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Discussion Starter #1
I really gotta go over the insurance papers and figure out where the extra cost is coming from, but was anyone else surprised by how expensive their Bolt was to insure?

I was paying $155/mth on my 10 year old Subaru and about the same on a 5 year old Mazda2. Granted the bolt is quite a bit more expensive than either, but I was not expecting $230/mth for the same coverage. There go 1/3 of my gas savings :(
 

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We didn’t notice anything unexpected. We cancelled 1990 Sprint insurance of about $1200/yr and bought 2018 Bolt insurance for about $1600/yr. We have our optional coverage with a third party insurer. Currently our Bolt ICBC insurance is $1066/yr and our 1996 Golf ICBC insurance is $1022/yr. Optional coverage on the Bolt is just under $600 and on the Golf is about $360. I don’t like ICBCs rate structure or their way of charging people, but I think the relative prices that we are paying for our different vehicles are pretty much in line.
 

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I really gotta go over the insurance papers and figure out where the extra cost is coming from, but was anyone else surprised by how expensive their Bolt was to insure?

I was paying $155/mth on my 10 year old Subaru and about the same on a 5 year old Mazda2. Granted the bolt is quite a bit more expensive than either, but I was not expecting $230/mth for the same coverage. There go 1/3 of my gas savings :(

Yeah, I submitted the whole insurance thing without thinking about it, (naively) "expecting" it to be based on the $30k I ultimately paid.

It's based on MSRP, which was over $42k...D'OH! :eek:
 

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I was also very surprised at the increase in insurance costs. We went from 2002/2003 Lexus RXs to 2017 Bolt/Volt. Insurance increase from ~$125/mo to over ~$200/mo.
A bit of shopping around has us to $171/month (for both cars).
I think part of it is going from older cars (way less expensive for full replacement) and the additional potential cost for battery replacement.
Yes, I was sad to also give away some of the fuel cost savings. But still way ahead.
 

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My 2017 Bolt LT replaced my 2010 VW Jetta Wagon, and my insurance only went up a few dollars a year. That’s a brand-new car which stickers at around $39k versus a seven year old car with a book value of about $10k. Go figure.

I long ago gave up trying to figure out why car and home insurance costs increase or decrease. I just shop around every couple of years to make sure I’m getting a decent deal, and I shop right away if there’s a big jump in premiums. I last changed my homeowners and got basically the same coverage for $700/yr less than I was previously paying.

If your new car insurance cost has dramatically increased, shop around. It’s a bit of a pain, but I’ll gladly spend a couple of hours online or on the phone in order to potentially save hundreds of dollars a year.
 

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Discussion Starter #6 (Edited)
We didn’t notice anything unexpected. We cancelled 1990 Sprint insurance of about $1200/yr and bought 2018 Bolt insurance for about $1600/yr. We have our optional coverage with a third party insurer. Currently our Bolt ICBC insurance is $1066/yr and our 1996 Golf ICBC insurance is $1022/yr. Optional coverage on the Bolt is just under $600 and on the Golf is about $360. I don’t like ICBCs rate structure or their way of charging people, but I think the relative prices that we are paying for our different vehicles are pretty much in line.
well, I guess it might be time to look for a 3rd party insurer for the optional stuff. As far as I understand, I have all the discounts I can get (other than low mileage discounts). Mine adds up to $2760/year.

Although I think Chilliwack vs Port Coquitlam probably has something to do with it. I just renewed the insurance on my subaru a couple weeks ago and since it's gonna get scrapped (via scrap-it) I cancelled all the optional coverages and the cheapest I could get was still $1400/yr :|
 

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well, I guess it might be time to look for a 3rd party insurer for the optional stuff. As far as I understand, I have all the discounts I can get (other than low mileage discounts). Mine adds up to $2760/year.

Although I think Chilliwack vs Port Coquitlam probably has something to do with it. I just renewed the insurance on my subaru a couple weeks ago and since it's gonna get scrapped (via scrap-it) I cancelled all the optional coverages and the cheapest I could get was still $1400/yr :|


Postal code is a huge factor as well. I used to live in Surrey 1 city block from the Langley border and my buddy was in Langley 1 city block from Surrey so we were 2 blocks apart and I was paying $200 more per year for same car, same age, etc...

If you look around, BCAA is the best if you are over 40. Belairdirect (used to be canadian direct) now mandates that you use their tracking app which tracks speed, acceleration and deceleration forces, etc..
 

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well, I guess it might be time to look for a 3rd party insurer for the optional stuff. As far as I understand, I have all the discounts I can get (other than low mileage discounts). Mine adds up to $2760/year.

Although I think Chilliwack vs Port Coquitlam probably has something to do with it. I just renewed the insurance on my subaru a couple weeks ago and since it's gonna get scrapped (via scrap-it) I cancelled all the optional coverages and the cheapest I could get was still $1400/yr :|
I knew location made a difference, but I didn’t realize it was that much just within the Lower Mainland.
 

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The ICBC rates for my Bolt don't seem all that steep to me considering the cost of the car compared to the Prius C that I had before. My overall costs probably went up by around 20% to 25% over that car, and that's for a new $50,000 high tech vehicle compared to a 5-year-old car that cost $20,000 to buy as a lease return.

And yeah, you pay an arm and a leg to insure a car in the big city.

When I bought the Bolt last year I went for 3rd-party insurance for the first time in my life because it was a few hundred bucks cheaper. Well this year the 3rd-party insurer raised their rates to within about 50 bucks of ICBC for very slightly poorer coverage, so I just cancelled it and went all in with government insurance.
 

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Discussion Starter #10
I knew location made a difference, but I didn’t realize it was that much just within the Lower Mainland.
Checked it earlier and basic insurance turns out to be $1172.. It's all the additional stuff that really cranks it up. I'll try to stop by my insurance broker tomorrow and see what else I can find!
 

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Well this year the 3rd-party insurer raised their rates to within about 50 bucks of ICBC for very slightly poorer coverage, so I just cancelled it and went all in with government insurance.
My broker did mention to me recently that third party rates were seeing some significant increases and next year (in my case) they probably wouldn’t be much different that ICBC rates.
 

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Not a chance in he||...


Exactly. If you were with them before the app thing you are good but if you are new, big brother is watching.

Besides, I wonder how the “deceleration forces” would hurt us because if you drive in L and you let the peddle go, you would certainly be over their “g force threshold”

Already seen a post in reddit about people saying it’s better to run an early red light vs braking hard to stop at a yellow...
 

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Insurance cost skyrocketed for Bolt

Yes, I was VERY shocked when Allstate, who we've had for many years, came back with the upcharge for the 2019 Bolt insurance. I tried to negotiate with our very friendly agent, but could only get a few dollars off. I ended up switching our multiple-vehicle car insurance to GEICO, at an overall savings of nearly 40% per year. :eek:
 

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Discussion Starter #17
What were you paying for insurance on the Subaru 10 years ago? What is that number adjusted to 2019 dollars?
Ah, I didn't have the Subaru when it was new :) I figure that's mostly my problem, the only brand new car I ever bought was a $17k subcompact Mazda2. I guess it makes sense.. It's just that in 18 years of driving, I've had exactly one claim for a windshield crack and I sometimes wonder why I'm paying well over 2 grand a year for insurance, you know?

Last year someone dropped a camping cooler in front of me, on Highway 1. Was driving in the middle of heavy rush hour traffic and made the executive decision of slamming into the cooler, rather than slam on the brakes and have a 90% chance of getting rear ended. Broke the bumper mounts and got some major spider webbing in the paint. ICBC happily told me it was my fault and that I should have stopped. With my $300 deductible and losing 3 steps on my discount on two vehicles, the whole thing would have cost me about $3500 had I claimed it. Tell me again why I've paid almost $1000/year for collision and comprehensive insurance..

/endrant
 

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The short version of the answer I got for the seemingly high insurance costs:

"Insurance is risk management. We don't know that BEVs in an accident won't electrocute the owner, other car passengers, or first responders. We don't know how much the BEV batteries and wiring cost to replace in minor accidents. We don't know about the costs of the aluminum parts and the three-step paint. What we don't know for sure costs you."
jack vines
 

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Yes, I was VERY shocked when Allstate, who we've had for many years, came back with the upcharge for the 2019 Bolt insurance. I tried to negotiate with our very friendly agent, but could only get a few dollars off. I ended up switching our multiple-vehicle car insurance to GEICO, at an overall savings of nearly 40% per year. :eek:
I was with GEICO, before starting with EVs. When I added the LEAF, GEICO started to seem a little high. After adding the Prius v, they seemed way high. I shopped around and found Liberty Mutual was the best deal, with a 33% savings over GEICO. Then before adding the Bolt, I added a teen driver for a huge increase :(. So I never got to see what the Bolt would add without a teen driver on the policy. Subsequently, I did get one comparison price from Amica, and it was much higher than what I paying now.
 
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