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Nick325xiT 5spd
02-08-2005, 05:36 PM
It seems that my State Farm agent screwed up when I called to ask about the cost of a second car. Since it seems that none of my myriad discounts apply to a second car, I'd end up paying as much for the 323i as for the M3. Gotta love that when I'm REDUCING their liability exposure. I pay $1000 per 6 months for the M3, but the 323 would ADD an additional $1100 per 6 months on top of that. No, that isn't a typo.

Anyway, I'm contemplating shopping around for new insurance companies.

First off, is there any reason that I can't have two policies with two different companies? I happen to like SF a lot apart from this, and they're pretty good about repairs. I don't particularly care about the 323, so I'm quite happy to go with a lower quality company for that car.

Second off, anyone have suggestions/recommendations?

I'm thinking about switching to Liberty Mutual, but thought I'd check and see if anyone knows whether or not they have DE exclusions.

jkuper
02-08-2005, 06:01 PM
Yikes! How many miles per year? I pay 1000 for both M3 and 325iS, both rated at full coverage, 7500mi/year on both. But I am also old and married :) This is with Allstate which is not the cheapest around.

If I lived in MD I would get that American Collector's DE policy in a heartbeat. They don't offer it to DC folks :(

Nick325xiT 5spd
02-08-2005, 06:03 PM
Given my age and unmarried status, the $1000 a year for the M3 is quite reasonable as far as I'm concerned. It's the fact that they want me to pay more than double for reducing their liability exposure that pisses off. Big time.

jkuper
02-08-2005, 06:04 PM
Explain "Gotta love that when I'm REDUCING their liability exposure" How?

Nick325xiT 5spd
02-08-2005, 06:07 PM
Explain "Gotta love that when I'm REDUCING their liability exposure" How?
When I drive the 323, I'm not driving the M3. The M3 is generally considered a riskier car.

jkuper
02-08-2005, 06:09 PM
It's also considered a new car, giving you that discount. As well as probably a safer car, reducing the personal injury coverage charge. My 1987 325 is about 200 less than M3.

1996 328ti
02-08-2005, 09:31 PM
First off, is there any reason that I can't have two policies with two different companies?
Probably. I had two auto policies with Nationwide after I totalled my 98 ti.
1) Primary driver Mazda, Secondary driver BMW. (me)
2) Primary driver BMW, Secondary driver Mazda (my wife)
That was the only way I could keep my insurance.

I don't think it will be cost effective though.

OwnedbyDuncan
02-08-2005, 09:35 PM
Remember when comparing insurance rates that amongst club members that besides your age and vehicle that where you live is also a big factor. On average if you live in MD you payer a higher rate for coverage than in VA. Had a friend who moved from Alexandria, VA near Landmark Mall to Chuck County her insurance almost doubled. How close you are to DC and your zip code are very important. If you have a place at the mountains or the beach consider using that address.

AlfaEric
02-08-2005, 10:18 PM
As Jason mentioned... Consider American Collector's DE policy.

If possible register the M3 as a weekend vehicle and the 323 as the daily driver. This will depend on how many miles you put on the vehicle. Usually they have a limit of 4-6000 miles. If you take your long trips on the other car and plan ahead you can probably keep below the mileage restrictions. Talk to your insurance agent to see what other restrictions they put on weekend vehicles.

If you have any points or accidents on you license you might want to wait a couple years before switching (or so I've been told). You insurance company may keep points on your record for up to 5 years but I think the state only keeps them for 2-3.

---Eric

1996 328ti
02-08-2005, 10:55 PM
As Jason mentioned... Consider American Collector's DE policy.
That is supplemental insurance only. There is a 20% deductible althoughyou can write the policy for whatever you want to declare. My policy isfor $16000 and costs $240. It insulates you from your primary carrier.If I have a major loss at the track, my primary insurance will remainintact.

AlfaEric
02-08-2005, 11:42 PM
That is supplemental insurance only. There is a 20% deductible althoughyou can write the policy for whatever you want to declare. My policy isfor $16000 and costs $240. It insulates you from your primary carrier.If I have a major loss at the track, my primary insurance will remainintact.
Exactly. He could switch the liability/collision options if the vehicle isn't driven on the street (often) to offset the cost. I don't know his driving needs so I really can't suggest anything beyond this.

---Eric

Nick325xiT 5spd
02-09-2005, 12:11 AM
I'm not eligible for the American Collector's policy. I've had my license for less than ten years. (And I'll be moving into DC next year anyway.)

The online quoter for Liberty is telling me $2500 for both of my cars, vs. the $4200 that SF wants, so I'm probably going to wander over to an agent's office (two blocks down from my office) tomorrow at lunch.

jkuper
02-09-2005, 05:02 AM
That is supplemental insurance only. There is a 20%deductible althoughyou can write the policy for whatever you want todeclare. My policy isfor $16000 and costs $240. It insulates you fromyour primary carrier.If I have a major loss at the track, my primaryinsurance will remainintact.

Right, I suggested it because it would let him have more options with carrier selections



I'm thinking about switching to Liberty Mutual, but thought I'd checkand see if anyone knows whether or not they have DE exclusions.

SMOODY
02-09-2005, 07:40 AM
Wow! I guess this is one benefit of getting older. I pay about $1000 per YEAR for all three of my vehicles.

I have Allstate and they give me a multi-car discount for each of the cars. I also have the convertible registered as a low mileage vehicle which they gave me a discount for.

I would call your insurance agent and make sure that they have accurate yearly mileage estimates for the 2 cars. If you did not expressly inform them that the M3 will not be driven as much, then I doubt they would change the annual mileage estimate. The lower the mileage estimate, the lower your premium should be.

Pete
02-09-2005, 10:00 AM
I too have the same setup as Smoody where my BMW is registered as a pleasure/limited use vehicle (I believe the mileage is limited t0 ~7K/year) and my Jeep as the primary driver. My rates when I set this up did not go up as dramatically as yours, they stayed almost same (~$10/year higher?) as I was no longer classifying my BMW as the pirmary car.

Talk with your agent and clarify that is how they calculated your rates because it seems high.

Pete

NoSoup4U
02-09-2005, 10:05 AM
I am with Geico. I have three cars under that policy, Lexus, Wrangler, and BMW. The BMW and Lexus are designated for 7K or less ... the Wrangler is designated for 10K a year. I have full coverage, 250 deductibles on everything, uninsured, towing, and 500K/500K protection. I am at $1200/six months. The Wrangler costs me more to insure than the BMW for some odd reason.

I never liked All-state when I was with them. I did like State Farm though. I switched to try out Geico. They've been good so far. 4 years with them now.

Nick325xiT 5spd
02-09-2005, 04:50 PM
I think I'll end up with Liberty... The BMW Performance Insurance, where they guarantee OEM parts is a big plus.

I called Metlife today, and they wanted a mind boggling $6,200 a year. I guess they must hate M3s.

1996 328ti
02-09-2005, 10:19 PM
I have a separate premium for OE replacement parts with Nationwide. It doesn't amoun to much. So if you find someone who does not use OE parts, see how much it would cost to add it.

JLee
02-10-2005, 01:22 PM
what a fascinating thread, I actually didn't know policies had mileage caps and could include options for OE parts.

Nick, I had Nationwide when I totalled my M3 at Summit and i got paid no questions asked. And they were the cheapest around.

I looked into Geico and Liberty Mutual recently and though Liberty Mutual was cheaper I researched reviews and opinions and they were not as highly rated as Geico.

I am at $700/ 6months for the MDX, M3, and liability only on the track M3. Only because I don't think Geico will as easily cover a collision event


Jeff

Cindy528e
02-15-2005, 10:40 PM
I had this same State Farm for many years
$399 for 1988 BMW 582e (Primary) and
$166 for 1988 Jeep Waggoner (Secondary)
Total amount about $500 every six months

JRG_in_MD
02-17-2005, 06:31 PM
...and the agent wants to keep your business. Even if you've been insured less than 10 years, if you've got a good record, they ought to cut you some slack, or work with you, since none of these guys like to loose good customers. In my experience, emphasizing the "recreational" nature of the M3 and adjusting the deductibles (set them at $750) should get you significantly lower. If the car is over 7 years old, seriously consider dropping the collision completely.

I pay ~$800/year for 3 vehicles - 94 F-150, 96 Chrysler Minivan, and 00 M5. The blue-book on the truck doesn't merit carrying collision anymore, and the other coverages have no fat at all.

And yeah, it pays to be old driver with lots of history and no tickets.

Good luck
Rich
00 M5
94 F-150 (the ultimate beater car!)