Just saw this article saying that people are paying almost $5,000/yr to insure a Tesla Model 3 or Y in Miami FL.
State Farm only increased my liability only policy ($500,000 limit) less than $5 (to $200 for 6-months) when I switched from a 20-yr-old Nissan Altima to a 2020 Tesla Model Y AWD Dual Motor.
Of course, that $5,000/year figure is “full coverage”, while I retain the risk for collision, comp, and uninsured motorist.
intersct
Ayup. “Full coverage” is what most people are forced to buy, because there is a lien on their car.
From Google AI:
The average annual car insurance premium in Detroit is significantly higher than the state and national averages, with estimates ranging from $5,667 to $6,368. This makes Detroit one of the most expensive cities in the country for car insurance.
Steve
Wow. I guess I need to quit complaining about my insurance costs. I paid $778 for 6 months of full coverage on a 2024 Honda Passport.
It used to be even worse. The (L&Ses) in Lansing passed a law, years ago, that required everyone to buy infinite medical insurance, on their car insurance, even if they had other health insurance. On top of being forced to buy redundant insurance, the car insurance companies were not required to negotiate any discount with health care providers, so the premiums were based on paying “list” price for everything.
The “reform” of 2019, based rates paid to providers by the car insurance medical to be the same as workman’s comp rates, and allowed people to opt out, if they have other infinite medical insurance. Medicare qualifies as infinite medical insurance, so, each time I renew, I need to send a scan of my Medicare card to the insurance company.
I wondered how that “reform” ever got through the corrupt weasels in Lansing. Found out some months later: the “reform” let the insurance companies cut benefits they were already paying, for people catastrophically injured, when they were paying for the infinite coverage. So now, every summer, on the anniversary of the enactment of the reform, the news reports on disabled people who have had benefits they had paid for, like an aide to come to their house to do some chores for them, taken away.
Steve
I expect all auto insurance will increase as tariffs hit trade and supply chains.
Parts will cost more and there very well may be delays in obtaining repair parts with impacting repair customers as their vehicles sit in repair shops.