Best/Cheapest ways for Insurance?

[SooMighty]

So I've decided that in a few months (august/september) I will be purchasing the M3 through BMW Select. Probably base model with a couple things (fox red interior, 19's, etc) and none of the packages. Don't think I need it or it's worth the money. Unles they just throw it in anyway.

ANYWAYS...My concern is, what's the best/cheapest way to get insurance for a M3? I know the insurance coverage on these cars are RIDICULOUS. Whether I can get a very good price for insurance will be the make or break in terms of me getting a M3. I'm 26 years old and I live in Los Angeles. Any advice? Thanks guys.

[FStop7]

When buying a $60 - $70 thousand dollar car it is probably not a good idea to cheap out on the insurance.

[Green///Hell]

Sounds like LA....

If anything you will need a cheaper car to split time within the policy of which car you theoretically would be switching seat time with. Maybe a used Jetta or something.
Full coverage is the only way to go, honestly on a 70k car 2k a year is nothing

[M3Rolly]

Yea, I put down my camry as the daily driver and the m3 for pleasure. I also make sure that I state the yearly miles are low for the M. About 3-4000 miles. Try Drive Insurance (Progressive) or PGAC. Get a $1k deductible. $1k is not much difference when the price to fix any damage to the M (GOD FORBID). $2k deductible is not much difference per month for the premium either.

I went through the same thing as you when I get my M.

[gadget]

sounds like your buying a car above your means... this car is high maintanance. needs new tires tires @ ~$2k evey 10k miles... there are a lot of expenses with this car, low mpg etc.. be wise and don't get yourself in a hole you'll regret later....

[schadenfreude]

Originally Posted by FStop7

When buying a $60 - $70 thousand dollar car it is probably not a good idea to cheap out on the insurance.

I think the best advice is to call around. Make sure you get all applicable discounts. If you can change homeowners/renters/umbrella/etc to the same company, you can save big.

I'm keeping my GTI around with standard coverages. Both qualify for limited mileage rates. Costs me extra to insure the GTI, but saves me from paying out the nose on the M3, and I can use it in inclement weather or when parking in Belltown where the bums will piss on/trash your car when you don't give 'em money. Its worth the peace of mind.

[jaydoc1]

Originally Posted by gadget

this car is high maintanance. needs new tires tires @ ~$2k evey 10k miles...

What kind of track shoes do you put on your M3 to cost $2K?

$1200-1300 for 18" OEM PS2s at Tire rack.

[drey]

Yeah, get as high a deductible as you can and a low mileage discount or you'll get nailed pretty bad seeing as how you're in your 20s and probably single to boot.

Might help to get the sedan vs. the coupe but considering your demographic you probably want the coupe. Most people strongly prefer one or the other...

[SooMighty]

I just wanted advice on ways to get lower/cheaper insurance coverage rather than the straight forward quote they give you, thats all.

I know some of you guys live very comfortably, but Im 100% sure there are those who might be in their younger age, who work and have the M3 even though REALISTICALLY it is not the wisest choice in terms of financing/saving since it takes up so much of their income.

its pretty simple. paying high insurance and not caring or having it affect your living vs trying to save as much as you can because it really helps.

thanks for the advice though guys.

PS. new tires every 10k miles??? Is this if I take my car to the track or something? because I dont plan on doing so. it will just be a daily driver. but new tires every 10k miles seems pretty ridiculous.

[Eau Rouge]

Originally Posted by SooMighty

So I've decided that in a few months (august/september) I will be purchasing the M3 through BMW Select. Probably base model with a couple things (fox red interior, 19's, etc) and none of the packages. Don't think I need it or it's worth the money. Unles they just throw it in anyway.

ANYWAYS...My concern is, what's the best/cheapest way to get insurance for a M3? I know the insurance coverage on these cars are RIDICULOUS. Whether I can get a very good price for insurance will be the make or break in terms of me getting a M3. I'm 26 years old and I live in Los Angeles. Any advice? Thanks guys.

If you're not married, find a willing accomplice and make it happen ASAP!

Seriously, if the dollar amount is the end all, your task is easy: Simply shop bottom dollar for minimum coverage.

http://www.thebeehive.org/money/abou...hopping-quotes

If you want inexpensive “best” coverage, you’ll need to do some research in order to collect the info that allows you to decide based on an apples-to-apples evaluation of two or more auto insurance company’s policies. Of course, you will be the one that determines how much coverage is right for your circumstances if you think that the BMW Select required limits are less than what you need for peace of mind.

You may wish to find out what others have liked or disliked about their choice of insurance company before handing money over to an agent.

Consumer e-pinions
http://www.epinions.com/Insurance/ke...ious_max_price

Additional resources

Insurance Departments Directory for the 50 states
http://www.ican2000.com/state.html

This link
http://www.myfloridacfo.com/Consumer...Auto/index.htm, for those looking for Florida info, is included due to the Florida link at ican2000 site being useless.

If you are in California (based on your profile), the info in the FAQ may be useful. http://www.pifc.org/insurance_manual...repair_qa.html

Since you will be owning a BMW…

Little-Known but Important Car Insurance Issues
http://www.edmunds.com/advice/insura...3/article.html

Excerpt from Repairs -- OEM vs Aftermarket Parts
“The use of aftermarket parts can be called into question for two reasons. First of all, they decrease a vehicle's resale value. This should certainly be taken into consideration if you plan on reselling or trading in your car. Many dealers check the repair history of vehicles to see what kinds of parts were used. The trade-in value of a BMW with non-BMW parts can certainly be adversely affected. By the same token, using non-OEM replacement parts to repair a leased car could cost you all or part of your security deposit, because technically you would not be returning the vehicle in the same condition as when it was leased.”

Good luck!

[valeram]

My advice, if you can manage to get married, have kids and own a home (I am sure that you are a college degree holder) before that time, then you can get a good insurance rate. If not, then shop around. Most finance company will require a certain insurance coverage if you will finance the car.

[dapaine]

Always call and shop around, each insurance company is different. With that said, we shopped around a few years ago and ended up with Liberty, we are really happy with them and the rates are great. We have an 07 Mini Cooper S and had an 08 Nissan Sentra, a month ago I sold the sentra and bought a loaded 08 M3 and the insurance almost stayed the same. We ended up getting lucky because we already had Liberty and found out they have a deal with BMW and give great rates (I think you will find Liberty ads in BMW and Mini dealer showrooms). Oh and I am 27. Shop around its your best bet, every company is different depending on yolur situation.

Just my 2 cents

[chuckvic]

liberty Insurance i believe has a deal for insuring the cars but may be limited to BMWCCA members, get a recent ROUNDEL magazine and check it out.

[URBAN LEGEND]

Originally Posted by jaydoc1

What kind of track shoes do you put on your M3 to cost $2K?

$1200-1300 for 18" OEM PS2s at Tire rack.

Don't forget mount and balance.

[djMpower]

Well since you are in Cali you should try giving Wawanesa a shot. They usually have great coverage for decent rates. Other than that, I really have no idea. It helps to have brokers in the family.

As far as the tires... that's the case on any sports car with summer tires. Unless your right foot is made of feathers, fully expect to replace the shoes every 10k miles. Even less if you're planning to have a spirited drive more than once every thousand miles.

Just my 2c.

Originally Posted by SooMighty

I just wanted advice on ways to get lower/cheaper insurance coverage rather than the straight forward quote they give you, thats all.

I know some of you guys live very comfortably, but Im 100% sure there are those who might be in their younger age, who work and have the M3 even though REALISTICALLY it is not the wisest choice in terms of financing/saving since it takes up so much of their income.

its pretty simple. paying high insurance and not caring or having it affect your living vs trying to save as much as you can because it really helps.

thanks for the advice though guys.

PS. new tires every 10k miles??? Is this if I take my car to the track or something? because I dont plan on doing so. it will just be a daily driver. but new tires every 10k miles seems pretty ridiculous.

[FStop7]

Wawa has a good rep

I have Amica, they're very highly rated. My coverage is reasonable ($1800 a year in the middle of LA, 400/400k coverage I believe)

If you are eligible for USAA then I would say get that, no matter what. USAA has an outstanding reputation.

[airbornewilly]

I just bought my new m3 and did some serious insurance shopping and it was amazing how much of a range there was between different companies for the same coverage. Some were as high as 2k every 6 months. I am a single 25 year old home owner btw. I finally ended up with state farm and its ridiculously affordable with reputable coverage. I pay $610 every 6 months which gets me 100/300/100 personal liability, 1k collision deduct, 0 compreh deduct (lots of hail here) and 100/300/100 uninsured motorist (lots of idiot aholes without insurance here too hehe). Seems like a great deal. Good luck and congrats on your new ride. You are gonna be grinning from ear to ear 24/7!

[JCtx]

I also think the smartest thing is to buy an M3 as a second car. I bought an '08 Accord coupe 6MT as a 'daily' driver, although I probably put 5K combined miles a year on both. It's nice not having to drive the M in the rain, and also on interstates where trucks throw all kinds of crap on the desert sothwest, and where it makes no sense wearing out the M (plus the expensive tires, etc).

I was just quoted $290 with full (and max limits) coverage for the M with $1K deductibles, which is not bad compared to most others. The Accord came at $250 with $500 deductibles. Those are my renewal rates come July. Perfect credit and driving record (TX), married, and an old fart by what I've seen here (47) . And no, my parents didn't buy me the car ... on the contrary; I bought them a house a decade ago. Good day gang.

[whiteE92M3]

$2k via Mercury, 5k mi per year w/ $500 deductable (same age as you)

[M3Rolly]

Originally Posted by jaydoc1

What kind of track shoes do you put on your M3 to cost $2K?

$1200-1300 for 18" OEM PS2s at Tire rack.

We haven't even gotten into the 19s yet. for 19s there about $400-450 a piece.

[M3Rolly]

Originally Posted by airbornewilly

You are gonna be grinning from ear to ear 24/7!

DITTO

[MrHarris]

Originally Posted by M3Rolly

We haven't even gotten into the 19s yet. for 19s there about $400-450 a piece.

Yeah, after 18" tires, the prices go WAY up.