Scout Motors Proactive Measures to Reduce Consumers' EV Auto Insurance?

[eddiet1212]

Will Scout Motors Take Proactive Steps to Reduce Consumers' EV Auto Insurance?

A.I.
To reduce the cost of EV insurance, manufacturers can improve battery design, streamline repair, and offer training for technicians.
They can also invest in their own insurance operations.

Battery design
Streamline battery design: Advancements in battery production can help automakers create new EV models that save money without sacrificing performance.
Establish consistent battery testing and maintenance policies: This can help support the growth of the second-hand EV market.

Repair
Introduce simplified repair methods: This can help reduce the cost of repairs.
Provide repair kits at authorized workshops: This can help reduce the cost of repairs.
Offer training for technicians: This can help ensure that repairs are done correctly and efficiently.

Insurify
Electric Shock: EVs Cost 23% More to Insure Than Gas-Powered Vehicles
The average cost of full-coverage car insurance for electric vehicles is $3,430 annually, according to Insurify’s new report

Comparing EV costs to ICE vehicle costs
Electric vehicles can cost significantly less to power than an ICE car. Drivers who charge their EVs only at home could spend as little as $812 per year on electricity for their vehicles, according to Kelley Blue Book (KBB) calculations. By comparison, the average annual cost of gas is around $2,449, J.D. Power estimated based on Bureau of Labor Statistics data.

But other expenses, including the initial cost to purchase an EV, higher repair costs, and much higher insurance premiums can offset the fuel savings.

The average MSRP for EVs is $55,105 — 13% more than the average for ICEs, at $48,724, according to KBB. Auto insurers also charge more for higher-value vehicles since they typically cost more to repair or replace.

The average cost to repair an EV after an accident is $6,066, about 29% higher than the $4,703 average post-accident repair for ICEs, KBB reported.

All these factors contribute to EVs’ higher insurance rates. In 2024, it cost 23% more to insure an EV than an ICE vehicle, Insurify data shows. And the cost of EV car insurance rose 28% between 2022 and 2023, while car insurance for ICE vehicles increased by only 13% during the same time period.

Electric Shock: EVs Cost 23% More to Insure Than Gas-Powered Vehicles | Inurify

Electric vehicle owners may spend less on fuel for their vehicles, but they pay more for car insurance — a lot more.

insurify.com

 

[cyure]

Will Scout Motors Take Proactive Steps to Reduce Consumers' EV Auto Insurance?

A.I.
To reduce the cost of EV insurance, manufacturers can improve battery design, streamline repair, and offer training for technicians.
They can also invest in their own insurance operations.

Battery design
Streamline battery design: Advancements in battery production can help automakers create new EV models that save money without sacrificing performance.
Establish consistent battery testing and maintenance policies: This can help support the growth of the second-hand EV market.

Repair
Introduce simplified repair methods: This can help reduce the cost of repairs.
Provide repair kits at authorized workshops: This can help reduce the cost of repairs.
Offer training for technicians: This can help ensure that repairs are done correctly and efficiently.

Insurify
Electric Shock: EVs Cost 23% More to Insure Than Gas-Powered Vehicles
The average cost of full-coverage car insurance for electric vehicles is $3,430 annually, according to Insurify’s new report

Comparing EV costs to ICE vehicle costs
Electric vehicles can cost significantly less to power than an ICE car. Drivers who charge their EVs only at home could spend as little as $812 per year on electricity for their vehicles, according to Kelley Blue Book (KBB) calculations. By comparison, the average annual cost of gas is around $2,449, J.D. Power estimated based on Bureau of Labor Statistics data.

But other expenses, including the initial cost to purchase an EV, higher repair costs, and much higher insurance premiums can offset the fuel savings.

The average MSRP for EVs is $55,105 — 13% more than the average for ICEs, at $48,724, according to KBB. Auto insurers also charge more for higher-value vehicles since they typically cost more to repair or replace.

The average cost to repair an EV after an accident is $6,066, about 29% higher than the $4,703 average post-accident repair for ICEs, KBB reported.

All these factors contribute to EVs’ higher insurance rates. In 2024, it cost 23% more to insure an EV than an ICE vehicle, Insurify data shows. And the cost of EV car insurance rose 28% between 2022 and 2023, while car insurance for ICE vehicles increased by only 13% during the same time period.

Electric Shock: EVs Cost 23% More to Insure Than Gas-Powered Vehicles | Inurify

Electric vehicle owners may spend less on fuel for their vehicles, but they pay more for car insurance — a lot more.

insurify.com

This is the part I am not looking forward to. My Wrangler is 12 so the insurance is $60 a month. That’s practically nothing these days.

 

[XtremeX]

Improving driver behavior through real-time data is a smart move. If insurance companies start recognizing features like Scout’s predictive safety tech, we could see lower premiums across the board. Accidents still happen, though, and dealing with insurance claims can be frustrating. If anyone in Oklahoma ever needs legal help after a crash, the Best Tulsa, OK Personal Injury Attorneys can make a huge difference in getting fair compensation.

 

[THil08]

I think Scout should take a Rivian and Tesla approach and make their own insurance. Especially since some insurance companies don't allow modifications to vehicles, and since Scout is promoting that type of stuff it would be less worrisome if they made their own insurance.

 

[bb00799]

I think Scout should take a Rivian and Tesla approach and make their own insurance. Especially since some insurance companies don't allow modifications to vehicles, and since Scout is promoting that type of stuff it would be less worrisome if they made their own insurance.

I might be totally incorrect but I think that Rivian and Tesla having their own insurance is helpful for their lease programs as well? So in that case at least for the first 5 years of Scout's production life I think it would be a great idea.

 

[chucchinchilla]

I recall getting my old GTI repaired at a VW certified collision center that also happened to be the official Tesla collision. After talking to the shop at length and being shown a few cars, I learned that Tesla's were a nightmare to work on. It basically came down to the fact that designing cars for easy assembly is very different than designing cars for easy disassembly and serviceability. That of course translates to the amount of man hours needed to do a job which ultimately impacts the overall repair cost which of course gets factored into insurance rates.

Back to Scout, with Volkswagen influence/alumni at the company, a BOF design, and a "service in your driveway" mantra I've heard, my hope is that traditional serviceability norms are built into these vehicles. Being faster to repair means cheaper to repair means cheaper to insure.

 

[dreamweaver]

This is the part I am not looking forward to. My Wrangler is 12 so the insurance is $60 a month. That’s practically nothing these days.

Clearly there are a lot of factors that make up insurance rates because I have a five month old new Lincoln with full coverage, vehicle replacement, and a $250 deductible for which I pay $109 a month. I guess I should feel somehow lucky.

 

[chucchinchilla]

Clearly there are a lot of factors that make up insurance rates because I have a five month old new Lincoln with full coverage, vehicle replacement, and a $250 deductible for which I pay $109 a month. I guess I should feel somehow lucky.

Yeah I should have put a caveat on my statement that I was just focusing on one of a thousand factors.