EV insurance - experiences?

[Sheepshanks]

573 said:

LOL

Point out where anyone said a Tesla is a sports car.

It's totally irrelant, but I'd wager I've owned more M3s than you if that helps your skewed opinion of what this discussion was about. Our Tesla is the wife's shopping car I can and have compared it to an M3 as the performance to a point is broadly similar and for the purposes of this discussion, the insurance premiums are similar too.

Tesla should be much cheaper to insure. It's only the same price because they're so difficult / expensive to repair.

[573]

Like an M3?

[Pica-Pica]

soupdragon1 said:

I'm due for renewal in a couple of weeks.

2023 ID3, Family, Pro performance (upgraded motor)

Last year with LV was £400, new offer is £600. Can find a quote for £430 although haven't tried to ring LV as I would like to stay with them, but not at £600. If they can price match the £430, great but was slightly worried that the 50% YOY increase was going to be every insurer. Thankfully not.

Our Range Rover Sport on the otherhand, worth the same £value as the ID3 but £1k was the cheapest. Yikes.

I think phoning LV= and negotiating down may sound a good idea, but I believe the more that people just switch the better. Their game is that you pay up, or that you negotiate down to what THEY give you; that is their strategy. Just leave.

[Sheepshanks]

Pica-Pica said:

soupdragon1 said:

I'm due for renewal in a couple of weeks.

2023 ID3, Family, Pro performance (upgraded motor)

Last year with LV was £400, new offer is £600. Can find a quote for £430 although haven't tried to ring LV as I would like to stay with them, but not at £600. If they can price match the £430, great but was slightly worried that the 50% YOY increase was going to be every insurer. Thankfully not.

Our Range Rover Sport on the otherhand, worth the same £value as the ID3 but £1k was the cheapest. Yikes.

I think phoning LV= and negotiating down may sound a good idea, but I believe the more that people just switch the better. Their game is that you pay up, or that you negotiate down to what THEY give you; that is their strategy. Just leave.

LV make a point of not reducing the price when you phone. There's a recorded message that says if you're hoping for a better price then don't bother.

Last month, their renewal on wife's insurance was +68%. I wanted to make a small admin change so phoned them up and as soon as I moaned about the price they reduced it slightly. Then transferred to someone to make a small admin change and they reduced it some more. I tried comparison sites and anyone you've heard of was way dearer.

[Frimley111R]

Just been mulling over a Tesla Model 3 used....however....the insurance for my BMW 120d is about £400 whilst the M3 (admittedly the Performance one) was £1,800! £1200 on a LR. I suppose there aren't any servicing costs but FFS....

[Road2Ruin]

Frimley111R said:

Just been mulling over a Tesla Model 3 used....however....the insurance for my BMW 120d is about £400 whilst the M3 (admittedly the Performance one) was £1,800! £1200 on a LR. I suppose there aren't any servicing costs but FFS....

You can't really compare a 120d with a Tesla though. Apples and oranges.

[Frimley111R]

Road2Ruin said:

Frimley111R said:

Just been mulling over a Tesla Model 3 used....however....the insurance for my BMW 120d is about £400 whilst the M3 (admittedly the Performance one) was £1,800! £1200 on a LR. I suppose there aren't any servicing costs but FFS....

You can't really compare a 120d with a Tesla though. Apples and oranges.

Well, I know what you mean but both are automatic daily drivers with 4/5 doors at about the same size. I like the M3 triple the insurance cost each year is a stinger to say the least, more man maths needed if a swap is to make any sense financially.

[LowTread]

Frimley111R said:

Road2Ruin said:

Frimley111R said:

Just been mulling over a Tesla Model 3 used....however....the insurance for my BMW 120d is about £400 whilst the M3 (admittedly the Performance one) was £1,800! £1200 on a LR. I suppose there aren't any servicing costs but FFS....

You can't really compare a 120d with a Tesla though. Apples and oranges.

Well, I know what you mean but both are automatic daily drivers with 4/5 doors at about the same size. I like the M3 triple the insurance cost each year is a stinger to say the least, more man maths needed if a swap is to make any sense financially.

Model 3 if charging at home for 15k miles

Elec @ 3.5miles/kwh = 4285 kWh@ £0.075/kWh = £321/year in "fuel"
Tax = £0 (for now!)
Insurance (as you say) = £1200
Servicing = £0

So about £1521 in fuel, tax, servicing and insurance

120d

Diesel @ 50mpg = 1362 litres @ £1.50/litre = £2043 in fuel
Tax = £30 (i guessed this)
Insurance (as you say) = £400
Servicing = £400 (as an average?)

So about £2873 in fuel, tax, servicing and insurance.

Tyres would be similar on both (my Model 3 seems to be doing 30k/set).

So you're not far off half the running costs, the biggest bit being insurance.

The fuel cost difference is massive.

Also factor in that a Model 3 will have drivetrain (battery & motors) warranty for 8 yrs.

A 120d drivetrain warranty is going to be roughly £400/year from BMW

And that's before you think about the smoothness, the power delivery, the instant torque, etc, etc.

Personally, having come from a whole series of BMWs (two M135is, M2, 325d, 330d, 2.0 Cooper-S, 325i), i wouldn't go back now i've got the Tesla.

p.s. interestingly i have a 111R in the garage!

Edited by LowTread on Friday 19th April 14:37

[Frimley111R]

Thanks, you've man mathed it for me. I could justify a Performance one too!

Related to this is that I am considering solar. Having cash sitting around not earning much, 16 panels and batteries plus and EV could be better than an ISA at 5%.

[NDA]

Everyone's quotes will be different, for obvious reasons.

But in my experience, I started insuring with Direct Line when I bought my (new) 3LR 4 years ago - the annual premium pretty much doubled in year 3, so I switched to Admiral which nearly halved it. Although Admiral subsequently charged me an additional £100 as they wouldn't let me transfer my NCD from my previous car. Odd.

[timberman]

BMW i4 M50 with Admiral £500

best quote I could get for a M440i gran coupe

( another option we were looking at when Buying and closest IC engine alternative I can think of to M50) was approx £80 more

[Pistonheadsdicoverer]

557 for the Nissan Ariya at Admiral
9yr NCD

[LowTread]

£1050 on admiral multicar for 2019 Model 3 LR & 2006 Elise 111R

[SWoll]

Frimley111R said:

Just been mulling over a Tesla Model 3 used....however....the insurance for my BMW 120d is about £400 whilst the M3 (admittedly the Performance one) was £1,800! £1200 on a LR. I suppose there aren't any servicing costs but FFS....

Frimley111R said:

Thanks, you've man mathed it for me. I could justify a Performance one too!

Go for the LR. Better ride, better range, cheaper to buy and cheaper to insure. Very little in it performance wise and the wheels on the P are magnets for damage.

[Dave Hedgehog]

SWoll said:

Go for the LR. Better ride, better range, cheaper to buy and cheaper to insure. Very little in it performance wise and the wheels on the P are magnets for damage.

as a M3P owner, I agree get a LR

the P is stupidly fast, its pretty much unusable in the SE if i am honest

the LR is still very fast, much better ride, much longer range and much cheaper

unless you drive at 8/10ths then get the P but expect a 60 mile range and smoking front brakes

[SWoll]

Dave Hedgehog said:

SWoll said:

Go for the LR. Better ride, better range, cheaper to buy and cheaper to insure. Very little in it performance wise and the wheels on the P are magnets for damage.

as a M3P owner, I agree get a LR

the P is stupidly fast, its pretty much unusable in the SE if i am honest

the LR is still very fast, much better ride, much longer range and much cheaper

unless you drive at 8/10ths then get the P but expect a 60 mile range and smoking front brakes

Had our P for 2 years (2019-2021).

Back when we got ours lease costs were essentially identical so I thought "why not?". Looking at the price premium today, no chance.

[evojam]

LowTread said:

Model 3 if charging at home for 15k miles

Elec @ 3.5miles/kwh = 4285 kWh@ £0.075/kWh = £321/year in "fuel"
Tax = £0 (for now!)
Insurance (as you say) = £1200
Servicing = £0

So about £1521 in fuel, tax, servicing and insurance

120d

Diesel @ 50mpg = 1362 litres @ £1.50/litre = £2043 in fuel
Tax = £30 (i guessed this)
Insurance (as you say) = £400
Servicing = £400 (as an average?)

So about £2873 in fuel, tax, servicing and insurance.

Tyres would be similar on both (my Model 3 seems to be doing 30k/set).

So you're not far off half the running costs, the biggest bit being insurance.

The fuel cost difference is massive.

Also factor in that a Model 3 will have drivetrain (battery & motors) warranty for 8 yrs.

A 120d drivetrain warranty is going to be roughly £400/year from BMW

And that's before you think about the smoothness, the power delivery, the instant torque, etc, etc.

Personally, having come from a whole series of BMWs (two M135is, M2, 325d, 330d, 2.0 Cooper-S, 325i), i wouldn't go back now i've got the Tesla.

p.s. interestingly i have a 111R in the garage!

Edited by LowTread on Friday 19th April 14:37

A more interesting direct cost comparison to a 120D would be with the Model 3 using the public and supercharger networks to cover 15k/year as not all have the luxury of off street parking and home charging plugged in for hours,initial new purchase price and depreciation say over 3 years not factored in either,I assume your referencing a used 120D? the reality is the grass on the other side is not quite as green as some might think.

[LowTread]

evojam said:

A more interesting direct cost comparison to a 120D would be with the Model 3 using the public and supercharger networks to cover 15k/year as not all have the luxury of off street parking and home charging plugged in for hours,initial new purchase price and depreciation say over 3 years not factored in either,I assume your referencing a used 120D? the reality is the grass on the other side is not quite as green as some might think.

Eh? Why would i do that? Yes it would be more expensive using public chargers, but i don't.

Would you also like me to state the costs of a 120d using special posh Shell V-Max diesel at £1.80/litre? Why would i do that when i'd never bother running a 4 pot diesel on posh fuel.

[Flumpo]

Just realised after a few minutes that LR means long range and people were not advising someone to get a Land Rover over a Tesla due to the cheaper insurance.

[fatjon]

Renewal arrived today. Multicar policy with 2 drivers on Cerbera 4.5, EV6 GT, Ghibli, TR6, Supra 3.0T, 500cc quad. Gone up from £2049 to £2130 but I did go from EV6 GTLS to a GT.

So nothing to see here at all.