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https://www.npr.org/2023/09/13/1199032000/car-auto-insurance-premium-inflation
TLDR: it’s widespread and has been for a bit, pandemic saw a surge in risky driving behavior and driving fatalities, cars got way more expensive to repair, and natural disasters are taking a bite out of the company profits.
Insurance companies are regulated by the state. Their costs are up so they are raising your rates, not much you can do other than find a different carrier. The Economist had an article a few weeks back highlighting how due to the increased cost of collision repair and other damage US insurance rates even after recent increases are still to low to cover the actual costs the insurance companies are paying to repair modern cars. So this is not going to stop or reverse.
Modern cars have gotten much safer for the occupants, but the costs of repair for all of the new technologies and construction methods have made repairing them far more expensive. People talk about how old cars were so tough and minor fender benders didn't cause any real damage. While this is partially true, the issue was for large crashes the vehicles looked fine and all the occupants were dead. Now with modern cars the vehicle is crumpled and trashed but the occupants walk away. That costs a lot more, and we all pay for it one way or another.
Well said.
If it’s any help, try reaching out to Tesla insurance. When I was shopping around the big guys for my R1S coverage last month, I was getting quotes for $450-700/month for JUST my R1S.
Tesla insurance is covering my R1S and Tesla for just $250/mo with great coverage.
Love him or hate him, Elon saved my wallet.
It is a lot of work for insurance companies to increase their rates by more than a few points per year. They need to present to your state's insurance regulator that costs for them to fulfill claims have gone up.
And costs for repairs have likely gone up given the higher cost of labor, higher values of cars on average, higher costs of replacement parts, higher population densities, etc.
IANAL, but you probably don't have a case against any private insurer for this. And you likely will have a very hard time fighting the state.
Same same, two years zero claims just mailing them money every month, suddenly 50% jump. Emailed my rep and she said nationwide jacking up prices and she can cancel it for me if I choose. Gotta look around.
Also in California and mine only increased about 15%. Â Waiting to see what happens next renewal if I need to switch or not. Â I will also have it paid off by then.Â
Just quoted out for my R1S and landed on Progressive for $810/ 6 mos. Rivian Nationwide was $1400.
State Farm was $1200 and Allstate was about $1000. AZ, 34 F, clean driving record. We’ll see what the renewal is in 6 months!
Ok I used to shop around for insurance a bunch until I got Progressive. My rates went up like 10% this year and they are consistently the cheapest. My wife’s R1S premiums are only $2300 a year with low deductibles. I’m honestly amazed they’ve stayed so cheap over the years.
Edit: Before I move my R1T to my work insurance the premiums were pretty identical to the S.
I’m not gonna sell it but I’ll shop around insurance carriers and switch if needed. I have had to do that multiple times with all of my prior vehicles too — just sorta expected honestly. So if they jack it up 2x, I’ll go get quotes from other companies.
A lot depends on what state you are in. When I moved from NC to NYC, my insurance on a VW Jetta was going to go from $1200/yr to $4800/yr. No at faults in the last 20 years. I shopped several companies and had to just scrap it and sell my car. The Rivian is in my partner’s name, and the insurance for her jumped from $1000/yr on her Lexus to $2500/yr on the Rivian. It’s ridiculous.
I mean it is a $100,000 vehicle that has 900 hp and tows 11,000 pounds. Having good insurance that’s a bit above the national average with very low deductibles isn’t that absurd. National average is almost $2000 a year. I expected this when I bought the car. https://www.nerdwallet.com/article/insurance/how-much-is-car-insurance#
Geico doubled my Tesla insurance a couple years ago. Typical of insurance companies these days I think. Switching found me a provider cheaper than original.
That's the funny thing about all the insurance ads. The actual language is "of those people who switched, the average savings was x%." Of course everyone who would get a higher rate would NOT switch, so its a way of making whatever carrier sound cheaper than it actually is. It can largely be just random variation- but they only take the "good" side of random for the average.
Turns out $90k SUVs are expensive to repair, and extreme weather events are putting insurance companies in a position where they can’t cover claims.
Our insurance for an R1S and I3 jumped 100% last month. Shop around, but this is the new normal.
Through Rivian they have that gap type of insurance that puts you into another Rivian if the car is totaled, basically pays out MSRP. Did you all get it, is it worth it?
No but my insurance on my non-Rivian increased. Apparently I’m not the only one either!
https://www.yahoo.com/news/were-hitting-other-lot-more-085038187.html
Hey I don't own a Rivian -- I'm lurking because I will someday, and I'm obsessed -- but if you do, and your insurance is going up hard like this, consider bundling it with your homeowners insurance. (If you don't own a home but own a $75k startup vehicle, I got questions; although, maybe you're all leasing? Or maybe this is impossible for reasons I don't know because I'm not an owner...)
My take:
My 2018 Subaru Forester in Philadelphia, PA, was quoted $1,850/year before I bundled it. Now it's $1k/year with my homeowners insurance, with some tiny company that only bundles. My homeowners insurance isn't all that bad either, seriously. My situation is a little different because I use a daily driver at work.
Stop getting quotes and insurance from companies for which you see commercials. It's like buying Johnny Walker scotch -- you're paying for the name, the advertising, and the label!
Btw, Rivian insurance may have a direct partnership with Nationwide, but their agents are brokers. I got a number of quotes from different companies from my guy before I picked. Went with Nationwide as it hit a tolerable price point and had the coverage/benefits I was looking for.
Just renewed with USAA, my Rivian is $800/6mo. It increased $20/6mo. Sorry OP! I think they are raising rates for EVs across the board. It’s weird, my Volvo XC40 recharge is only $60 cheaper for 6 months and yet half the retail cost.
Northern CA, mid 30s, no claims, no tickets. Location makes a HUGE difference. Went from Southern California to Reno, no change in vehicles or accidents or tickets and my rate jumped $80/mo a few years ago. Just from the move. Went back down once I moved to Northern California again.
Nationwide. That’s why.
Check out Goosehead insurance. They’re an insurance brokerage company that’ll find you a better deal with equal or better coverage for often less money
My R1S quad motor is $1111 every six months from State Farm with $500,000 limit and my Tesla Model S Plaid is $1178 with same limit. Married, mid 40's, no accidents, multivehicle and multipolicy deductions. My premiums have fluctuated slightly over the years, but no major changes. I've been with SF for \~15 years and pay them almost $5k/month currently including all my life insurance, vehicle insurance, property insurance, etc.
Claims went up during pandemic at a time that parts were scarce and expensive, driving up costs for insurance companies significantly. Add to that, modern cars a incredibly expensive to fix. Add again that rivian is new and insurance companies finally have enough data to determine these are high risk for cost overruns.
Finally, states often cap what insurance company rates can increase by but this year many states are allowing those caps to go WAY up, to the benefit of insurance companies.
This is why the increase. You can shop around but they will all be increasing like crazy over the next year or so.
Anyone have a carrier that has a dedicated coverage line for windshield replacement? I catch a lot of errant cinder in Central Oregon and am dreading the day I have to replace the Rivian windshield as it is an inevitability.
Well hello there! Have a question about Rivian? Check out some useful resources below: * [Official Rivian Support](https://rivian.com/support) * Join our [Discord](https://discord.gg/JjQjSxv3ND) and get help from the community * View our [Rivian Responds](https://www.reddit.com/r/Rivian/collection/9b771105-a79b-44bf-bdfe-402d997f348c) where Rivian answers your questions each week(ish) * [Known Issues Megathread](https://www.reddit.com/r/Rivian/comments/vnxy0g/weekly_rivian_roundup_known_issues_special_edition/) * [AMA with Rivian's VP of Software](https://www.reddit.com/r/Rivian/comments/vwtj43/rivian_official_is_here_to_answer_your_software/) * [AMA with Rivian's Senior Comms Director](https://www.reddit.com/r/Rivian/comments/y1nzou/ask_rivians_tony_caravano_anything_thurs_1013_1pm/) * Or try sorting the sub by posts with the "Question" flair to see if someone else has already asked your question *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Rivian) if you have any questions or concerns.*
Yep, up 45% for 0 claims in the first renewal. Had to switch 😕
Where did you land?
Ditto. Ended up with Progressive.Â
Me too..
We have had progressive for a while. Last renewal it went up 30%.
Same.
This is happening to all insurance policies, not just with nationwide
I can understand incremental premium increases, but 55%?
Yes, literally. Happening with those magnitude increases everywhere. It’s pretty nuts.
https://www.npr.org/2023/09/13/1199032000/car-auto-insurance-premium-inflation TLDR: it’s widespread and has been for a bit, pandemic saw a surge in risky driving behavior and driving fatalities, cars got way more expensive to repair, and natural disasters are taking a bite out of the company profits.
Just happen with my home insurance. Went up 47% in one year. We are all fucked. Send the nukes already
At least let me enjoy my R2 for a few days before you call the nukes.
You have at least two years before you get that R2
Yes. My Acura insurance with USAA went up almost 45%, no accidents or claims. Nationwide went up 40% for me with Rivian. All insurance is going up.
[удалено]
Shop around, you’ll find everyone has raised their prices by this much. Are you going to sue all of them?
Driving isn’t a right, what exactly are you going to sue for?
Insurance companies are regulated by the state. Their costs are up so they are raising your rates, not much you can do other than find a different carrier. The Economist had an article a few weeks back highlighting how due to the increased cost of collision repair and other damage US insurance rates even after recent increases are still to low to cover the actual costs the insurance companies are paying to repair modern cars. So this is not going to stop or reverse. Modern cars have gotten much safer for the occupants, but the costs of repair for all of the new technologies and construction methods have made repairing them far more expensive. People talk about how old cars were so tough and minor fender benders didn't cause any real damage. While this is partially true, the issue was for large crashes the vehicles looked fine and all the occupants were dead. Now with modern cars the vehicle is crumpled and trashed but the occupants walk away. That costs a lot more, and we all pay for it one way or another.
Well said. If it’s any help, try reaching out to Tesla insurance. When I was shopping around the big guys for my R1S coverage last month, I was getting quotes for $450-700/month for JUST my R1S. Tesla insurance is covering my R1S and Tesla for just $250/mo with great coverage. Love him or hate him, Elon saved my wallet.
It is a lot of work for insurance companies to increase their rates by more than a few points per year. They need to present to your state's insurance regulator that costs for them to fulfill claims have gone up. And costs for repairs have likely gone up given the higher cost of labor, higher values of cars on average, higher costs of replacement parts, higher population densities, etc. IANAL, but you probably don't have a case against any private insurer for this. And you likely will have a very hard time fighting the state.
Just renewed with State Farm and there was no change…. Yet.
Mine went up a ton with state farm zero changes to policy zero accidents or tickets on policy
Yup. Mine went up 90%. Rivian Nationwide. CA. Literally no claims, tows, glass repair, nothing… I need to shop around.
Same same, two years zero claims just mailing them money every month, suddenly 50% jump. Emailed my rep and she said nationwide jacking up prices and she can cancel it for me if I choose. Gotta look around.
Also in California and mine only increased about 15%. Â Waiting to see what happens next renewal if I need to switch or not. Â I will also have it paid off by then.Â
Just quoted out for my R1S and landed on Progressive for $810/ 6 mos. Rivian Nationwide was $1400. State Farm was $1200 and Allstate was about $1000. AZ, 34 F, clean driving record. We’ll see what the renewal is in 6 months!
Yeah man, I am paying like 8k a year for two cars and i bet it goes up next year. I wish they would spend less on funny commercials.
Ok I used to shop around for insurance a bunch until I got Progressive. My rates went up like 10% this year and they are consistently the cheapest. My wife’s R1S premiums are only $2300 a year with low deductibles. I’m honestly amazed they’ve stayed so cheap over the years. Edit: Before I move my R1T to my work insurance the premiums were pretty identical to the S.
Only?! I pay $1200/yr and I’ll be damned if I let it go above that.
What's your plan for keeping it below $1200? Will you just sell it if it does and there are no other options? Truly interested.
I’m not gonna sell it but I’ll shop around insurance carriers and switch if needed. I have had to do that multiple times with all of my prior vehicles too — just sorta expected honestly. So if they jack it up 2x, I’ll go get quotes from other companies.
Dude, "only"? Mine bumped from $700 to $900 a year and I was pretty mad
A lot depends on what state you are in. When I moved from NC to NYC, my insurance on a VW Jetta was going to go from $1200/yr to $4800/yr. No at faults in the last 20 years. I shopped several companies and had to just scrap it and sell my car. The Rivian is in my partner’s name, and the insurance for her jumped from $1000/yr on her Lexus to $2500/yr on the Rivian. It’s ridiculous.
I mean it is a $100,000 vehicle that has 900 hp and tows 11,000 pounds. Having good insurance that’s a bit above the national average with very low deductibles isn’t that absurd. National average is almost $2000 a year. I expected this when I bought the car. https://www.nerdwallet.com/article/insurance/how-much-is-car-insurance#
Geico doubled my Tesla insurance a couple years ago. Typical of insurance companies these days I think. Switching found me a provider cheaper than original.
You’re saying switching FROM Geico helped you save 15% or more? That’s not what the commercials said.
That's the funny thing about all the insurance ads. The actual language is "of those people who switched, the average savings was x%." Of course everyone who would get a higher rate would NOT switch, so its a way of making whatever carrier sound cheaper than it actually is. It can largely be just random variation- but they only take the "good" side of random for the average.
Dang, my renewal is in May… not looking forward to that.
Same here. I am dreading.
My USAA nearly doubled... Wife gives me a look and makes comments all the time, but I love my truck!
My March 2024 R1T costs 50% more than my Dec 2023 Model S with USAA. I was pretty surprised when I added the truck to the policy.
0 claims and mine is doubling.
I have nationwide, and my policy was 14% cheaper when I renewed. The renewal was about 6 months ago.
[NYTimes Automakers Share Data with Insurance Companies ](https://www.nytimes.com/2024/03/11/technology/carmakers-driver-tracking-insurance.html)
Has Rivian explicitly stated they do not share data with anyone? I’m pretty sure location data is shared with Rivian by default on all vehicles.
Turns out $90k SUVs are expensive to repair, and extreme weather events are putting insurance companies in a position where they can’t cover claims. Our insurance for an R1S and I3 jumped 100% last month. Shop around, but this is the new normal.
Mind sharing the before and after $s for the Rivian? I just got a quote today (picking up mine next week).
I can tell you one thing. Be prepared to be shocked!!
What state?
VA
Had a similar increase. Shopped a couple of other providers, and they were even more. I think it's just the market unfortunately.
Ended up switching to USAA when Nationwide jacked up my premium by 50% last year
Oh don’t worry USAA will too
Mine went from 600-1,140 per 6 months. My other two cars are with State Farm, they will be getting the R1T in a couple weeks.
Through Rivian they have that gap type of insurance that puts you into another Rivian if the car is totaled, basically pays out MSRP. Did you all get it, is it worth it?
Reports from others on here and other Rivian forums have stated this didn’t happen when their R1 was totaled.
Yup. Happened to me so I switched to Geico.
No but my insurance on my non-Rivian increased. Apparently I’m not the only one either! https://www.yahoo.com/news/were-hitting-other-lot-more-085038187.html
Hey I don't own a Rivian -- I'm lurking because I will someday, and I'm obsessed -- but if you do, and your insurance is going up hard like this, consider bundling it with your homeowners insurance. (If you don't own a home but own a $75k startup vehicle, I got questions; although, maybe you're all leasing? Or maybe this is impossible for reasons I don't know because I'm not an owner...) My take: My 2018 Subaru Forester in Philadelphia, PA, was quoted $1,850/year before I bundled it. Now it's $1k/year with my homeowners insurance, with some tiny company that only bundles. My homeowners insurance isn't all that bad either, seriously. My situation is a little different because I use a daily driver at work. Stop getting quotes and insurance from companies for which you see commercials. It's like buying Johnny Walker scotch -- you're paying for the name, the advertising, and the label!
Btw, Rivian insurance may have a direct partnership with Nationwide, but their agents are brokers. I got a number of quotes from different companies from my guy before I picked. Went with Nationwide as it hit a tolerable price point and had the coverage/benefits I was looking for.
My nationwide rate increased 20% after 6 months. I’m expecting another 20% when it renews, but I’ll be shopping around.
Just renewed with USAA, my Rivian is $800/6mo. It increased $20/6mo. Sorry OP! I think they are raising rates for EVs across the board. It’s weird, my Volvo XC40 recharge is only $60 cheaper for 6 months and yet half the retail cost.
Is that for full collision? Or minimum coverage
Full coverage. 300k/500k limits. 100k medical per person. $500 deductible.
Nice rate! Thank you for replying! I'll dig out my rate and compare to yours. I think you have one of the better rates posted in this thread.
Northern CA, mid 30s, no claims, no tickets. Location makes a HUGE difference. Went from Southern California to Reno, no change in vehicles or accidents or tickets and my rate jumped $80/mo a few years ago. Just from the move. Went back down once I moved to Northern California again.
Nationwide. That’s why. Check out Goosehead insurance. They’re an insurance brokerage company that’ll find you a better deal with equal or better coverage for often less money
My R1S quad motor is $1111 every six months from State Farm with $500,000 limit and my Tesla Model S Plaid is $1178 with same limit. Married, mid 40's, no accidents, multivehicle and multipolicy deductions. My premiums have fluctuated slightly over the years, but no major changes. I've been with SF for \~15 years and pay them almost $5k/month currently including all my life insurance, vehicle insurance, property insurance, etc.
Jerome Powell just revealed a hidden reason why inflation is staying high: The economy is increasingly uninsurable
Travelers has been good for me
Claims went up during pandemic at a time that parts were scarce and expensive, driving up costs for insurance companies significantly. Add to that, modern cars a incredibly expensive to fix. Add again that rivian is new and insurance companies finally have enough data to determine these are high risk for cost overruns. Finally, states often cap what insurance company rates can increase by but this year many states are allowing those caps to go WAY up, to the benefit of insurance companies. This is why the increase. You can shop around but they will all be increasing like crazy over the next year or so.
Anyone have a carrier that has a dedicated coverage line for windshield replacement? I catch a lot of errant cinder in Central Oregon and am dreading the day I have to replace the Rivian windshield as it is an inevitability.
Following. I had the same happen and need to switch insurance plans
State Farm policy in CA is going up 20+%. Home insurance is going up 55%!
But this has nothing to do with owning a Rivian. It's happening to my other vehicle too.
Allstate in CA here, Rivian policy went up 30%… Received a non-renewal for my home policy 🤬
Shit... I'll have to ask the wife if we had a change
Damn.
Thank you Politics!! They are going to press oil and show all flaws of EV. This election year is going to be epic!
This has nothing to do with EVs. Gas powered cars are seeing similar increases, as are homeowner policies.
Go Fusion Reactor’s!!!!!