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      03-24-2008, 01:51 PM   #1
goldminer
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Why is insurance so expensive for the M3

I am shopping for a car now and am considering the E92 335, the E 92 M3 or an Audi S5. one of the things I always consider is insurance costs so I phoned my agent for quotes today. I asked for the same coverage as I have now (with a $500 deductible) and she also got me a quote for $1,000 deductible on the collison and comprehensive. Here are the results.

E92 335: $500 ded. = $1,952
$1,000 ded = $1,822

E9 M3: $500 ded. = $2,647
$1,000 ded = $2,395

Audi S5: $500 ded. = $2,201
$1,000 ded = $2,017

The S5 is only slightly less expensive a car than the M3 yet is cheaper to insure. I asked and was told the difference was mostly in the comprehensive section. Is the M3 that much more likely to be stolen or vandalized? I was quite surpised by this.

Last edited by goldminer; 03-24-2008 at 02:15 PM.
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      03-24-2008, 02:10 PM   #2
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$500 dollar difference from 335 and m3. thats excellent. I got quoted $3500 full coverage for m3, and im 21 years old 4 years experience.
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      03-24-2008, 02:15 PM   #3
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dont worry about high insurance prices...for all you novice people in bending the rules....just get insurance under one of your parents names that have a good driving record...you dont need to be insured...as long as the car is insured your good to go.... ive done that with all my cars...i got a quote on the new M3 also under my dads name and for $500 deductible it comes out to be about $1145 for 6 months
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      03-24-2008, 02:17 PM   #4
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Quote:
Originally Posted by ronushi View Post
$500 dollar difference from 335 and m3. thats excellent. I got quoted $3500 full coverage for m3, and im 21 years old 4 years experience.

Well I am 52 and no accidents or tickets for over 22 years.

By the way my principal complaint was with the difference between the cars not the actual cost of the M3's coverage.
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      03-24-2008, 02:27 PM   #5
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dont worry about high insurance prices...for all you novice people in bending the rules....just get insurance under one of your parents names that have a good driving record...you dont need to be insured...as long as the car is insured your good to go.... ive done that with all my cars...i got a quote on the new M3 also under my dads name and for $500 deductible it comes out to be about $1145 for 6 months

Well that is a brilliant idea as long as you don't have an accident. If you lie about who is the principal driver of the car you don't have a valid insurance policy. You have fraudulently obtained insurance from the company.

Should they query why the declared principal driver was not driving the car in an accident, (which they might do, say, if the accident happened while you were on the way to work on a weekday) they can deny all coverage. It is also really easy to raise their curiosity if your dad is listed as principal driver on 2 or 3 cars. If you were at fault in this accident you would then be left paying the bill for the repair, or, if the car were written off, you would still have to make the payments on it to the finance company.

Then there is the pesky little matter of committing this fraud actually being a minor criminal offence. I don't know what line of work you're in but in mine I could loose my professional license and my job with a criminal conviction.
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      03-24-2008, 03:42 PM   #6
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Originally Posted by goldminer View Post
Well that is a brilliant idea as long as you don't have an accident. If you lie about who is the principal driver of the car you don't have a valid insurance policy. You have fraudulently obtained insurance from the company.

Should they query why the declared principal driver was not driving the car in an accident, (which they might do, say, if the accident happened while you were on the way to work on a weekday) they can deny all coverage. It is also really easy to raise their curiosity if your dad is listed as principal driver on 2 or 3 cars. If you were at fault in this accident you would then be left paying the bill for the repair, or, if the car were written off, you would still have to make the payments on it to the finance company.

Then there is the pesky little matter of committing this fraud actually being a minor criminal offence. I don't know what line of work you're in but in mine I could loose my professional license and my job with a criminal conviction.

I totally understand what your saying, but my good friend all that has been thought about...I dont know why im teaching the public about these loop holes.and the answer for your post is that you change YOUR address to your uncles, aunts, cousins etc etc...doesnt matter who you choose but the point is when they ask why the principal driver was not driving the vehicle...my answer is "because I was borrowing it for the day". ive been into two accidents the past 8 years and one of them was my fault..you come out clean...eveyrone in my community does this anyway...its the socal way of living haha lol..well not everyone but you get the point...my point is basically i can drive your car and get into an accident and im covered and the car is covered because at the end of the day "the car was insured". i can even collect medical insurance money...its been done plenty of times from dozens of people i know and its actually a veryyyy legal way of bending the rules. they have no right to ask why i live somewhere else or why i was borrowing the car...its personal reasons...even if they do you can always have an answer..my point is you wont get fired or let go from your job
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      03-24-2008, 05:01 PM   #7
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Originally Posted by M3aHOLIC84 View Post
I totally understand what your saying, but my good friend all that has been thought about...I dont know why im teaching the public about these loop holes.and the answer for your post is that you change YOUR address to your uncles, aunts, cousins etc etc...doesnt matter who you choose but the point is when they ask why the principal driver was not driving the vehicle...my answer is "because I was borrowing it for the day". ive been into two accidents the past 8 years and one of them was my fault..you come out clean...eveyrone in my community does this anyway...its the socal way of living haha lol..well not everyone but you get the point...my point is basically i can drive your car and get into an accident and im covered and the car is covered because at the end of the day "the car was insured". i can even collect medical insurance money...its been done plenty of times from dozens of people i know and its actually a veryyyy legal way of bending the rules. they have no right to ask why i live somewhere else or why i was borrowing the car...its personal reasons...even if they do you can always have an answer..my point is you wont get fired or let go from your job
Yeahhhhhh. This might work for a fender bender, but if you were to get in to an accident where someone needed $2m in medical care over the rest of their life, the insurance company would probably dig a little deeper.

This could lead to you having to commit perjury at a trial, along with your parents, and the person you were allegedly living with. But I guess if your family can't afford the insurance on your M3 you gotta do what you gotta do.


Quote:
Originally Posted by M3aHOLIC84 View Post
its actually a veryyyy legal way of bending the rules.
Actually no. When you apply for the insurance you are required, by law, to give complete and accurate info. If you don't you've committed fraud.

Last edited by jaiman; 03-24-2008 at 05:28 PM.
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      03-24-2008, 05:07 PM   #8
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Quote:
Originally Posted by goldminer View Post
I am shopping for a car now and am considering the E92 335, the E 92 M3 or an Audi S5. one of the things I always consider is insurance costs so I phoned my agent for quotes today. I asked for the same coverage as I have now (with a $500 deductible) and she also got me a quote for $1,000 deductible on the collison and comprehensive. Here are the results.

E92 335: $500 ded. = $1,952
$1,000 ded = $1,822

E9 M3: $500 ded. = $2,647
$1,000 ded = $2,395

Audi S5: $500 ded. = $2,201
$1,000 ded = $2,017

The S5 is only slightly less expensive a car than the M3 yet is cheaper to insure. I asked and was told the difference was mostly in the comprehensive section. Is the M3 that much more likely to be stolen or vandalized? I was quite surpised by this.

Good lord, you're insurance seems high. I pay 1300ish per year for my wife and I, both under 30, no accidents, no speeding tickets.

Do you drive a bunch of KMs per year?

Any chance of getting group insurance through you job? The savings can be really good.
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      03-24-2008, 05:11 PM   #9
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Quote:
Originally Posted by jaiman View Post
Good lord, you're insurance seems high. I pay 1300ish per year for my wife and I, both under 30, no accidents, no speeding tickets.

Do you drive a bunch of KMs per year?

Any chance of getting group insurance through you job? The savings can be really good.
I pay just over $1,300 for full coverage on my current car, similar to you. This is what I was quoted today for the above cars. No I don't drive a lot but I do live downtown which is a high rate area.
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      03-24-2008, 05:24 PM   #10
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Quote:
Originally Posted by M3aHOLIC84 View Post
I totally understand what your saying, but my good friend all that has been thought about...I dont know why im teaching the public about these loop holes.and the answer for your post is that you change YOUR address to your uncles, aunts, cousins etc etc...doesnt matter who you choose but the point is when they ask why the principal driver was not driving the vehicle...my answer is "because I was borrowing it for the day". ive been into two accidents the past 8 years and one of them was my fault..you come out clean...eveyrone in my community does this anyway...its the socal way of living haha lol..well not everyone but you get the point...my point is basically i can drive your car and get into an accident and im covered and the car is covered because at the end of the day "the car was insured". i can even collect medical insurance money...its been done plenty of times from dozens of people i know and its actually a veryyyy legal way of bending the rules. they have no right to ask why i live somewhere else or why i was borrowing the car...its personal reasons...even if they do you can always have an answer..my point is you wont get fired or let go from your job
I'm not sure where are you getting your legal advice from but I believe you are very wrong. When you enter into a contract with someone you are required to provide accurate information or the contract is void. Contrary to your assertions, if the contract is void the car is not insured. You are correct that I can loan you my car occasionally and the car has insurance coverage but if you become the primary driver, and I don't declare it, the car does not have insurance coverage.

As for them having no right to ask those questions I'm not sure why you think this. If one party has reason to suspect the other party to a contract has fraudulently misrepresented the risk the insurer has taken on they have every right to ask those questions and to investigate. If the amount involved in the claim is large and they suspect fraud they will just deny your claim and it will be up to you to take them to court to force coverage. At that time you will be disclosing information under oath and if you lie then you are now committing a serious crime.

There is nothing legal about what you are doing.
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      03-24-2008, 05:24 PM   #11
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Quote:
Originally Posted by goldminer View Post
I pay just over $1,300 for full coverage on my current car, similar to you. This is what I was quoted today for the above cars. No I don't drive a lot but I do live downtown which is a high rate area.
weird. I live downtown as well. I;m moving in a bit over a week to the liberty village area and my insurance is bumping up to 1700, so location inside the city can make a big difference.
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      03-24-2008, 05:35 PM   #12
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Quote:
Originally Posted by jaiman View Post
weird. I live downtown as well. I;m moving in a bit over a week to the liberty village area and my insurance is bumping up to 1700, so location inside the city can make a big difference.

You are moving to within less than a km of where I live so that probably explains it. Check out the Brazen Head Irish pub in Liberty Village. It is quite nice.
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      03-24-2008, 05:52 PM   #13
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Quote:
Originally Posted by goldminer View Post
I'm not sure where are you getting your legal advice from but I believe you are very wrong. When you enter into a contract with someone you are required to provide accurate information or the contract is void. Contrary to your assertions, if the contract is void the car is not insured. You are correct that I can loan you my car occasionally and the car has insurance coverage but if you become the primary driver, and I don't declare it, the car does not have insurance coverage.

As for them having no right to ask those questions I'm not sure why you think this. If one party has reason to suspect the other party to a contract has fraudulently misrepresented the risk the insurer has taken on they have every right to ask those questions and to investigate. If the amount involved in the claim is large and they suspect fraud they will just deny your claim and it will be up to you to take them to court to force coverage. At that time you will be disclosing information under oath and if you lie then you are now committing a serious crime.

There is nothing legal about what you are doing.
I mean your totally right...but if you believe anyone is being honest in court, then you sure dont sound 52 to me to be that gullable. maybe your an honest canadian..those really patriotic types..who knows...but the point is they cant prove that i am the primary driver because of my changed address...thats the whole point of changing your address and claiming you borrowed it and like you said it turns out to look like i have just borrowed it that day and i had bad luck and got into an accident...you then take you car to your buddies bodyshop get some other BS stuff included into your estimate and send a nice big bill to the auto insurance company. you then get your car fixed plus a grand or two extra in your pocket. then go to your buddy thats a doctor and get BS massage therapy treatments for a few months and pocket another few grand there...the point is buddy your very wrong if you think anything here is bound to get my in trouble....my mentality or what im after is very wrong..but everything is legally done by paperwork...maybe you have been very honest all your life to see it happening...like i said i know dozens of people that are in the same game as i am for over a decade prolly without one person getting into trouble...why? because everything done is backed up by documented paperwork...i mean its ok if you or others think im wrong or what me and plenty others do is wrong..maybe ur best friend does it too just doesnt tell you about it...
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      03-24-2008, 05:58 PM   #14
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Quote:
Originally Posted by jaiman View Post
Yeahhhhhh. This might work for a fender bender, but if you were to get in to an accident where someone needed $2m in medical care over the rest of their life, the insurance company would probably dig a little deeper.

This could lead to you having to commit perjury at a trial, along with your parents, and the person you were allegedly living with. But I guess if your family can't afford the insurance on your M3 you gotta do what you gotta do.




Actually no. When you apply for the insurance you are required, by law, to give complete and accurate info. If you don't you've committed fraud.
my family could afford it...yes i live with my parents but i work and make a good living but i dont want my family paying for any of my expenses...and i find no harm in shaving off money here and there and next thing you know you have a nice chunk of change sitting in your account to utilize for many other things...
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      03-24-2008, 07:08 PM   #15
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Quote:
Originally Posted by goldminer View Post
I am shopping for a car now and am considering the E92 335, the E 92 M3 or an Audi S5. one of the things I always consider is insurance costs so I phoned my agent for quotes today. I asked for the same coverage as I have now (with a $500 deductible) and she also got me a quote for $1,000 deductible on the collison and comprehensive. Here are the results.

E92 335: $500 ded. = $1,952
$1,000 ded = $1,822

E9 M3: $500 ded. = $2,647
$1,000 ded = $2,395

Audi S5: $500 ded. = $2,201
$1,000 ded = $2,017

The S5 is only slightly less expensive a car than the M3 yet is cheaper to insure. I asked and was told the difference was mostly in the comprehensive section. Is the M3 that much more likely to be stolen or vandalized? I was quite surpised by this.
That's pretty expensive. My spouse and I (in Alberta) have a 2008 e92 M3 (mine, replacing 2005 e46 M3) and a 2007 M Coupe. $1500 deductible, total insurance for BOTH cars is $2300 per year.

Neither of us have clean records. Spousal unit totalled a 2006 MINI Cooper last fall, and we both have a couple of speeding tickets.
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      03-24-2008, 07:40 PM   #16
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Originally Posted by M3aHOLIC84 View Post
I mean your totally right...but if you believe anyone is being honest in court, then you sure dont sound 52 to me to be that gullable. maybe your an honest canadian..those really patriotic types..who knows...but the point is they cant prove that i am the primary driver because of my changed address...thats the whole point of changing your address and claiming you borrowed it and like you said it turns out to look like i have just borrowed it that day and i had bad luck and got into an accident...you then take you car to your buddies bodyshop get some other BS stuff included into your estimate and send a nice big bill to the auto insurance company. you then get your car fixed plus a grand or two extra in your pocket. then go to your buddy thats a doctor and get BS massage therapy treatments for a few months and pocket another few grand there...the point is buddy your very wrong if you think anything here is bound to get my in trouble....my mentality or what im after is very wrong..but everything is legally done by paperwork...maybe you have been very honest all your life to see it happening...like i said i know dozens of people that are in the same game as i am for over a decade prolly without one person getting into trouble...why? because everything done is backed up by documented paperwork...i mean its ok if you or others think im wrong or what me and plenty others do is wrong..maybe ur best friend does it too just doesnt tell you about it...

Again, insurance companies will handle a large claim very differently than a smaller one. If your car got totaled and someone was seriously injured and the company was looking at a multi-million dollar claim, they'd look at the pictures of your car, and probably conclude that it is a bit pimptacular to be the car of a middle aged man. Next step would be to spend a couple of grand to have a PI go to the parking lot where you park for work everyday, flash your picture to the attendentat along with a pic of your car and ask how often you drive that car to work. Hell they could even have their lawyers subpoena the video surveilance of the parking lot to establish that you drove that car in frequently enough to be the primary driver.

As for picking up extra money by scamming an insurance company, if that's the only way you can make money, or that couple grand is a large amount of money to you, well then best of luck with it.
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      03-24-2008, 07:43 PM   #17
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Originally Posted by dmwood View Post
That's pretty expensive. My spouse and I (in Alberta) have a 2008 e92 M3 (mine, replacing 2005 e46 M3) and a 2007 M Coupe. $1500 deductible, total insurance for BOTH cars is $2300 per year.

Neither of us have clean records. Spousal unit totalled a 2006 MINI Cooper last fall, and we both have a couple of speeding tickets.
three words: no fault insurance.
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      04-15-2008, 08:08 PM   #18
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My insurance came in today at $1157/yr $1000 deductable.I also have a $4,000,000 umbrella PL & PD policy which only costs about $300/yr and covers the cars,bikes and the house.The M3 is cheaper than my F150 was!
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      01-13-2009, 09:03 AM   #19
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My insurance came in today at $1157/yr $1000 deductable.I also have a $4,000,000 umbrella PL & PD policy which only costs about $300/yr and covers the cars,bikes and the house.The M3 is cheaper than my F150 was!
Hi,

You got a pretty good rate there. Which insurance company is this and how old are you if you don't mind me asking. I'm with Meloche Monnex and the rate is decent but still more expensive than what my friends are getting from say RBC but when I asked RBC for a quote it's higher than monnex and they said you can't get it cheaper than monnex. *shrug*
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      01-13-2009, 09:42 AM   #20
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my insurance actually went down from my 2005 330ci.
I used to pay $2900
the My E93 M3 is $2500

Not bad!
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      01-13-2009, 09:44 AM   #21
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I have State Farm, mine is $1080/yr. with $500ded. $90/month. I'm 39, have a house and 4 vehicles insured with them.
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      01-13-2009, 09:57 AM   #22
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Melloche Monnex $1500/yr $0 Deductible and have 2 cars and home covered with them also.
Seems reasonable to me considering it is covering an $80k vehicle
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