Crash concerns and insurance rates…

[SANZC02]

I am seeing some seemingly miner crashes that appear to be totaling the vehicles. There was one totaled by a dear, another one still waiting for the repair quote from a dear. There was the minor rear corner dent that had a 20k plus repair quote. Then there is this seemingly miner rear end crash that based on the sale site and salvage title was totaled by State Farm.

Based on all of this, seems like the insurance rates are going to go through the roof on these vehicles. Am I the only one with this concern? Not sure having a vehicle that is so expensive to repair that it is getting totaled by these small impacts really aligns with Rivian’s sustainability direction.

Maybe I am reading too much into it, would like some other perspectives, especially if anyone is in the insurance industry.

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[electruck]

A great question and ideally something Rivian should be challenged on. It would be interesting to understand exactly why these vehicles are being totaled. Is it simply an early lack of parts availability and repair technique training thus something that might improve over time? Or are these vehicles actually sustaining $60k - $70k worth of damage from these incidents?

 

[sub]

I am seeing some seemingly miner crashes that appear to be totaling the vehicles.

The insurer is going to push to have the vehicle totaled any time it is more expensive to repair the vehicle than it is to pay off the owner and then auction off the damaged vehicle.

Most policies are going to have a max payout equal to MSRP, the fact that you will be without a car for 2 years if they call it a total loss is not their problem.

Since even damaged Rivians will sell at auction for more than MSRP right now, it is always cheaper to cut the owner a check for MSRP and then auction off the damaged vehicle than it is to perform the repair. Even if the damage is nothing more than a light scratch that can be buffed out in 10 minutes.

 

[electruck]

Since even damaged Rivians will sell at auction for more than MSRP right now

I find this hard to believe but I don't have any data, do you?

 

[bd5400]

I am seeing some seemingly miner crashes that appear to be totaling the vehicles. There was one totaled by a dear, another one still waiting for the repair quote from a dear. There was the minor rear corner dent that had a 20k plus repair quote. Then there is this seemingly miner rear end crash that based on the sale site and salvage title was totaled by State Farm.

Based on all of this, seems like the insurance rates are going to go through the roof on these vehicles. Am I the only one with this concern? Not sure having a vehicle that is so expensive to repair that it is getting totaled by these small impacts really aligns with Rivian’s sustainability direction.

Maybe I am reading too much into it, would like some other perspectives, especially if anyone is in the insurance industry.

The red one you linked to is in worse condition than it actually seems. The interior of the bed is buckled because the entire rear is pushed in (I saw pictures from the owner when that incident happened). You can also see a crease above the gear tunnel door from the rear impact.

 

[moosehead]

Fear not, Rivian will issue snow mode soon.

Oh, wait.

And wait.

 

[SANZC02]

The red one you linked to is in worse condition than it actually seems. The interior of the bed is buckled because the entire rear is pushed in (I saw pictures from the owner when that incident happened). You can also see a crease above the gear tunnel door from the rear impact.

I do see that buckle but most states use a percentage of value for total of 75 to 80%. Still does not seem like enough damage to total.

I do see this is in IL which uses TLF (Total Loss Formula), I suppose this could be coming into play. If it cost 25k to repair, the vehicle is worth 80k and the scrap value is worth 65k, to total it would cost them 15k and the repair would 25k. Just a bummer for people that want to keep the vehicle and have it repaired.

This is the explanation for TLF:

The insurer will determine the cost of the repairs plus the scrap value of the vehicle. If this number equals or exceeds the actual cash value (ACV) of your vehicle before it was in an accident, your car will be totaled. If the number comes in lower than the ACV of your ride, the insurer may decide to repair it.

 

[sub]

I find this hard to believe but I don't have any data, do you?

Why is it hard to believe? Good condition trucks are selling for around 90K. Most of those trucks had a MSRP of $75K. As long as the repair is less than 15k you are still above MSRP.

 

[TollKeeper]

Its a matter of cost...

If a bed, or bed side, needs to be replaced, its actually a fairly easy process..

But when you have to do a entire vehicle side, since its one piece It gets A LOT more pricey.

On that rear impact... Your talking the truck side, the cab, the bed, plus any incidentals.

This is why I mentioned in the other thread that the IRQ for Rivian was entirely to low. Now that they have some replacement costs established... Yea..

And just remember, the new Silverado/Sierra EV is the same style.

Insurance rates are going to go up on these.

 

[Arky]

And just remember, the new Silverado/Sierra EV is the same style.

Insurance rates are going to go up on these.

Yeah I was surprised to see that from GMC. Rivian isn't going to be alone in extremely expensive repairs looking at that Denali.

They could probably save some expense just giving it a big rear bumper like most trucks, I think if someone rear ended my last pickup it would barely do any damage and that's reassuring when you have to live with the thing. The R1 probably has the frame stiffness to survive but there's nothing to really protect that huge body panel.

 

[electruck]

Why is it hard to believe? Good condition trucks are selling for around 90K. Most of those trucks had a MSRP of $75K. As long as the repair is less than 15k you are still above MSRP.

Key word in your statement there was "had". Without an existing reservation grandfathered into the old pricing, current MSRP is $90k+ which is also being reflected in the market value for used trucks.

 

[Count Orlok]

I will say that I was surprised my quote for my R1S coverage is only slightly higher than for a >4 year old GLS 450 given what is probably a much higher repair cost.

ETA: the R1S rate is 35% higher than my 2021 F-150h XLT+

 

[Riviot]

Then there is this

$900?! Wheels are worth more than that!

Y'all people looking for spares should buy this and split it up.

But when you have to do a entire vehicle side, since its one piece It gets A LOT more pricey.

I'm no welder, but why wouldn't you cut out the crinkled parts, reinforce the back, and weld a fix over it?

 

[popoga]

You can get insurance through Cincinati (the agents at Rivian insurance can hook you up with them) that will cover cost of replacement instead of MSRP. For my cars together, the quote was only about $300/year more than otherwise equivalent Nationwide coverage. If that buys you peace of mind, seems like a good spend.

With a more premium coverage company, you might get better service or more white glove treatment, too. Not sure.

I ended up going for the Nationwide plan, but thought long and hard about it.

 

[TollKeeper]

$900?! Wheels are worth more than that!

Y'all people looking for spares should buy this and split it up.

Auction isnt even open yet. That 900 is just the pre-bids. It will likely reach 50-80k. This one will likely be a high price auction. NONE of the other Rivians on CoPart even power up, this one does.

All Rivian Auctions on CoPart:
https://www.copart.com/vehicleFinde...0 TO 9999999],[2012 TO 2023]&from=/dashboard/

Perfect candidate for Rich Rebuilds!

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