I had negotiated a $197/month zero DAS deal on a '20 Bolt Premier for my teenage daughter to drive, and thought to check with my insurance agent first. Couldn’t believe how expensive it was going to be. All situations are different, so I’ll put it in relative terms. Coverage was going to be about 6x what I pay for my FJ Cruiser, 4x what a Niro EV or Ioniq Electric would cost, and 50% more than a Kona Electric. I have 4 vehicles currently (this would be #5) and I do have 3 teenage drivers on my policy, but I was still blown away.
Have you Bolt drivers had a similar experience? I’ve shifted my focus to a Niro - I like those better anyway. Even a $275 Niro would cost me less all in than the Bolt would.
You could also shop your insurance policy to find a better rate. All companies will treat this differently. It may not necessarily be the vehicle.
Did you compare your TEEN Driver quote for the other cars?
I suspect that’s why it’s so expensive.
Maybe it is because of all of these 28 hour Georgia to Texarkana Texas trips?
You leased a 40k vehicle for a teenager…insurance companies don’t care how much your lease payment is, they care what the cost of the vehicle is and the cost to repair. You leased a very complicated electric vehicle for a child with no insurance history.
Insurance for under 25 years of age will always be on the expensive side. Do you live in a city? that might be a big factor.
My insurance for my Volvos and BMWs is shockingly cheap for my age. My ‘15 Altima was more.
I didn’t end up leasing the Bolt because of the insurance cost. I asked for a quote to swap for my teen-driven FJ Cruiser so that I could get a good comparison. What was interesting is that a Niro EV has a similar MSRP and a lot of other similarities, but was 1/4 of the cost to insure. Not sure what it is about the Bolt. The Niro is similar in cost to my '09 328i convertible, also teen-driven.
I did check a couple of other insurance companies, and it was the same relative cost. I’m used to paying a ton for insurance, it’s just part of having teens. I do watch pretty carefully the relative insurance costs of vehicles though, because it can make a huge difference. For example, my '21 Ram 1500 was probably $200/month less than getting a similar MSRP 5-series BMW. Every little bit helps!
I remember when I first started driving, there was absolutely one thing my parents DID NOT allow and that was to be on their insurance. Ever since 16 I have had my own insurance.
Bigger car, different battery design…and it doesn’t catch on fire
Every situation is different, but as I understand it as long as they have licenses and live in my house, I’m going to pay a penalty. Having them on my policy is a lot cheaper than them having their own policies, and it’s helpful for everyone to be able to drive every car.
My bolt LT is $130/ month for insurance in SoCal. Crazy when the quote for my 21 wrangler 4xe is only $38.
That’s a plug in, the battery is very small.
but wow $38/month? I don’t get that with my used cars.
The quote I got to insure the bolt was about 2x a typical vehicle (via Allstate).
This was the primary reason I did not get one.
The name of the game is to switch companies every few years, there is always someone lower. Mine went up $80 a month going from a jeep to bmw so I had my insurance broker shop it and switched for only $10 more a month compared to what I was paying for the jeep.
Amen to that. I just switched last year when my 16 year-olds started driving and saved around $2000/year. Got a new quote from my old insurance company this week and magically it’s the same as my current cost.
If possible in your area, check AAA for auto insurance. In my case I found they were very teen driver friendly. I’m not saying they didn’t notice a 16-year-old female driver in the household, but they definitely provided a much less severe beating than anyone else I found.
Out of curiosity, I checked out AAA. Their quote, even without the Bolt, was double my current policy with Allstate. Just shows how much things vary from state to state.
Insurance is all over the place. Here in Florida it is pretty bad and very expensive. I’ve had quotes anywhere from $6000 per year with AAA to $11,000 from other companies. It was the same coverage…And none of us have even a parking ticket on our records.