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Unreal... Ugh.Confirming that my insurance doubled in Florida as well with Progressive.
Spoke to insurance agent yesterday. 4 drivers, two of whom are teens, on a '22 Ram, 22, rav4 hybrid, and 23 model 3 standard we're at $5700/annually now. Replacing the rav4 with a LR Model Y will push us to $6800 and if we instead replaced the rav4 with a model y performance $7700/annually. These teslas definitely are not cheap to insure. I bet a lot of people are saving less on gas than they are paying in increased insurance. Going from that rav4 hybrid to a model Y we'd need to do something like 20k/year just to break even. I may replace it anyway, but it's not gonna save us anything that's for sure.Geico has an on-line quote function where you can enter the VIN or make/model of the prospective vehicle. Out of curiosity, I checked to see how my insurance would be affected if I switched to a Model 3. The result was insurance cost would go up by ~$980 annually. If I replaced it with a new GMC Canyon 4X4 which costs more than the Model 3, it would go up by $160 annually. The Model 3 was 6X more, so there is a not insignificant vehicle penalty.
The take-away is it's wise to get a quote for your different potential purchase options before you buy.
And, lest us not forget how rapidly our Teslas depreciate - especially with all the Tesla price drops the last 13 months. I paid nearly $160k for my 2021 Plaid and would struggle to get $60k for it today... You would think the cost of insurance would reflect these facts, but no… they are still assuming the replacement costs are the highs they once were…. BOHICA.Spoke to insurance agent yesterday. 4 drivers, two of whom are teens, on a '22 Ram, 22, rav4 hybrid, and 23 model 3 standard we're at $5700/annually now. Replacing the rav4 with a LR Model Y will push us to $6800 and if we instead replaced the rav4 with a model y performance $7700/annually. These teslas definitely are not cheap to insure. I bet a lot of people are saving less on gas than they are paying in increased insurance. Going from that rav4 hybrid to a model Y we'd need to do something like 20k/year just to break even. I may replace it anyway, but it's not gonna save us anything that's for sure.
In fact I do wonder the same--a decent chunk of the cost comes into write-off value of the vehicle, and if they are lower one would think it should have a softening effect on the premium.And, lest us not forget how rapidly our Teslas depreciate - especially with all the Tesla price drops the last 13 months. I paid nearly $160k for my 2021 Plaid and would struggle to get $60k for it today... You would think the cost of insurance would reflect these facts, but no… they are still assuming the replacement costs are the highs they once were…. BOHICA.
Was just renewed, with my annual premium decreasing from $6348 to $6163. The letter explicitly says that my insurer has a "First Accident Forgiveness" policy, so totaling the car has been "forgiven". They are so magnanimous.It’s all about the bottom line. They paid out to you for the repair and need to replenish the coffers somehow. Post back here after the renewal and let us know what actually happened!