Insurance premium cost for Slate

[ElectricShitbox]

Something I haven't seen discussed here that could be dealbreaker for me is insurance cost. Even if the total cost and financing works for me, if the insurance is crazy due to it being a new company it would be a problem. I use progressive, and I was just trying to see if they would quote it, but it's not in their system yet. Has anyone been able to get a quote based on cost estimate, or are they all going to be holding off until they have an idea of repair costs?

 

[sodamo]

Not USAA, but didn’t really expect it to be yet.

 

[cadblu]

Something I haven't seen discussed here that could be dealbreaker for me is insurance cost.

Good observation! Most insurance companies look at your previous claim history, the average claim payout, and then build a price around it. They also look at your driving record, age, your location, how many miles you drive, and believe it or not, your credit score.

The good news for Slate is that it’s not an expensive vehicle to begin with. And we’ve been told it’s easy to repair with replaceable body panels. In addition, the lack of computers, displays, electronics, self driving cameras, sensors, etc. all translates into a lower than industry average repair cost.

Now, we know new cars usually cost more to insure than older ones, but safety features like automatic emergency braking and DRL’s will likely earn you discounts. Keep in mind things that commonly go wrong, like glass claims, rock chips and broken windshields, will be a problem —- not from a cost standpoint, but due to a lack of availability. Getting a replacement windshield for a Slate will likely take months. Just look at message boards for other completely redesigned cars and judge for yourself.

 

[Tom Sawyer]

Good observation! Most insurance companies look at your previous claim history, the average claim payout, and then build a price around it. They also look at your driving record, age, your location, how many miles you drive, and believe it or not, your credit score.

The good news for Slate is that it’s not an expensive vehicle to begin with. And we’ve been told it’s easy to repair with replaceable body panels. In addition, the lack of computers, displays, electronics, self driving cameras, sensors, etc. all translates into a lower than industry average repair cost.

Now, we know new cars usually cost more to insure than older ones, but safety features like automatic emergency braking and DRL’s will likely earn you discounts. Keep in mind things that commonly go wrong, like glass claims, rock chips and broken windshields, will be a problem —- not from a cost standpoint, but due to a lack of availability. Getting a replacement windshield for a Slate will likely take months. Just look at message boards for other completely redesigned cars and judge for yourself.

It's been my experience that low cost, low volume sales small cars are more easily totaled. Parts availability and overall cost being the major factors, in my understanding (could be wrong here.)

That being said, I wonder what the demand will (would??) be for wrecked Slate trucks?

 

[ElectricShitbox]

That being said, I wonder what the demand will (would??) be for wrecked Slate trucks?

They seem like they would be the perfect drivetrain for EV swapping something else, haha

 

[cadblu]

It's been my experience that low cost, low volume sales small cars are more easily totaled. Parts availability and overall cost being the major factors, in my understanding (could be wrong here.)

That being said, I wonder what the demand will (would??) be for wrecked Slate trucks?

Hmm, how about just buying a second blank Slate and parting it out for other Slate owners desperately seeking parts? The sum of the parts is much worth more than what the truck is worth.

Talk about speculation!

 

[IanNubbit]

No paint, easilly bolt on flexible panels, extremly low labor times due to the way it’s built, and low cost to start. All of that comes to a very cheap vehicle to insure. Fair point it might not be right away bevaus its new, but it will likelt be the cheapest vehicle to repair, and therefore insure basically day 1 as long as you can get partd

 

[Paul]

If you're talking about a $25,000 vehicle that's going to be the total loss vs your typical $40,000 vehicle. So your first number they would consider would be the total loss. Also, it's a very simple vehicle so there won't be a $4,000 tail light with 12 sensors in it Or a $10,000 automatic aiming LED headlight or something? Ridiculous. And also the body panels are very easy to replace And it's only one color and no paint. Although it has no statistics on it, having a high crash rating would help. I think what's more important to consider is how upgrades will be considered like if you initially buy it and the VIN says it's a blank slate and then you add an SUV kit to it. The wrap? You would want to make sure that that was properly insured so you weren't just paying insurance on a base truck. Likewise if you add a bunch of stuff like electric windows and what not. Maybe you wouldn't want to pay insurance on a wrap that you might be swapping out anyway after a few years and it was damaged in an accident.

 

[Kopsis]

The covered vehicle "cost to repair" is actually a relatively small factor in insurance rates. The driver's personal risk factors, as well as the "vehicle class" claim rates, determine your overall risk, which then scales all the coverage costs. Look at the breakdown for your existing policy and you'll see that the vast majority of the coverage cost is liability (medical and property damage). Your comprehensive and collision (unless you have a very low deductible) are a relatively small percentage of your payment.

 

[IanNubbit]

The covered vehicle "cost to repair" is actually a relatively small factor in insurance rates. The driver's personal risk factors, as well as the "vehicle class" claim rates, determine your overall risk, which then scales all the coverage costs. Look at the breakdown for your existing policy and you'll see that the vast majority of the coverage cost is liability (medical and property damage). Your comprehensive and collision (unless you have a very low deductible) are a relatively small percentage of your payment.

Personal isn't all the insurance is though. Went from a used 2013 Dodge Dart, to a new 2018 Jeep Renegade, the insurance was half on the Jeep as the Dart, same provider, no other changes. Went from the Renegade to the Gladiator, and insurance only went up about 5%. Vehicle type (car, suv, truck etc) and cost to repair absolutely make a difference, regardless of personal record, age, etc. It all factors in. A perfect record driver will pay more in insurance for a Rivian compared to a f-150 lightning, even in similar msrp ranges, just because how horrible it is to repair the Rivian, these things matter

 

[Kopsis]

Went from a used 2013 Dodge Dart, to a new 2018 Jeep Renegade

That's why I said "vehicle class" claim rates are a significant factor. And it's also worth mentioning that the comp/collision costs as a percentage will depend on your level of liability coverage. If you're just carrying the mandatory minimums, your comp/collision will be a higher percentage so cost to repair will have higher influence on your overall cost -- but still not to the extent that many people think.

 

[1974D2004X4]

Crash ratings and some actuary data would be welcome vs speculation.

 

[bartflossom]

The main thing I can think of that insurance companies could charge more for is the fact it's an EV. Based on hearsay info from various people posting on forums, some companies charge a ton more money if you park it in your garage due to the fire risk. But once again, I have no real info on that. I know there are others here that have EV's. Your input would be great to hear.

 

[cadblu]

If you're talking about a $25,000 vehicle that's going to be the total loss vs your typical $40,000 vehicle. So your first number they would consider would be the total loss. Also, it's a very simple vehicle so there won't be a $4,000 tail light with 12 sensors in it Or a $10,000 automatic aiming LED headlight or something? Ridiculous. And also the body panels are very easy to replace And it's only one color and no paint. Although it has no statistics on it, having a high crash rating would help. I think what's more important to consider is how upgrades will be considered like if you initially buy it and the VIN says it's a blank slate and then you add an SUV kit to it. The wrap? You would want to make sure that that was properly insured so you weren't just paying insurance on a base truck. Likewise if you add a bunch of stuff like electric windows and what not. Maybe you wouldn't want to pay insurance on a wrap that you might be swapping out anyway after a few years and it was damaged in an accident.

Mostly all insurance companies will ask to see the bill of sale and in some cases photos of the vehicle. Frankly, the VIN isn’t going to change if your $25k blank Slate suddenly transforms into a $40k loaded SUV. I would make sure to document all upgrades with the insurance company so that if my Slate SUV is damaged I am compensated accordingly.

Consider that this will likely become an issue if you install the SUV kit later during the ownership period.

 

[cadblu]

The main thing I can think of that insurance companies could charge more for is the fact it's an EV. Based on hearsay info from various people posting on forums, some companies charge a ton more money if you park it in your garage due to the fire risk. But once again, I have no real info on that. I know there are others here that have EV's. Your input would be great to hear.

I park my EV in the garage and have no insurance add ons associated with charging. However I did install a fire /smoke detector in the garage just for peace of mind. The charging cord is long enough to charge in my driveway, just in case if I’m too lazy to move my other cars around.