Cost of Lightning Insurance

[Bigpoppa]

Since you are in Dallas it would be interesting to see what you end up paying. Ping me when you get that all set up. I do know many factors affect the cost as noted by @hturnerfamily . For my pricing it is garage kept, total miles per year is low compared to most, I use their Drive Safe and Save beacon, pretty good credit rating. Those are just a few factors that come into it.

A couple of things here - I had State Farm 20 years ago and they started going through the roof. Until last December they were never even close to what I could get insurance from other carriers. I finally moved back when they became reasonable again. However, my agent already told me they have an increase coming at the next renewal. I believe that is already included in my truck pricing as it was a new add on, but the other car will likely get a small bump in December.

Will do - I’m a little apprehensive about utilizing the beacon for driving discounts, as I anticipate a few harsh acceleration events with my new found power - LOL.

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[GDN]

Will do - I’m a little apprehensive about utilizing the beacon for driving discounts, as I anticipate a few harsh acceleration events with my new found power - LOL.

I was too - have two Tesla's and always had fun driving. My wh/mi was some of the hightest comparing to friends. I drive the truck the same way. Our driving scores are literly in the low 70's per the beacon and it is still generating savings over 25%. Still well worth it.

 

[Bigpoppa]

as an agent, I don't blame folks for trying to 'gauge' how much their new vehicle's insurance might cost them, but it's also very unlikely anything anyone else gets will be anything close to what you get - we are all different, no matter whether it 'seems' like we should all be the same.

as a story that gives you some comparison - our small town has it's own utility for electricity. Sometimes customers stop by and complain that there bill is 'much higher' than their neighbors. We try to explain that even though your neighbor seems to have exactly the same home and electrical usage you do, they don't. Their home is very well insulated. Yours may not be. Their air conditioner is a high-efficiency type. Yours is 20 years old, and is not. Your neighbor has shade trees , you have none. Your neighbor keeps their doors and windows closed. Your front door is wide open.

Lol - Thanks for this perspective. It sounds like a perfect narrative from an agent who is trying to convince a customer why their rates are different. I’m ok with my rates being different; however, I’m the customer who will establish upper and lower control limits to help me pragmatically decide what I will or will not pay. I leverage competition and data to always pay what I want, and I’m also willing to walk away from excuses or reasons it can’t be done. Just ask my previous agent!

 

[GunRack]

My insurance is 1/3rd the cost compared to what I was paying on the Rivian R1T for exactly same coverage. Took that truck off, added the Ford, policy went down nearly 2k anually

 

[Bigpoppa]

Since coverages vary, adding a comparison. Prices are for a 6 month period.

2022 F-150L Pro:
Policy Coverage ( $213.60) + Vehicle Coverage ( $100.90)

2016 Tesla MS:
Policy Coverage ( $252.70) + Vehicle Coverage ( $286.80)

Total for both cars on a yearly basis: $1708

Additional reference, that's $40 a year more than what I was paying with my 2009 Honda Ridgeline.

Thanks for sharing this comparison. I’m assuming you are getting a multiple vehicle discount. This is very encouraging.

 

[Bigpoppa]

I was too - have two Tesla's and always had fun driving. My wh/mi was some of the hightest comparing to friends. I drive the truck the same way. Our driving scores are literly in the low 70's per the beacon and it is still generating savings over 25%. Still well worth it.

Good to hear. I’ll likely give it a shot.

 

[Yellow Buddy]

Thanks for sharing this comparison. I’m assuming you are getting a multiple vehicle discount. This is very encouraging.

Correct, and I realized after the post that I actually had mechanical breakdown coverage, which I removed for the F-150L and it went down another $10/year. I also take defensive driving to get that discount as well.

 

[Blaster]

Vermont insurance rates are pretty agreeable for max medical & liability coverage, I've been quoted around $800/year for the lightning. That's maybe $65/70 per month through our current provider Geico.

 

[Bigpoppa]

Correct, and I realized after the post that I actually had mechanical breakdown coverage, which I removed for the F-150L and it went down another $10/year. I also take defensive driving to get that discount as well.

That’s a great thought. I need to sign up for a defensive driving course to obtain that additional discount as well. Thanks.

 

[Bigpoppa]

Vermont insurance rates are pretty agreeable for max medical & liability coverage, I've been quoted around $800/year for the lightning. That's maybe $65/70 per month through our current provider Geico.

Wow! That is a great rate. The insurance rates in the state of Texas

Vermont insurance rates are pretty agreeable for max medical & liability coverage, I've been quoted around $800/year for the lightning. That's maybe $65/70 per month through our current provider Geico.

Wow! That is a great rate. The insurance rates in the state of Texas are typically higher than most states. However, we don’t have state income taxes, but I digress.

 

[Bigpoppa]

The wife and I currently have a 2021 Lariat F150 and a 2020 Edge Titanium. Citizens insurance.

I'm 48, wife is 43. Clean records. Only drivers in the household. We just renewed and our current insurance is approx $1350 a year. 250k/500k with 1k deductible.

I didn't ask them to break it down per vehicle, but I gave them my Lightning VIN and a VIN to an identical Mach-E like the wife ordered. I was told my insurance would go up approx $140 a year, about $12 a month.

An additional $140 a year seems to be extremely reasonable to insure a third vehicle

 

[Bigpoppa]

My insurance is 1/3rd the cost compared to what I was paying on the Rivian R1T for exactly same coverage. Took that truck off, added the Ford, policy went down nearly 2k anually

Wow! That’s a significant reduction! I’m currently paying $800 annually for a Honda Accord, do I’m anticipating that the lightning may be somewhat north of that.

 

[Bigpoppa]

I've got State Farm - two vehicles, home and an umbrella policy. Carrying 500K/500K/500K with $500 deductibles. Paying $457 per 6 months. Lightning Lariat ER.

@GDN. One more question for you. Do you currently live in the DFW metroplex? $914 is a great rate for two vehicles. I’m with State Farm as well , and I’m paying $800 annually for a Honda Accord. I’m also in Ellis County which is one county south of Dallas County, and the rates are generally cheaper here.

 

[GDN]

@GDN. One more question for you. Do you currently live in the DFW metroplex? $914 is a great rate for two vehicles. I’m with State Farm as well , and I’m paying $800 annually for a Honda Accord. I’m also in Ellis County which is one county south of Dallas County, and the rates are generally cheaper here.

I am - I have a Dallas address and I'm in Dallas country, but far North almost to Collin County.

 

[Pioneer74]

An additional $140 a year seems to be extremely reasonable to insure a third vehicle

I'm not insuring a third vehicle. I am replacing my 2021 with the Lightning and the wife is replacing her Edge with the Mach-E.

We'll be totally electric except for my Harley by the end of the year.

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