tires and wheels insurance

[byroncheung]

I just got a 2011 m3 sedan (so excited!)! Obviously at the dealership the guys tried to talk me into buying the tires and wheels coverage and I said I would opt out for now.

It sounded kind of expensive (offered me > $1800 for 3 yrs). And also I wanted to do more research myself before spending the money.

So questions for dear forum members:

1. I live in NY where road conditions aren't always great. But I won't be driving lot of mileage on the M3 (very short daily commute, road trips / fun drives / tracks only on weekends). So I thought maybe I can take the risk of not having the coverage. What do you guys think?

2. they said I can only buy the insurance when I buy the car, I wondered was it just bluffing or it was true? Also was the price I quoted high / low?

3. I can find other insurance companies offering tires / wheels insurance (e.g. allstate), would those be better priced, and do they offer similar coverage?

I'm new to the forum, Hi to everyone, and thank for your help in advance!

[Flying Ace]

1. risk it, you have to drive the car without the proverbial condom wrapped around it. I've heard of some people who have purchased and made claims on it, and it was no questions asked smooth claims, but then again, $1800 is no chump change. I haven't seen many bent wheels incidents posted here since 2010 when I joined M3post, but the insurance does cover tires, but it's very pricy for just tire insurance.

2. True

3. not sure someone is willing to just price you for wheel/tire coverage, but your comprehensive car insurance can cover wheel damage, but you'll have a higher deductible. In the future, if you buy tires from Tire Rack, they offer tire insurance (not wheels insurance) at a rate of about $20 per tire, so you can see, most of the premium you're paying with the dealer option is to insure the cost to replace the wheels.

Ultimately, it's the classic debate on whether one needs to purchase any insurance. Just consider the premium you pay reflects the actual payout probability, the total amount of people covered, average cost to the company per claim, and their profit margin. $1800 seems very high, but mostly b/c due to lack of amount of people to bought coverage. You can buy a complete new set of ZCP wheels and tires for around $2300 on the forums.
4. welcome.

[roastbeef]

tire and wheel insurance is nonsense. you can buy a new looking oem rims with tires off the forum for less than $1,800. i doubt you're going to break an oem rim unless you're mobbing your car up curbs.

[STooK]

I got suckered into it when I leased my 335i although it was a bit cheaper. I used it maybe twice but i had the base 17's. I've heard that people with RFT 19's go through tires like crazy but M3 doesn't come with RFT. I opted out this time and instead spent the money on a set of winter wheels and tires. The rest of the money I save will be used on summer tires. I wouldn't get it.

[kscarrol]

It is a crap shoot for sure. I bought it when I got my M3 for around $1,400 for three years and I did get three new PS2 tires + install out of it so basically broke even. Despite that experience, I wouldn't buy it again...

[byroncheung]

Thanks guys for the opinions, I'm going to brace and enjoy this risk

['Cane]

Way too expensive. I just put new Michelins on the car and they offered me a road hazard plan for the tires for $43/tire. Even with the bad roads up there, I don't think you'd get $1800 worth of value.

[BimmerRookie]

Wheel and tire insurance? Tbh, I've never heard of somebody having that. IMO 1800 for something you rarely every mess up (given you aren't careless or mash up your wheels) isn't worth it. Like some above have said, you can find a good set of OEM wheels and tires for around the same price.

However, what does the insurance cover?

[kscarrol]

Originally Posted by BimmerRookie

However, what does the insurance cover?

It will cover flat tires, punctures, bubbles in the sidewall etc but not normal wear and tear. For the rims, it will replace bent/cracked rims as well but it typically will not repair curb rash...

The insurance is usually sold at the time the car is sold. Most buyers of wheel/tire insurance don't realize the value and like any "extended warranty", it is a money maker for BMW and the dealer.

[byroncheung]

I actually was curious so I asked couple of other bmw dealers for quotes on tires & wheels insurance after I got home. And I did get replies from some of them. So looks like "you can only get it when you buy the car" is not entirely true. (which make sense to me - if in general they can make money on these insurance plan, why would they not underwrite one even if they didn't sell the car originally). Also looks like the quotes will be lower than what I got quoted in the dealership where I got the car.

The guys at the dealership kept telling me how fragile these performance vehicles' wheels are (yeah right...), how he had used the insurance 7 times already in the last couple of years (really?!)... I'm glad that I didn't buy it (well, for now at least, I guess if god forbid I bent the rims for couple of times in the next few years I probably will have a different opinion...)

Just drove the M3 to work today I kept watching for potholes like a hawk

[malrash]

got my bbs fi's (stated value: 8k) covered as aftermarket mod with geico for 100 bucks/yr. 1800 for 3 yrs for OEM ZCPs is preposterous.