Quote:
Originally Posted by AUTiger13
I am in the exact same boat as you OP. 24 years old, '11.75 e93 M3, and no accident/ticket history. I have Farmers with 100/300/100, OEM parts, etc and am paying out the ass. I just moved to Houston too but my insurance agent searched around to find the best deal while still having good coverage. I'm paying over $4k a year...
Not trying to thread jack, but on my insurance paperwork, they listed the full replacement cost of my car as the sticker price, not the actual price I paid for the vehicle a year ago (~ a $25k difference). Is this typical?
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I think they always list the MSRP of the car there and then calculate depreciation based on various factors. The price you paid isn't technically relevant to market value, after all. For example, if someone had given you the car as a gift and you totaled it later, it wouldn't be reasonable for insurance to tell you, "Well you didn't pay anything to acquire it, so we don't owe you anything to make you whole again now that you've lost it."
As for what you're paying, look forward to turning 25. When I got a quote at 22 for the 08 Acura TL Type-S I had then, it would have cost me $430/month in San Francisco; fortunately my parents let me stay on their policy then and pay them the difference on their premiums, which was still about half that. I'm now 28, married, and living in Austin, and with an Amica policy including 2 cars and one apartment, the M3 with 250/500/200 coverage and a $1K deductible is costing me $64/month.
Meanwhile, my 22-year-old sister who just graduated is paying $85/month for a 99 Jeep Grand Cherokee in South Bend, IN with Liberty Mutual. But State Farm and Amica each wanted about $145. I'd love to see what in those companies' algorithms created such a huge discrepancy in quoted rate there....