Insurance Cost / Quotes / Premiums Thread

[invernite]

Just did some shopping for our soon to arrive R1S. Here's how we're looking:

• Progressive: $700/6 months, paid in full
• Geico: $855/6 months, paid in full
• Nationwide (through Rivian): $920/6 months, paid in full
• State Farm: $1,125/6 months, paid in full
• Amica: $1.031/6 months, paid in full
• Liberty Mutual: $3,149/12 months, paid in full

These may not all be apples-to-apples (I wasn't able to confirm that all have 0-deductible glass, OEM parts, etc.). Coverages are 250/500 for bodily injury and uninsured motorist with 250/500 comp/collision deductibles.

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[Rivianation]

Progressive rocks. My $80,000 Rivian cost $150 more over 6 months than my 2020 Altima I am replacing on the policy (I sold for $24,500).

That's $0.82/day more to drive a car that is more than 3x the price, heavier, faster, and way more expensive to fix. I have a feeling the rates might go up when more Rivian's meet the real world.

 

[Jayhawkeye]

Nationwide has been great for us. Our new R1S is only $48 more than my 2018 Ford Expedition Platinum.

 

[SANZC02]

Progressive rocks. My $80,000 Rivian cost $150 more over 6 months than my 2020 Altima I am replacing on the policy (I sold for $24,500).

That's $0.82/day more to drive a car that is more than 3x the price, heavier, faster, and way more expensive to fix. I have a feeling the rates might go up when more Rivian's meet the real world.

Give it time, as more data comes in the prices will go up. My model S went up every 6 months for the first 4 or 5 years before it started coming back down. The 2016 Tesla Model S premium is still higher 678 - 600 than the Rivian.

 

[invernite]

Progressive rocks. My $80,000 Rivian cost $150 more over 6 months than my 2020 Altima I am replacing on the policy (I sold for $24,500).

That's $0.82/day more to drive a car that is more than 3x the price, heavier, faster, and way more expensive to fix. I have a feeling the rates might go up when more Rivian's meet the real world.

I spoke with someone at Progressive today as I'm figuring out my best insurance option and I have to say - I'm not comfortable moving forward with them. Their pricing is by far the best - they'll insure our R1S and our minivan for less than my current insurance on the van alone! However, when I asked about OEM parts coverage, they said they don't do that at all. In fact, I spent a bunch of time convincing the licensed insurance person on the phone that OEM parts coverage for repairs is different to their covering aftermarket modifications (i.e. non-OEM) I may make to the vehicle. They also said that the don't offer anything like new car replacement - their payout in case of a total loss would be based on market value. I asked what happens if they can't get a price on KBB since the vehicle is so new there aren't many public transactions to support price estimation and the person said she has no idea. She asked if I'm currently insured, and if so, how might my current carrier deal with it! My general perception was that both individuals I spoke to had no idea about the actual coverages and were searching their system for any key words I was mentioning. Perhaps that's how it is with many insurance companies these days. Nationwide (through Rivian) is undoubtedly more expensive, but the folks I spoke to there certainly knew what they were talking about! (Side note, Progressive coverage information is for IL - it may vary in your state).

I also spoke to Geico as a middle ground between Progressive and Nationwide (in terms of price). The agent there seemed knowledgable. He confirmed that in IL they don't offer new care replacement, but he said Geico's generous in their payout in case of total loss. I asked if he could be more specific and he said they go off market value. This is no different to what Progressive said. Geico also told me that by default we OEM parts can be requested for the repair if desired (i.e. it's not a separate endorsement) which makes me wonder why anyone would not request them? Maybe faster to use aftermarket parts for your typical Honda repair? Finally he said in IL no $0 deductible glass coverage - it would fall under comprehensive coverage.

 

[milliemc]

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.

When I have tried to price shop, I believe I was always asked for the VIN.

 

[CommodoreAmiga]

I spoke with someone at Progressive today as I'm figuring out my best insurance option and I have to say - I'm not comfortable moving forward with them. Their pricing is by far the best - they'll insure our R1S and our minivan for less than my current insurance on the van alone! However, when I asked about OEM parts coverage, they said they don't do that at all.

I wouldn’t worry about it, personally. Right now (and for the foreseeable future) there are only OEM parts for a Rivian. No one makes an aftermarket bumper cover or glass or whatever.

 

[freshpow]

Progressive rocks. My $80,000 Rivian cost $150 more over 6 months than my 2020 Altima I am replacing on the policy (I sold for $24,500).

That's $0.82/day more to drive a car that is more than 3x the price, heavier, faster, and way more expensive to fix. I have a feeling the rates might go up when more Rivian's meet the real world.

Interesting. I've been a loyal Progressive customer for ~10 years and when I recently priced shopped my R1T they were far and away the most expensive.

 

[invernite]

I wouldn’t worry about it, personally. Right now (and for the foreseeable future) there are only OEM parts for a Rivian. No one makes an aftermarket bumper cover or glass or whatever.

Yeah, fair point.

My bigger concern was that I spoke to two individuals, both of whom didn't seem to understand what OEM parts coverage is. I think that's pretty standard in the insurance industry so I get concerned when both insurance people I spoke to were clearly lost. Perhaps they were just having an off day...

 

[bgoldber88]

Really confused by what Rivian offers. It's more than 2x the cost of my current Progressive policy. I'm reaching out to their rep to see what the reasoning is.

 

[Picard]

I had the same experience with Rivian insurance nearly twice what progressive offered (which in itself was a doubling of what I paid for my previous vehicle). The big benefit of the Rivian plan is that it offers a R1 vehicle replacement in case your current vehicle gets totalled which we can't get elsewhere.

 

[ATXrONEt]

2023 R1T Quad Motor Large Pack
Geico
Austin, TX
35 M
Full Coverage
$500 comprehensive deductible
$1000 collision deductible
$250 uninsured deductible
100k property liability
30/60k bodily injury liability
April 2023 Quote $896 every 6 months

 

[kozak79]

Geico in Northern Jersey:

 

[Rivianation]

I had the same experience with Rivian insurance nearly twice what progressive offered (which in itself was a doubling of what I paid for my previous vehicle). The big benefit of the Rivian plan is that it offers a R1 vehicle replacement in case your current vehicle gets totalled which we can't get elsewhere.

As for a replacement clause, Progressive still has to give you market value, so if you paid pre-hike price, the market value will be at least what you paid. The benefit of the expensive Rivian insurance is the off-road coverage, which progressive won't cover unless you are on a government owned road or on a 'training course'.

If you off road more than a little, Rivian is your best bet.

 

[zipzag]

Progressive rocks. My $80,000 Rivian cost $150 more over 6 months than my 2020 Altima I am replacing on the policy (I sold for $24,500).

That's $0.82/day more to drive a car that is more than 3x the price, heavier, faster, and way more expensive to fix. I have a feeling the rates might go up when more Rivian's meet the real world.

Your Progressive rate is "introductory".

But as long as you are not using Geico for an expensive vehicle you are good.

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