😱The HIGH COST of Electric Vehicle Insurance Explained😱
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- čas přidán 19. 06. 2024
- In this video, I explain why insurance on an electric car can be twice as much as a gas car while reacting to some misinformation in a video titled: The Hidden Cost of Electric Vehicles, posted by 8 News Now Vegas.
Join me in this reaction video if you want to learn the real benefits and drawbacks of owning an electric vehicle without the propaganda and misinformation.
Please like and subscribe!
#carinsurance #autoinsurance #rivian #tesla #carinsurance #electriccar #electricvehicle - Auta a dopravní prostředky
Wise purchase on your wife’s Mazda. My Mazda 6 just turned 392,000 and only visited the dealer ONCE for a free oil change. Your channel has good info. Keep it coming!
Mazda's is a great brand. We have owned 3 of them so far, and they have been trouble free besides routine maintenance. We test drove the CX-90 plug in hybrid, and I have a video review of it on my channel, but my wife is looking for something smaller, and it didn't have enough electric range.
Thanks you for sharing! And I glad you are enjoying the content!
And the dealer went out of business since everybody never needs maintenance like you do.
Dealers make most of their money from repairs not selling cars.
Where I live I see very few Mazdas since they are now rusted out and in junkyards.
Wet snow mixed with salt means cars don't get very long lives.
The insurance for full collision on my Rivian is the same within $100 as my 2017 Titan XD.
Ev’s are good down south. Terrible where it gets cold. Look what happened in Chicago. Cars stranded EVERYWHERE. Chargers not working. People had to abandon their car so they won’t freeze to death. I like ev’s but living in Canada in a hard no
Saving gas and money in Cali doesn’t stand. The electricity cost here is so high, $/miles is more with ev than gas car. For large car, it can be 50% more
Yes, the get you on both end in CA.
Very informative on the costs of buying and owning an electric vehicle. Just ran across your channel this morning, 1/15/24. I’m interested in the costs of electric vehicles and you’re talking about them with facts. Liked and subscribed. Stay safe in that rocket! Have a great day. 👍🏼👍🏼👍🏼
Awesome, thank you!
We need to clear up something here, there is maintenance on EV's. They have coolant for the batteries, brake fluid and the drive units do have oil. now do you need to change it as often? No , but it's still there and needs changed. Also there if other things that is checked during Preventive Maintenance. Like cracking of sub frames, suspension, drive unite mounts etc. I am EV tech. I do this 5 days a week. The body shop guy isn't telling the whole story. He is only stating the obvious wear items that are only on ICE engines. There is way less maintenance but not zero maintenance.
There is routine maintenance on an EV, but its a lot less and a lot less often than an ICE vehicle. However, there is a lot less to go wrong since there only around 20 moving parts on an EV while the ICE has 2000 moving parts. If I didn't want to make a lot of trips to the service center I would go with an EV.
Here is the maintenance schedule for the Rivian R1T/R1S:
Tire Rotation and Multi-Point Inspection: every 7,500 mi (12,000 km)
Comprehensive Inspection: every 22,500 mi (36,000 km)
Brake Fluid Flush: every 36 months
Coolant Change: every 112,500 mi (180,000 km)
Drive Unit Fluid Change (Quad-Motor AWD vehicles only): every 112,500 mi (180,000 km)
Thanks for adding the clarification!
100,000 miles on my 2018 Tesla3. I replaced the upper control arms $200 and the tires $1,100, wiper blades $95 and the cabin air filter. Don’t remember how much the filter was but the price has dropped. Blake’s are still at 85%.
Comparing a MX to an Escape? Hilarious! 😂
Well in their defense they are both the MX and Escape are white with tires, so that's close enough I guess😄
Yeah, thats because collision repairs cost so much. No collision shop knows how or cant get the parts to
repair an EV so it has to be done by the dealer at dealer $$$$$$$$$. As time goes on & more & more &
more & more EVs hit the streets, this should alleviate some HOWEVER it is Tesla policy NOT to sell parts.
Does Rivian? I would guess Ford & GM & Chrysler do. But Im just guessin. I like the new Canoo pickup but
you raise a good point.
!
Great point! The cost will come down over time. Thanks for commenting.
You have got to love how they spin the narrative. Insurance prices are up on everything. No surprise here.
That was fake lazy reporting at best. Thanks for commenting!
Interesting, my insurance rates on our gas vehicles have doubled over the pandemic on a 3yo and a 13yo vehicle. It’s pretty ridiculous. I quoted my insurance for a Tesla Model Y and insurance was about double my 13yo small SUV that is probably 1/4 the cost so it sounds comparably decent. As for tires, my wife’s SUV needs new tires at 37k miles.
Thanks for sharing 👍 😊
Hubby owns an 2023 R1T. I bought (financed not leased) a 2024 Hyundai Ionic 6 for me yesterday. Paid 40K after Hyundai incentives. We live in North Carolina.
That sounds like an awesome deal!
@@thedukeofmanville Yes, now we are a 2 EV family. We also own an old Impala (keeping it). We are selling our old F150.
Thanks, Duke, for embracing the FUD. It gives me a good belly laugh as well. I'm rolling in the FUD.
My pleasure!
Recent new from Ford their EV sales are down huge and takes almost 3 times to move units. Many dealers deciding to not carry the EVs.
The Ford Lighting just had record sales last month along with the Mach E: I discussed this with proof in this video:czcams.com/video/QNBzgrSTPWo/video.html
12:01 the thing about tires wearing out, even with ICE cars, is the type of tire. An ultra high performance (UHP) tire will corner better than a touring tire because it's a softer tread, but the touring tire will last longer because it has a slightly harder compound. All season mud & snows (M&S) tires can handle a wide temperature range, and along with highway tires are great for extended tread wear. Anyone running all-terrain tires on their truck if they're driving on highways will wear those suckers down like a pencil-top eraser. The same with sports tires that grip well on dry warm roads, but that grip gets left on the tarmac.
Another thing I've noticed is how under-inflated a LOT of tires are out there on the road.That can wear the rubber down quicker too. I'd say EV drivers that keeps up on their tire pressures probably see similar wear to ICE drivers that run their tires a few p.s.i below the recommended amount by just letting the TPMS sensor light stay on during cold months.
4:10 You sure the Escape was not marked up to $80+ grand?
Many stealorships did this kind of shit.
Good point!😂😂😂😂
Insurance has increased for all vehicles across the country.
I went from a 2013 Subaru Brz. 15k To a 2018 Tesla 3 55 k. From $1700 to $ 2100 for the year. A 2018 BMw 3 was the same rate.
More proof that the facts don't fit the narrative.
The correspondent was very biased and most of the data he used were inaccurate, whatever happened to newsroom editors.
It seems people are not good at doing the right comparisons. Thanks for pointing this all out.
You're welcome!
The tire wear isn't as much about the weight of the car as it is about the torque and people driving them hard. Every time you hit the accelerator to show off to a friend you wear out those tires more
Well I don't have any friends to show off to and I'm too old to care, but that acceleration is a thrill let me tell you!
Thanks for commenting.
It is my practice when I am shopping new cars, before I buy, I call my insurance
man & let him in on what I am thinking and listen to any advice he might offer.
Whenever you buy a new ride you should consider all the expenses that will be
associated with it. Fuel-Maintenance-Insurance-Licensing-Parking.
!
Thanks for sharing!
My insurance rate decreased with my Model Y. Its the safest car on the road so the insurance was less then my 2006 Ford Mustang. I have done zero maintenance in 2.5 years and have saved 7500 in Cali gas costs. The safety and video cameras on car is worth the price and with the 7500 instant rebate the base 3 is as cheap as a Corolla.
Tesla's are the safest cars on the road, and the least stolen.
Thanks for sharing 👍
I think Mustang is different as it is considered a sports car. I could be wrong
And most likely to start on fire in your garage👍 or lose range doing nothing in th cold. Good on you sir.
@@gilt8121 Only in the minds of the haters of energy independence who love being slaves to big oil.
@@thedukeofmanville In th minds of the major of the nation that aren't sheep and accept change. Evs are restricted to elites at this point. Practically and cost and overall benefits are limited. Say what you want but you know the majority will not give up the freedom to drive and be tethered to Chargers. And oh yeah don't open the can on the infrastructure being miserably under prepared to support poor policies. Go get solar on your house or something that is less restrictive to day to day life. Open your mind outside of your situation.
8:13 you’re confusing, EV demand and interest in EVS. Lots of people are interested in them, however, end up, not purchasing them once they look into the find details, including repairs costs, charging infrastructure and insurance.
What repair cost? Why would you need repairs on a vehicle under warranty? It's the high interest rates and high EV prices that are keeping people out the market. They would be wise to wait until rates and prices come down.
@@thedukeofmanville when you crash your vehicle and you gotta pay for repairs. Also for things that break when you break them by accident, and no warranty will cover tire wear.
@@thedukeofmanville and of course, in order to really get the savings on the EV you need to drive quite a bit, and therefore there are plenty of people and plenty of Teslas out there that have 60 or 70,000 miles and they’re only two years old. You don’t have a warranty for that
@SlavGuns Insurance is for crashes. If it's my fault I pay $500. If it's not my fault the other guy pays.
How did those Tesla owners enjoy the Chicago deep freeze? Lol
Not well at all from what it appears. I will be making a video discussing this.
Thanks for commenting.
I watched this dumb video a couple of days ago, and I commented that the Tesla Insurance premium on my Model Y was the same as my similar-sized 2015 Volvo XC60 that it replaced. And my XC60 was insured with USAA.
That video is full of misinformation for sure.
Thanks for sharing!
TY. 👍
"Regular" upkeep maintenance, sure it's cheaper. But collision repair WAY higher. You better pray your battery doesn't get hit your looking at either an uncontrolable fire or a battery replacement bill that will have you selling your EV before replacing the battery.
Check out this video for the truth on insurance cost and battery fires: czcams.com/video/92lNJ1NoMr4/video.html
The Tesla 3 weighs about the same as an BMW 3 or Audi A4. I replaced the stock tiers on my 2018 Tesla 3 at 58,000 miles. I had not reached the ware indicators. I have performance rubber on my Tesla now and they have over 40,000 miles on them and they are in excellent condition.
Tire wear depends on the car and the driver. Mine lasted over 50K. Thanks for commenting
That 7400 dollars is grossly wrong and only folks with bad driving records would be paying anywhere near that!!!!
That must have been a price quote for someone with 20 DUIs😂
Just subscribe to your channel last week and really been loving it. Keep up the good work., I really appreciate the information!
Awesome, thank you!
@@thedukeofmanville Smartfinancial's website says my honda crv cost $1,405.2 for a year full coverage for my 2014 honda crv and i actually pay exactly $1438.96 so their info is pretty spot on.The cheapest tesla you can buy is a 2013 model S and smartfinancial says it cost $2,124 for a year lol and it's likely to be slightly more just like mine is.There is no question ev's cost more money you gotta replace tires more often due to the vehicles heavier weight and the tires are more expensive and yes ev's require transmission fluid changes every 20,000 miles according to tesla, but id be changing it more often than that dual motor set up's require fluid in both motors to be changed and 2 filters like a dual motor model Y. Plus you still need to get 12v battery replacements like ice vehicles and refill/change radiator fluid and add AC coolant and brake fluid replace brake pads and regen brake also eventually washer fluid cabin filters w/e else. Lol plus traction batteries are more costly to replace out of warranty vs ice engine replacement ev's cost more money there is no denying it.
had to get rid of my mercedes smart EV for $2000, mercedes would not warranty 2 year old battery and I did not have money to fight it
The joke is in that price whats the rate of bmw or mercedes insurance rates?
My 98 corolla.... i pay about 90$ a month. So not the worst.....
There is a link between the performance capabilities of a car and its insurance premium. So many EVs will smoke the hell out of ICE cars the insurers take that into consideration. You want an EV with "normal" insurance rates? Get a Tesla Model 3 or Y with RWD. Still pretty quick but not closing in on supercar status like so many EVs attempt to do.
Yes, but even the slow Tesla is fast with a top speed of 140 mph. I want to go fast, and I will happily pay the higher rates😅 Thanks for commenting!
New 2024 Tesla 3s are limited to 125 mph.
@@fatboy19831 That's no fun!
@@thedukeofmanville the new factory tires are only rated for 125 mph. They are low rolling resistance maid for electric cars. No Performance 3 for 2024. Many believe there may be a plaid 3 in the near future with an 155 mph top speed.
Ev cool but i wait to they fully switch to electric
Maybe not a bad ideal.
So media outlet is stating that the EV demand is up with 51% of car buyers wanting EV’s
But most everything I can find states that all the car manufacturers are sitting on EV’s longer and most lots are overstocked on EV’s
Even Tesla dropped their prices. So which is more accurate or maybe less people are buying new cars?
Tesla had to drop prices due to competition. I correctly predicted that in this video 7 months ago: czcams.com/video/JpBw_5Mqj-s/video.html
Traditions automakers don't want to make EVs and want to lower EV demand. I correctly predicted that in this
video 7 months ago:czcams.com/video/QFWx5ZbaiGw/video.html
I sum it all up in this video: czcams.com/video/QNBzgrSTPWo/video.html
Watch the videos and judge for yourself, but I saw this a long time ago, and I am the only that went on the record with my predictions.
Thanks for commenting!
The leftist media LIES a lot!!!!!!!
How to say you regret buying an expensive EV..without saying you regret buying an expensive EV.
= You. lol
Wait until you try to sell it and find its depreciated by 90% after a few years of ownership. 😂😂
How to say you didn't watch a video without saying it!!!😂😂😂😂😂
What you’re overlooking on the battery warranty is the first 30% range loss due to battery degradation is EXCLUDED from the manufacturer warranty. So if your range is say 300 miles, 90 mile loss is excluded. Also the algorithm programs kick in to shorten your range further to reduce battery degradation. If the battery pack is somehow replaced under warranty, it is a rebuilt pack only as good as the remaining warranty left on the car.
Well I never charge over 70% anyway, and ICE lose efficiency at the same rate you just don't notice because there are so many gas stations. Once there are charging stations everywhere people will pay less attention to range.
On another note, EV manufactures do everything they can to protect the battery because they don't want to replace them which is why there is a buffer the driver cannot access. In addition, they have advanced battery management systems to protect the battery.
I have owned EVs for over 12 years, and I have not noticed any battery degradation in any of my vehicles. I will rely on my personal experience instead of the words of those who have never set foot in an EV, let alone owned one for any period of time.
Thanks for commenting!
@@thedukeofmanville I don't know about the part about ICE vehicles having the same rate of degradation. I have a 1989 Honda Accord that I bought new. When new it averaged 33 mpg and now after 359,000 miles I still get 31 mpg. Degradation or just crappier gas? I don't know, but either way it is insignificant with a current range of well over 400 miles.
Who says you are going to get 30 percent degradation?
Your car engine has how many miles of warranty?
Is there a clause that guarantees no oil leakage from engine or yransmisdion or no compression loss,?
@cockerspaniel4706 Your response is misleading while accurate. An ICE vehicle generally has a 3 year/36k mile to a 5 year/60k mile warranty. If something happens to that engine after the warranty expires, what is your cost? Unlike the EV where the battery degrades, but you can still drive it, if your engine goes, you can not drive it. What is the cost to replace that engine? Most batteries (Tesla) degrade to the point of about 5-10% at the 150k mile range. At the 300k range, it may be between 8-15%. If you keep the car for 20 years and average 15k miles per year, congrats, the car is worth near nothing anyway. Think I am wrong? What is a 50k car that was made in 2004 worth today? A random look at a 2004 BMW 325i, the highest miles I saw was 180k and they are asking 5k for it. Considering NADA/KBB take each mile and rate it around 25c for valuation, that BMW at 300k miles is worth AT RETAIL, 2k.
In regard to the comment made at 6:20 modern ICE cars do not have self driving tech nor the extra external cams Tesla models do. Those are examples of the extras that are solely associated to EV’s and increase the cost to insure and/or maintain.
My friend’s Hyundai has self driving tech. She has a 2023 Hyundai Tucson and it has that. It also has the extra cameras on the car too and it’s an ICE car.
There are plenty of ICE cars with the same, or more advanced tech.
Duke said sensors. Many ICE cars have sensors. Lexus hybrids have high levels of full self driving.
@@dianewallace6064 For clarity ALL cars rely on sensors for a myriad of purposes. Hybrids and Fully Electric Vehicles once touted “self driving cars” to entice buyers. The reality of the matter, is that feature is unsafe and impractical. ICE vehicles are not nearly as advanced in that capability, nor do they rely on that “idea” to entice buyers. Advanced “cruise controls” are not at all self-driving it’s simply not. You’ve been paying for advancements in dead end road tech. EV’s will fail in the auto market AGAIN…as Tesla has previously in our history. Tesla is not new, original, or sustainable in the auto market. For those who don’t know the history of Tesla, you have repeated history and it is doomed to fail as it is not at all what it’s said to be.
It’s not better for the environment.
It’s not more cost efficient.
It’s not as capable as it’s sold.
It’s in fact old technology that was bought cheap and is currently being sold to you as a “luxury progressive” product. It’s that simple.
Musk has not dazzled you with brilliance, he has baffled you with bull 💩!
Please show me a car made in the last 3 years that does not have a form of lane assist or driver awareness technology.
If the United States delays in this area, it will allow cheap Chinese companies to swallow the electric car market, and they will do so
I agree, but it won't really hurt the big 3 since they make their profit off of big trucks and SUVs.
total rate is bullshit. ICE data covers ALL ICE cars to as old as maybe 40 years old, it makes sense to total for tiny damage on cars that worth under $5000. HOWEVER, 90% EV on the road are less than 5 years old and worth on average 30k-40k. If you ever seen an totaled $30k 5yo ICE car, the damage is more than substantial. FOR an EV to be totaled, you just need a dent on the battery pack which is very likely to happen daily.
Comparing apples to grapes
True!
Agin good information. Click bait title
Though.
Thank you, but my insurance did double, and I use the same measurements as the journalist did in their coverage. So, true but click baitish non the less.
If they are both "totaled" at a rate of around 7% then EV's are being "totaled" way more then ICE vehicles. What percentage of EVs are on the road vs ICE vehicles? Way more ICE right? then that means there are way more EVs being totaled. It's math.
Nothing is cheap about evs. Literally nothing.
Initial vehicle cost, insurance, charging rates, maintenance outside of warranty.
Electric cars are definitely the future, and mileage will develop and become less. This is just the beginning. They will become cheaper, better, have longer ranges, and have smaller batteries. With the advancement of technology, everything new will be expensive and expensive.
Your wife still drives a gas car? My wife was skeptical of EVs and wanted to keep her gas car. But I just kept letting her drive my Model Y and pointing out all the advantages. She finally said to me one day, I want a Model Y too. We now have 2 Model Ys. LOL
We will be replacing her Mazda soon with a BEV. Its just an issue of finding the right vehicle. She said the Rivian R1S was too big, and she doesn't like the look of the Tesla's, we test drove a Mazda CX-90 PHEV, but it was too big and didn't have enough electric range. So, now we are looking at the Cadillac Lyriq which we also test drove. She really likes it, so that may be the one we go with.
@@thedukeofmanville 👍
Coal burning EV
I love keeping my local coal miners employed.
You keep making the point for ICE vehicles, You say I can get a comparable vehicle for a third of the price, cheaper insurance, you've shown public charge stations cost more than gas, more of an infrastructure for ICE vehicles repair and maintenance, tires last longer, etc etc...
You can get a vehicle for a third of the price of an EV, but it will be a third of the EV as well.
Most just need to get to work. Not drag race.@@thedukeofmanville
Love your channel, but you absolutely gloss over facts and stick on minor points. Yes, it was horrible example of them to compare a Tesla model, extra Ford escape, however, being an insurance person myself, I can absolutely tell you that a model three is going to be more to ensure than an equivalently priced Toyota Camry. With Geico, a model three ended up costing $200 a month more than an equivalently priced Gas car, and ended up being about $150 a month more than an EV from Hyundai such as the ioniq 6. Yes, it’s also an undeniable fact that many carriers are choosing not to cover and ensure EV‘s where they can. The other topic of maintenance, have you looked at tire cost? You are not going to get an EV where you don’t have to replace tires for 50 or 60,000 miles. And a Tesla you’ll be lucky to get 25 to 30,000 out of a set of tires and those tires have to be more costly. Beyond that you have increased un suspension due to the increased weight from batteries. As far as inventory, you do realize that Rivian and especially Tesla are sitting on massive inventories of cars. They’re not at the dealerships, but you have Teslas that you can pick up within 24 hours. Then let’s not even talk about all the Ford lightning, a crap ton of Hyundai and a bunch of Mercedes and other electric vehicles which are sitting on the lots. Heck, that is how I’m getting a massive discount on my F150 lightning. trucks that used to be sold for $10-$20,000 over sticker price are now able to be purchased for $7500 under sticker before any federal incentives.
Those insurance prices must be with DUIs. I pay $184 a month for my Rivian which is $64 a month higher that my 2016 CX-9 with 90k miles on it. There are other commentors in this thread saying the same thing.
I had 2 EVs that didn't need new tires until after 50k miles, and I didn't rotate the tires as often as I should have.
Rivian still has a year long backlog on the R1S (which has the highest demand) and the EDV you are talking about the 2023 R1Ts in the Rivian shop. It still takes a few week to get one, so neither Tesla or Rivian have massive backlogs.
The Ford Lightning had record sales at the end of the year, Mercedes just hit an EV sales record along with BMW, also Tesla MY is the best selling vehicle in the world.
Well it looks like the Fed did its job by lowering inflation and car stealerships can't price gouge their customers.
@@thedukeofmanville clean, driving records, here in Pennsylvania. I ran an insurance agency for 15 years.
EV’s what a piece of crap
This admin is laughable. Giving credits for EV for people who cant even afford it. (not to mention pushing for EV infrastructure to be built in Native American reservations and low income neighborhoods, the same people who cant afford it. LMAO
You can get a brand new Chevy Bolt for less than $20k with the Federal tax credit. Add in state tax rebate and it would take it to $16k in my state.
The average EV costs $66,000. The Inflation Reduction Act EV tax credit of $7,500 can be written off when filing income taxes, but the consumer must still make the initial down payment and finance. This could give them a hefty car payment, which not many may be able to afford.@@thedukeofmanville
The Chevy Bolt retails for $55,000 the tax credit is $7,500@@thedukeofmanville
Welcome to you are screwed (another EV FU)
Thanks!