01-09-2017, 01:44 PM | #1 |
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Insurance costs - WOW
So I thought I had read that many people were getting really good insurance rates on their M2? Apparently not with State Farm! My $55K M2 is about 1/2 of the cost of my former 650GCxi and yet, the insurance is MORE!
Wow - blown away. And yes, I know there is a lot more to insurance premiums than the cost of the car - but wow! (did I say that already? ) PS - I'm in my 40s on top of it! (maybe that is the issue, old guys should not own this car? )
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01-09-2017, 02:39 PM | #4 |
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It's only slightly more than the 435i with Progressive.
OP, it looks like you should kick State Farm to the curb.
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bartginger421.00 |
01-09-2017, 02:40 PM | #5 |
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yes, you're right. good quality insurance is ridiculously high. way more expensive than my new tahoe, which was 23K more msrp
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Yeineken1297.50 |
01-09-2017, 02:47 PM | #7 |
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State Farm insurance M2 is $75 / 6 mo less than my 2008 X5.
Tell them if you will drive one of the cars less than 7,500 / year. [Edit]Decreased the M2 by ~$30 / 6 mo <- $30 / 6 mo was my agents original estimate when she plugged it into the system. Once the policy was actually written by underwriting it turn out to be $75 / 6 mo less. Even the agent was surprised [/Edit] New car so your accident free discounts are not as great. [Edit]Accident free discounts are per car not policy or person.[/Edit] I think the intervals are 5, 7 and 9 years but check with your agent. I also don't carry BS insurance like medical, uninsured/underinsured (also medical) and limited tort. You may feel differently. Lastly, keep your coverage to [Edit]state minimums <- your insurance provider may have higher "minimum" coverage amounts [/Edit] and buy an umbrella. Last edited by omasou; 01-09-2017 at 06:52 PM.. |
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01-09-2017, 02:55 PM | #8 | |
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01-09-2017, 02:59 PM | #9 | |
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01-09-2017, 03:19 PM | #10 | ||
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If you have good health insurance why would you buy more and pay twice. That's why your doctor will ask you if your injury is related to an accident. Then you have the joy of letting you're car insurance and health insurance battle out who is paying. Fun times. Like I said some may not agree with me. I prefer to keep as much of my money as I can and not pay for things that might happen. |
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01-09-2017, 03:27 PM | #11 | ||
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I'm cheap not stupid I think it's b/c of the M2 tech, i.e. lane departure and crash avoidance. |
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01-09-2017, 03:32 PM | #12 | |
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The agent was about to ask me how many miles and then moved on - I just called, they had me at the average and I only drive like 5,000 miles a year. Rate just dropped $120/year less than my 6-series (as opposed to $40 more per year). You rock omasou! Thank you!
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01-09-2017, 03:54 PM | #13 |
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The coverage for an M2 for me is $22 more a month than my current 2002 330ci. This is Canadian information though so not sure if it's really apples to apples to insurance premiums down there.
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01-09-2017, 04:16 PM | #14 | |
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Umbrella policies for the majority of us, is a good thing to have, but depending on your state and carrier. You may need to get higher coverage than the state minimums on your auto policy, plus your homeowners policy will be looked at as well. |
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Jackie Chiles999.50 M3 Adjuster7904.50 |
01-09-2017, 04:37 PM | #15 | |
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I got a great price for mine and I'm 28- $71 a month. My Honda Civic coupe beater is $61 so not bad at all Edit- I also do state minimums-- im not paying more money for something I don't use, it's already a sham as is |
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01-09-2017, 05:11 PM | #17 |
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Progressive was not that much cheaper for me. They quoted me 450 for 6 months and Geico 490. But i didn't go with Progressive due to they were going to ding me for not at fault accident and bumped up the 6 month payment $130
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01-09-2017, 05:17 PM | #18 |
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I noticed the same. I am paying $48 more per 6 months more than my 2015 CLA45 AMG through State Farm. Would have figured it would be the same at least. I guess $8 more per month isn't horrible.
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01-09-2017, 06:48 PM | #19 |
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OP, I'm the same age group as you and live in Northern Suburbs of Chicago. Paying quite a bit less per year vs 2013 335 coupe with Farmers. No mileage restrictions. If you need a referral PM me. My agent is really good.
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01-09-2017, 06:54 PM | #20 | |
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01-09-2017, 07:03 PM | #21 | ||
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My understanding which of course may be wrong is that uninsured/underinsured is medical insurance to cover you from an irresponsible uninsured/underinsured driver. If they are at fault and get hurt that's on them. If your at fault and your passenger is hurt [speculation on, please confirm] their health insurance would kick in, if they are uninsured/underinsured then I believe that would fall under liability and they would need to sue your insurance.[/speculation] If correct, another reason why you want proper liability insurance. Quote:
You may want to check w/your agent, one of the line items that are "minimized" is liability. Which is one reason why I have an umbrella. |
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M3 Adjuster7904.50 Aloha Joe391.00 |
01-09-2017, 07:35 PM | #22 |
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I'm with safeco. They have cost breakpoints at 5000 miles and 7500 miles. They send postcards periodically and have you input your mileage online on each car.
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