Insurance in California (New versus Used vehicles) M3

[itrocks4u]

Hi folks,

I've asked a few questions previously about moving to the US, California in particular.

Had a specific question on insurance. Who are the main players for insurance and what kind of premium (either annual or monthly are you paying) on it? In Canada, insurance tends to be very expensive so wanted to get it in context of the US. For example, on 2017 M3, my annual premium is about $2,300 CAD.

The other question that I had, I have the opportunity to buy a used 2018 M3 CS in place of mine. This CS has 6,800kms on it so fairly well driven. I've been following the CS thread and it seems like even after discounts the price that I'm getting is not bad but yes it will still be a Canadian car. With all that said, does insurance have an option on a 'used' car (even though with 6,800kms) such as depreciation waiver or replacement cost, where if the car is deemed total loss, the original value of a new vehicle is reimbursed?

Do you think it even makes sense to do this now in Canada and have it shipped (my shipping is covered) or wait to get CS in the US. It looks like not a whole lot of M3 CS is now available.

Thanks!

[EDBTZ]

That's not bad. I'm paying $2350 USD annually for full coverage with $500 deductibles and high liability limits on my M4. I believe a coupe is more expensive for insurance purposes than sedans, and I'm also an under 30 driver.

Not sure if I'm understanding the second part of your questions correctly. But I think what you're talking about is GAP insurance. You can buy GAP through your insurance or a third party.

[tooshay]

I pay 1200 a year for 100k/300k with 500 deductible from wawanesa for my ‘17. You just have to shop around and it also depends on your driving record.

[msmching]

Originally Posted by tooshay

I pay 1200 a year for 100k/300k with 500 deductible from wawanesa for my '17. You just have to shop around and it also depends on your driving record.

That's what I am paying for half a year lol. Also same at WawaNesa. But it's at least cheaper than other companies like farmers, State Farm or all state...

[N1rve]

I pay 1600 USD Annually, 100/300, 500 Deductible for this car. However I have multi-car and multi-policy discount.

[s0211]

Insured the car new for a hair over $1600 a year. Pretty good coverage from what I remember but obv I don't remember the details. Lol

It really depends on your location though. My agent told me M3s are rare/less likely to get in an accident in the Bay Area so it's much cheaper to insure—amongst other liabilities of course.
I moved south to LA very recently and was told it'll now be closer to $2400 a year.

[SushiM3]

Originally Posted by s0211

Insured the car new for a hair over $1800 a year. Pretty good coverage from what I remember but obv I don't remember the details. Lol

It really depends on your location though. My agent told me M3s are rare/less likely to get in an accident in the Bay Area so it's much cheaper to insure—amongst other liabilities of course.
I moved south to LA very recently and was told it'll now be closer to $2400 a year.

I pay a bit under 4K/ year on my 2018 F80 in the Bay Area after shopping around a few places.
Under 25, clean record, no at-fault claims.
I wonder what I’d get charged in LA.

[BenD]

I was paying $1956/yr for my 2018 F80 in Orange County CA, full coverage from State Farm. Or you get your dealer license in CA and get fleet insurance for $100 a month.

[RobbyMack]

Garaging zip code is going to be the predominate underwriting factor here so it's pretty much useless to compare unless you're looking at the same coverage limits in the same zip code. Suffice to say used will be cheaper than new from an insurance stand point as will over 25 and a home owner vs under 25 and renting. Same can be said for married vs single etc etc etc.

Not sure where you are going with the "depreciation waiver". Almost all auto insurance is written at actual cash value unless you've got a rare collectors car. I guess you could try to find someone willing to do an agreed value or something like that but it won't be cheap. Those policies are usually only written for rare collectors car which the m3 (cs or not) is not.

[itrocks4u]

reviving my old thread. Trying to get quotes for M4 CS. Even with clean record geico came the lowest but still at about $1100 for 6 months!

I also asked them about depreciation waiver or total loss replacement. Apparently they don't have that option. Further they don't have the gap insurance concept. I don't understand.

This is for a lease.

[N1rve]

Originally Posted by itrocks4u

reviving my old thread. Trying to get quotes for M4 CS. Even with clean record geico came the lowest but still at about $1100 for 6 months!

I also asked them about depreciation waiver or total loss replacement. Apparently they don't have that option. Further they don't have the gap insurance concept. I don't understand.

This is for a lease.

If you lease through BMW, you don't need GAP. It's included.

[NashvegasR]

I pay $1200 yr for my M4. And $2000 a year for my i3 that's worth less than 50% of the value of the M4.

Go figure. Love the CFRP frame on the i3.

Through Wawanesa.

Prior to switching to Wawanesa this year, I paid $2400 for the M4 annually, and $2000 for the i3. Perfect driving record, in my 40's. Love SF.