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      03-03-2015, 10:16 PM   #1
Dsifer
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Tire and wheel insurance

Has any one purchased the tire and wheel insurance, if so is it worth it, seems very high priced to me
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      03-04-2015, 03:02 PM   #2
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I did and it was the best decision I ever made. They vary in price and the dealership sometimes tries to rip u off, but mine was reasonable. I paid 1500 for five years and it covers the wheels and tires of any damage other than curb rash and doesn't have any type of deductible. Also, if you decide to trade wheels at some point it still covers them as long as they are bmw. Ive replaced like 7 blown tires in almost 3 years. My area does have a lot of road construction though.
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      03-04-2015, 04:15 PM   #3
Dsifer
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1 year: $1633 plus tax = $1777.93
2 year $2595 plus tax = $2825.31
3 year $2787 plus tax = $3034.35
4 year $3113 plus tax = $3389.28
5 year $3412 plus tax = $3714.82

so im being ripped off
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      03-04-2015, 08:59 PM   #4
gatordent2007
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Looks like it to me, unfortunately
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      03-05-2015, 01:13 AM   #5
DarkgraphiteNYC
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The prices in NY are probably much higher. I paid $2500 for a 2 year policy and it has practically paid for itself since I changed 5 tires in a year with all the potholes
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      07-13-2015, 07:38 AM   #6
The Beast (750Li)
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North Boston area, 5 years coverage for wheels and rims cost me $999 and it has already paid for itself.

Last edited by The Beast (750Li); 07-15-2015 at 10:31 AM..
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      07-30-2015, 08:37 AM   #7
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If you already paid for it you can get a refund if you have not used it.
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      07-30-2015, 11:34 AM   #8
The Beast (750Li)
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I did not know they'll refund it. Unusual for insurance, if you didn't need it, they pay it back. I have however replaced 4 tires through the policy and am happy I had it.
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      08-03-2015, 08:49 AM   #9
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yeah, at $999 it would be a deal. Dealers apparently think Im a fish, cause I always get quoted $4,900 for it..

They always tell me how expensive tire/wheels are, blah, blah. for $5k, Ill take my chances.

Case in point: literally this weekend my wife and I were traveling and had a low rear tire on my M6. Pulled over and found 2 gaping holes in it. We were about 60 miles from Dallas. M cars do not have RFTs OR a spare, so you are kinda in the same spot as someone who failed to prepare and had no spare.

I can get the car back to BMW under warranty service at no charge (take 2 hours to get to me, its 110 outside) , but nobody has a tire that will fit this car within 100 miles of me, and I found a small shop that took 5 minutes and $5.00 (seriously, and I tipped him $20) to plug the tire and we were on our way.

Will have to replace the tire $600 at BMW or $335 at Discount Tire. I can do that 15-16 more times and still save $$ over the Wheel/tire insurance.
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      08-03-2015, 08:51 AM   #10
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Quote:
Originally Posted by The Beast (750Li) View Post
I did not know they'll refund it. Unusual for insurance, if you didn't need it, they pay it back. I have however replaced 4 tires through the policy and am happy I had it.
Yep, its pro-rated, so If you wait a year, you don't get as much back. But yes, you can get a refund (minus months covered) for it. There is a procedure on the back of the contract (go online and request, takes about 2 weeks).
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      08-05-2015, 07:50 PM   #11
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Wow -- I did not know M's do not have RFTs or a spare! That is crazy.

As to the insurance, given what I've seen as to the potential costs of some of these specialty items (basically EVERYTHING on a 750xli), it pays for itself if you drive the car at all. And since the rebuild of my motor, I have rediscovered what an amazing performance vehicle this living-room-on-wheels really is.

Driving on US roads, that is. Our infrastructure sucks.
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      08-11-2015, 12:31 PM   #12
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My 2013 3 series got quoted $1200 for 3 years. my cousin was quoted $1800 for his 2015 3 series. we're both in NJ

I'd say its worth getting it, but no more than $1500
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      08-12-2015, 06:51 PM   #13
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Quote:
Originally Posted by HoustonRider
Quote:
Originally Posted by The Beast (750Li) View Post
I did not know they'll refund it. Unusual for insurance, if you didn't need it, they pay it back. I have however replaced 4 tires through the policy and am happy I had it.
Yep, its pro-rated, so If you wait a year, you don't get as much back. But yes, you can get a refund (minus months covered) for it. There is a procedure on the back of the contract (go online and request, takes about 2 weeks).
You forgot one little ditty in the refund algorithm: You also need to deduct 100% of any claims paid.

Insurance works from a concept of earned vs unearned premium.

Let say you pay $1200 for a one year policy. The insurance company cannot claim that as revenue until each month passes.

So, in essence you're fronting the insurance company $1200 for the year and it pretty much goes into escrow as unearned premium.

Now, as each month passes, the insurance company will consider $100 earned. So, regardless of claims, the insurance company can only put the earned months on the books.

So, if you cancel your policy 6 months into a annual premium, then the first 6 months are earned and the remaining months are unearned.

Now, they will give you back the unearned premium should you cancel, but BMW insurance wants to deduct 100% of claims paid.

So, returning unearned premium is never a problem for the insurance company since they don't count it anyway as it sits in a virtual escrow.
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