M3 is cheap to insure, apparently

MaxL · 09-27-2012, 12:30 PM

Just got a 2011 Sonata added on my policy, and guess what - insurance premiums on it are over $1K/year higher than on my M3. The rep said that M3 has very low loss ratio, and Sonata has somewhat above-average ratio. Anyway, the culprit seems to the Accident Benefits portion of the insurance - it's 4x on Sonata then on M3. Something to take into account when picking cars.

BTW, is there a chance that all this is BS, and I'm just being taken advantage of?

danio · 09-27-2012, 02:17 PM

different companies offer different rates on different vehicles. You won't be able to confirm this until you have shopped around.

My insurance is $1K more on my M3 than on my previous S2000.

BMW Fanatic · 09-27-2012, 04:13 PM

Wouldn't doubt it at all. My folks pay more for their X5 and E550. I'm 26 years younger than my mum, 28 younger than my dad. The reason being we only have 3 years no claims in Canada (from the UK originally). Gives you a good idea though about how cars differ.

6spdg37s · 09-27-2012, 05:26 PM

is their difference insurance requirements/standards in canada then the US?

apecush · 09-28-2012, 09:11 AM

yeah, we probably pay a lot less for uninsured motorist coverage...

I was also surprised how cheap the M3 is to insure, doesn't make sense that a sonata would be that much more though. I came from a Nissan Maxima, which was about $100 less/year than my M3. I'd get a second opinion if I was you.

6spdg37s · 09-28-2012, 09:40 AM

whenever my car comes in I will be paying 126 a month full covg 1000 deductibles 100/300k , no limitation on lawsuits , 25 yrs old , 0 tickets , 0 points, 0 incidents, knock on wood

MaxL · 09-28-2012, 01:57 PM

Quote:

Originally Posted by 6spdg37s

whenever my car comes in I will be paying 126 a month full covg 1000 deductibles 100/300k , no limitation on lawsuits , 25 yrs old , 0 tickets , 0 points, 0 incidents, knock on wood

Are you in Ontario, Canada? If not, it's not comparable - we have mafia-style insurance industry here. I used to pay about $65/month on a brand new 335xi in USA...

6spdg37s · 09-28-2012, 04:16 PM

Quote:

Originally Posted by MaxL

Are you in Ontario, Canada? If not, it's not comparable - we have mafia-style insurance industry here. I used to pay about $65/month on a brand new 335xi in USA...

nope im in the US.

airwave808 · 09-29-2012, 01:18 PM

Quote:

Originally Posted by MaxL

Are you in Ontario, Canada? If not, it's not comparable - we have mafia-style insurance industry here. I used to pay about $65/month on a brand new 335xi in USA...

I think I started a thread on this topic last year. I pay about $115 and My M3 is only 10 bucks more per month compare to the Subaru Legacy.

kasimmmmm · 09-29-2012, 11:53 PM

I found my m3's insurance to be low (2k a year) until I got a quote of 1400 a year for a Porsche turbo (997).

MaxL · 09-30-2012, 10:23 AM

Quote:

Originally Posted by airwave808

I think I started a thread on this topic last year. I pay about $115 and My M3 is only 10 bucks more per month compare to the Subaru Legacy.

Please post or PM me the name of your insurance company and your broker if you used one. I pay about a third more for M3 and almost twice as much for Sonata, and I have no accidents or tickets ever...

GMW · 09-30-2012, 11:00 AM

In BC with a 40% discount (Public) I'm still paying $2400/year. That's FULL insurance with full value replacement.

No at fault accidents and a rather sweaky clean driving record (lots of parking tickets and a couple speeding tickets over last 12 years)
That's $400 more than I was paying in Halifax.

I also received a quote for an f30 335i and it was $2500/year.

mamadub · 09-30-2012, 11:55 AM

My M3 cost $1 less a month than my Lexus LX570. I was shocked as I was expecting it to be so much more.

CorrectoMan · 10-02-2012, 08:52 AM

Quote:

Originally Posted by MaxL

Are you in Ontario, Canada? If not, it's not comparable - we have mafia-style insurance industry here. I used to pay about $65/month on a brand new 335xi in USA...

Agreed. But more specifically in the GTA. You can't compare GTA insurance premiums with those of just a couple hours north like Barrie, Innisfil, etc.
We get raped around the GTA.

My 2011 Lexus IS250 was more expensive than the M3 Coupe.

Also, E92 < E90 by about $300/yr with my company.

peanuboy · 10-09-2012, 12:45 PM

My M3 is by far the cheapest to insure among all the other cars I had, including my current "other car", an A3

Some of my previous rides include: Jetta, GTI, A4, Accord, 335i.... Etc ANSI am in Ontario

bunnn · 10-09-2012, 05:21 PM

Toronto's Area codes for insurance is ridiculous...my m3's insurance would have dropped $1,000/year if I moved across the street.

KmndntKlink · 10-12-2012, 04:19 PM

Quote:

Originally Posted by bunnn

Toronto's Area codes for insurance is ridiculous...my m3's insurance would have dropped $1,000/year if I moved across the street.

I think its cuz of the 401 and gardiner. those are death roads if you're not paying attention. Just in general roads in Toronto area are complete crap and traffic is ridiculous so all of these leads to more claims=higher premiums.

However, I was pleasantly suprised to see how low a car like the m3 costs to insure. Shop around a bit, I'm 21 male, with 1 ticket & 1 accident and am paying 2.6k a year. With TD Moneche Monex, they had the lowest rates for those who are wondering.

Of course we still get raped compared to other provinces/countries, maybe I'll move to oakville, they get good rates?

BMRLVR · 10-17-2012, 04:25 PM

My insurance is less for my M3 than my 2008 Toyota Tundra!

09-27-2012, 12:30 PM	#1
MaxL Captain Drives: M3 e90 Join Date: Jun 2007 Location: Toronto Posts: 842 iTrader: (0)	M3 is cheap to insure, apparently Just got a 2011 Sonata added on my policy, and guess what - insurance premiums on it are over $1K/year higher than on my M3. The rep said that M3 has very low loss ratio, and Sonata has somewhat above-average ratio. Anyway, the culprit seems to the Accident Benefits portion of the insurance - it's 4x on Sonata then on M3. Something to take into account when picking cars. BTW, is there a chance that all this is BS, and I'm just being taken advantage of? __________________ Running a business is like driving on a race track - My Blog
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09-27-2012, 04:13 PM	#3
BMW Fanatic Colonel Drives: slow Join Date: Jul 2009 Location: Calgary Posts: 2,916 iTrader: (9)	Wouldn't doubt it at all. My folks pay more for their X5 and E550. I'm 26 years younger than my mum, 28 younger than my dad. The reason being we only have 3 years no claims in Canada (from the UK originally). Gives you a good idea though about how cars differ. __________________ Arkym Hood CF, VMR 710 10F 11R, 265/295, OEM Performance Spoiler, Challenge Lip GB, H&R, iND CP, 5/15% tint, MS Air Scoops in Mexico Blue, more coming soon.

09-29-2012, 11:53 PM	#10
kasimmmmm Second Lieutenant Drives: M Join Date: Jun 2011 Location: Toronto Posts: 276 iTrader: (4)	I found my m3's insurance to be low (2k a year) until I got a quote of 1400 a year for a Porsche turbo (997). __________________ Alpha Motorsports Work Wheels \| Motul \| Endless \| AFE \| Brembo \| Stoptech \| Kreissieg \| KW \| Akrapovic \| Cusco \| Defi \| TEIN \| Agency Power Last edited by kasimmmmm; 09-30-2012 at 12:45 AM.

09-30-2012, 11:00 AM	#12
GMW Dolphin 38 Drives: a Submarine Join Date: Feb 2011 Location: Victoria, BC Posts: 624 iTrader: (0)	In BC with a 40% discount (Public) I'm still paying $2400/year. That's FULL insurance with full value replacement. No at fault accidents and a rather sweaky clean driving record (lots of parking tickets and a couple speeding tickets over last 12 years) That's $400 more than I was paying in Halifax. I also received a quote for an f30 335i and it was $2500/year. __________________ 13' e92 M3 Frozen Blue - Current 11' e92 M3 - at Dealer 10' S1000RR - miss it every day 08' e93 335 - new owner 07' e91 328xi - new owner

09-30-2012, 11:55 AM	#13
mamadub Captain Drives: Melbourne Red 2011 E93 Join Date: Oct 2011 Location: Arizona Posts: 697 iTrader: (0)	My M3 cost $1 less a month than my Lexus LX570. I was shocked as I was expecting it to be so much more. __________________ Black Novillo Extended Leather, Convenience Package, Premium Package 2, DCT, 19" Double Spoke Wheels, DDC, Through Loading System, Heated Front Seats, BMW Apps, Enhanced Premium Sound, Eisenmann Sport Black Series Exhaust.

09-27-2012, 02:17 PM	#2
danio Enlisted Member Drives: Honda S2000 Join Date: Mar 2011 Location: Thornhill Posts: 42 iTrader: (1)	different companies offer different rates on different vehicles. You won't be able to confirm this until you have shopped around. My insurance is $1K more on my M3 than on my previous S2000.

09-27-2012, 05:26 PM	#4
6spdg37s Captain Drives: none Join Date: Aug 2012 Location: dirty jerz Posts: 738 iTrader: (2)	is their difference insurance requirements/standards in canada then the US?

09-28-2012, 09:11 AM	#5
apecush First Lieutenant Drives: 2008 E90 M3 Join Date: Aug 2011 Location: Edmonton Posts: 338 iTrader: (1)	yeah, we probably pay a lot less for uninsured motorist coverage... I was also surprised how cheap the M3 is to insure, doesn't make sense that a sonata would be that much more though. I came from a Nissan Maxima, which was about $100 less/year than my M3. I'd get a second opinion if I was you.

09-28-2012, 09:40 AM	#6
6spdg37s Captain Drives: none Join Date: Aug 2012 Location: dirty jerz Posts: 738 iTrader: (2)	whenever my car comes in I will be paying 126 a month full covg 1000 deductibles 100/300k , no limitation on lawsuits , 25 yrs old , 0 tickets , 0 points, 0 incidents, knock on wood

10-09-2012, 12:45 PM	#15
peanuboy Captain Drives: E93 M3 6MT Join Date: Oct 2008 Location: Toronto, Canada Posts: 712 iTrader: (2)	My M3 is by far the cheapest to insure among all the other cars I had, including my current "other car", an A3 Some of my previous rides include: Jetta, GTI, A4, Accord, 335i.... Etc ANSI am in Ontario __________________ \| E93 3 6MT \| Alpine White/Fox Red Novillo \| \| MDrive \| iDrive \| Executive \| 19" M Double Spoke \| Carbon Black Leather \|

10-09-2012, 05:21 PM	#16
bunnn Colonel Drives: like a grandma Join Date: May 2009 Location: Toronto Posts: 2,200 iTrader: (12)	Toronto's Area codes for insurance is ridiculous...my m3's insurance would have dropped $1,000/year if I moved across the street. __________________ Cheers Ben

10-17-2012, 04:25 PM	#18
BMRLVR Grease Monkey Drives: 2011 E90 M3,1994 Euro E36 M3/4 Join Date: Apr 2006 Location: Fort McMurray, Alberta, Canada Posts: 2,033 iTrader: (3)	My insurance is less for my M3 than my 2008 Toyota Tundra! __________________ 2011 E90 M3 ZCP - Individual Moonstone/Individual Amarone Extended/Individual Piano Black With Inlay:LINK!!! 1994 Euro E36 M3 Sedan - Daytona Violet/Mulberry:LINK!!!

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