The Cadillac Lyriq is the luxury marque’s first full-production EV, offering a combination of cutting-edge technology and all the traditional Caddy-style comfort. Now, GM Authority is taking a closer look at the Cadillac Lyriq with regard to insurance premiums, comparing the crossover to some of its direct rivals.
For this particular comparison, we’ve collected data on insurance premiums for the 2023 Cadillac Lyriq and two of its direct all-electric crossover rivals, namely the 2022 Audi e-tron quattro and the 2022 Tesla Model Y. To round it out, we also added insurance premium data for the internal-combustion-powered 2022 Cadillac XT5, just to see how a non-EV model would stack up.
The quoted insurance premiums were all sourced from the same insurance company, and are based on a 35-year-old man with a clean driving record living in South Florida.
Looking over the data, we find the 2023 Cadillac Lyriq quoted at $229.98 for a monthly premium, or $1,379.86 for six months. Meanwhile, the 2022 Audi e-tron Quattro was quoted at $231.52 for the monthly premium and $1,389.10 for the six-month premium, and the 2022 Tesla Model Y was quoted at $254.32 for the monthly premium and $1,525.90 for the six-month premium. The outlier of the group, the 2022 Cadillac XT5, was quoted at $203.75 for the monthly premium, and $1,222.50 for the six-month premium.
| Model | Six-Month Premium | Monthly Premium |
|---|---|---|
| 2023 Cadillac Lyriq | $1,379.86 | $229.98 |
| 2022 Cadillac XT5 | $1,222.50 | $203.75 |
| 2022 Audi e-tron quattro | $1,389.10 | $231.52 |
| 2022 Tesla Model Y | $1,525.90 | $254.32 |
The clear takeaway here is that in terms of insurance premiums, the 2023 Cadillac Lyriq is very close to the 2022 Audi e-tron Quattro. The Lyriq is also less expensive than the 2022 Tesla Model Y, and around $25 more expensive per month than the 2022 Cadillac XT5.
As a reminder, the 2023 Cadillac Lyriq Debut Edition features GM Ultium battery technology and GM Ultium drive motor technology for motivation, the combination of which produces 340 horsepower and 325 pound-feet of torque for the rear axle. Under the skin, the Lyriq rides on the GM BEV3 platform, while production takes place at the GM Spring Hill plant in Tennessee.
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Comments
Cheaper than most luxury EVs. More expensive than gas. Hopefully that will change in the near future and insurance prices will go down.
Insurance prices won’t go down until EV prices go down. Insurance is on the hook for more money if a tree falls on it, or you drive it into a ditch, simple as that.
Not only this, but I can foresee when ever an EV is in a crash, they will be more likely to be total losses due to insurance being concerned about any internal battery damage.
Insurance varies widely by location, driver and coverage. Please include several ICE cars for comparison. I’m guessing most/all of us are driving ICE cars and I’d like to get a better sense of the cost comparisons to electric. Thanks!
Just looked it up, I pay $2300 annually in insurance total for a 2018 Volvo XC60 SUV, 2017 Chevy Colorado and a 2006 Porsche 911 turbo. Through USAA. And that includes surcharges for speeding and too many accidents for my wife and I. In Massachusetts. That works out to less than. $200 per month for 3 cars!
It’s only this expensive in case you mess up the giant cheap plastic grill.
This is a great comparison. I hope you do more of this as new EVs are introduced.
Insurance rates must be expensive where GM Authority did its investigation. I pay $780 annually for two cars, one being a hybrid, so I know I will pay much less for the Lyric than what was posted here.
South Florida is one of the most expensive insurance places in the country. First, it’s a no-fault state. Second, it’s high crime, including high levels of uninsured/unlicensed drivers, insurance theft, and vehicle theft. Third, they have weather like hurricanes and hailstorms that wreck cars.
Also, I suspect these are base insurance rates. Discounts, like multi-line and multi-vehicle and affinity groups brings down cost significantly. With multi-vehicle discounts, for example, I checked the numbers and my second car is basically free to insure.
I wonder too what happens when real world data begins to be factored in. Given the extreme weight of these GM EVs and the comparative damage they’ll inflict on other cars, one would think that would increase the cost to insure them. A 6,000 pound Lyriq is obviously going to be more destructive to any vehicle it collides with than a similarly-sized XT6 that weighs 4,300 pounds. It’ll also be more likely to cause bodily injury to the other vehicle’s occupants.
My AAA insurance in the California Bay Area is $1700 per year for a 2021 Model Y. The same coverage from Tesla is S1500 per year, but the glass is subject to a comprehensive deductible, whereas AAA, glass is 100% covered with no deductible.
I posted this on another site, I’ll post it here, too.
I’m no expert on insurance or OnStar, but taking the little I know and reaching some possibly unwarranted/inaccurate conclusions, here’s what I expect – GM has gone into the car insurance business, and buyers of GM vehicles will be offered auto insurance when you purchase. (But maybe not).
OnStar location tracking may tell GM if you’re a 23-year-old male who’s regularly out on a Saturday night at bars, and then drives home at well above the speed limit. OnStar might even tell GM if your car stays centered in the lane all the way home. Or OnStar may tell GM you’re a 62-year-old lady who only drives to and from church on Sunday morning, staying well under the speed limit.
It is possible that at the end of a year, GM just might adjust your insurance rates accordingly.
I know insurance companies offer discounts if you allow them to track your driving habits. That fits with GM putting OnStar on every car and also selling car insurance.
In a way I resent GM tracking where and how I drive. On the other hand, I don’t like paying for irresponsible drivers – I’m willing to pay for my risk profile, not someone else’s.
The use of Super Cruise on highways, and on future models, Ultra Cruise on almost all roads, will make you a lower risk driver, and GM will adjust your insurance rates accordingly on GM cars where Super/Ultra Cruise is used. Your risk will be safer/lower risk. GM will have the data for more accurate risk profiles and will sell insurance accordingly, and compete and profit in the insurance business. Depending on how you drive, your GM insurance rates may increase or decline.
Maybe.
That is a big five-letter word at the end of your comment when you figure you would be letting “big Brother” know your every movement.
Dee – Until we see comprehensive legislation addressing what Big Brother (or Big Sister Mary Barra) can collect and store and use, then I think you have to resign yourself to the idea that Big Brother pretty much knows everything about you. All that fine print you and I and every skips over (user agreements) allows Big Brother to know that stuff.
We need legislation, but there are some very well-financed interests opposing that legislation – Facebook, Amazon, Google, to name three. I’ll go ahead and put on my tinfoil hat and add the FBI, NSA, CIA, to that list.
GM using my driving to adjust my insurance is small potatoes. I don’t like it, but there it is. We’ll get privacy sorted sooner or later. When and how, who knows…..
You are absolutely correct and GM currently tracks your driving habits. I owned a 2017 ZL1 Camaro and was told I was ineligible for insurance from GM after they reached out to me about applying. I did not subscribe to OnStar but did get monthly updates on my vehicle condition. I drove that Camaro pretty hard and am convinced that is the reason I was denied coverage.
So much for ev’s being cheaper to operate than ice. Insurance definitely needs to be included in the calculation.
Glad I live in Small Town, Iowa…………..I pay $580 a year, full coverage new CX30………If My newly ordered Lyrik cost anywhere near $3000/Year to insure, I just won’t buy it…….I’ll get a new CX50 instead………….That $3000 insurance cost all by itself would about equal the depreciation rate on the Mazda……….I’m in love with the electric idea……but will not pay 5 or 6 times over to insure it………………Paul
I have been paying between 79 to 81 dollars per month for a 12 month insurance premium on my 2019 Impala I bought new as a leftover model and that is with a V6, leather and pano roof. And that is with one month off so I pay 11 months. Using my fingers and toes that equates to less than 900 total. My buddy with a mid level Model 3 Tesla is paying a hair under 3K for the same period. Amazing how everyone I know with one of these blobs conveniently forgets about that when they keep tooting their horn on what they are saving in gas and oil changes.
I am waiting on my LYRIQ which should be built in September.