Am I getting hustled? E92 M3 insurance

[anteaterm3]

Hey Everyone,

Background:

Recently moved down to beautiful Orange County from Vancouver, BC, and brought my E92 M3 down with me. Went through the customs procedures of importing the vehicle, and I've recently submitted the paperwork to the DMV to register the car in Cali. I've been issued a 90 day temporary operating permit, and now looking to insure the vehicle.

Current Situation:

Went to see a local insurance broker and the quote came back astronomically high! I've been quoted $5200 annually for a 2011 E92 M3 Comp package. This doesn't seem right to me as the car was valued at $32,000 by customs.

Details:
26 Male, Living in Irvine, Canadian drivers license, Perfect driving record in Canada, No driving record in USA/Cali, 2011 BMW e92 M3 competition package, Frozen black, 65,XXX miles, $500 deductible, 50/100/50 coverage

Quote
The quote that I received was itemized (photo attached, charges are semi-annual) and it looks like the medical, comprehensive, and property damage charges are within reason. What is skewing the quote though is the astronomically high collision cost. The insurance broker said the underwriter is valuing the car very highly, therefore causing my collision charge to be very high. The car is valued around $32,000 car so I'm not sure why it's valued so high in their eyes. It seems like my lack of driving history and Canadian license aren't what is skewing the price too high. The problem seems to be how highly the underwriters are valuing the vehicle. What are you Orange County folks paying for your insurance? What is your collision coverage cost?

View post on imgur.com

[e92ben]

I'm 33 yo. WISCONSIN resident. E90 m3 full coverage 100/300 with 750 deductible for 72$ a month.

[dfwashere]

Welcome to California. Keep your wallet open. She takes a lot.

[Silos]

nope, that is too high. Even with three vehicles, I don't pay that much. However, where you live, how much you drive, and your deductible will play a factor on your policy.

[dfwashere]

before i went to USAA, AAA tried to get me for 6k a year on auto insurance at 23 years old living in SF w/ 10k miles a year in 2017 when i bought my M3

might be a SF only issues too but some companies dont sell policies to residents in SF based on the rates etc.

get ready for registration too. $$$

[Pheonix]

That is crazy high! I don't know anything about insurance for out of country residents but maybe check with the Local insurance offices and see if you could get a more reasonable rates.

[anteaterm3]

I reached out to another broker and I got quoted at the $1300 range with Mercury. Seems like the original quote I got was an anomaly. The lesson here is to shop around for quotes folks. Still curious on what others in OC are paying.

[jason0902]

26 Male in Irvine, CA too
2011.75??? E90 88xxx miles
Full coverage from Allstate 0 accidents 0 tickets
$1451 annual payment

[spooni]

Find an insurance broker. They'll shop out the best rates/coverages for you. I pay about $3200 for my M3, 2022 Tesla model Y, and a 2016 GMC 1500.

[SnohoRaptor]

$1,281/yr.

[Pheonix]

Originally Posted by anteaterm3

I reached out to another broker and I got quoted at the $1300 range with Mercury. Seems like the original quote I got was an anomaly. The lesson here is to shop around for quotes folks. Still curious on what others in OC are paying.

Glad you got it straighten out!
I am paying $1,300 per year for the Z4M and E93 M3 with Hagerty for stated values and full coverage with $500 deductible.
The family cars (Lexus SUV and VW eGolf) are with Geico for $1,600 full coverage and $500 deductible.
We are in Norcal.

[jun_e92]

65 Male, in San Jose, CA
2011. E92. 90250 miles
AAA's Full Coverage 0 Accidents $500 Deductible
$1579 annual fee

[DrFerry]

Originally Posted by anteaterm3

Went to see a local insurance broker and the quote came back astronomically high! I've been quoted $5200 annually for a 2011 E92 M3 Comp package. This doesn't seem right to me as the car was valued at $32,000 by customs.

Quote
The quote that I received was itemized (photo attached, charges are semi-annual) and it looks like the medical, comprehensive, and property damage charges are within reason. What is skewing the quote though is the astronomically high collision cost. The insurance broker said the underwriter is valuing the car very highly, therefore causing my collision charge to be very high. The car is valued around $32,000 car so I'm not sure why it's valued so high in their eyes. It seems like my lack of driving history and Canadian license aren't what is skewing the price too high. The problem seems to be how highly the underwriters are valuing the vehicle. What are you Orange County folks paying for your insurance? What is your collision coverage cost?

View post on imgur.com

The photo at the link shows $2675 not $5200. Is the quote in the photo for a year or six months? Perhaps not being an American Citizen affects some of the high price quotation. It would be like an American trying to get insurance in France.. Perhaps it's a bad example, but hopefully you get my point. Glad you got another quote. Make sure you let the high quote company know how wacko high their quote turned out to be.
.

[71velle]

I just insured my 17yo with a permit on his 08 e92 m3 that I bought for him last year. His monthly is $100. 1200 a year

[S65_Martin]

Originally Posted by anteaterm3

Hey Everyone,

Background:

Recently moved down to beautiful Orange County from Vancouver, BC, and brought my E92 M3 down with me. Went through the customs procedures of importing the vehicle, and I've recently submitted the paperwork to the DMV to register the car in Cali. I've been issued a 90 day temporary operating permit, and now looking to insure the vehicle.

Current Situation:

Went to see a local insurance broker and the quote came back astronomically high! I've been quoted $5200 annually for a 2011 E92 M3 Comp package. This doesn't seem right to me as the car was valued at $32,000 by customs.

Details:
26 Male, Living in Irvine, Canadian drivers license, Perfect driving record in Canada, No driving record in USA/Cali, 2011 BMW e92 M3 competition package, Frozen black, 65,XXX miles, $500 deductible, 50/100/50 coverage

Quote
The quote that I received was itemized (photo attached, charges are semi-annual) and it looks like the medical, comprehensive, and property damage charges are within reason. What is skewing the quote though is the astronomically high collision cost. The insurance broker said the underwriter is valuing the car very highly, therefore causing my collision charge to be very high. The car is valued around $32,000 car so I'm not sure why it's valued so high in their eyes. It seems like my lack of driving history and Canadian license aren't what is skewing the price too high. The problem seems to be how highly the underwriters are valuing the vehicle. What are you Orange County folks paying for your insurance? What is your collision coverage cost?

View post on imgur.com

Canada insurance rates are fucked lmao. Im 26, insured since 17. My 13' M3 / 12' Jetta cost me about $450/month in Toronto. You have to factor in VAN / Toronto the 2 most expensive places in Canada. Try calling multiple insurance companies and seeing if you can bundle. Thats what i've done.

[omgzirra_exe]

i'm at $1200 with all state 0 accident 0 tickets - LA County.

30yrs Asian Male :^)

[perry_dg]

I live in Northern California-Bay Area. $120/month $1k comp and collision deductible.

33 male, Wet Reckless at 18, DUI at 21, both already expunged, currently a clean driving report 0 points now.

Don't know if it matters but the M3 is on policy with the Mrs.' 2016 S3 and renter's insurance.

FWIW, when I was trying to get it insured with Progressive by myself it was maybe $220/month, then when I combined with the above mentioned it dropped.

[Oreo Cat]

22years old, 2006 tacoma + 2010 e90 m3 - $200 a month in Thousand Oaks

[Scrippy]

Yes your original quote is garbage lol. I live in LA and I'm around $112 a month.

[Vuu]

28 yr old male
OC
3 cars - M3 is $91/month

[Original]

$100 a month for me...