Insurance Premiums/Cost of Ownership

[ihatecats78]

I've been doing tons of research on the LR4 lately, and I looked the total cost of ownership on Edmunds. I've gotta say that it was pretty shocking. It seems like everything costs more from fuel to insurance premiums are more expensive. I'm well aware of the fact that if fuel cost is an issue, I'm in the wrong market, but I'd love some honest imput. As for insurance premiums, how does the LR4 stack up against your previous vehicle, and what was it?

 

[LR4ME]

Our LR4 premium is about $220/yr higher than the premium for the vehicle it replaces, a Toyota FJ Cruiser. This seems to be in line with what I would expect for the additional replacement and/or repair cost of the LR4 over the FJ.
You're right about fuel costs, this is not the vehicle to get if you lose too much sleep over gas prices.

 

[zgaspen]

I received quotes out of curiosity as I get ready to buy. When I was looking at the RR Sport in December of 2006, I was quoted nearly $2,000 for a 500 deductibles and strong coverage. The MDX I went with cost me $1,100. Now, with a new carrier (moving from Chubb), my agent can get me the auto piece for $650 a year. Non-OEM coverage, but there's really no choice for a new car anyway, so it doesn't matter. I have a clean record, house insurance tied in. It seems to depend on your carrier. Allied, for instance, would also be well over twice as much. I'm told different carriers have different "symbols" assigned to various makes and it's often random. This all said, a LR will certainly be more expensive to own. Fuel for me will be maybe $500 a year increase, but that's really nothing at all for a lot more fun....for the environment's sake, though, I certainly hope LR continues to improve by the time I'm ready to trade a 2010 LR4 in three to four years....

 

[zgaspen]

...and not to mention the cost of oil changes and general service. now that it's no longer, free, i'm sure it's x2 as much as a premium japanese car. i'm just hoping i can use the garage near one of my offices for oil changes for convenience sake. also hoping trips to the dealer will be minimal. with the past car I've had only 1 visit (a 3 hour drive) in 3 years, so I'm spoilded and prepared for more. although i'm told they'll come to the house to swap for a loaner when needed...now that's service....

 

[marcoVU]

I have a 2007 BMW 335i on lease that I paid off two months ago that is still under my insurance. I live in NJ and that was about $180 a month (I had a speeding ticket about 2 years ago for 16 over the limit, but nothing beyond that). My premium for the LR4 is about $215 a month for:

Limit / Deductible
Bodily Injury Liability $250,000 / $500,000
Property Damage Liability $100,000
Personal Injury Protection Primary $250,000 / $250 Ded.
Uninsured Motorist & Underinsured Motorist $100,000 / $300,000
Uninsured Motorist & Underinsured Motorist PD $50,000 $500 Ded.
Comprehensive $500 Ded.
Collision $500 Ded.
Emergency Road Service Full Coverage Vehicle
Rental Reimbursement $50/Day, $1,500Max
Mechanical Breakdown Insurance $250 Ded.
NJ Tort Limited Tort

I have actually been meaning to change coverage and maybe move to another company since GEICO ****** me off. My payment is due on the 1st of the month and I went to make it this past month on the 1st, but a message came up saying my insurance was going to be canceled. I called them and they said I was not late and it's an automatic message. Whatever guys. Sounds like some **** crap going on there.

Fuel costs are not THAT bad, but I do a lot of highway driving to and from work (95 miles a day), but it seems like I do need to fill up more often because I only average about 16-17 mpg. Haven't had any repairs yet, but I could see that being costly (although not more than any other luxury 4x4).

 

[tjp74]

My insurance premium is actually $30 cheaper per 6 month compared to the car I traded in. 2007 Lexus GS350 AWD. And is also cheaper than 2010 Toyota Prius I have so I am thinking LR4 is pretty cheap.

Allstate
100/300/50K with $1000 deductable. Total premuim for LR4 is $285 for 6 month. $304.80 for Prius. Yes 6 month not montly, I paid $590.31 last week and it's good for 6 month.
My zip code is 98012, it's suburban city, 20 miles north of Seattle. It's for me and my wife, both in mid 30s with no ticket or accident history in last 3 years.

 

[ByGuile]

Insurance YAY

I am very please with my insurance cost on the LR4
For *Identical* coverage my new LR4 is 140$ a year cheaper to insure than my 05 Honda Civic 4-dr.
Yes I had to ask twice.
LR4 is cheaper to insure than a Honda Civic, with the same driver and the same coverage.
I was pleasantly surprised.

 

[louise.daniels]

I have actually been meaning to change coverage and maybe move to another company since GEICO ****** me off. My payment is due on the 1st of the month and I went to make it this past month on the 1st, but a message came up saying my insurance was going to be canceled. I called them and they said I was not late and it's an automatic message.

If you’re in the market, you might want to check The Hartford. My son recently switched over and ended up saving quite a bit for the same coverage!

 

[waltzonice]

Reviving an old thread... but want to add that my insurance is slightly cheaper for the 2011 LR4 vs my old car which was a 1998 Mercedes ML320.

This came as a shocker to me, as my ML is worth less than $5k at this point. And now I'm paying less to insure my $60k 2011 LR4. But I'm not complaining. ;-)

 

[dad2five]

LR4 insurance costs don't seem significantly higher to me.

I've been doing tons of research on the LR4 lately, and I looked the total cost of ownership on Edmunds. I've gotta say that it was pretty shocking. It seems like everything costs more from fuel to insurance premiums are more expensive. I'm well aware of the fact that if fuel cost is an issue, I'm in the wrong market,

My 7 day old 2011 LR4 driven 600 miles in last week, 50% city, 45% highway, and 5% on any off-road location I could find on the way home has averaged 14.5mpg. In addition to this lower than average MPG when compared to all other vehicles, the premium gas adds even more premium cost. No doubt that this is the achilles heel for this vehicle when people are shopping. I'm not sure that the Ford EcoV6 which may make its way into future LR4's isn't going to trade one problem (fuel cost) for another (under-powered plant), but I speculate. If fuel economy is key for you, then you might want to move the LR down the list; heck you might not even want to look at SUVs or 4x4s at all-which you noted in your post.

For me, the seating, towing capacity, comfort and style, and off road capability made the less than stellar fuel economy worth it to me.

...but I'd love some honest imput. As for insurance premiums, how does the LR4 stack up against your previous vehicle, and what was it?

About the insurance: honest facts... I use GEICO. My former vehicle was 2008 infiniti EX35. I have a crap driving record, can't seem to duck under the radar and have averaged 3 speeding tickets out of every 5 year interval since getting my DL. When dropping the infiniti and adding the LR4, my insurance premium rose by $70 per year with the exact same coverage. Keep in mind I was driving a 3 year old vehicle and exchanging it for a new vehicle with a base price $15k higher. I was not displeased.

Are you comparing insurance costs for a similarly priced vehicle? (Surely you are, because you know that insuring a $30k vehicle will likely cost less than insuring one priced $50k) ...a similarly 'classed' vehicle? (As you would certainly tell me that you already know SUVs and 4x4s may cost more to insure due to the inherent tendency for them to be taken off road and due to increased roll-over risk).

Its slow here at work, so I compared the LR4 to the infiniti qx and the insurance costs were the same on GEICO. Edmunds suggests $10 per annum difference in the two on its website.

Because I was still bored, I looked at Edmunds comparing the LR4 (2010) to the 8cyl BMW x5, and Edmunds' "five year total cost of ownership" [depreciation, fuel, taxes, maintenence, etc...] is a whopping $40 different over the 5 year period. (LR4 $79,442, BMW x5 [8 cylinder] $79,406.) Now I admit you could lower this cost of ownership by looking at the 6 cyl BMW, the hybrid Lexus RX, or taken ad nauseum the toyota prius; but you would be comparing apples to betelnuts.

All in all, I don't think the cost of owning this vehicle is going to be materially different from a similarly outfitted, similarly appointed vehicle from another manufacturer.

$0.02 added.
dad2five