With my Current M3 lease coming to an end, I’m really tempted by one of the fantastic EV lease deals out there. However I’m put off by the horrendous cost of insurance in CA. Currently I pay more for insurance than the lease payments on both my M3 and EQB250+
So question… Are there any EVs that command lower insurance premiums??
Tesla insurance (without needing a Tesla in CA) is the cheapest I’ve found.
If you recall, how did their rates compare? I just tried to do a quote on the app but they want me to call.
Friend with Tesla insurance regretting it when time to claim though. Took weeks to hear back. Lots of horror stories on Tesla insurance.
What EV are you looking at? It’s mainly based on msrp, so even if you get a great deal on a 150k msrp car, to insurance providers it’s still a 150k car. Also I noticed that EV suv cost less to insure than EV sedans. From personal experience, could be due to higher chance of undercarriage damage to sedans causing it to be totaled easier.
For a Model Y performance I was paying about $250 per month and at the time it was a $70k car. For comparison I am now paying slightly less than that with them for a $106K Hummer EV. So it just depends on what you’re getting. They’re definitely a pain to get ahold of but the way I look at insurance is it’s insurance - I’m not looking to call to say hi everyday.
My PHEV Hyundai Tuscon is half of the cost of my Nissan Ariya
There are way too many variables in insurance pricing to rely on anyone else’s experience.
If you have an agent, I’d have this conversation with him or her.
If not, identify 2 or 3 vehicles of interest, grab a representative VIN from dealers’ inventories for each, and get quotes that way… Many underwriters have quoting functionality on their servicing web site or customer app.