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      09-27-2012, 12:30 PM   #1
MaxL
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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?
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      09-27-2012, 02:17 PM   #2
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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.
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      09-27-2012, 04:13 PM   #3
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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.
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      09-27-2012, 05:26 PM   #4
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is their difference insurance requirements/standards in canada then the US?
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      09-28-2012, 09:11 AM   #5
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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.
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      09-28-2012, 09:40 AM   #6
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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
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      09-28-2012, 01:57 PM   #7
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Quote:
Originally Posted by 6spdg37s View Post
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...
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      09-28-2012, 04:16 PM   #8
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Quote:
Originally Posted by MaxL View Post
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.
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      09-29-2012, 01:18 PM   #9
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Quote:
Originally Posted by MaxL View Post
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.
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      09-29-2012, 11:53 PM   #10
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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).
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      09-30-2012, 10:23 AM   #11
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Quote:
Originally Posted by airwave808 View Post
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...
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      09-30-2012, 11:00 AM   #12
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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.
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      09-30-2012, 11:55 AM   #13
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My M3 cost $1 less a month than my Lexus LX570. I was shocked as I was expecting it to be so much more.
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      10-02-2012, 08:52 AM   #14
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Quote:
Originally Posted by MaxL View Post
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.
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      10-09-2012, 12:45 PM   #15
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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
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      10-09-2012, 05:21 PM   #16
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Toronto's Area codes for insurance is ridiculous...my m3's insurance would have dropped $1,000/year if I moved across the street.
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      10-12-2012, 04:19 PM   #17
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Quote:
Originally Posted by bunnn View Post
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?
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      10-17-2012, 04:25 PM   #18
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My insurance is less for my M3 than my 2008 Toyota Tundra!
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