Why is my insurance quote so high?

[NSE92M3]

I'm in the market for a 2011 E92 M3. I've checked several quotes online and they're all around $5-600/month. I have one speeding ticket from 2011 and a rear end accident this month and I'm 23. Does this seem about right?

[Lorde]

You're 23.

[Hurricane]

That seems ridiculously high even for 23. I would shop around and get a couple of quotes but be prepare to be raked over the coals with the payments because of your age.

[Robz26]

23 + speeding + accident. You answered your own question.

Honestly assess how likely you are to get into an accident after you get this car. I think those quotes are fairly priced.

[WingZeroX5]

rofl i was 24 clean and 600 is about what i pay for the year

but speeding tix/accident screwed u over

[SilentAttack]

Yup age +ticket +accident

[Z K]

Sounds about right. You're young and have a ticket and accident on record. Those will follow you around for a long time.

[passing]

Originally Posted by WingZeroX5

rofl i was 24 clean and 600 is about what i pay for the year

but speeding tix/accident screwed u over

pics of your dec page, now.

unless you drive a 1985 nissan sentra with liability only, you arent paying 600 a year.

[NSE92M3]

Originally Posted by Z K

Sounds about right. You're young and have a ticket and accident on record. Those will follow you around for a long time.

Doesn't the ticket only stay on the record for 3 years? If so I only have 1.5 years left. Not sure about the accident though.

[Kong Sheng Han]

Originally Posted by passing

pics of your dec page, now.

unless you drive a 1985 nissan sentra with liability only, you arent paying 600 a year.

He must be under his parents' names.

[dreamspeed]

Originally Posted by passing

pics of your dec page, now.

unless you drive a 1985 nissan sentra with liability only, you arent paying 600 a year.

Agreed, 600 per year sounds way too low unless it's liability only coverage...even then that seems too low.

And I don't think you get the price break for age until after 25.


Back to the OP, 600 per month sounds crazy high no matter which way you look at it but like someone said.... 23 years old with a speeding ticket and accident within the last 2 years... the insurance company pretty much knows they they are going to have pay off a claim very soon

[inter1032]

for the same age, clean record and a 2013 ive been quoted 1400 ish to high 2000's

[knicks0819]

OP, I echo what others are saying about the age, accident, tickets, etc. Those all will obviously drive up your price, but even $5-600/month seems a little high.

That said, when I was living out in SF, I found Nationwide to be the cheapest BY FAR. I looked up quotes for around 5 different companies and 4 of them were around the same figure while NW was priced at a 60% discount compared to those.

NW isn't available out in NJ where I live now, otherwise I would've kept it. There are obviously a lot of factors involved and it might not be the cheapest for you, but give them a try and at least get an online quote.

[knicks0819]

Originally Posted by dreamspeed

Agreed, 600 per year sounds way too low unless it's liability only coverage...even then that seems too low.

Yes, it does sound low at first, but then again, there are so many factors involved. He's in NH, which might not be a high insurance premium state. Maybe his deductible is super high (I just read another post where someone had a $2,500 deductible! yikes)

For comparison purposes, I have a '10 E93 and I'm paying $354 every 6 months (or about $700/yr). And that's in NJ where premiums are above average. That's for full and extensive coverage (100/300/100, etc) and a $750 deductible.

You just have to shop around. FYI.. I'm with Geico now if anybody is curious and wants to lower their premium.

[05Mdriver]

I added the M3 as a second vehicle for $582 additional per year, bringing my total for 2 cars to $1182 per year.

I have had several traffic violations in the past. (Usually every 6 months i pick one up)

Edit: I have a friend who drives an older mitsubishi Galant, has had 1 or 2 DUIs, an accident, and tickets, and he pays 600+ per month.

[Chriskm3]

Originally Posted by Robz26

23 + speeding + accident. You answered your own question.

Honestly assess how likely you are to get into an accident after you get this car. I think those quotes are fairly priced.

3 strikes and ur out rule.

[knicks0819]

Originally Posted by 05Mdriver

I added the M3 as a second vehicle for $582 additional per year, bringing my total for 2 cars to $1182 per year.

Not bad at all. What company?

[dreamspeed]

Yah, where you live does factor into it.

I'm 33 with no tickets or accidents on and I think i'm paying like 1k per year and that's with registering the M3 as a second weekend car...

I shopped around recently and couldn't find anything lower lol

/sadface

[mdosu]

Your credit history also matters

[NA V8]

Give GEICO a shot. I've been with them for about 4 years now. In my case the premiums are hundreds of dollars cheaper than its competitors. And like other companies, GEICO gives a multi-car discount.

[heartcolorgrey]

I'm 27 in a '13 e92 6mt as my only whip. Clean record. 1800$ every 6 months.

New York city rapes all, cept maybe hawaii. =[

[UCBPhD]

Originally Posted by Robz26

23 + speeding + accident. You answered your own question.

Plus you are probably not married. Plus, living in the city is probably seen as a risk.