Average	$1,620	$1,955	21%

Cheapest insurance companies for electric cars in California
	Cheapest	Second	Third
Chevrolet Spark	Mercury, $1,294	Allstate, $1,689	Auto Club, $1,754
Fiat 500	Mercury, $1,294	Farmers, $1,670	Auto Club, $1,904
Smart Fortwo	Mercury, $1,294	21st Century, $1,632	Auto Club, $1,754
Volkswagen Golf	Mercury, $1,256	Farmers, $1,691	Allstate, $1,778

BUT there is a possibility that some insurance providers can offer discounts for EV owners. I know in Canada at least it's possible, here's an example - https://www.tdinsurance.com/products-services/auto-car-insurance/green-car-discount

 

[theothertom]

Check around. People on the Tesla forum have been quoted rates that are very high to reasonable. It just depends on the insurance company.

 

[BoltPride]

Glading disregarding that cult car company in that western state; I add that my insurance is dirt cheap.

 

[Ponypower50]

I have a 2014 CMax and pay $504. Yr ( Kemper, Ins) for full coverage. I am 65 and in Illinois.

 

[FStephenMasek]

Also consider:
1) You can get deals on home and auto insurance packages; and,
2) Insurance for more expensive vehicles probably is more expensive

 

[Cowherd.J]

Also consider:
1) You can get deals on home and auto insurance packages; and,
2) Insurance for more expensive vehicles probably is more expensive

Agreed, bundling insurance has been a handy move for me.

 

[FStephenMasek]

Also, shop it every year.

 

[Cowherd.J]

Also, shop it every year.

I haven't always done that but I'll have to keep that in mind, thanks for the tip!

 

[desertdrifter]

Could anyone answer for me this: how soon is too soon to call up Geico and get a quote for the Mach-E? When will insurers have the Mach-E in their systems to quote? Anyone already know how much it will cost them?

 

[s7davis1]

Remember not sure if the MAch E is an aluminum body but if it is expect high rates. I think that is one of the reasons Tesla's are higher rates because insurance companies just total them out as they are so expensive to repair. I doubt that will be the case the Ford or other companies since they have a ton of dealers and auto body shops so you might get some average rates or might raise your rate maybe $200 bucks if that.

 

[MachDrive]

Insurance cost is based on historical data of replacement part costs, aftermarket alternatives, driving record, demographic related statistics , and the overall price of the car.
So insurance cost will be more just because of the vehicle price. However, unlike Tesla, Ford has a giant network of aftermarket replacement part manufacturers, offsetting the need for OEM parts. This should help a bit.
Ford started a program in February for its 2020 models where it offers its own insurance, underwritten by Nationwide. This may be a cost-effective option.
Ford/Lincoln Insurance Program press release

 

[desertdrifter]

Ford started a program in February for its 2020 models where it offers its own insurance, underwritten by Nationwide. This may be a cost-effective option.
Ford/Lincoln Insurance Program press release

Definitely looking into this for my Mach-E, thanks.

 

[eastern refugee]

I am an insurance agent and have been for 30 years here in California. Insurance is based on a LOT of factors and in all honey price is not a major one. Instead of going into detail of what goes into it I would rather discuss potential costs of the Mach E. The only comparable is Tesla. The reason being that the other BEVs are made for keeping the EPA happy. As such not many are made and their battery size is small and they are used primarily for commuting and as such never have really any significant miles on them and annual mileage is a VERY big deal. So lets use Teslka and yes I have a LOT of them as clients.

Teslas are VERY expensive to insure but NOT because they are BEV. They are expensive because Tesla is built on a 100% aluminum frame. As such when they are in an accident it is very likely that a portion of the frame will get a slight even microscopic tweak. You can tell because when there is a tweak when you drive it will have a slight noise. Many advanced body shops have the technology to test for these tweaks. A 00% all aluminum frame CANNOT be fixed without replacing the entire frame. The cost is more then the value of the car which is why many tesla are totaled out in an accident. This is one of the reasons why Tesla will not sell any parts to an independent body shop. The issue is that once there is a tweak of ANY kind in the aluminum frame the structural integrity for safety purposes is totally lost.

I have verified with Ford that the Mach E is NOT a totally aluminum frame. You find these kind of frames on exotic cars. They are very light weight and very strong UNTIL they have an accident and then they are unsafe. In my opinion the Mach E will not be any more expensive then say a mustang GT. The batt for the Mustang Mach E form what I have been told is going to be in the range of $2,000 per pack. re are 6 packs making the total battery cost about $12,000. Tesla on the other hand runs about $20,000. Again this is if ALL the batteries were to go out and in both the Tesla as well as the mach E they are interchangeable. Meaning that if one pack go out then the car still runs and since they are interchangeable (NOT Mach E to Tesla and reverse but rather to themselves).

I am not concerned about the insurance cost of the Mach E. As was stated above the replacement parts as are also part of the equation. Ford is huge and this will not be an issue. The reason I chose the Mustang GT is because it is high performance and this effects the cost as high performance is based on the ratio of weight to horsepower. For example a Toyota Tundra V8 is high performance because it is light weight with a big engine. A Raptor is NOT high performance based on this same ratio. If you assume a mustang GT then I am guessing it will be close.

 

[pbojanoski]

I am an insurance agent and have been for 30 years here in California. Insurance is based on a LOT of factors and in all honey price is not a major one. Instead of going into detail of what goes into it I would rather discuss potential costs of the Mach E. The only comparable is Tesla. The reason being that the other BEVs are made for keeping the EPA happy. As such not many are made and their battery size is small and they are used primarily for commuting and as such never have really any significant miles on them and annual mileage is a VERY big deal. So lets use Teslka and yes I have a LOT of them as clients.

Teslas are VERY expensive to insure but NOT because they are BEV. They are expensive because Tesla is built on a 100% aluminum frame. As such when they are in an accident it is very likely that a portion of the frame will get a slight even microscopic tweak. You can tell because when there is a tweak when you drive it will have a slight noise. Many advanced body shops have the technology to test for these tweaks. A 00% all aluminum frame CANNOT be fixed without replacing the entire frame. The cost is more then the value of the car which is why many tesla are totaled out in an accident. This is one of the reasons why Tesla will not sell any parts to an independent body shop. The issue is that once there is a tweak of ANY kind in the aluminum frame the structural integrity for safety purposes is totally lost.

I have verified with Ford that the Mach E is NOT a totally aluminum frame. You find these kind of frames on exotic cars. They are very light weight and very strong UNTIL they have an accident and then they are unsafe. In my opinion the Mach E will not be any more expensive then say a mustang GT. The batt for the Mustang Mach E form what I have been told is going to be in the range of $2,000 per pack. re are 6 packs making the total battery cost about $12,000. Tesla on the other hand runs about $20,000. Again this is if ALL the batteries were to go out and in both the Tesla as well as the mach E they are interchangeable. Meaning that if one pack go out then the car still runs and since they are interchangeable (NOT Mach E to Tesla and reverse but rather to themselves).

I am not concerned about the insurance cost of the Mach E. As was stated above the replacement parts as are also part of the equation. Ford is huge and this will not be an issue. The reason I chose the Mustang GT is because it is high performance and this effects the cost as high performance is based on the ratio of weight to horsepower. For example a Toyota Tundra V8 is high performance because it is light weight with a big engine. A Raptor is NOT high performance based on this same ratio. If you assume a mustang GT then I am guessing it will be close.

I would also think the "style" of driving in each vehicle and it's expected accident rate would be a significant factor. You are the expert, but from the outside looking in I would think on average, a pickup truck is going to be in less accidents and survive the accidents they are in better than a Mustang GT. I would also think, by extension, that a crossover vehicle (Mach E) will be in less accidents when compared to a Mustang GT. Can you fill in some of the insurance cost based on that factor? Thanks!

 

[eastern refugee]

I would also think the "style" of driving in each vehicle and it's expected accident rate would be a significant factor. You are the expert, but from the outside looking in I would think on average, a pickup truck is going to be in less accidents and survive the accidents they are in better than a Mustang GT. I would also think, by extension, that a crossover vehicle (Mach E) will be in less accidents when compared to a Mustang GT. Can you fill in some of the insurance cost based on that factor? Thanks!

Actually it used to be that way with trucks and cars and American was always cheaper then foreign due to more parts availability on American versus foreign and labor rates on American is cheaper then foreign. However ALL of that has changed.
Trucks used to be made under different circumstances then cars but all of that changed several years ago. Your average truck in California is in excess of $50,000. Cars are between $25-35,000. Trucks do in fact have less damage then say a car but the insurance costs are not that different.

interestingly enough driver diversity has an impact as well. Your typical under 30 age group typically buys cheaper vehicles and also has more accidents. Normally people over 40 are buying in the $50 plus range. They also tend to have less accidents. The top end Mach E is typically going to be owned by a 40 plus and possibly 50 plus age group. Your younger say 40 will go for the less expensive MACH E.

I hope this has helped. FYI luxury cars such as MB audi BMW andLexus are at the expensive end. A 2020 Lexus may be close in price to say a 2015. Newer does not always mean more expensive. Sometimes it is cheaper due to more safety stuff. However with more safety stuff comes an increased chance of being totaled. For example air bands cannot be fixed or reused. They have to be new and they run about $3000 each. So if you have front and side plus curtain goes off you could potentially be looking at $15,000 for that alone.

every car has a salvage value that can run from 10% to as high as %50% for luxury cars. What does this mean. If you have a salvage value say if 20% and the 40,000 new price one year later has a market value of 25,000 the salvage value is $5000. You add that amount to the cost of repair and that is why new cars get totaled more often then older cars. This is the biggest issue with Tesla. Costs of repairs are insane.

 

[MachDrive]

@eastern refugee - its always great to hear from a subject-matter-expert. Thank you for your detailed answers.

Yes, the cost of repairs are insane. The front of my Fusion Hybrid was swiped by a F250 running a red-light the first week i had it. Glad i caught sight of him in my peripheral vision and was able to stop in time, avoiding a much worse accident (no air-bag deploy).
10 years ago, maybe $2,500 repair max. This repair $17k. Almost half the price of the vehicle. each LED headlight array cost $1,400. The louvre venting system, driver assist sensors, Dual radiators, etc. OMG, there is so much stuff in the first 12” of new vehicles, its ridiculous.

 

[eastern refugee]

T

@eastern refugee - its always great to hear from a subject-matter-expert. Thank you for your detailed answers.

Yes, the cost of repairs are insane. The front of my Fusion Hybrid was swiped by a F250 running a red-light the first week i had it. Glad i caught sight of him in my peripheral vision and was able to stop in time, avoiding a much worse accident (no air-bag deploy).
10 years ago, maybe $2,500 repair max. This repair $17k. Almost half the price of the vehicle. each LED headlight array cost $1,400. The louvre venting system, driver assist sensors, Dual radiators, etc. OMG, there is so much stuff in the first 12” of new vehicles, its ridiculous.

Thank you. The truck likely had maybe $4000 damage. Most states like California are NOT fault free states. In plain English that means that the vast majority of accidents are he said/she said accidents. As such insurance companies are denying coverage so they pay out but may not see a Penney back. As such rates increase. One of THE reasons I am buying the Mach E is because I learned on THIS FORUM about the sentry system. This concept will resolve the he said/she said arguments. This is what will help to keep insurance rates in line.

 

[BraydenKyle]

I drive my car for work several miles a day on average. I’ve had so many near misses that weren’t my fault so I finally got a dash cam. It may not be the fix all, but at least I’ll likely have video evidence that something wasn’t my fault. Not many insurance companies offer a discount because of this yet, but I hope more will in the future.