Featured Gigacasting 2.0: Tesla looks to diecast nearly the entire underbody in one piece

I knew Florida had insurance problems but California?

Source, insurance losses:

State Incurred losses State Incurred losses
Alabama $6,763,983 Montana $2,500,243
Alaska 879,607 Nebraska 6,512,129
Arizona 10,111,295 Nevada 5,157,930
Arkansas 5,950,598 New Hampshire 1,554,827
California 63,163,766 New Jersey 15,927,262
Colorado 10,284,422 New Mexico 2,910,372
Connecticut 6,363,838 New York 36,600,351
D.C. 1,268,342 North Carolina 12,564,571
Delaware 2,286,930 North Dakota 2,608,834
Florida 66,957,499 Ohio 13,431,956
Georgia 20,501,918 Oklahoma 6,408,628
Hawaii 1,404,129 Oregon 5,551,997
Idaho 2,514,527 Pennsylvania 18,332,710
Illinois 19,630,854 Rhode Island 1,604,713
Indiana 8,589,569 South Carolina 8,335,029
Iowa 5,210,475 South Dakota 3,574,405
Kansas 6,155,852 Tennessee 9,559,403
Kentucky 5,934,585 Texas 51,918,862
Louisiana 8,376,674 Utah 4,055,619
Maine 1,506,216 Vermont 795,979
Maryland 9,485,501 Virginia 10,383,638
Massachusetts 10,414,993 Washington 10,959,865
Michigan 15,481,190 West Virginia 1,868,737
Minnesota 13,154,942 Wisconsin 8,681,442
Mississippi 4,012,016 Wyoming 681,473
Missouri 9,531,422

United States $558,416,119​

It might be enlightening to use State populations to calculate the per capita insurance losses (payments.) Insurance payments are made to those suffering a loss, and their law firms.

Bob Wilson

 

Even after spending all that money on insurance claims - the insurance Lobby is still able to afford to be one of the top lobbying groups (only beat out by the likes of electronics ... big pharma, etc) in the USA .... making certain they have plenty of dough to keep up their lobbying efforts.


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Florida pop: ~22 Million
Texas: ~29 Million
California: ~39 Million

So roughly …
Fla ~$3/resident
Texas ~$1.7
CA ~$1.6

 

I don't know how the math works out and what other expenditures the insurance companies may have other than payouts. I'm not too sure about the insurance companies' reasoning.

The problem for the consumer is that insurance companies are refusing to do business. In other words, in California and now other parts, the insurance companies are pulling out and not continuing the policies for their current customers. So we have a bunch of expensive homes and cars that cannot be insured, or at least are getting harder to insure.

 

In many cases, companies are simply not writing new policies.
Some are completely pulling out of a state, while others are going bankrupt.

The Insurance companies are not refusing to do business. Some states are not allowing the insurance companies to remain in business.

 

Governor Newsom & his merry band of legislators are the ones who can bring down your auto insurance rates .... that is .... if he has time .... after dining @ Napa's most expensive/exclusive "The French Laundry" restaurant .... with lobby members.

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Why would anyone want to underwrite autos ... or for that matter a department store like Target - that gets $999 stolen per visit in calif w/ virtually no police or DA intervention.
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Insurance companies don’t mind, in the least, insuring large risk people/property.
What they shy away from are risks that are unpredictable.
And what causes them to leave states is when they are not allowed to pass along the risk in premiums.

 

they left here in droves when mass instituted 'no fault'

 

What you are saying about leaving because they can't pass on the risk makes sense to me.

A few years ago when the government instituted the Federal Healthcare changes (sometimes known as Obamacare) we received a letter from one of our childrens Healthcare Insurance Providers saying they were no longer going to provide Healthcare Insurance in our state because the industry was experiencing rapid changes, and they could no longer provide Insurance at a cost people could afford. They said they would return when the situation stabilized, and they could provide properly valued service to their customers.

 

Ya, I don't want to get into politics. But this is basically it. The business of business is to make money. If an insurance company can't make an acceptable profit, then what's the point? If the government limits their pricing but forces them to pay when their expenditures increase, how is that supposed to work?

Well, hopefully it all can be resolved. But in the thread we have two things that may oppose each other. One company wants to make more profit (or lower prices) by gigacasting. Gigacasting might make the other company have to pay more for insurance related repairs. In the end, it may not be a net gain for the consumer. But maybe it will be, who knows. All I know is an old Tesla S will cost me about $250 per month in car payments, but over $400 in insurance payments. What does that have to do with gigacasting? I don't know.

 

When I get my insurance yearly statement, it clearly states in large bold letters that they are charging more than the state insurance board allows. The problem is the concentration of policy holders creates too much risk for this company at the rates the insurance commission deems fair.

I live on a hill so water drains towards my house. I've spent many tens of thousands to divert water away from my house but during a hurricane a foot of rain can overwhelm all my defenses. Thus I have flood insurance for which I pay an enormous amount.

I also live directly above a pond but no overflow from the pond could ever reach my house.

My total insurance bills for house and home add up to $8k a year!!!! (Not including medical or long term care insurances.)

 

$400/month?!? They are trying to mug you, find a different insurance company.

 

Tesla ensures Tesla cars, but you have to be one of those in a dozen or so states that they do insurance there.

How Much Does Tesla Car Insurance Cost? - NerdWallet.
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I got quotes from several companies, and they were all the same. This is the main reason I gave up on the idea of getting an older Tesla Model S.

My current insurance is about $125 per month for the Avalon.

 

I am sorry to hear about that. I pay just under $125/Month for our Model Y. Back when we had a Model S, it cost the same (within $5) to insure as the Gen 2 Prius it replaced.

I know insurance costs vary by location. I just wasn’t aware it was by so much!

 

I didn't know that Tesla had their own insurance. I will look to what they say the next time I consider a Tesla

And that's with only one ticket my whole life some 7 or 8 years ago.

My budget is $15,000 (maybe $20,000) for an EV if the EV can be our only car (no more than $15,000 for any ICE replacment car if we continue with ICE). If the car really won't work out for long distance highway driving, then it has to be very cheap, maybe $1,000 to $2,000 max. Also, an absolute maximum of $200 per month for insurance for all cars. This all equates to about $600 to $700 budget per month total: $5,000 down, $10,000 5-year loan (about $180-$200 per month) Insurance at $200 or less per month, fuel at about $200 per month, plus saving up for tires, repairs and maintenance, which is another $100 or so per month.