Chevy Bolt EV Forum banner
1 - 20 of 25 Posts

·
Registered
Joined
·
2 Posts
Discussion Starter · #1 ·
Hi, everyone. I tried looking for some insurance answers, but couldn't find much.

Anyway, picked up a Bolt LT a few days ago to replace a 2017 Corvette base. Vette was paid off and the Bolt is a lease.

I went to Geico.com to switch the cars and was surprised to see the insurance rate was basically the same, like $50 less for the Bolt over 6 months.

MSRP 58.5k Corvette = $1000 for 6 months, MSRP 38.5k Bolt = $950 for 6 months

I don't remember the Vette's exact coverage numbers, but I'm sure it's close to California's minimum lease coverage requirement, which I have on the Bolt.

I'm 34, clean record except for a hit and run that totaled my previous car before the Vette. My previous car was a 2017 Fiat 124 spyder convertible base model, $140/mo for insurance.

Anyway, I figured that the Bolt would be much cheaper to insure, considering it has 4 doors, 5 seats, better crash ratings, etc... I mean, it's like the opposite of a Corvette. The Corvette is a V-8 2-seater sports coupe, but the insurance cost is basically the same.

I was really thrown off by this, so now I'm looking for some insight. Thanks for reading, hoping you guys got some input.
 

·
Registered
Joined
·
17 Posts
It's probably your insurance company just ripping you off. I'm 37 with a clean record too and the bolt was 16 dollars (per year) more expensive than our 2005 Honda Civic. Even that in my opinion is BS since the Bolt has a million more safety features than the old car and encourages slower driving.
 

·
Registered
Joined
·
5,451 Posts
Yeah, I was surprised when the bolt was more than my wife's accord. Main reason I think is it is so expensive. If they had to replace your car, I'm pretty sure the insurance company won't get the federal rebate.
 

·
Registered
Joined
·
33 Posts
Yeah, I was surprised when the bolt was more than my wife's accord. Main reason I think is it is so expensive. If they had to replace your car, I'm pretty sure the insurance company won't get the federal rebate.
Yea the MSRP is part of the reason. I replaced a 2009 Honda Fit and it went up a bit. Still under $600 for a volt and a bolt for 6 months.
 

·
Registered
Joined
·
1,126 Posts
You are insuring a 40 to $45 thousand dollar car. It is also expensive for a lot of insurance companies for the first year because of their new car replacement policies if you total the car during the first year. I ran into a problem with my insurance when they asked me how many cylinders the car had. They didn't like my answer of 0, they said it wasn't an option. They didn't even have it listed as an EV for the policy until I told them. You might have to explain this to the insurance and they often have a deduction for EV's. Insurance also seems to have gotten more expansive the last year. That could also be a factor.

I think the reason for the high rates is the car is called the "Bolt". Driving a Bolt sounds faster than a Corvette. Lightning travels the speed of light, so we have a high performance sports car on our hands with high insurance premiums ;)
 

·
Registered
Joined
·
6 Posts
I asked my agent about this and he said it was higher that other cars with the same MSRP mostly because most accidents are not full total and fixing the Bolt due to the battery and electric drive was more expensive than other cars. You might also read that as a fear of the unknown electric car ... but it does make sense to me.
 

·
Registered
Joined
·
2 Posts
Discussion Starter · #7 ·
Thanks for your answers, everyone. You guys make a lot of sense, but still, I think insurance shouldn't be as high as a Vette.

Maybe I need to do some shopping around.
 

·
Registered
Joined
·
6 Posts
Going from my 2015 Leaf to my new Bolt cost an extra $54/yr for me. My six month premium is $540. There are many factors in your insurance cost of course, but I’d shop around.
 

·
Registered
Joined
·
783 Posts
It's probably your insurance company just ripping you off. I'm 37 with a clean record too and the bolt was 16 dollars (per year) more expensive than our 2005 Honda Civic. Even that in my opinion is BS since the Bolt has a million more safety features than the old car and encourages slower driving.
Who knows what is happening. I am 68 with a clean record. Never had an accident since the good old days in my 20s. I am paying $1000 a year for the Bolt. Looks like I am shopping around next year.
 

·
Registered
Joined
·
22 Posts
I came from a 2016 Mustang GT and my insurance went down over $60 a month. But is just a few dollars more then my wife’s Edge Sport which is AWD Twin Turbo. Long story short I’d be looking for a new insurance company. At the very least a quote from another carrier.
 

·
Registered
2017 Bolt EV Ioniq 5 reservation
Joined
·
1,719 Posts
My premium went down from my 2011 Nissan Murano to my 2017 Bolt EV. I was told the reduction was: 1) more safety features, 2) since I kept the Murano (to sell to my daughter returning from Zimbabwe) we now have 4 vehicles on the policy (making each one a little less expensive), and 3) we bought a 1M umbrella liability policy which enabled us to reduce the liability portion of the policies on all the cars and the house. The premium on the umbrella was offset by the premium reductions on the other policies to around a $500 savings. The “savings” will be a little less when I sell the Murano, but I won’t have that premium at all. The chance that we will have someone else injured in each of 4 (soon 3) autos and in the house in any one year is incredibly small, so we have higher coverage for a lesser overall outlay.
 

·
Registered
Joined
·
783 Posts
Long story short I’d be looking for a new insurance company. At the very least a quote from another carrier.
I just figured that the insurance underwriters have no data yet on the Bolt. So, they just treat it like a sports car. Its that 0-60 in 6.5 seconds that does it, plus the unknown repair record. I suspect the rates will come down next year, but for sure my insurance company will not bring them down unless I obtain some quotes from elsewhere.
 

·
Registered
Joined
·
6 Posts
My insurance only went up about $20 per month and I added a lot more coverage than my old 2004 car that was only valued at $700. I think you need to shop around.
 

·
Registered
Joined
·
397 Posts
Hi, everyone. I tried looking for some insurance answers, but couldn't find much.

Anyway, picked up a Bolt LT a few days ago to replace a 2017 Corvette base. Vette was paid off and the Bolt is a lease.

I went to Geico.com to switch the cars and was surprised to see the insurance rate was basically the same, like $50 less for the Bolt over 6 months.

MSRP 58.5k Corvette = $1000 for 6 months, MSRP 38.5k Bolt = $950 for 6 months

I don't remember the Vette's exact coverage numbers, but I'm sure it's close to California's minimum lease coverage requirement, which I have on the Bolt.

I'm 34, clean record except for a hit and run that totaled my previous car before the Vette. My previous car was a 2017 Fiat 124 spyder convertible base model, $140/mo for insurance.

Anyway, I figured that the Bolt would be much cheaper to insure, considering it has 4 doors, 5 seats, better crash ratings, etc... I mean, it's like the opposite of a Corvette. The Corvette is a V-8 2-seater sports coupe, but the insurance cost is basically the same.

I was really thrown off by this, so now I'm looking for some insight. Thanks for reading, hoping you guys got some input.

Check the coverage on your Bolt. When I used the app to change coverage from my trade to the Bolt at the dealer it automatically added maintenance insurance and rental reimbursement that I don't have on my other vehicles on that policy. I had to call and get a refund later.
 

·
Registered
Joined
·
1,380 Posts
Mine went up by $400/yr compared to my 2017 Volt.
 

·
Registered
Joined
·
836 Posts
I'm shopping Bolts and got an insurance quote on a 39K LT. Yes, its as expensive to insure as a Corvette with a sticker 20 or 30K higher. EV's must be like floatplanes - accident = total.
 

·
Registered
Joined
·
14 Posts
EV demographic

Eventually insurance companies will respond with lower rates if EV drivers as a group have less claims. I suspect this is a possibility. UNtil then in waiting for an insurance company looking for a competitive advantage to start catering to EV owners.
 

·
Registered
Joined
·
6 Posts
Hi, everyone. I tried looking for some insurance answers, but couldn't find much.

Anyway, picked up a Bolt LT a few days ago to replace a 2017 Corvette base. Vette was paid off and the Bolt is a lease.

I went to Geico.com to switch the cars and was surprised to see the insurance rate was basically the same, like $50 less for the Bolt over 6 months.

MSRP 58.5k Corvette = $1000 for 6 months, MSRP 38.5k Bolt = $950 for 6 months

I don't remember the Vette's exact coverage numbers, but I'm sure it's close to California's minimum lease coverage requirement, which I have on the Bolt.

I'm 34, clean record except for a hit and run that totaled my previous car before the Vette. My previous car was a 2017 Fiat 124 spyder convertible base model, $140/mo for insurance.

Anyway, I figured that the Bolt would be much cheaper to insure, considering it has 4 doors, 5 seats, better crash ratings, etc... I mean, it's like the opposite of a Corvette. The Corvette is a V-8 2-seater sports coupe, but the insurance cost is basically the same.

I was really thrown off by this, so now I'm looking for some insight. Thanks for reading, hoping you guys got some input.
How do you like the Bolt compared to the Vette? I also went from a high performance German car to the Bolt, very happy. Although other people don't understand my decision to change lol
 
1 - 20 of 25 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top