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      04-07-2011, 09:37 AM   #1
JoeSpic01
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How much are you paying on your auto insurance on your M3?

Hey everyone,

I'm interested in finding out how much everyone is paying for their auto insurance (in the United States) and which insurance company do you go through? If you could also list your age, location, and a rough outline of your driving record in the last 5 years. I should be picking up my M3 coupe in about 3 weeks and was quoted $230 per month with Progressive. I'm 27, live just outside of Detroit, Michigan, and have had 1 speeding ticket in the last 5 years.
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      04-07-2011, 09:51 AM   #2
SKiM3
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age: 29
ins comp: state farm
coverages: 100/300/100, $500 ded coll/comp, $10k medpay
1 speeding ticket last 5 years (but under 15mph over, so not reported to dmv)
$100/month
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      04-07-2011, 10:01 AM   #3
jmflukeiii
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Quote:
Originally Posted by SKiM3 View Post
age: 29
ins comp: state farm
coverages: 100/300/100, $500 ded coll/comp, $10k medpay
1 speeding ticket last 5 years (but under 15mph over, so not reported to dmv)
$100/month
?? wow
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2006 Range Rover Sport Supercharged Black everything.
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      04-07-2011, 10:07 AM   #4
blackm3inny
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2009 M3  [0.00]
24, live in NY, last speeding ticket in 08/2008.

Progressive just auto-deducted $201.33 from my bank account yesterday.
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      04-07-2011, 10:13 AM   #5
beeblebrox
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26, NYC
No moving violations, ever
300/300 (500 deductible) full comprehensive/collision
full glass with no deductible.

139/mo
Geico
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      04-07-2011, 10:18 AM   #6
VonSwoopington
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24 - Virginia

No moving violations

$106 a month with 21st Century
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      04-07-2011, 10:19 AM   #7
stega
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4k a year. 24 years old.
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      04-07-2011, 10:24 AM   #8
BKMK5
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age: 26
ins comp: Geico
coverages: 250/500/, $500 ded coll/comp w/ Full glass
Cars: 2010 Infiniti G37x, 2011 BMW E90 M3
$687/6 months for 2 cars.
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      04-07-2011, 10:26 AM   #9
blackm3inny
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Quote:
Originally Posted by BKMK5 View Post
age: 26
ins comp: Geico
coverages: 250/500/, $500 ded coll/comp w/ Full glass
Cars: 2010 Infiniti G37x, 2011 BMW E90 M3
$687/6 months for 2 cars.
Thats awesome
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      04-07-2011, 10:27 AM   #10
blackm3inny
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2009 M3  [0.00]
They take credit score into account as well fyi
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      04-07-2011, 10:28 AM   #11
Sean05
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31 - Los Angeles/Orange County area
Statefarm - no tickets
Coverage - 50/100/50 i think or it might have been 100/50/100
$91.03 / month.
Been with Statefarm since i was 16 no tickets and no accidents.
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      04-07-2011, 10:34 AM   #12
BKMK5
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Quote:
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Thats awesome
No tickets for the wife and I in a long time. We both do defensive driving to get the 10% discount.
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      04-07-2011, 10:49 AM   #13
IndyJoe
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Don't have my M3 yet. It's supposed to be delivered sometime in June. This is the quote from my agent for a 2011 vert.

46 years old
State Farm
250 deductible
No tickets or accidents
Live in Indianapolis, IN
$74 a month

I've been with State Farm since I was 16 years old. Very happy with them.

Joe
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      04-07-2011, 10:51 AM   #14
kmarei
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80 a month with state farm
39 years old
2 speeing and 1 reckless
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      04-07-2011, 10:52 AM   #15
pbonsalb
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Some of you need to get married and over 30 . . . . My wife and I pay less than most of those in that category for the two of us and an E90M3, an E61 535xi, an E36M3 and an E39 528i.
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      04-07-2011, 11:22 AM   #16
48Laws
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Well, $155/month for my Mini S and M3.
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      04-07-2011, 11:23 AM   #17
rbk1115
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Area: San Diego, CA
Age: 33
Status: Married
Insurance Company: Wawanesa
Bodily Injury Coverage: 250K/500K
Property Damage Coverage: 100K
Deductibles: 500/500
Infractions: None
Vehicles: 1993 Acura Legend L Sedan, 2002 Acura RSX Base, 2009 BMW M3 Sedan
Cost: $1443/year
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Last edited by rbk1115; 04-07-2011 at 05:27 PM.
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      04-07-2011, 11:25 AM   #18
greycrx87
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Chicago
28 yr old
State Farm
no tickets

Coverage:

AUTOMOBILE LIABILITY 250/500/100
MEDICAL PAYMENTS COVERAGE $5000
COMPREHENSIVE $500 DEDUCTIBLE
UNINSURED/UNDERINSURED 250/500

570.54/6 months
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      04-07-2011, 11:49 AM   #19
Merlosso
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I was an insurance agent for several years and held insurance licenses in over 30 states. I still work for one of the largest auto insurance companies but I work in IT these days. If anyone has specific questions about insurance in the US, I'm happy to help.

Insurance works by gathering a large group of people (all the company's customers) and having them all pool their money together. That money is then used to pay off the claims for the people that have an accident. The insurance company has to try and guess your likelihood of having an accident and charge you accordingly. Those that are less likely pay less, those that are more likely pay more. Even those that pay more are still getting a deal though, if you think about it. If your premium is $4,000 a year and you hit and total another forum member's brand new M3, you only paid $4,000 of the $70k needed to replace the car (assuming you have enough property damage coverage).

Each company has their own secret formula for calculating risk and it can vary from state to state to comply with the regulations and the coverage requirements. That's why rates seem to vary so much from person to person.

If you're shopping for insurance, you might want to try a site like netquote.com. You fill out one application and can get estimates from multiple companies.

Hope this helps.
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      04-07-2011, 12:19 PM   #20
e46e92love
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Another to consider is the safety of your car, because damage to people costs a hell of a lot more then damage to cars. We are just more expensive to fix So the more expensive car might be cheaper to insure then the less expensive car because of its ability to protect you.

For example, my parents were frugal with their money, and spent it on education, house, family vacations and saving for retirement. When their kids finally GTFO and tuition was done and retirement came, my father had plenty of money, and decided to buy himself a toy: he traded in his 2000 Bonneville for a 7-series, and has had one ever since. Want to hear the crazy part? His insurance went DOWN. When he asked why, their response is, it comes up as a safer car. Go figure.......and you think the insurance companies don't know EXACTLY what they are doing.

Cheers,
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      04-07-2011, 12:57 PM   #21
SKiM3
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Quote:
Originally Posted by jmflukeiii View Post
?? wow
yeah, i'm not complaining.
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      04-07-2011, 01:01 PM   #22
mdosu
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Virginia - State Farm
$65/mo including apt rental insurance
last ticket in 2007 and prior to that 2006. 0 accidents. 1 cracked windshield repair in 2005.
Can't remember the coverage numbers.

29 y/o Male, not married, no babies mamas

I used to pay $20 more a month for the Evo

Last edited by mdosu; 04-07-2011 at 01:06 PM.
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