[techie182]

Currently own 2008 328i coupe.
Ive been deployed for 3 years in korea and going back to states in couple months.
Im thinking about getting 08~09 M3 sedan that cost around 3~40k.

328i is going to be my daily and m3 is going to be my weekend ride.

3 years ago i paid 350 every 6 months for just 328i coupe.

Just got a quote online for both m3 and 328i.
33 yr old single
No accident and ticket.

Got 450 every 6 months.
Is this right?
Seems too low for M3 and 328i together.

Getting federal gov employee discount plus military discount.

How much do yall pay for insurance?

[YouAreMyWorld]

Seems about right, you're not getting bent over due to the demographics of your age like I am.

Keep in mind your address as well; a lot of people never take into account where they reside in Insurance pricing.

33, clean record, military discount, not bad. Full coverage on both I'm assuming. Make sure to check your deductible, rental coverage, coverage in general, etc.

Don't skimp on the little details.

[techie182]

No uninsured and rental coverage.
$501 deductible full coverage.

[jgoens]

Originally Posted by techie182

No uninsured and rental coverage.
$501 deductible full coverage.

That's crazy low--what state and company?

[techie182]

Geico , dallas tx

[DF]

$1800 a year. Awe yah

[jgoens]

Originally Posted by techie182

Geico , dallas tx

I call BS...no way two cars both bmw..no way...need to post insurance offer or it didn't happen.

[techie182]

Found out they did not add full coverage on my 328i because i own this car.
Liability on 328i
Full coverage wtih $501 deductible
No road side assistance

[techie182]

Is it ok not to add full coverage on fully paid car?

[lookalikehuuh]

TBH i think they are probably giving you crap coverage. Way too many people nowadays make the mistakes of getting the minimum coverages only to find themselves in the middle of lawsuits later.

I can almost guarantee they gave you the 15k\30k coverage... which means that no person involved will get any more than 15k and no more than 30k total will be paid out in case of an accident.

Keeping the above statement in mind if you hit someone... anyone with a car worth anything you will not be able to cover your M3 with coverage. The M3 alone is worth more than the policy total. Now lets say you hit someone with a 60k car value. Then good luck your insurance will cover 15k of that and you will be on the hook for the rest. In all likelyhood their insurance company will go after your assets to get compensated for what they have to cover.

Essentially the takeaway here is that a by a MINIMUM you should carry 30k/60k but i would definitely recommend taking out 100k/300k policy. I personally ended up paying like $100 per 6months more for the 100/300 coverage but i have much more peace of mind.

[YouAreMyWorld]

Originally Posted by lookalikehuuh

TBH i think they are probably giving you crap coverage. Way too many people nowadays make the mistakes of getting the minimum coverages only to find themselves in the middle of lawsuits later.

I can almost guarantee they gave you the 15k\30k coverage... which means that no person involved will get any more than 15k and no more than 30k total will be paid out in case of an accident.

Keeping the above statement in mind if you hit someone... anyone with a car worth anything you will not be able to cover your M3 with coverage. The M3 alone is worth more than the policy total. Now lets say you hit someone with a 60k car value. Then good luck your insurance will cover 15k of that and you will be on the hook for the rest. In all likelyhood their insurance company will go after your assets to get compensated for what they have to cover.

Essentially the takeaway here is that a by a MINIMUM you should carry 30k/60k but i would definitely recommend taking out 100k/300k policy. I personally ended up paying like $100 per 6months more for the 100/300 coverage but i have much more peace of mind.

That's what I'm thinking.

Make sure they're not giving you the bottom-of-the-barrel coverage; g-d forbid something happens and your policy only pays out X amount when damages may exceed said amount, you'll be liable to payout the rest.

Always remember, Insurance companies are never really on your "side", their prerogative is to make money, as much as possible, and suffer as little losses as possible.

I know Military discounts can take Insurance rates down a lot (check USAA as well), but unless you're comfortable with "weak" coverage (which I don't recommend) your payment(s) are on the too good to be true side.

As for full-coverage on a fully paid off vehicle, I'd fully recommend it. I've heard some horror stories about hit & runs, uninsured drivers, etc.

From what I understand, if any of the aforementioned scenarios happened and there's no one to put blame on, your own Insurance won't even assist in damages to your property/vehicle. So, with that said, is that sort of risk worth saving a hundred per year? Unless you fancy paying out of pocket that is.

Liability Coverages covers exactly what the word "liability" entails.

Originally Posted by techie182

Is it ok not to add full coverage on fully paid car?

[xXSupa]

$3500 a year. And that's after a 20% discount.

[MuffinMan910]

Originally Posted by xXSupa

$3500 a year. And that's after a 20% discount.

wish canadian insurance prices were similar to the states… I'm around the same

[Tom K.]

Originally Posted by techie182

Is it ok not to add full coverage on fully paid car?

Yes - but you need to crunch some numbers as to the value of the 328i as you would be buying only liability coverage and therefore self-insuring for collision & comprehensive. How much more would full coverage on the 328i cost?

My '07 328i wagon (value about $10~12K) costs about $370 every 6 months with 100/300 liability and 500 deductible collision. Personally, I would keep collision & comprehensive until the car's value significantly declined - perhaps to below $3k.

Tom

[924er]

Originally Posted by jgoens

I call BS...no way two cars both bmw..no way...need to post insurance offer or it didn't happen.

I agree. I pay 220 a month full coverage for my 335i and my wife's Lexus and I have crappy coverage like 1000 deductible. I'm 27 married no accidents or tickets

[kfriceman]

Originally Posted by techie182

No uninsured........

Not having this is a huge mistake, I been in 4 no-fault accidents in my lifetime and not one of these fuckers had a valid license or insurance. Without uninsured coverage I would have been out of pocket each time.

-Kevin

[kfriceman]

Originally Posted by techie182

Is it ok not to add full coverage on fully paid car?

Absolutely, if are willing accept the financial risk of all costs required to cover vehicle damage for at-fault accidents or loss and "Acts of God" damage or loss.

For example, if your 328 is worth $15k are you willing to absorb any or all of the car value due to the aforementioned, if not, then get the appropriate coverages.

-Kevin

[AnthonyT]

If I were you I'd switch over to USAA, they poop on Geico as far as customer service and treatment. I have a 2007 328i, 2008 335i, 2005 Volvo S40 and renters insurance. Everything is full coverage and I have roadside assistance. I'm 25 years old with points on my driving record. I pay approximately 200 a month for everything.