I need insurance help

[pshep138]

Originally Posted by fravel

Right - so what I'm wondering is have you been shopping for insurance for *both* the Lexus and the M3? Or are your current quotes for one or the other?

If you've only been shopping for the Lexus, the 3x increase might seem high, but it could just be a function of the recent accident, IE, insurance company puts you at some minimum $$ value and won't drop below it because of that. That same 3x increase might not extrapolate out the way you think it will when you add the M3 to the policy. Shop for a policy with both cars even though you don't have the M3 yet.

Sorry, should've clarified. I have been shopping for coverage for the Lexus only. I can get quotes with an E92 and see what happens, I guess.

Originally Posted by JohnnyCanuck

You work in insurance claims? Not sure if you work for an insurer or an adjusting firm, but if it's the former your own employer won't provide you full coverage? If you work for an IA firm, one of your firm principals can't get an insurer to bend a bit for you?

We don't offer auto coverage, or I would've gone that route years ago. More medical/disability/retirement stuff.

[pshep138]

After calling around and getting quotes from about 12 agents/companies, I've got a quote for $390 for six months if I pay in full. Liability only, $50k/$100k/$50k, all double the state minimums. Probably going to go that route.

For fun, I also had her add full coverage on a 2009 M3 coupe, just to see what the rate will be like.

[fravel]

Originally Posted by pshep138

Sorry, should've clarified. I have been shopping for coverage for the Lexus only. I can get quotes with an E92 and see what happens, I guess.

I mean, ultimately that's the scenario you're trying to be in. Makes more sense to me to have information that is specific to that scenario rather than trying to guess at what it will be with partial information.

[Naz24]

Originally Posted by pshep138

After calling around and getting quotes from about 12 agents/companies, I've got a quote for $390 for six months if I pay in full. Liability only, $50k/$100k/$50k, all double the state minimums. Probably going to go that route.

For fun, I also had her add full coverage on a 2009 M3 coupe, just to see what the rate will be like.

i ENVY you. I pay 1200 for 6 months full coverage for my two cars.... Welcome to NJ

Oh and thats considered cheap.

[pshep138]

Originally Posted by fravel

I mean, ultimately that's the scenario you're trying to be in. Makes more sense to me to have information that is specific to that scenario rather than trying to guess at what it will be with partial information.

Welp. She just emailed me back. Checked a handful of companies, and for both cars the six month premium was $2800 - $3000. Guess that's off the table for now.

Originally Posted by Naz24

i ENVY you. I pay 1200 for 6 months full coverage for my two cars.... Welcome to NJ

Oh and thats considered cheap.

Different states are nuts. My friend lives in Michigan and pays almost $200 a month for a Chevy Aveo. My M3 with full coverage was less than that in Nebraska.

[fravel]

Originally Posted by pshep138

Welp. She just emailed me back. Checked a handful of companies, and for both cars the six month premium was $2800 - $3000. Guess that's off the table for now.

[csu87]

Originally Posted by pshep138

Welp. She just emailed me back. Checked a handful of companies, and for both cars the six month premium was $2800 - $3000. Guess that's off the table for now.



Different states are nuts. My friend lives in Michigan and pays almost $200 a month for a Chevy Aveo. My M3 with full coverage was less than that in Nebraska.

Were you looking at new m3s? If so, then yeah, youre going to pay quite a bit with a total loss recently and a $70k performance car.

If not, did you specify what year and mileage m3? If not, she probably assumed new.

Im paying $200/month now for an 09 335 and 15 A6 with an at fault total loss 3 years ago in November. When I had just had the wreck, i was paying about $350/month for the 09 bmw and 10 elantra.

[John 070]

When my 335i was brand new, it was $6xx per year. Never had a claim, good driver discount, car is 9 yo, now it's almost $900. Insurance is a greedy business.

[pshep138]

Originally Posted by csu87

Were you looking at new m3s? If so, then yeah, youre going to pay quite a bit with a total loss recently and a $70k performance car.

If not, did you specify what year and mileage m3? If not, she probably assumed new.

Im paying $200/month now for an 09 335 and 15 A6 with an at fault total loss 3 years ago in November. When I had just had the wreck, i was paying about $350/month for the 09 bmw and 10 elantra.

I told her a 2009 M3 coupe, that's what the quote was based on.

So, after calling/emailing seemingly every insurance agent/broker in a 100 mile radius, I think I pulled it off. Got a quote for $233/month for both cars (liability on daily and full coverage on a 2009 M3 coupe, $500 deductibles, $50k/$100k/$50k), but I have to bundle it with a renters policy, which will cost me $150 annually. As previously posted, I was paying roughly $185 for my daily and my E46 M3 before my accident, so this increase seems somewhat reasonable to me, given my recent claim. Certainly more than the quotes I was initially getting.

[John 070]

Originally Posted by pshep138

I told her a 2009 M3 coupe, that's what the quote was based on.

So, after calling/emailing seemingly every insurance agent/broker in a 100 mile radius, I think I pulled it off. Got a quote for $233/month for both cars (liability on daily and full coverage on a 2009 M3 coupe, $500 deductibles, $50k/$100k/$50k), but I have to bundle it with a renters policy, which will cost me $150 annually. As previously posted, I was paying roughly $185 for my daily and my E46 M3 before my accident, so this increase seems somewhat reasonable to me, given my recent claim. Certainly more than the quotes I was initially getting.

When you mention daily, are they factoring in a particular mileage on the M3, like it has to be under 5k or something? Because I did that at some point on my 335i, and that triggered verification, which I thought was kinda BS, I don't want to be treated like a criminal and have to constantly verify my odometer.

Also, you mention renters, which implies you don't own a home. Normally, it's recommended that you carry 100/300/100, and you've stated 50/100/50. Are they comparing like for like, or have they shaved coverage off to get the price down..would be my question

[pshep138]

Originally Posted by John 070

When you mention daily, are they factoring in a particular mileage on the M3, like it has to be under 5k or something? Because I did that at some point on my 335i, and that triggered verification, which I thought was kinda BS, I don't want to be treated like a criminal and have to constantly verify my odometer.

Also, you mention renters, which implies you don't own a home. Normally, it's recommended that you carry 100/300/100, and you've stated 50/100/50. Are they comparing like for like, or have they shaved coverage off to get the price down..would be my question

I imagine they are factoring in a certain mileage on the M3, but I don't know what it is. They did the same thing on my E46 and didn't ask for verification of any sort, just took my word when I said how often I drove the car. I believe I told them under 5k/year on my E46.

State minimum in Nebraska is 25/50/25. My old policy on my E46 started out at 100/300/100, but at my six month renewal, I dropped it to 50/100/50. I asked them to quote this new policy with the same coverage as before. I'm not sure how much my premium would jump if I were to go 100/300/100.

[BayMoWe335]

Go with a company that shops insurance and have them work to find you the best quote.

Sometimes, it's just going to suck for a while until you've had no issues. If you can't afford insurance, you shouldn't be driving a BMW.

[BayMoWe335]

50k/100k is dog shit insurance. Get something better.

I have $250k/$500k and I pay roughly $1200/yr for 2 cars.

[smoosh]

You lucky bastards...

I was paying $392/month (yes, PER MONTH) on my X135i...

But I also got into 4 accidents in 1.5 years and had so many speeding tickets, my license was suspended for 60 days :

[pshep138]

Originally Posted by BayMoWe335

50k/100k is dog shit insurance. Get something better.

I have $250k/$500k and I pay roughly $1200/yr for 2 cars.

$50k/$100k/$50k is double the required state minimum here. Even my current policy (which isn't being renewed) is $100k/$300k/$100k. That's all my agent recommended.

[John 070]

Originally Posted by smoosh

You lucky bastards...

I was paying $392/month (yes, PER MONTH) on my X135i...

But I also got into 4 accidents in 1.5 years and had so many speeding tickets, my license was suspended for 60 days :

Back on the Maxima forum days, I'd find it incredible when guys said they were paying 4k in Brooklyn NY...and that's not an M3, that's a 4th gen Maxima!

[zx10guy]

I had to get 250k/500k for my coverage limits with State Farm if I wanted umbrella coverage.

As far as $4k a year for car insurance, for some people who ride sport bikes, that's the norm. Talk about the cost of coverage being out of whack with the actual value of the vehicle. And yes, I know it's all about the liability. But removing full coverage on sport bikes will typically knock down the premiums significantly which again makes me question if there are really that many guys running around on sport bikes trashing them with full coverage. But I don't hang around those types of crowds.

[BayMoWe335]

Originally Posted by pshep138

$50k/$100k/$50k is double the required state minimum here. Even my current policy (which isn't being renewed) is $100k/$300k/$100k. That's all my agent recommended.

Let me tell you, it's shitty. Just hope you don't hurt someone or get hurt. The big dollars are what you're really insuring against.

[pshep138]

Originally Posted by BayMoWe335

Let me tell you, it's shitty. Just hope you don't hurt someone or get hurt. The big dollars are what you're really insuring against.

I'm fully aware how insurance works, and what the numbers mean, and what I'm insuring against. I may have mentioned it previously, but I work in the insurance industry and have for several years.

Based on how I drive, where I drive, and the car I drive, I am comfortable at 50/100/50. When I had the M3 I bumped it up to 100/300/100, which I will likely do again when I purchase another M3. Right now I cannot justify paying more in premium in six months than I paid for the car those premiums are covering.

[pshep138]

Originally Posted by John 070

Back on the Maxima forum days, I'd find it incredible when guys said they were paying 4k in Brooklyn NY...and that's not an M3, that's a 4th gen Maxima!

Hey, I've had two Maximas! I had an auto '00 SE and a manual '01 SE. I loved those cars.

[BayMoWe335]

Originally Posted by pshep138

I'm fully aware how insurance works, and what the numbers mean, and what I'm insuring against. I may have mentioned it previously, but I work in the insurance industry and have for several years.

Based on how I drive, where I drive, and the car I drive, I am comfortable at 50/100/50. When I had the M3 I bumped it up to 100/300/100, which I will likely do again when I purchase another M3. Right now I cannot justify paying more in premium in six months than I paid for the car those premiums are covering.

If you are in the insurance industry, you shouldn't be comfortable with 50/100/50, period. No matter what you do, you can't protect against idiots.

[pshep138]

Originally Posted by BayMoWe335

If you are in the insurance industry, you shouldn't be comfortable with 50/100/50, period. No matter what you do, you can't protect against idiots.

If you want to pay my premiums so I can write a 250/500/250 policy on my $800 car, let me know and I'll get you my PayPal address. If not, I'm going to stick with what I've had for the last ten years.