InsuranceCost

Discussion in 'Clarity' started by Mohammed Chowdhury, Oct 27, 2018.

  1. I am going to buy my first car Honda Clarity 2018 & I’m surprised to see the Geico Quatation of the insurance for $ 512.90 each month though I’m new driver .. my license Age is only 1 year old .. Is the insurance cost high for the hybrid car ? I live in NewYork ..If I take the car in the name of my mother .. will it be low ? Her Driving License is 12 years old & has no accident history .. I’m just disappointed to see that insurance cost .. Pls advice what to do now
     
  2. petteyg359

    petteyg359 Active Member Subscriber

    I pay just under $700 with AllState in Texas. Under $600 in NY sounds like a darn good deal if they actually honor the quote and don't try to weasel out of any claims.
     
  3. U pay $700 for one month?
     
  4. petteyg359

    petteyg359 Active Member Subscriber

    6 months. Read right over that in OP... $500 per month is not nearly as good as $500 per six months... But still seems not horrible for a new driver in New York. Insuring under somebody else's name who has been driving longer and is over the 30 years old or whatever cutoff they use would definitely be cheaper, but if there's an accident and the insured name isn't on the vehicle with you, they could refuse to cover it.
     
  5. RickSE

    RickSE Active Member

    I have Amica in MA and my insurance is no more than any of my other cars at about $1,300 per year. This includes comprehensive coverage. I’m nowhere close to under 30, so I don’t have to pay extra as an inexperienced driver.

    I wouldn’t advise playing games with the name of the insured person. In MA if you live in the same house it doesn’t matter who is the listed driver. They will assign names to cars and assume anyone in the household will drive the car. If you take your name off the car and then get into an accident you won’t be covered. I have kids that drive so it was something I had to pay attention to.
     
    ClarityDoc likes this.
  6. qtpie

    qtpie Active Member

    If you have Costco in your area, check with them. Our renewal rate with Allstate went up quite a bit this year, so we went with Costco. Unfortunately car insurance is based on risk factors such as age, driving experience and area. In your case, looks like you got hit the worst with all three.


    Sent from my iPhone using Inside EVs
     
  7. PHEV Newbie

    PHEV Newbie Well-Known Member

    That sounds really good if you're in NY city. My son is moving to LA and even though he's been driving since he was 16, on my insurance policy with no tickets or accidents, one quote we got was $8000/year for a 22 year old male (for his own policy, not with me). It's just age, gender, vehicle, and location. It might be a little less expensive if your mother is the owner, the insurance policy is in her name, and you are an additional driver. Of course, this only works if you live at the same address.
     
    Last edited: Oct 27, 2018
  8. V8Power

    V8Power Active Member

    Our insurance rate dropped 10% when we switched from our old gas cars. Our insurance company said it was lower because the newer (Honda) cars are inherently safer than our older ones (e.g. auto anti-collision braking, lane departure, air bags R us...), plus they have a green car discount.
     
  9. Mariner91

    Mariner91 Member

    As far as I can tell, there is Nothing about it being a a hybrid (or PHEV in Clarity case) that affected the insurance. Car value, driver age/driving years, and what coverage you get affects your insurance cost. Mine's 1400 Annually, with near 20+ yr clean driving record
     
    DaleL likes this.
  10. lessismore

    lessismore Member

    my insurance company told me EVs in general call for higher premium, with everything else being equal. the explanation I received is that these cars require more cost to repair. Minor collision could call for full battery inspection and perhaps repair than their ICE counterparts. my insurance bill does speak to that. they are more expensive than my insured BMWs.
     
  11. Mark W

    Mark W Active Member

    $500/month just for insurance? What is your total cost of ownership? That's crazy money.
     
  12. Yeah it’s crazy . I dint buy just lease . Now I do my insurance with my parents as they are very old Driver & has no accidents history .Now it comes @ $215 for each month
     
  13. su_A_ve

    su_A_ve Active Member

    Many insurance companies are using credit history to rate drivers. So if you don’t have a good rating, it will make things worse besides age and and driving history.
     
  14. Electra

    Electra Active Member

    How old are you? Did you get GAP insurance with Geico? Try to get quotes from other companies.
     
  15. I already bought the insurance with my parents as their DL is 12 years old & no accident history .. So now it comes $215/month ...I’m 38 years
    Old but my DL age is less than 1 year
     
  16. Alex0913

    Alex0913 Member

    $215 a month? That’s a lot, I don’t know if it is cause it’s the east coast?
    I’m in Oregon and I pay $102 a month for the clarity and a CRV, even with GAP coverage.
     
  17. AlAl

    AlAl Member

    My insurance agency initially quoted us ~$1200/yr for the car; but upon purchase, we learned the rate would be going up to just under $2k/yr.
    Long story short, I checked Ameriprise's rates against a Costco executive membership; the price came down to <$900/yr. My MA driver rating is 99..

    Something up with the underwriting dept of all these insurance companies; they cant seem to properly slot the risk rating of these cars
     
  18. dnb

    dnb Active Member

    Yep I also switched to Ameriprise through Costco. Way cheaper than what I was quoted from liberty mutual who'd I'd been with for many years. Paying just over $1000 per year vs almost twice that through LM.
     
  19. craze1cars

    craze1cars Active Member

    Wow. Gotta love the Midwest. I’m about $1500/year for full coverage on EVERYTHING combined which includes 2 drivers on 3 cars, 2 snowmobiles, and an enclosed trailer. Clarity alone is about $450/year. Erie Insurance.

    Regional differences just stun me at times. I can’t fathom considering $500+ per month...

    At that price I am quite sure I wouldn’t own a car. And I’m not kidding. Not worth the price.
     
    Last edited: Jan 12, 2019
  20. insightman

    insightman Well-Known Member

    Not everywhere in the Midwest. Ask your insurance agent what it would cost if you moved to Detroit. You'll discover the biggest reason why so many Detroiters are driving around uninsured.
     

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