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| 06-05-2011, 12:04 AM | #1 |
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insurance.. can i say...
That BMW insurance suck balls.
They were going to charge me $3900 to fully insure my car (i'm 33 with 60% NCB).. so after talking to the guy at my dealership he discovers he can now do it for $2300 with all the stuff i need. WHY THE MASSIVE PRICE DROP?? DID YOU THINK I WAS DUMB?? I said fantastic what if i was to put an exhaust system and 1inch bigger wheels.. 3 weeks later after i talked to manager person at bmw insurance and complaining he gets back to me today and tells me bmw wont insure my car if i mod those things.. i said i'm not going to make a race car out of it he said sorry.. i said fine. Called up AAMI, all things i need + exhaust system and wheels mods all up $1900 BMW INSURANCE can go fark themselves! Turns me off BMW altogether. |
| 06-05-2011, 02:08 AM | #3 | |
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FINALLY got a quote from BMW for the insurance on the 1M, $1900. Makes yours sound exy B on B! Funny the 1M has a modded zorst and a chip and big wheels..... (factory though, that's why I like factory so much I guess) |
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| 06-05-2011, 03:59 AM | #4 |
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AAMI is very good value, but be aware that you don't get to choose the repairer if you have a smash. They will bid it out and the work will go to the lowest priced panel shop. They also don't guarantee BMW replacement parts.
I use them for our old Volvo, but not for my 1M
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| 06-05-2011, 05:16 AM | #6 |
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just waiting on the PDS to be sent to me and i will break it down.. i dont want a discount if im not gonna get all that i need in the package.
choice of repairer and parts is a must with me! |
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| 06-05-2011, 05:33 AM | #7 |
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Then you won't be going with AAMI.
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| 06-05-2011, 05:43 AM | #8 | |
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AAMI
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I have the AAMI PDS in front of me. 1. If the car is within warranty period they will use new genuine parts except for windscreen. [I was wrong on this one] 2. So the risk is not getting a BMW standard panel shop: "We choose the repairer and arrange repairs for you. To do this we obtain two independent competitive quotations from repairers we recommend. If you want, you can choose a repairer to provide one of the quotes." "we select the repairer who has submitted the more competitive and complete quote" You might want to get a quote from GIO.
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| 06-05-2011, 05:48 AM | #9 |
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GIO = $4000 They have gone up every year as well.. time to GO!
If i have the option to give them a quote from my repairer i'm sure i'll get the 'right 'price and get the job done at a mates! NPVPositive If you have it on email do you mind emailing it to me? eleeb@hotmail.com That would be awesome -Elee |
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| 06-05-2011, 05:50 AM | #10 | |
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"This is a brilliant, brilliant, brilliant car. And that's all really I've got to say. The end."
Clarkson on the 1M |
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| 06-05-2011, 06:01 AM | #11 |
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I'm unsure what happened with that pricing, but i can make comment on the other things you mentioned in your original post.
Here is what you need to understand. BMW themselves don't insure the vehicles, you need ridiculous amounts of collateral to underwrite insurance. There would be no point investing this amount of money into such a small market (only BMW's). On the other hand, brand is everything so as a business you want to exploit a positive brand image as much as possible. The best way to do this is to 'white-label' the insurance product. White-labeling put simply is placing a brand on someones product and in some cases the actual product can change slightly. This means that BMW don't have any outlay and don't take on the risk at all. They simply pass it all over to someone and take a 'cut' of the premium. In this case, BMW have partnered up with Allianz who underwrite the insurance. The product will be slightly different to the standard Allianz product as BMW would have most likely said they will only give Allianz the business if their product / service had certain 'boxes' ticked. Things like guarantees that the repairer will use BMW parts etc. The only thing Allianz wouldn't change, is their underwriting criteria. These are certain things which the insurer deems too higher risk for their target portfolio. Things like mods, licence restrictions, ages... You get the idea. The more 'lenient' an insurer the higher their prices are. Whilst BMW could have picked an insurer who will cover anyone, driving anything this would probably not be in the best interest of their clients. You have to understand that there is an extremely small percentage of people that modify new BMW's (the product placement is mainly through dealerships so generally offered on new vehicles). As such with Allianz underwriting the product it means the price is decent (considering the cover and brand value) for what i would imagine to be well over 90% of the customers. I agree though, it does suck that Allianz are so tight with their underwriting criteria as their claims record is extremely good (from my experience). Note, I'm not trying to be condescending, simply just trying to show you another side of the story. |
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| 06-05-2011, 06:06 AM | #12 |
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Well, i am with suncorp and pay $1300 and BMW wanted $1800.
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| 06-05-2011, 06:48 PM | #13 |
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Just got my renewal from Ryno (underwritten by Lloyds)
$1550, for Agreed value of $59,100, with $500 excess. No issue with parts or repairer. includes winscreen and hire car. Under 25 drivers excluded completely. I don't think that's too bad as a starting point. From experience, I'll get the value up and the cost down a little bit after some discussions. Beware the windscreen issue. Think about the electronics and expertise required to get all the rain sensing right. My wife needed a screen for her Benz. O'Brien quoted $600 fitted - not an OEM screen. Benz charged $2600 fitted. While I'm sure the part was a lot more expensive (inflated), the fit and seal is perfect, and never had any issue with the electronics. |
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| 06-05-2011, 09:19 PM | #15 |
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I use NRMA...
I get new for old replacement for first 24 months, choice of repairer, OEM parts, lifetime guarantee on repairs, automatic coverage of modifications etc.. $930/year.
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| 06-05-2011, 09:53 PM | #16 |
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Wonder what they will use to replace a 1M...
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| 06-05-2011, 10:01 PM | #17 | |
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| 06-05-2011, 10:03 PM | #18 |
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automatic cover for modifications for $930 per year? I was about to pay more then double that through Shannons with all my mods listed. Is there a catch with NRMA? looks like its a pretty good deal.
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| 06-05-2011, 10:05 PM | #19 | |
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How on earth did you get that price |
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| 06-05-2011, 10:08 PM | #20 | |
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Also, I do get a bit of a discount for my house and contents - multi-policy discount... and I've been with them for about 10 years with no claims... I'm 36 with Rating 1 for life/60% NCB. I guess it all adds up...
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| 06-05-2011, 10:09 PM | #21 | |
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| 06-05-2011, 10:16 PM | #22 | |
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