Insurance cost for M3/4 in Canada

[woosolow]

Originally Posted by CanAutM3

I pay $120 a month tax in for my M4 for a comprehensive coverage with a $500 deductible and a new vehicle replacement cost warranty through Belair Direct. My wife's S4 is on the same policy for $82/month. Naturally, we benefit from rebates for having both cars and our home with the same insurer.

Wow that's really good deal for both combos with low deductible. As my deductible is $1k.

PS.. Nice combination eh, m3 with s4 as backup

[CanAutM3]

Originally Posted by woosolow

Wow that's really good deal for both combos with low deductible. As my deductible is $1k.

PS.. Nice combination eh, m3 with s4 as backup

Thanks. The S4 is a real joy in the white stuff.

I also edited my post regarding deductibles. The $500 deductible is only applicable on repairs on my car for accidents I am responsible for. $250 for theft, fire road hazards. No deductible for total loss or vandalism (or for accidents where I am not at fault).

I am 43 with two kids though

[Gearhead999s]

Originally Posted by CanAutM3

Thanks. The S4 is a real joy in the white stuff.

I also edited my post regarding deductibles. The $500 deductible is only applicable on repairs on my car for accidents I am responsible for. $250 for theft, fire road hazards. No deductible for total loss or vandalism (or for accidents where I am not at fault).

I am 43 with two kids though

Is there not some sort of adjustment in Quebec with having basic Insurance as part of the vehicle licence.When we buy a snowmobile Trail Permit we always get a rebate as we are insured in Ontario.

[CanAutM3]

Originally Posted by Gearhead999s

Is there not some sort of adjustment in Quebec with having basic Insurance as part of the vehicle licence.When we buy a snowmobile Trail Permit we always get a rebate as we are insured in Ontario.

I guess it depends what you mean by "basic insurance".

In Quebec all "human injuries" are covered by the state plan paid as part of you driver's license and registration. All material insurance is through a private policy. As a reference, the combined state insurance cost me ~16/month (~6$ on drivers licence and ~10$ on registration).

[Gearhead999s]

Originally Posted by CanAutM3

I guess it depends what you mean by "basic insurance".

In Quebec all "human injuries" are covered by the state plan paid as part of you driver's license and registration. All material insurance is through a private policy. As a reference, the combined state insurance cost me ~16/month (~6$ on drivers licence and ~10$ on registration).

Yeah.I guess i meant basic Liability insurance which is a significant part of our insurance here in Ontario.$2674 is the cost of my Liability & Accident benefits on a yearly premium.

[CanAutM3]

Originally Posted by Gearhead999s

Yeah.I guess i meant basic Liability insurance which is a significant part of our insurance here in Ontario.$2674 is the cost of my Liability & Accident benefits on a yearly premium.

We still need basic liability insurance in Quebec for material damages with a $1M minimum mandated by law. Any protection above that is optional. Only bodily injuries are covered by the state.

[E92LNGCGY]

Originally Posted by Mikster

$1300/month, in Toronto.

Agent told me it's not the value of the car that always determines premiums, but rather the risk profile. For example, Hondas could be more $$ in premiums since they may get targeted more often by thieves for parts, etc.

M

$1300 per month? Seriously? That is nuts.

[Gearhead999s]

Originally Posted by CanAutM3

We still need basic liability insurance in Quebec for material damages with a $1M minimum mandated by law. Any protection above that is optional. Only bodily injuries are covered by the state.

Accident benefits are $1476 of my yearly policy!

[bmbob]

$1450/year through TD, Intact was the same before I switched. This was on my E92 M3.

[Soundstream]

Originally Posted by CanAutM3

$1300/month

You're sure there is not a typo here...

Sounds very possible. I am with TD Meloche too. I haven't got a quote for an M3/M4 yet, but for comparison, I am paying around $1,200 for a 335i with a full replacement value policy (I'm in the GTA).

For an F-Type V8S, they actually quoted me a few dollars less than the 335 and that car has around 500 HP and an MSRP of around $120K! But usually old guys drive them very few miles per year, so they assess a lower risk.

[CanAutM3]

Originally Posted by Soundstream

Sounds very possible. I am with TD Meloche too. I haven't got a quote for an M3/M4 yet, but for comparison, I am paying around $1,200 for a 335i with a full replacement value policy (I'm in the GTA).

For an F-Type V8S, they actually quoted me a few dollars less than the 335 and that car has around 500 HP and an MSRP of around $120K! But usually old guys drive them very few miles per year, so they assess a lower risk.

When the insurance payment exceeds the depreciation on the car, it is time to think about another car IMO.

[Lantern Rouge]

Originally Posted by missehe

haha people not in BC don't even have a clue.. I am girl btw.

But yes it is originally ~$5500 / year but because I just hit the 4 year mark with no accidents/claims so I get an additional 20% off which comes $4500.

Oh damn, sorry about that! It probably shouldn't take a genius to deduct that from your username either...

Did you do all your insurance with ICBC or look at any of the private providers in BC? Looks like I'm taking delivery of my M3 very soon and am trying to sort out the BC options too. Cheers!

[Soundstream]

Originally Posted by CanAutM3

When the insurance payment exceeds the depreciation on the car, it is time to think about another car IMO.

Huh? I'm confused. My insurance payment is only around $100/month.

[chicochico]

Living in Ontario now, I really miss ICBC.
It messes with my brain that a public based system works better than a private one.

[CanAutM3]

Originally Posted by Soundstream

Huh? I'm confused. My insurance payment is only around $100/month.

You probably misread the thread. The poster I responded to quoted $1300/month. You then responded that that you paid $1200 for your 335i:

Originally Posted by Soundstream

Sounds very possible. I am with TD Meloche too. I haven't got a quote for an M3/M4 yet, but for comparison, I am paying around $1,200 for a 335i with a full replacement value policy (I'm in the GTA).

$1200/year is very reasonable. $1200/month is just stupid IMO .

[Mikster]

Originally Posted by CanAutM3

$1300/month

You're sure there is not a typo here...

Whoops!! Yeah that's $1300 per YEAR!
M

[Padfan9]

Originally Posted by E92LNGCGY

I am just curious as to what everyone is paying for insurance on their M3/4. I understand this varies depending on where you live, age etc. but just wanted to get an idea.

Calgary, $169.xx a month, 32

In fact my X3 cost a bit more.

I am paying $149/month for my M4. I was paying $129 for my 335is.

I have a lot of discounts for good driving, no tickets (thanks to my wonderful lawyer service, $100 per ticket and all 4 I have received in the past 2 years have been dismissed!), accidents, etc.

[myzmak]

Just had the call with insurers. TD Meloche Monnex in Alberta.

For $500 deductible and comprehensive and collision coverage (including full glass), $1 million in 3rd party liability, , a 'replacement cost' term (ie: if it is totaled, full replacement cost, if work is done, use OEM parts, etc) and an 'accident forgiveness' term (if I am at fault, premiums/rating doesn't change) I am paying $1,153/year (or $96/month)

I am late 30s, think I might have had a minor 'at fault' insurance claim about 10 years ago (car slid down a icy street hill into a curb) and have no points/tickets/etc on license.

Also, not using the car for commuting or business.

All in all, I am pretty happy with the number.

only real debate in my head is do I stick with just my insurance glass coverage or do I layer on the BMW 'appearance protection' coverage? seems excessive but......on the assumption that large rocks used to gravel roads (especially on mountain trips) I am likely to have to replace the windshield a few times (with the HUD) so more rather than less might be easiest here....

[RowanBuds]

Just for a point of reference, I have gotten a quote for adding the F80 to my policy and removing my current DD a 2013 G37X sedan. The difference in my cost is $15.50 per month, or $186 a year. I did get a breakout of the per-vehicle cost but don't have the paperwork with me at the moment. I will update this post with the total M premium when I get home. Also, I have three cars on the policy, so my example probably cannot be used as a benchmark for a single car policy. I'm also waiting to speak with my agent regarding the cost differential to change the M coverage to full replacement value. I'll advise when I have that number as well.

[E92LNGCGY]

Originally Posted by myzmak

Just had the call with insurers. TD Meloche Monnex in Alberta.

For $500 deductible and comprehensive and collision coverage (including full glass), $1 million in 3rd party liability, , a 'replacement cost' term (ie: if it is totaled, full replacement cost, if work is done, use OEM parts, etc) and an 'accident forgiveness' term (if I am at fault, premiums/rating doesn't change) I am paying $1,153/year (or $96/month)

I am late 30s, think I might have had a minor 'at fault' insurance claim about 10 years ago (car slid down a icy street hill into a curb) and have no points/tickets/etc on license.

Also, not using the car for commuting or business.

All in all, I am pretty happy with the number.

only real debate in my head is do I stick with just my insurance glass coverage or do I layer on the BMW 'appearance protection' coverage? seems excessive but......on the assumption that large rocks used to gravel roads (especially on mountain trips) I am likely to have to replace the windshield a few times (with the HUD) so more rather than less might be easiest here....

Really $96 a month? Wow that is really good. By the way do you have confirmation on when your car will be delivered?

[myzmak]

Originally Posted by E92LNGCGY

Really $96 a month? Wow that is really good. By the way do you have confirmation on when your car will be delivered?

Getting closer. My new CA was able to ask Hansen's to 'rush' the delivery, which means it should actually get to them late tonight or early tomorrow. So there is a chance of a Friday delivery, if not looks like Saturday.

Out of curiosity, did you do any of the BMW 'add ons' (appearance package protection, wheel and tire protection, etc)

am debating those but not sure.

(and, yeah, the insurance was surprisingly cheap. Just given the car I was anticipating way more)

[sunnyboy]

Originally Posted by myzmak

Getting closer. My new CA was able to ask Hansen's to 'rush' the delivery, which means it should actually get to them late tonight or early tomorrow. So there is a chance of a Friday delivery, if not looks like Saturday.

Out of curiosity, did you do any of the BMW 'add ons' (appearance package protection, wheel and tire protection, etc)

am debating those but not sure.

(and, yeah, the insurance was surprisingly cheap. Just given the car I was anticipating way more)

Now I feel my $174.xx a month is expensive.