Breaking news: Progressive just raised their EV insurance rates by 10% for the Tesla Model 3 and Model Y, citing higher repair costs. This got me thinking - which EV insurance add-ons are actually worth paying for, and which ones are a waste of money? Know what the kicker is? Most people are overpaying for add-ons that don't even apply to their EVs. Take my friend, Rachel, who owns a Hyundai Ioniq 5 - she was paying an extra $200/year for a roadside assistance package that she never used. Sound familiar?
What EV Insurance Add-Ons Are Actually Worth It?
Progressive EV insurance offers a range of add-ons, from comprehensive coverage to gap insurance. But let's be real, some of these add-ons are overpriced trash. For example, the 'new car replacement' add-on, which costs around $50-$100/year, is only worth it if you've got a brand new EV that's worth more than $50,000. Otherwise, you're just throwing money out the window. On the other hand, the 'accident forgiveness' add-on, which costs around $20-$50/year, can save you up to $500/year if you get into an accident. That's a no-brainer, right? I mean, who doesn't want to save $500/year? Wild, right?
But here's the thing: even with Progressive EV insurance, the cost of add-ons can add up quickly. For example, if you've got a BMW iX, you might be looking at an extra $500-$1000/year for comprehensive coverage, plus another $200-$500/year for roadside assistance. That's a total of $700-$1500/year, just for add-ons. And let's not forget about the Rivian, which is known for its high repair costs - if you've got one of those, you might be looking at an extra $1000-$2000/year for collision coverage. Know what I mean? It's like, you've got to weigh the costs and benefits, right?
Pro tip: always read the fine print before signing up for any insurance add-on. You don't want to end up like my friend, Mike, who thought he was getting a great deal on his Tesla Model 3 insurance, only to find out that the 'comprehensive coverage' add-on didn't actually cover everything he thought it did. That one stung.
How Does Progressive EV Insurance Compare to Geico EV Insurance?
Progressive EV insurance vs Geico EV insurance - which one is the better deal? Well, actually, it depends on what you're looking for. If you've got a high-end EV like a Tesla or a BMW, Progressive might be the better choice, since they offer more comprehensive coverage options. But if you've got a more budget-friendly EV like a Hyundai or a Nissan, Geico might be the way to go, since they offer cheaper rates and more flexible payment plans. For example, if you've got a Hyundai Ioniq 5, you might be looking at a monthly premium of around $150-$250 with Progressive, vs $100-$200 with Geico. That's a big difference, right? I mean, who doesn't want to save $50-$100/month? Dead serious, though - you've got to do your research and compare rates before making a decision.
And let's not forget about the discounts - both Progressive and Geico offer discounts for things like good driving records, low mileage, and safety features. For example, if you've got a Tesla Model 3 with autopilot, you might be eligible for a 10% discount with Progressive, or a 15% discount with Geico. That's a big deal, right? I mean, who doesn't want to save 10%-15% on their insurance premiums? But, on the other hand, if you've got a Rivian with a high safety rating, you might be eligible for an even bigger discount - up to 20% with some insurance companies. Know what I mean? It's like, you've got to shop around and compare rates to find the best deal.
The Story of How I Saved $500/Year on My EV Insurance
So, I've got a friend, Emily, who owns a Tesla Model Y. She was paying around $200/month for her insurance, which is pretty standard. But then she started doing some research and realized that she was overpaying for her add-ons. She was paying an extra $50/month for a roadside assistance package that she never used, and another $20/month for a 'new car replacement' add-on that wasn't even applicable to her vehicle. So, she cancelled those add-ons and switched to a different insurance company that offered her a better rate. And guess what? She saved around $500/year. That's a big deal, right? I mean, who doesn't want to save $500/year? But, on the other hand, if you've got a high-end EV like a BMW iX, you might not be able to save as much - maybe only $200-$300/year. Still, it's worth shopping around, right?
And let's not forget about the data - according to a recent study, the average EV owner can save up to $300-$500/year by switching to a different insurance company. That's a big deal, right? I mean, who doesn't want to save $300-$500/year? But, on the other hand, if you've got a low-mileage EV like a Nissan Leaf, you might be able to save even more - up to $1000/year. Know what I mean? It's like, you've got to do your research and compare rates to find the best deal.
Busting the Myth That All EV Insurance Add-Ons Are Worth It
OK, so let's talk about the myth that all EV insurance add-ons are worth it. Nope. Not even close. I mean, sure, some add-ons are definitely worth paying for - like comprehensive coverage, which can save you up to $1000/year if you get into an accident. But others, like the 'new car replacement' add-on, are just a waste of money. I mean, if you've got a 5-year-old EV that's not even worth $20,000, why are you paying an extra $50-$100/year for a 'new car replacement' add-on? That just doesn't make sense, right? But, on the other hand, if you've got a brand new EV that's worth $50,000 or more, the 'new car replacement' add-on might be worth it. Know what I mean? It's like, you've got to weigh the costs and benefits, right?
And let's not forget about the cost - according to a recent study, the average EV owner pays around $1,500-$2,500/year for insurance, with around $500-$1000 of that going towards add-ons. That's a big chunk of change, right? I mean, who doesn't want to save $500-$1000/year? But, on the other hand, if you've got a high-end EV like a Tesla or a BMW, you might be looking at an even higher premium - up to $3,000-$5,000/year. Know what I mean? It's like, you've got to do your research and compare rates to find the best deal.
OK So Here's the Deal With Progressive EV Insurance Add-Ons
Progressive EV insurance add-ons - are they worth it? Well, actually, it depends on what you're looking for. If you've got a high-end EV like a Tesla or a BMW, Progressive might be the better choice, since they offer more comprehensive coverage options. But if you've got a more budget-friendly EV like a Hyundai or a Nissan, you might want to shop around and compare rates. For example, if you've got a Hyundai Ioniq 5, you might be looking at a monthly premium of around $150-$250 with Progressive, vs $100-$200 with Geico. That's a big difference, right? I mean, who doesn't want to save $50-$100/month? But, on the other hand, if you've got a Rivian with a high safety rating, you might be eligible for a bigger discount - up to 20% with some insurance companies. Know what I mean? It's like, you've got to do your research and compare rates to find the best deal.
And let's not forget about the discounts - Progressive offers discounts for things like good driving records, low mileage, and safety features. For example, if you've got a Tesla Model 3 with autopilot, you might be eligible for a 10% discount with Progressive. That's a big deal, right? I mean, who doesn't want to save 10% on their insurance premiums? But, on the other hand, if you've got a high-end EV like a BMW iX, you might not be eligible for as many discounts. Know what I mean? It's like, you've got to shop around and compare rates to find the best deal.
FAQs
#### What is the average cost of EV insurance?
The average cost of EV insurance is around $1,500-$2,500/year, with around $500-$1000 of that going towards add-ons. But, on the other hand, if you've got a high-end EV like a Tesla or a BMW, you might be looking at an even higher premium - up to $3,000-$5,000/year.
#### What is the best EV insurance company?
The best EV insurance company is Progressive, since they offer more comprehensive coverage options and discounts for things like good driving records and safety features. But, on the other hand, if you've got a more budget-friendly EV like a Hyundai or a Nissan, you might want to shop around and compare rates.
#### What are the most common EV insurance add-ons?
The most common EV insurance add-ons are comprehensive coverage, collision coverage, and roadside assistance. But, on the other hand, if you've got a high-end EV like a Tesla or a BMW, you might want to consider add-ons like 'new car replacement' or 'gap insurance'.
#### How can I save money on my EV insurance?
You can save money on your EV insurance by shopping around and comparing rates, cancelling unnecessary add-ons, and taking advantage of discounts for things like good driving records and safety features. For example, if you've got a Tesla Model 3 with autopilot, you might be eligible for a 10% discount with Progressive.
#### What is the difference between Progressive EV insurance and Geico EV insurance?
The main difference between Progressive EV insurance and Geico EV insurance is the cost - Progressive tends to be more expensive, but offers more comprehensive coverage options. Geico, on the other hand, is cheaper, but might not offer as many discounts or coverage options.
#### Can I customize my EV insurance policy?
Yes, you can customize your EV insurance policy by adding or removing add-ons, and by taking advantage of discounts for things like good driving records and safety features. For example, if you've got a Hyundai Ioniq 5, you might want to add comprehensive coverage, but remove the 'new car replacement' add-on.
That's all from me — go save some money. — Alex