Insurance Rates for R2

[AlphaSnowbordergirl]

$530 a month!? For one car!? $6,360 a year!?

Goodness. I'm in VA and pay about $50 a month ($1,200 a year) for three vehicles (two of which are admittedly not worth anything, but the 3rd is worth roughly $15,000). With Progressive, no accidents, two drivers (me and wife).

I'm going to guess you live outside NOVA. Insurance is pretty high in the DMV because traffic (and people not knowing how to drive), but $300 is probably the most I'd expect. I seriously don't know what USAA is smoking. They're supposed to have the best coverage, service, and pricing but with that much money a year, I could probably buy a cheap insurance that doesn't cover much or try to weasel out of it and put that money aside and pay for the repair out of pocket.

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[Blitzjb]

Yeah, not to mention uninsured or underinsured motorist coverage. Very short-sighted to save a couple bucks and then realize what you've done when you get seriously injured by someone with (a) no insurance or (b) state minimum ($30k where I live).

or crashing into a 100K car.......

 

[FlyingPilot2012]

I'm going to guess you live outside NOVA. Insurance is pretty high in the DMV because traffic (and people not knowing how to drive), but $300 is probably the most I'd expect. I seriously don't know what USAA is smoking. They're supposed to have the best coverage, service, and pricing but with that much money a year, I could probably buy a cheap insurance that doesn't cover much or try to weasel out of it and put that money aside and pay for the repair out of pocket.

Yeah not NOVA. I've always known I have it good, but dang. With two vehicles at that USAA rate, you'd pay over $100,000 in car insurance over eight years . Even at $300/month/car, that's $57,000 over 8 years for two vehicles.

 

[AlphaSnowbordergirl]

Yeah not NOVA. I've always known I have it good, but dang. With two vehicles at that USAA rate, you'd pay over $100,000 in car insurance over eight years . Even at $300/month/car, that's $57,000 over 8 years for two vehicles.

I only have 1 car. So it's just the R2 once I get it. I currently now live in Maryland but I visit NOVA a lot still. Even so. There is no reason for the quote to jump up so high in a few months. I'll get one more quote once I put in my order and get a vin, but will be looking for an alternative. For reference, in March, I also compared a Tesla and R1 insurance rates and they were about 270 - 300 as well. Doing it in June, it's now over 500, so something happened the past 3 months.

 

[Millbarge]

State minimums i believe.

Like @graytag said, this is an absolute terrible idea. If you are at fault in an accident, your insurance will only pay that minimum coverage, and you are on the hook for any excess. You'd be surprised how cheap it is to increase coverages to WAY more than minimum levels. Do it right away.

 

[AlphaSnowbordergirl]

Like @graytag said, this is an absolute terrible idea. If you are at fault in an accident, your insurance will only pay that minimum coverage, and you are on the hook for any excess. You'd be surprised how cheap it is to increase coverages to WAY more than minimum levels. Do it right away.

Just checked my coverage. The only thing I can really change is bodily injury in an accident which is already at 60k. Can't really change much else, so yes, I have a lot of coverage with what I currently have.

 

[iamnid]

Just checked my coverage. The only thing I can really change is bodily injury in an accident which is already at 60k. Can't really change much else, so yes, I have a lot of coverage with what I currently have.

You think $60k is a lot of coverage? Good luck if you cause anything other than the most minor of fender benders. I think you'll find $60,000 doesn't go very far toward paying the injured party's medical bills, lost earnings etc. Not to mention you're limiting YOURSELF to that amount if someone else hits you and has the same or less insurance.

 

[kah]

My order window is November December. Currently ensure a 2023 Dodge Challenger scat pack through GEICO for $843 every six months. Called this morning regarding an R2 and was quoted $713 for six months.

 

[AlphaSnowbordergirl]

0

You think $60k is a lot of coverage? Good luck if you cause anything other than the most minor of fender benders. I think you'll find $60,000 doesn't go very far toward paying the injured party's medical bills, lost earnings etc. Not to mention you're limiting YOURSELF to that amount if someone else hits you and has the same or less insurance.

Dude, I know most people on this forum are married with dual incomes, own their house, and are pretty well situated in life, but I live in a part of America where 100k household is considered poverty, I don't have dual income and still fairly young. Yes, 200 on an 8k car is expensive to me. Housing is 2300 for rent for a studio. Student loans is 1k, I have to pay 300 a month just to have the privilege to either park or use public transit to get to my job. So yes, I'm penny pinching in places. I planned out payments to ensure I can comfortably afford an R2 (including a large downpayment with what's been saved) to replace my old car, but a 300 increase in insurance is a concern to me. You don't have to be rude. Do I know certain choices are a risk. Yes. Do you need to be condescending about it. No. No you do not.

And I know you're the type to say, "You shouldn't get something I struggle to afford". 1)I work hard, I'm paying off a 100k student loan (and almost there and will finish in August. YAY!), I have a good primary job, work at a non-profit as a second income that helps veterans and recently joined the reserves. I don't do anything fun or buy things I want since I am usually working. This is something I really want, and car prices are already at 50k average anyway, especially for good EVs. 2)If I live always on a minimum not buying or doing anything fun outside necessities (which I normally do) what's the point of living?

To everyone else, I apologize you read my rant, have a wonderful 4th of July.

 

[FlyingPilot2012]

Just got a quote from Progressive. For 100k/200k/100k, Collision ($750 deductible) and other than collision ($750 deductible), an R2 would increase my rate by $165.04 a year. Would bring my yearly total for four vehicles to $1610.00 per year. I do bundle home insurance, so I assume that helps.

 

[mkg3]

... I live in a part of America where 100k household is considered poverty, I don't have dual income and still fairly young...

...This is something I really want, and car prices are already at 50k average anyway, especially for good EVs. 2)If I live always on a minimum not buying or doing anything fun outside necessities (which I normally do) what's the point of living?

To everyone else, I apologize you read my rant, have a wonderful 4th of July.

You should do whatever is that you feel comfortable with.

I do, however, recommend a moment of reflection. We have 2 kids in their mid 20s. Both work in high cost of living cities (San Francisco and the Silicon Valley). Can really appreciate what you are saying. Kid in SF gave up his car because all the support costs (no auto loan but insurance, parking, gas and maintenance). The other has a 20 yrs old hand me down. They both know its not for very long period of time. Just for the next few years.

Both kids have room mates and live in a modest apartments. They are just starting out in life and making things work for them. Fortunately, we were able to put both of them through college without any loans so they have no debts.

I think R2 is/will be a great vehicle for a young person. The question I would ask myself, if I was in your shoes is "can I wait a year or two?". The way depreciation works for ANY EV is such that it will lose 30~40% of the value in the first two years. More if you can wait until 3 years. Also, next year, the base model that cost $47K will be available.

There was a time when I lived paycheck to paycheck and had an auto loan. The total ownership costs of my vehicle felt really like a ball-and-chain as I needed the vehicle to get to work.

 

[AlphaSnowbordergirl]

I think R2 is/will be a great vehicle for a young person. The question I would ask myself, if I was in your shoes is "can I wait a year or two?".

I get where you are coming from, but no, car will die before then so I have to get a car anyway and Borealis matters more than it should. I treat any car as a cost I don't plan to get back so depreciation doesn't mean anything to me as I will keep the car for 10 years and with the battery warranty, I want to use all 8 years of it.

It isn't an impulse decision from me either. It's not even a "it's a fun car to have". I rarely have interest in cars or many things the common public tends to enjoy so this car means a lot for me to have and spent 2 years planning for it. I won't be living paycheck to paycheck, but it will be quite tighter than I'd like with the increased insurance costs. I'm already out of my 20s and spent it doing absolutely nothing. No spring break, going out with friends, going on trips or anything like that. It's about time I live a little. Friend who is a year younger than me already went into medical bankruptcy due to cancer, and she had insurance. Dad and grandmother got cancer in their early 40s. Nothing is certain in life. May as well buy one thing that makes me happy as long as it doesn't make me go into debt and can still live fairly comfortably.

Edit: Man, I must be having a day because I am sharing way too much with random people online. Everyone, live within your means but also enjoy life. That basically sums up my long rants/complaints.

 

[Audiotek]

I get where you are coming from, but no, car will die before then so I have to get a car anyway and Borealis matters more than it should. I treat any car as a cost I don't plan to get back so depreciation doesn't mean anything to me as I will keep the car for 10 years and with the battery warranty, I want to use all 8 years of it.

It isn't an impulse decision from me either. It's not even a "it's a fun car to have". I rarely have interest in cars or many things the common public tends to enjoy so this car means a lot for me to have and spent 2 years planning for it. I won't be living paycheck to paycheck, but it will be quite tighter than I'd like with the increased insurance costs. I'm already out of my 20s and spent it doing absolutely nothing. No spring break, going out with friends, going on trips or anything like that. It's about time I live a little. Friend who is a year younger than me already went into medical bankruptcy due to cancer, and she had insurance. Dad and grandmother got cancer in their early 40s. Nothing is certain in life. May as well buy one thing that makes me happy as long as it doesn't make me go into debt and can still live fairly comfortably.

Edit: Man, I must be having a day because I am sharing way too much with random people online. Everyone, live within your means but also enjoy life. That basically sums up my long rants/complaints.

I identified with your points and point of view.

I don't care about depreciation but my R2 has to be borealis exterior paint with coastal cloud interior.

I'm young and want to get what I desire especially if I can afford it brand new.

I also don't care about lidar or whatever new tech is on the horizon.

 

[Millbarge]

0

Dude, I know most people on this forum are married with dual incomes, own their house, and are pretty well situated in life, but I live in a part of America where 100k household is considered poverty, I don't have dual income and still fairly young. Yes, 200 on an 8k car is expensive to me. Housing is 2300 for rent for a studio. Student loans is 1k, I have to pay 300 a month just to have the privilege to either park or use public transit to get to my job. So yes, I'm penny pinching in places. I planned out payments to ensure I can comfortably afford an R2 (including a large downpayment with what's been saved) to replace my old car, but a 300 increase in insurance is a concern to me. You don't have to be rude. Do I know certain choices are a risk. Yes. Do you need to be condescending about it. No. No you do not.

And I know you're the type to say, "You shouldn't get something I struggle to afford". 1)I work hard, I'm paying off a 100k student loan (and almost there and will finish in August. YAY!), I have a good primary job, work at a non-profit as a second income that helps veterans and recently joined the reserves. I don't do anything fun or buy things I want since I am usually working. This is something I really want, and car prices are already at 50k average anyway, especially for good EVs. 2)If I live always on a minimum not buying or doing anything fun outside necessities (which I normally do) what's the point of living?

To everyone else, I apologize you read my rant, have a wonderful 4th of July.

If you can't afford to bump up your insurance from from statutory minimum coverage, you can't afford a Rivian. Get a Bolt instead.

 

[FlyingPilot2012]

I get where you are coming from, but no, car will die before then so I have to get a car anyway and Borealis matters more than it should. I treat any car as a cost I don't plan to get back so depreciation doesn't mean anything to me as I will keep the car for 10 years and with the battery warranty, I want to use all 8 years of it.

It isn't an impulse decision from me either. It's not even a "it's a fun car to have". I rarely have interest in cars or many things the common public tends to enjoy so this car means a lot for me to have and spent 2 years planning for it. I won't be living paycheck to paycheck, but it will be quite tighter than I'd like with the increased insurance costs. I'm already out of my 20s and spent it doing absolutely nothing. No spring break, going out with friends, going on trips or anything like that. It's about time I live a little. Friend who is a year younger than me already went into medical bankruptcy due to cancer, and she had insurance. Dad and grandmother got cancer in their early 40s. Nothing is certain in life. May as well buy one thing that makes me happy as long as it doesn't make me go into debt and can still live fairly comfortably.

Edit: Man, I must be having a day because I am sharing way too much with random people online. Everyone, live within your means but also enjoy life. That basically sums up my long rants/complaints.

You have some great points. Life is short...a lot shorter than some of us are vigorously planning for. Nothing wrong with living a little and treating yourself with something that will make you happy for years to come.

But I try to make sure there is a balance. I don't know the details of your situation, but if things were more on the tight side, there is no way I'd be considering a 60k car. Heck, even now that things are more financially comfortable for us, I'm still sweating the price.

Just consider that $60k can go a long way for other fun life things. Like:
-$25K for a reliable, lightly used, fun vehicle
-$7.5k for an adventure packed, 10-day vacation to Europe (done it many times for less)
-$5k for fun goodies like jewelry, golf clubs, or whatever interests you
-$4k for some new furniture pieces around the apartment
-$7.5k for ANOTHER adventure packed, 10-day vacation to Europe the next year
-$1k for setting on fire, just for fun

After all that, you would still have $10k leftover compared to buying an R2 outright.

I'll stop there before I talk myself out of getting one .

But like you said, we are all random people on the internet, and you should do what you think is best!

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