WOW $1131/month Geico policy on '11 M3 !!!

[dimabimmer]

I don't know what else to say,- it is simply a rip off

For a man of almost 40 years old, with a very clean license no prior accidents in past and no traffic violations,- Gieco wants $6760 every 6 months or $1,131/month to insure '11 M3 that I have on order.
I've had policy with Geico before for my '07 335i and I paid for that policy about $230/month for 3 years and was done with more than 6 months ago. Geico rep said my new policy is affected negatively since I have not had auto policy for more than 6 months... Even the Geico rep thought the rate Geico gave me was outrageous and suggested to obtain policy with other providers.

What gives?

Any suggestions for other auto insurance companies?


In response to all the good advices from M3 posters, here is-

UPDATE:

In 3 years of having policy with Geico for my leased '07 335i @ $230/m - I had 2 (two) incidents not of my fault:

1) Stone chip windshield,- Claimed Geico Auto Glass Repair, had Geico replace windshield.
2) Two front tires destroyed due to running over a "Street Cut" with no posted signs of construction etc,.- Claimed Geico full coverage to get tires replaced,- Geico paid $180 for 2 (two) front POTENZA RFT!!! LOL (they only paid $180!) I ended up buying 2 Potenza's for $800...

Another update:

Spoke to friend of mine,- she is an insurance biller, knows it all in and out. I told her my Geico story, and she was not even surprized. She said she also had Geico, and while being insured she made ONE CLAIM. When she wanted to renew her Geico policy,- she was simply denied. Not like myself, being offered astronomical policy $1131/m which would most definitely make me go else where, but... she was denied for making a claim. I also made 2 claims with Geico while being insured. One claim I made, was Stone Chip in Windshield and the Other claim I made was for the blown front tires.

You see, - Geico wants you to pay for policy, but if you even remotely think of making claims,- they do not want you. And that is the reason I got offered $1131/m for policy.
Now we know,- Geico only works one way, like a money machine... money goes in, does not go out.

Seeing Geico gekko and cave man commercials makes me

THE LATEST UPDATE:

PROGRESSIVE QUOTE- $322/month !!!

PROGRESSIVE FTW

[DadzM4]

That is INSANE! I know insurance is more expensive in NYC, but that is just not right. I pay under $1k/year for full coverage with a $500 deductible living in Florida, 37 years old. I would shop around for sure.

[DiRTyDeLuX]

Daaaamn! I'll be in midtown as of this fall. Should I expect these crappy rates? I have USAA... I'm gonna call them to see what's up.

[dimabimmer]

... it is not right for sure... has to be some kind of mistake... Gieco is too big and mistakes happen often.

[outie]

Originally Posted by DiRTyDeLuX

Daaaamn! I'll be in midtown as of this fall. Should I expect these crappy rates? I have USAA... I'm gonna call them to see what's up.

That depends where you are and how many years/cars you have been with your provider. Everyone's situation is different and if you live in a different state it's comparing apple to orange.

[Krozi]

Geico is the biggest fail ever.

[dimabimmer]

Originally Posted by Krozi

Geico is the biggest fail ever.

True!

[dimabimmer]

$1131 a month for an auto policy for an experienced driver with good driving record for $65k car? .... it adds up to $13,572 a year! one has to be a sick road killer to be getting policy offers like that!

You have a flawless policy with them for 3 years, and this is what you get at the end... $13k a year policy! for your next car...

rant to be continued...

[positiveions]

do you Allstate in NY? I have wawanesa, but they are only in Oregon and Calif. Wawanesa is very affordable.

[Leozap]

Insurance companies do get you if you didn't have insurance for the past 6 months. Didn't you get a quote before ordering your car? I have Geico for a few years and I pay only $800 for 6 month and I am nowhere near your age.

You didn't drive for the past 6 months? You in the army?

[Krozi]

I have Travelers...which is pretty good...

[dimabimmer]

^^^^

No I was not in the Army, but didn't drive for 6 months simply because I did not need a car.

I just contacted eSurance and got same quote as Geico $1130 - $1350 a month for '11 M3.... So, just to get the feel for it ( I thought maybe M3 is pricy to get insured ) I also ran a quote for '09 335i and got the same quote $1130/month as for '11 M3... some kind of conspiracy against me or something... Maybe they confuse me with someone else? I have never heard people pay so much for their car insurance... something got to be upside down!

[301Bimmer9]

I'm in the insurance industry and if you are getting those high rates and your record is clear then it must be your credit, zip code, and definately the fact you did not have insurance for 6 months. Also education level and whether you own or rent will be factors. Try raising your deductibles too if you haven't been in an accident.

Man if I sold more policies like yours I would not be in a M3...I would have a Ferrari

[Kyoshi71]

Originally Posted by dimabimmer

I don't know what else to say,- it is simply a rip off

For a man of almost 40 years old, with a very clean license no prior accidents in past and no traffic violations,- Gieco wants $6760 every 6 months or $1,131/month to insure '11 M3 that I have on order.
I've had policy with Geico before for my '07 335i and I paid for that policy about $230/month for 3 years and was done with more than 6 months ago. Geico rep said my new policy is affected negatively since I have not had auto policy for more than 6 months... Even the Geico rep thought the rate Geico gave me was outrageous and suggested to obtain policy with other providers.

What gives?

Any suggestions for other auto insurance companies?

Gotta be a mistake. Call back and speak to another rep.

[trendy26]

Damnnnn, my quote with Geico for an '11 M3 was $900/6 months with Full coverage, $250 deductibles. I'm 29 BTW...

[kaykay]

You have to be kidding me with that monthly quote?

My buddy's son who is 21 with 1 point on his record pays around $350 / month for his M3 insurance...

[dimabimmer]

Originally Posted by Kyoshi71

Gotta be a mistake. Call back and speak to another rep.

Good advice...
You are right.
I just called them again and asked for another, better rep... made huge difference!
Instead of $1131/m I got it down to $877/m all because this rep knew what he was doing.
Main reason my quotes are so high is ZIP code,- Brooklyn has highest rates in country. (I did not even know this before...)

[dimabimmer]

Originally Posted by 301Bimmer9

I'm in the insurance industry and if you are getting those high rates and your record is clear then it must be your credit, zip code, and definately the fact you did not have insurance for 6 months. Also education level and whether you own or rent will be factors. Try raising your deductibles too if you haven't been in an accident.

Man if I sold more policies like yours I would not be in a M3...I would have a Ferrari

You are absolutely correct!
I just called Geico again, asked for another rep and was told this,- "Brooklyn NY has the highest auto policy rates in Country. Lately there have been more than usual auto thefts, vandalism, collision etc,..thats why the rates went up).
This other rep seemed he knew what he was doing so he adjusted policy accordingly,- stripped everything he could, and the quote became $877/m instead of $1131/m... However, he said if I open policy for my other address in Manhattan NYC, which I have that address and able to register my M3 there... even though it is only 3 miles away from Brooklyn, policy price goes way down from $877/m (brooklyn) to $589/m (Manhattan NYC) WOW.
Unbelievable,- 3 miles make such huge difference.

I hate Brooklyn going to register in Manhattan

[A_FIVE-O]

Dude, $877 a month for a 40 year old Man with a clean driving record???????????????????????????????????????????? ?????????
I was tripping out about paying $135 a month in Texas on a 2008 Corvette. I am 32 and have USAA. Note to self, never move to NYC.

[AMPowerJ]

I can't believe those are real prices.

[schnell325]

They must go thru a lot of lizards......

[Finnegan]

Originally Posted by dimabimmer

I don't know what else to say,- it is simply a rip off

For a man of almost 40 years old, with a very clean license no prior accidents in past and no traffic violations,- Gieco wants $6760 every 6 months or $1,131/month to insure '11 M3 that I have on order.
I've had policy with Geico before for my '07 335i and I paid for that policy about $230/month for 3 years and was done with more than 6 months ago. Geico rep said my new policy is affected negatively since I have not had auto policy for more than 6 months... Even the Geico rep thought the rate Geico gave me was outrageous and suggested to obtain policy with other providers.

What gives?

Maybe they have a caveman doing the math on rates....

That's just unbelievable and obscene. If you were 16 years old, with tickets, and an accident, then yeah, it would make sense. But given your record? Wow. Time to shop around.

Originally Posted by A_FIVE-O

Dude, $877 a month for a 40 year old Man with a clean driving record???????????????????????????????????????????? ?????????
I was tripping out about paying $135 a month in Texas on a 2008 Corvette. I am 32 and have USAA. Note to self, never move to NYC.

Well it is USAA, and nobody beats them on rates. But still, Geico, that has to be a joke or the caveman at work.