Insurance Cost / Quotes / Premiums Thread

[svet-am]

I am not intending this thread to be about the Rivian insurance per se. I am hoping that this can start a discussion about what various Insurance companies are quoting for premiums.

I’ll start. I called my local independent State Farm agent. I already have multiple lines of insurance / bundles with this agent and have been covered by them for over a decade. I have never had an accident or made any other kind of claim.

They quoted me entirely based on the MSRP of my Launch Edition and did not have Rivian in their database yet as a vendor. My quote was $710/6 mos.

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[DuckTruck]

While there is another Insurance thread out there, a couple of points are relevant here. Any quote before the VIN is actually available may be somewhat of a guess. In addition to being linked to the performance factors that will be associated with the Rivians, an individual's credit score, driving record, zip code, usage and many other factors will come into play in the final pricing. Loss history and packaging discounts will also effect pricing.

 

[CommodoreAmiga]

I am not intending this thread to be about the Rivian insurance per se. I am hoping that this can start a discussion about what various Insurance companies are quoting for premiums.

I’ll start. I called my local independent State Farm agent. I already have multiple lines of insurance / bundles with this agent and have been covered by them for over a decade. I have never had an accident or made any other kind of claim.

They quoted me entirely based on the MSRP of my Launch Edition and did not have Rivian in their database yet as a vendor. My quote was $710/6 mos.

What carrier? I wouldn’t be surprised if they called it a Ford or some other brand to get that quote — which means it isn’t going to be useful or accurate (unless by dumb blind luck).

insurance rates are not primarily driven by MSRP.

 

[svet-am]

What carrier? I wouldn’t be surprised if they called it a Ford or some other brand to get that quote — which means it isn’t going to be useful or accurate (unless by dumb blind luck).

insurance rates are not primarily driven by MSRP.

They literally didn’t put any vehicle make/model in. They simply quoted on the MSRP. The big take-away for me was that the agent made it _very_ clear repeatedly not to expect discounts or “benefits” for any of the safety features, etc. The exact words were “well, it’s still a car.” They said that when vehicles aren’t in the system - for example, according to the agent, even model year 2022 ICE vehicles aren’t in the system yet and they just do them entirely based on MSRP.

 

[CommodoreAmiga]

They literally didn’t put any vehicle make/model in. They simply quoted on the MSRP. The big take-away for me was that the agent made it _very_ clear repeatedly not to expect discounts or “benefits” for any of the safety features, etc. The exact words were “well, it’s still a car.” They said that when vehicles aren’t in the system - for example, according to the agent, even model year 2022 ICE vehicles aren’t in the system yet and they just do them entirely based on MSRP.

What carrier?

I'm not saying it isn't possible, I'm simply saying I've never seen it (and I've worked in insurance).

 

[svet-am]

What carrier?

I'm not saying it isn't possible, I'm simply saying I've never seen it (and I've worked in insurance).

I don't know what you mean by "carrier" here, then. As I said in my OP, the insurance company is State Farm.

 

[CommodoreAmiga]

I don't know what you mean by "carrier" here, then. As I said in my OP, the insurance company is State Farm.

I'll have to speak with my State Farm agent... Last I knew their system couldn't quote a policy just based on a MSRP. This has me intrigued.

 

[svet-am]

I'll have to speak with my State Farm agent... Last I knew their system couldn't quote a policy just based on a MSRP. This has me intrigued.

For reference, mine is a local agent in Thornton, Colorado. I don't know if there are regional differences.

 

[DuckTruck]

svet-am,

Somebody else apparently weighed in to this conversation in posts #3, 5, and 7 of this thread, but I can only see your comments and mine. Perhaps they've deleted their comments in those three posts, or they're from a blocked party. I hope the following doesn't sound condescending, I just though I'd jump back in and address your comments. "Carrier" is just another term used for an insurance company. State Farm, AllState, and Farmers are examples of insurance "carriers". By the way, if your agent is with State Farm, he or she is likely a "captive" agent, rather than an Independent Agent.

The difference is the a captive agent is usually expected to offer coverage first through that particular company, but may have the ability to write your business elsewhere. That is normally only allowed if and when State Farm declines to offer coverage to you. Many captive agents aren't allowed by their namesake company to have an appointment with other carriers offering like kinds of insurance (in this case, Home, Auto, and Umbrella). They receive a great deal of administrative, marketing, and office support for this agreement.

On the other hand, an Independent Agent generally has a handful of companies they hold appointments with and they'll likely quote several companies (often through a single entry input system) in order to find a good fit for your needs and/or the lowest price amongst those carriers. I'm an Independent Agent and love the freedom it gives me, but some of my close friends are captive agents and that model works very well for them and their clients.

To the point in your last post, there definitely are regional differences in pricing. In fact, every State has its own "Department of Insurance" or "Consumers Affairs Division", etc. that oversees the practices and pricing in their State. While the MSRP comes into play, that is mostly for physical damage to the vehicle, covered under Colission and Comprehensive coverage. It takes into account the cost to replace the entire vehicle if totaled or stolen, and also what it takes to repair the vehicle based on historic trends and parts prices. It's that last part that adds to the complexity of determining the premium for a policy. With a new car company, parts and repair costs are not as well known as for legacy makes and models.

Rather than getting further into the minutiae of Liability coverage pricing, the performance capabilities of the vehicle, the neighborhood in which you reside, and the distance you drive to and from work and annually will all impact the pricing you will ultimately face. Other factors were mentioned in my first post.

Again, I'm throwing these comments out there in hopes of addressing the questions I see in those posts of yours that are available to me. If I missed the mark because of what I can't see in those other posts, I apologize in advance.

Best of everything to you as we wait to get our hands on these things!

 

[DucRider]

Somebody else apparently weighed in to this conversation in posts #3, 5, and 7 of this thread, but I can only see your comments and mine. Perhaps they've deleted their comments in those three posts, or they're from a blocked party.

You are being "Ignored" by @CommodoreAmiga . The default on this forum is that when you Ignore someone it not only blocks them from seeing your posts, the reverse is also true - you can't see their posts (and also makes any threads/topics they start invisible to you). If someone quotes one of their posts, that quote is also invisible to you.

I'm also part of that club (not sure how exclusive it is) and discovered this after some discontinuity in other threads. In other forums, ignoring someone hides only the content of their posts from you with a "show ignored content" tag so you can view it if you want. I've never noticed one that has an option for blocking your posts from other members. If you want to see what they are contributing, you need to log out and view the topics/threads.

BTW, thanks for your insight into the insurance biz. Valuable contribution. Too bad @CommodoreAmiga chooses not to fully participate in this forum. Valuable info can come from those you disagree with.

 

[sevengroove]

You are being "Ignored" by @CommodoreAmiga . The default on this forum is that when you Ignore someone it not only blocks them from seeing your posts, the reverse is also true - you can't see their posts (and also makes any threads/topics they start invisible to you). If someone quotes one of their posts, that quote is also invisible to you.

I'm also part of that club (not sure how exclusive it is) and discovered this after some discontinuity in other threads. In other forums, ignoring someone hides only the content of their posts from you with a "show ignored content" tag so you can view it if you want. I've never noticed one that has an option for blocking your posts from other members. If you want to see what they are contributing, you need to log out and view the topics/threads.

BTW, thanks for your insight into the insurance biz. Valuable contribution. Too bad @CommodoreAmiga chooses not to fully participate in this forum. Valuable info can come from those you disagree with.

I don't know if this explains some weirdness that I experienced on this particular thread - I got a notification saying that I had been quoted by OP on this thread, but I've never posted here before:

It took me to post #6 on this thread, which is clearly not quoting anything I said. Thought it was just a random glitch.

Also +1 on DuckTruck's contributions across this forum in general!

 

[svet-am]

@sevengroove - I think that was my fault because the forum quote feature inserted a different quote than I intended originally.

 

[sevengroove]

@sevengroove - I think that was my fault because the forum quote feature inserted a different quote than I intended originally.

Gotcha, thanks for clarifying!

Back on topic, I think it's probably best to wait until we start seeing some Rivians on the road first. I'm not amongst the first customers in line, but I suspect many of them will opt for Rivian's insurance for the first few months until their preferred providers catch up and offer/update their rates. I currently use Metromile which charges by the mile, and I like it because I don't need to drive for work - only for pleasure (which I admittedly will do more of with a Rivian). I'll have to wait and see how they decide to price the Rivians before making a choice.

 

[DuckTruck]

You are being "Ignored" by @CommodoreAmiga . The default on this forum is that when you Ignore someone it not only blocks them from seeing your posts, the reverse is also true - you can't see their posts (and also makes any threads/topics they start invisible to you). If someone quotes one of their posts, that quote is also invisible to you.

I'm also part of that club (not sure how exclusive it is) and discovered this after some discontinuity in other threads. In other forums, ignoring someone hides only the content of their posts from you with a "show ignored content" tag so you can view it if you want. I've never noticed one that has an option for blocking your posts from other members. If you want to see what they are contributing, you need to log out and view the topics/threads.

BTW, thanks for your insight into the insurance biz. Valuable contribution. Too bad @CommodoreAmiga chooses not to fully participate in this forum. Valuable info can come from those you disagree with.

DucRider,

Thanks for the explanation and, as always, your input and feedback. I continue to enjoy the hell out of this forum, not just for all of the education I get from you and others regarding Rivian, and EVs in general, but also for the sense of community we're continuing to build along the way.

Without the lockdowns we've experienced, I'm not sure I would've joined in this forum, only because I'd likely not have found it in the first place. Absent the normal and robust level of face-to-face human contact I'm used to, this last year has been difficult, at best. The good people here have been a great help to me in keeping things feeling somewhat connected. For that, I will be forever grateful to you and the other Riviots here.

That some people may be much more serious about things than I am is fine. It's those focused and bright people I tend to learn the most from. That said, I've always maintained that "A day without laughter is like....death". If I can help someone in some way, I always come away feeling good about it. If I can help grow their understanding of a topic or issue, I come away feeling even better. But, if I can accomplish either of those things and get them to smile, and maybe laugh as well, I come away feeling great about the interaction.

My sense of humor and irreverence is not for everyone. I have several family members and great friends who will sometimes groan when I inject a comment like "That reminds me of a joke" into a conversation. But it almost always results in getting them to laugh, or at least smile for a moment. It's a bummer to miss out on the input of others, especially bright ones like CA, but we're lucky to live in a free country where we have choices.

Thanks again for your kind words. Now......back to the topic of Insurance, lest I be accused of hijacking yet another thread.....?

 

[DuckTruck]

I don't know if this explains some weirdness that I experienced on this particular thread - I got a notification saying that I had been quoted by OP on this thread, but I've never posted here before:

It took me to post #6 on this thread, which is clearly not quoting anything I said. Thought it was just a random glitch.

Also +1 on DuckTruck's contributions across this forum in general!

sevengroove,

Thanks for your kind words! I appreciate you for that and for what you always bring to the conversations around our Forums.

Be well!

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