Insurance Rates

[Grouser]

It used to be that there were advantages with staying loyal to a mainstream reputable insurance company. Knowing everyone in the office and swapping stories while updating your policy or paying your bill allowed you to create a bond with the staff that paid off in your time of need.

I've gotten accident forgiveness long before it became an industry term. I've been upgraded with rental cars and had the rental extended. Many times I've had questionable damage covered with no questions asked.

That's the way it used to be. Over the last few years the competition among insurance carriers has gotten ridiculous. All the little perks that the agent could use at their discretion have been eaten up by advertising budgets. These days people seldom walk into an insurance office more then once. Everything is handled over the net. It's hard to create any customer empathy when you never see them.

Don't be afraid to jump ship by shopping around, just read the fine print before you leap.

[Lincoln30]

I see the negative posts about GEICO but I never would consider them for other reasons.

What about Esurance? I just did a quote with slightly better coverage for my vehicles against my Nationwide coverage and it's less the 1/2 the price. That is very attractive considering my Nationwide policy also has my homeowners discount that the esurance does not have.

[bimmerking818]

Originally Posted by dmk08

I pay $88 a month for my e92 and was just told yesterday swapping to my f82 and adding gap since im financing will take me up to $103 a month. BMWFS wants over $700 for gap. Screw that. I have nationwide and im 35 with 0 points.

How are u guys geeting these low payments? Does states u live in change your prizing?

[BEMR]

250.00 deductible 300/500 NATIONAL GENERAL, formally GMAC Insurance they rate M4 same as 435. Liberty Mutual was 800 higher a year for less insurance for an example. Always mention your yearly miles as 12g or less. Under 100 dollars a month.

EDIT: Just looked at actual policy 100/300 250.00 deductible on all collision & comp, no towing, no rental car, policy for 2013 128 Convertible, 2015 M4, is 1644.00 a year or 137.00 a month for both cars. The M4 comes in at about 55 percent of the overall bill or 75.33 a month for all the coverage. I am in the Southern California area and have no tickets or accidents on both drivers and both cars.

Have not been able to find a company, even Liberty Mutual that BMW seems to be in bed with, that even comes close. Of all quotes ever, Liberty Mutual highest, and National General lowest. Also, you must consider how will they pay out and will claims be simple, yes have had a couple comp claims real simple and fast service. Have your current policy in hand, and do a comparison of your existing policy, for some reason they are writing their policies for the M4 same as 435.

They were formally GMAC Insurance and for a 5 yr period had the same coverage on an 08 M5 at around of 100 a month for the same policy.

[mtecnic]

Just got my insurance quote for new F80

$901.44 for the year which includes a $50 comp deductible for the so called brittle windshield. If i hadn't asked for this lower comp it would have been the same as my 08 e92 m3.

[M-gineering]

Originally Posted by arube1

So something seems wrong then... I have a perfect driving record ...live in a safe area...how could it go up 2400? It's allstate...

I'm in the same boat, over 40, perfect record, two other "M's" and I am paying 2400 additional a year now. I am looking for another agent, shopping around....Although, the level of coverage and mind-at-ease is also important. Chubb and a few others are fantastic...

[AM4ZING]

I have a reckless driving on my record and a few points. Between liability coverage on my E46 M3 and full coverage on my M4.. my insurance is $550/month which is about $6600 per year... My lease on the M4 is $1,020/month..... Only if my driving record was clean.....

[TeKiZeRo]

I currently pay $97/month with Allstate for one F8X. This includes the $1000 deductible, full coverage, etc.

[Kidscollege$]

$342 every 6 months with State Farm, $500 deductible. Full comp/collision.

[waldoaz]

Each state is different and they go as far as zip code also. Here in AZ we have some of the highest insurance. You should be able to have a $40 payment in Montana or Nebraska.

[Kidscollege$]

Originally Posted by waldoaz

Each state is different and they go as far as zip code also. Here in AZ we have some of the highest insurance. You should be able to have a $40 payment in Montana or Nebraska.

Don't know about $40...but it is cheaper...

[Richy Rich]

I pay 312/mo for a '15 M3 and '15 M4 in SoCal.

[Bahn360Photo]

Originally Posted by arube1

I was just told that my Insurance for the m4 will increase by $2400 for the year....that is crazy...that is 2400 more than my Audi s5 that I just turned in...anyone else getting similar rates? Not sure I can afford such an up charge...

i was told that when i just ordered the car but when i gave the VIN number it went up by $50 for 6 months

[botis1028]

USAA I pay 104$/month for a 335i, got a quote for a 15 M3 and it went to 127$/month.

250$ deductible. 100/300.

[Mandi90TT]

Originally Posted by botis1028

250$ deductible. 100/300.

Something to think about, and I am not singling out you, just using your coverage as an example:

a financial adviser told me this, and after giving it a lot of thought, I agree.

You really should carry more than 100/300 liability. My coverage is 1million/3million, and I have a 1k deductible. Overall it actually comes out cheaper than a low deductible and low liability.

Why you ask? Well, say I get in a crash. Paying $1k to get my M4 fixed (1k deductible) is not a life changing event. Even doing that 10 times for a total of 10 is not a life changing event. I can suck up a $10k loss without too many issues. But what if I get in a wreck that somehow is my fault, and it results in 500k in medical bills for the other driver? 100k is paid my the liability, leaving me with a 400k bill to pay. Or, even worse, there is a driver and passenger in the car, each with 500k in medical bills. And the wreck is determined to be my fault. I can't' suck up 800k in bills. That would pretty much drain all of my IRAs, Roth and otherwise, and take a huge chunk out of my 401(k). And you do realize that if you are determined to be at fault, the other guys insurance company will come after ALL of your assets, including future earnings. So my military retirement would take a hit as well.

And even if you declare bankruptcy, you will still have some issues, depending on what the bankruptcy court determines. Oh, and don't bother trying to get any loans for 7 years after a bankruptcy, certainly not a car loan.

Low odds of the above happening, but certainly not non-zero, even if you think you are the best driver in the world. You never know what can happen in court. Just imagine what a jury might think of an 'entitled Bimmer driver' and how he/she must have lots of money and can afford to pay for the pain and suffering of the driver of the Toyota Corolla, even though it wasn't really the BMW driver's fault.

So, you might want to sit down and consider your coverage. If you are young, single, and have low assets, sure, carry the minimum liability. If you are like me, in your 40's, sizable (but not unlimited) assets set aside for retirement, and have a family (kiss your kids college funds goodbye, too, in the above scenario), you might want to get a bit more than 100/300.

[Spied4US]

Originally Posted by Dave 90TT

. . . You really should carry more than 100/300 liability. . . .

QFT. Excellent advice, Dave.

I suspect that very few people have any idea what awaits them if they are in an accident involving a personal injury (PI) claim. 100/300 is next to nothing when it comes to PI liability insurance. The insurance carrier will hand over the policy limits in heartbeat, leaving the responsible party to work out a settlement as best they can. Bankrupty buys only time, not immunity. The only real way to protect against catastrophic loss (home, future earnings, etc.) is to buy the maximum coverage available, which essentially forces the insurance carrier to go to extreme lengths to protect the company against significant financial expense.

[mtecnic]

Isn't it cheaper to get yourself an umbrella policy? This spans your existence in life so when someone wrecks a car in your yard and blame it on your trees and win in court, you're covered there too.

A million dollar umbrella is a good idea for anyone who has more than just cars.

[Who's on first]

Originally Posted by mtecnic

Isn't it cheaper to get yourself an umbrella policy? This spans your existence in life so when someone wrecks a car in your yard and blame it on your trees and win in court, you're covered there too.

A million dollar umbrella is a good idea for anyone who has more than just cars.

Most insurance companies require you to have 300 500 300 in order to buy an umbrella policy. They want the auto policy to be maxed out before they start tapping into the umbrella policy.

[Bluex]

To add the F80 onto our policy (both of us in our early 40's, with no incidents, good driving record) it's going to be an additional $100 a month. $500 deduct. full coverage.

Pennsylvania. My wife works for a corporate liability insurance group whose parent (Berkshire Hathaway) actually owns Geico, but we don't use them. We go with Progressive....they have always been fantastic.

[XRAVE]

Compared to my 135i, I'm only paying 120 more every 6 months. I was expecting a bigger jump.

[jewels]

Originally Posted by XRAVE

Compared to my 135i, I'm only paying 120 more every 6 months. I was expecting a bigger jump.

In order to really understand what all of you are saying there are atleast 3 things to know to compare.
Deductible
Coverage Limits (100-300) OR (300-500)
6 MONTH COST

My 6 month cost is $368
My ded is $500, decreasing every year with good history
My liability coverage is 300/500
Yes I have multi cars and am an old fart

Please all chime in and share

[Egrunt]

Insured with USAA in Southern California (North San Diego County)
Six month premium (F80 M3): $621.67
Bodily injury/Uninsured motorist: $500,000/ $1,000,000
Property Damage: $300,000
Medical Payments: $100,000
Deductible: $250
M3 driven 12,000 miles a year

Also included is towing and extended benefits (Wage earned disability benefits / death benefits). I have my home owners insurance with USAA and 3 other vehicles. I am 49 years old with a clean driving record. Location plays a part in the insurance premium. I moved eight years ago 15 miles east of my last residence to a new zip code / city and my insurance increased approximately $200 a year with USAA.