I just received the insurance bill for our cars, I was surprised…
For identical coverage (COL, UM, COMP, LIAB, MED) from USAA driving 5,000mi a year for each car the insurance cost is:
2017 HYUNDAI SF SE ULT/LTD, 6 month premium 215.82
2022 VOLVO XC40 P8 A8, 6 month premium… 209.71
Both cars have all the latest safety features.
I was puzzled as to why the new EV’s insurance bill was less than a 2017 ICE vehicle worth half the value of the EV.
After going over the discounts allowed on the two vehicles, I found the difference. The EV got a new vehicle discount of $28 and an anti-theft discount of $2.50.
Which begs the question:
Why does my insurance company give insurance discounts on “new” cars?
My guess is safety features on new vehicles.
The Santa Fe actually has all the same safety stuff the Volvo has. Plus I can locate it’s position anytime with a phone app. The Volvo is supposed to have that coming.
Ah - check back in a year. I just had a friend tell me that their insurance jumped up because the car passed 1 year and lost the “new car” discount.
Kind makes me wonder…“why is my insurance company incentivizing new car purchases?” What’s in it for them?