Karma Insurance Rates

cbermudez8 said:

I was just quoted $1550 per year by All State. Seems high, especially considering that I have my 2 other cars and my home also insured by All State. Curious as to what other Karma owners are paying, especially anyone in Michigan.

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That would be a deal in San Francisco, where I live. AAA is still struggling to come up with some sort of rate for my car, and they have all our other insurance polices as well. Because of lack of actuarial and damage data, I expect it to be relatively high until they get more data on it to price it more accurately.

-- Fab.

My importer/dealer arranged a collective insurance deal for all Karma-owners (not mandatory): it's just € 850 ($ 650) per year, full coverage. It didn't even require a GPS-locator. It's much less than the insurance for other cheaper cars. But then, who would want to steal an electric car? And I think Karma-drivers are more careful than the average driver. The only risk is other drivers pulling off all kinds of stunts to get a better look at this alien vehicle.

Dutch said:

My importer/dealer arranged a collective insurance deal for all Karma-owners (not mandatory): it's just € 850 ($ 650) per year, full coverage. It didn't even require a GPS-locator. It's much less than the insurance for other cheaper cars. But then, who would want to steal an electric car? And I think Karma-drivers are more careful than the average driver. The only risk is other drivers pulling off all kinds of stunts to get a better look at this alien vehicle.

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Hey Dutch - Thanks for the info. By the way, do you want to sell any Euros as that rate?

cbermudez8 said:

Dutch said:

My importer/dealer arranged a collective insurance deal for all Karma-owners (not mandatory): it's just € 850 ($ 650) per year, full coverage. It didn't even require a GPS-locator. It's much less than the insurance for other cheaper cars. But then, who would want to steal an electric car? And I think Karma-drivers are more careful than the average driver. The only risk is other drivers pulling off all kinds of stunts to get a better look at this alien vehicle.

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Hey Dutch - Thanks for the info. By the way, do you want to sell any Euros as that rate?

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Whoops, did the 1 : 1.30 calculation the wrong way :-/

cbermudez8 said:

Dutch said:

My importer/dealer arranged a collective insurance deal for all Karma-owners (not mandatory): it's just € 850 ($ 650) per year, full coverage. It didn't even require a GPS-locator. It's much less than the insurance for other cheaper cars. But then, who would want to steal an electric car? And I think Karma-drivers are more careful than the average driver. The only risk is other drivers pulling off all kinds of stunts to get a better look at this alien vehicle.

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Hey Dutch - Thanks for the info. By the way, do you want to sell any Euros as that rate?

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Sign me up for some of that too.

-- Fab.

USAA: 41 year-old single male with the following discounts totaling $610.68:
daytime running lights, new car, passive restraints, premier driver (this also got me accident forgiveness), annual mileage and multi-car
100 deductible for both cars for both comprehensive and collision.
2012 Fisker Karma $691.88
2002 SUBARU IMPREZA WRX AWD TURBO $302.85
Those are six month premiums.
I forgot to add I am garaged in Athens, AL just outside Huntsville, AL. <-- important fact in calculating premium

I'd try American Collector (GEICO) insurance.... it also depends on the use for the car. These folks tend to put limits on how much you can drive per year....

Yes, USAA has collectibles insurance, but under no circumstances is the vehicle allowed to be a daily driver, so that counts me out for that savings.

I'm still waiting to hear from Farmers Insurance. I gave them a sample VIN and they're trying to get their underwriters to do something now...

I recently switched from CSAA to Progressive because their rates were about 40% lower. However the my Karma is costing me $3384 per year here in California. That's with multi-car discount, no tickets in 6 years, etc.

I believe the issue is the newness of the car with no actuarial history, so they price it high. Almost $2000 of the premium is for $1000 deductible collision, and another almost $900 for $250 deductible comprehensive. My guess is those will be a lot less next year when they have crash and theft data.

Dennis, that's nuts!
For my Karma, the annual premium is $945 through Liberty Mutual. They had no problem processing my request, they took the VIN and had a quote to me within an hour.

49 years old, San Francisco Bay Area, discounts for multi-car, good driver, annual mileage under 7500 miles for the Karma, with $1000 deductibles. It is also considered an "excess" vehicle on the policy because there are several others.

My collision portion is $443 with $1000 deductible, $214 for Liability, and $288 for all other -- you really need to call around! My Liberty Mutual agent is David Fabucci in San Ramon.

Thanks! I really thought the Progressive price was outrageous, given how inexpensive they are for the other 5 cars I insure with them,

RE: $2k is what I'm paying

adam said:

Attached is my quote. I live in Florida. Does this seem right?

The other car (AUTO 1) is my wife's Escalade ESV as a comparison.

Seems higher than what others are paying.

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Seems kind of high to me. My quote from USAA is $1649/y and from AARP/Hartford is $1503/y for similar coverage except my deductible is $500 instead of your $1000. I live in the San Francisco Bay Area.

To add to the database...I am paying $1K/yr in Northern California. $1K deductible.

Skibum said:

To add to the database...I am paying $1K/yr in Northern California. $1K deductible.

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Who is your carrier?

-- Fab.

I got a quote from USAA for $1,100 per 6 month period, $2,200 per year. Multi car discount, home insured, $500 deductible that i'll probably move to $1k. They couldnt find the car in their database which to me means code for "I'll rip you off until you complain". I told them to go back to the drawing board and call me when they are serious. So from what I'm seeing in this site, the rate should be somewhere between $700 and $1,100 with 1k deductible.

Deep Ocean said:

I got a quote from USAA for $1,100 per 6 month period, $2,200 per year. Multi car discount, home insured, $500 deductible that i'll probably move to $1k. They couldnt find the car in their database which to me means code for "I'll rip you off until you complain". I told them to go back to the drawing board and call me when they are serious. So from what I'm seeing in this site, the rate should be somewhere between $700 and $1,100 with 1k deductible.

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Remember also that insurance cost depends on your age, marital status, zip code, and credit score.

dennis said:

Thanks! I really thought the Progressive price was outrageous, given how inexpensive they are for the other 5 cars I insure with them,

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When I got my first semi-exotic type car last summer, a 2011 Maserati GT-S, Progressive absolutely porked me on the premium. My '08 Escalade ESV, '06 SL600 and '11 QX56 were $2,700/year combined. But they wanted $3,200/year for the Maserati alone! I think they do that to basically price themselves out of the business. I believe they simply don't want to insure those types of cars. I went over to my local agent who was able to insure the car (Safety Insurance) for $1,100/year. I just called to see if she can get me a quote on the Fisker.