[Isamu982]

Just curious on what you all are paying for insurance. I'm currently with GEICO paying 1200 a year for my wrx. When I got a quote for the m240 it said it was going to go up to 2100 a year. I was expecting it to increase, but not that much. Is this rate normal?

[Coconut]

Waaaay too many variables (age, area, coverage, multiple car, home).

Having said that, I pay $1700/yr for my 2017 Corvette and 2023 M240i.

[MPR]

I pay $2,100 per year for my 22 M240 and a 13 BRZ, both with full coverage. Live in NJ

Way too many variables at play. Insurance score, claim history, violation history, age, gender, location, coverage limits, deductibles

[Isamu982]

Originally Posted by Coconut

Waaaay too many variables (age, area, coverage, multiple car, home).

Having said that, I pay $1700/yr for my 2017 Corvette and 2023 M240i.

That is true. I'm 36 live in NY. Hit a deer few years ago but no at fault accidents. Your rate sounds pretty good.

[TJZ67201]

I pay $1,250 a year, full coverage, for my 23 M240i. I live in Naperville so the rates are very low in my zip code. I would be paying over $1,500 if I lived a few miles over in Chicago

[azuki]

i don't drive much at all, but with 100/300/100 and 999 deductibles i do $940/yr

[FastTyger]

Originally Posted by TJZ67201

I pay $1,250 a year, full coverage, for my 23 M240i. I live in Naperville so the rates are very low in my zip code. I would be paying over $1,500 if I lived a few miles over in Chicago

I live in downtown Chicago. I’m not looking forward to what my rates are going to be.

[SeandG42]

$1200 a year for MY23. 2K deductible....maybe I need to shop the policy around...

[MPR]

Originally Posted by SeandG42

$1200 a year for MY23. 2K deductible....maybe I need to shop the policy around...

That might just be reality where you live. Insurance rates can vary significantly based on location. Then you have to factor in the variables listed above.

Never hurts to shop around, though

[M240SLC]

Originally Posted by tygertygertygers

I live in downtown Chicago. I’m not looking forward to what my rates are going to be.

Send the bill to Bettlejuice.

[JNevs32]

Originally Posted by tygertygertygers

I live in downtown Chicago. I’m not looking forward to what my rates are going to be.

I'm in River North in the same situation and I'm paying $2,100/year

[devon]

insurance in the US looks expensive!!!
I'm in the UK in Devon and fully insuring my 240i is £245 a year that around $300 why is it so expensive there?

[emcee1011]

32, NY resident.. couldn't expect to pay any less than $2000/yr for this car.

[danallxt]

$1030. Annual, 2022 M240x

[M240SLC]

Originally Posted by devon

insurance in the US looks expensive!!!
I'm in the UK in Devon and fully insuring my 240i is £245 a year that around $300 why is it so expensive there?

Simple answer: people drive like shit here.

Also, using credit scores to determine insurance rates has always seemed odd to me. Apparently if you're not responsible with finances, that also means you're a bad driver and should be charged more.

[Invisiblename]

Originally Posted by devon

insurance in the US looks expensive!!!
I'm in the UK in Devon and fully insuring my 240i is £245 a year that around $300 why is it so expensive there?

Watch some of the YouTube dash cam stuff, that'll tell you why! 🤣

[MPR]

Originally Posted by M240SLC

Simple answer: people drive like shit here.

Also, using credit scores to determine insurance rates has always seemed odd to me. Apparently if you're not responsible with finances, that also means you're a bad driver and should be charged more.

Yes, actuaries analyze claims and determined that those that cause accidents/claims typically have lower financial responsibility/insurance scores. Same with gender, males were historically seen as more risky/costly so their rates are a little higher, but this attribute is leveling out over time.

Insurance companies don't just randomly make up these attributes, it's all based on analyzing the risk and making the risk pay the correct premium based on forecasting potential future claims.

They are always looking for new attributes to more accurately price insurance. Those who they don't expect to cause claims will pay less premium. I work in the personal insurance industry (auto/home/umbrella).

[DrJLag420]

100/300/100 and 1000 deductible. 7 cars and a motorcycle. $400/mo. The M240 is $65/mo

[M240SLC]

Originally Posted by MPR

Yes, actuaries analyze claims and determined that those that cause accidents/claims typically have lower financial responsibility/insurance scores. Same with gender, males were historically seen as more risky/costly so their rates are a little higher, but this attribute is leveling out over time.

Insurance companies don't just randomly make up these attributes, it's all based on analyzing the risk and making the risk pay the correct premium based on forecasting potential future claims.

They are always looking for new attributes to more accurately price insurance. Those who they don't expect to cause claims will pay less premium. I work in the personal insurance industry (auto/home/umbrella).

I was waiting for the "I work in insurance" disclaimer with that kind of specificity. lol Appreciate the insight...but that doesn't mean I need to like it.

[ryo-]

I'm paying $180/mo in California. late 20s and no recent accidents/tickets. $500 deductible with uninsured motorist coverage (get this if you don't have it).

[MPR]

Originally Posted by M240SLC

I was waiting for the "I work in insurance" disclaimer with that kind of specificity. lol Appreciate the insight...but that doesn't mean I need to like it.

I hear you, and the majority of the country doesn't understand it or agree/like it either, but it is what it is and makes sense once you understand why insurance companies do it.

If they found that those named Kevin consistently have a higher frequency of accidents, then there would be a "named Kevin" surcharge.

[redcars]

It comes down to risk and repair costs. Some parts are intrinsically expensive, and there are everyday parts BMW marks up a lot. For instance, BMW uses aluminum for body panels.