I’m trying to lease an EV6 GT and got quoted $110/mo for $100k/300k liability and $1000 deductible on comp and collision at Progressive. I am under 25, male, was on parents’ insurance beforehand, no claims ever to any auto insurance or incidents. (Yes, I can afford the car, and no, I am not spending my entire salary to get it.) Somehow, this both seems expensive and really cheap for this insurance, what do others think?
To avoid making this a useless post, I’d also like to know general tips for getting good insurance rates for leases (and dealing with insurance in general as a first-time lessee). How should I be shopping for insurance, and what can I do to make sure my rates are as low as possible? (InsuranceHackr if you will.)
P.S. my experience with insurance so far - it’s pays off to shop around, but I have not used brokers yet, was just shopping myself. Loyalty with insurance companies seems to cost you…
The only reason I am still not on their insurance is because it’s far cheaper to insure where I live vs. insure where they live. Also, leasing requires the primary lessee to have their own insurance for the car.
I tried to get a quote from Geico and AAA but they told me to call to get a quote for some reason. (I have excellent credit so who knows why.) Allstate/Direct quoted me $300/mo.
I think part of the reason is that Progressive doesn’t have a trim selector on their quote site, so they think I’m insuring a normal EV6.
FWIW, progressive has an option to ensure a car in different location. Aka main vs garaging address. I keep in-laws on our policy who live in a different zip. Not sure how far such option extends and affects the price.
Depending on the state, you just need to have some form of insurance prior to driving off the lot. If this is your only vehicle, then I would sign up for insurance with the effective date as the day of signing.
Insurance is tricky, since there are tons of factors that factor in. All things could be equal between 2 people but a difference in zip code could make the quote look wildly different.
Best advice is to shop around often and don’t add insurance features you don’t need. Once you pass the 25 year mark (become a boomer) you’ll see a small drop in rates.
I’ve had great success with Geico and they haven’t dropped me despite living in SoCal (yet).
All you can do is to call as many companies as you’re willing to and get the best rates.
It’s not personal; insurance companies only deal with facts and statistics. Basically what they charge you is the risk they are willing to take to insure you. Some consider you a higher risk, some consider you acceptable.
As a first time policyholder, I’d say you nudge higher on the risk side (being on your parent’s policy doesn’t count).
Credit is just one factor. Driving history, the vehicle itself, location, other variables in your “group” is a determinant. Plus EV’s are not cheap to fix in an accident. In the past couple of years, many have been totaled instead of repaired, so that impacts underwriting. Were there (or could there be) natural disasters in your area? Another factor…
For an ICE the cost for a 500 HP engine vs a 200 HP engine is pretty big. For an EV the cost is just a bigger battery. Yeah more expensive but proportionally nowhere near as much of a delta as an ICE difference.
Pass go and collect your $200.
