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      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, 02:01 PM   #2
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With progressive same coverage is cheaper on my M2 than my 07 z06
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      01-09-2017, 02:26 PM   #3
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With All State my insurance on my M2 is about the same as it was for my 2013 135is.
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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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      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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      01-09-2017, 02:40 PM   #6
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Try Progressive they were significantly less than Geico, State Farm and Nationwide.
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      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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Quote:
Originally Posted by omasou View Post
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. Decreased the M2 by ~$30 / 6 mo

New car so your accident free discounts are not as great. 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 state minimums and buy an umbrella.
Tell them you drive 7,500 a year and get in an accident in 6 months with 10,000 miles on your car and you have an issue with your insurance company. Never worth it to lie to an insurance company because when you go to file a claim they have all of the leverage. Never give them an excuse to deny your claim.
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      01-09-2017, 02:59 PM   #9
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Quote:
Originally Posted by omasou View Post
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. Decreased the M2 by ~$30 / 6 mo

New car so your accident free discounts are not as great. 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 state minimums and buy an umbrella.
Uninsured/underinsured is hardly BS. Too many uninsured and low limit drivers out there.
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      01-09-2017, 03:19 PM   #10
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Quote:
Originally Posted by Destroya View Post
Quote:
Originally Posted by omasou View Post
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. Decreased the M2 by ~$30 / 6 mo

New car so your accident free discounts are not as great. 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 state minimums and buy an umbrella.
Uninsured/underinsured is hardly BS. Too many uninsured and low limit drivers out there.
Collision will fix you car.

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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Quote:
Originally Posted by pruettfan View Post
Quote:
Originally Posted by omasou View Post
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. Decreased the M2 by ~$30 / 6 mo

New car so your accident free discounts are not as great. 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 state minimums and buy an umbrella.
Tell them you drive 7,500 a year and get in an accident in 6 months with 10,000 miles on your car and you have an issue with your insurance company. Never worth it to lie to an insurance company because when you go to file a claim they have all of the leverage. Never give them an excuse to deny your claim.
I didn't say to lie. They will check your mileage and if your over will raise your rates. Which in my case is ~ $60 / yr which is still less.

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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Quote:
Originally Posted by omasou View Post
Tell them if you will drive one of the cars less than 7,500 / year. Decreased the M2 by ~$30 / 6 mo
Son of a B....

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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Quote:
Originally Posted by omasou View Post
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. Decreased the M2 by ~$30 / 6 mo

New car so your accident free discounts are not as great. 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 state minimums and buy an umbrella.
Please check your individual state law regarding medical, uninsured/underinsured. You and your passengers could be left holding the bag if the other driver had no insurance/underinsured and was at fault.

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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      01-09-2017, 04:37 PM   #15
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Quote:
Originally Posted by omasou View Post
I didn't say to lie. They will check your mileage and if your over will raise your rates. Which in my case is ~ $60 / yr which is still less.

I'm cheap not stupid

I think it's b/c of the M2 tech, i.e. lane departure and crash avoidance.
Lol I was about to chime in -- def didn't say to lie just give them an accurate estimate of miles if you think it's less than 10k a year.

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, 04:57 PM   #16
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Sent you a PM. I'm an insurance agent in Chicago
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      01-09-2017, 05:11 PM   #17
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Quote:
Originally Posted by emargul View Post
Try Progressive they were significantly less than Geico, State Farm and Nationwide.
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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Originally Posted by R0ME0 View Post
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.
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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Quote:
Originally Posted by doug_999 View Post
Son of a B....

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!
Awesome. Glad everything worked out in your favor!
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      01-09-2017, 07:03 PM   #21
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Quote:
Originally Posted by Aloha Joe View Post
Please check your individual state law regarding medical, uninsured/underinsured. You and your passengers could be left holding the bag if the other driver had no insurance/underinsured and was at fault.
I would definitely recommend educating yourself on your states laws and confirming w/your agent before making changes.

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:
Originally Posted by Aloha Joe View Post
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.
Thank you for the clarification. I edited my original post to match.

Quote:
Originally Posted by Ian ///M View Post
...

Edit- I also do state minimums-- im not paying more money for something I don't use, it's already a sham as is
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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      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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