Insurance rate reasonable?

Mahmood07 · 07-17-2011, 02:33 PM

My car used to be insured under my brothers name, and I was a second driver. Now, the car and insurance policy will be under my name only.

GEICO quoted me $2084 for 6 months. I am 22, have had 2 speeding tickets (40 in a 30 and 56 in a 30) in the passed 4 years, and I had a "not at fault" accident (got rear ended).

Does the insurance rate sound reasonable or is it too high? Thanks.

PhillyNate · 07-17-2011, 02:40 PM

I'm no expert but going by age, driving record and location that seems reasonable but OUCH. You may be able to do a couple bucks better but not much.

Michaeljh2000 · 07-17-2011, 02:41 PM

I assume you don't own a home or other vehicles? At your age would advise you try to insure under your parents policy. I've got a pretty good rate with State Farm, but they also insure my home and Jeep.

mdosu · 07-17-2011, 03:19 PM

holy crap, i wouldn't keep this car for $350 a month...

It's based on age and credit history, do you have basically no credit or bad credit?
Driving record is the other major factor most people know.

read this for reference:
http://www.m3post.com/forums/showthr...ght=state+farm

BMW335i07 · 07-17-2011, 03:24 PM

That seems very high but likely in line given your age and driving experience. In contrast I pay $780 a year ($65 a month) for full coverage 100/300/100.

1MOREMOD · 07-17-2011, 03:25 PM

yeah that is pretty steep i pay 65 a month or so but im a little older

drvai · 07-17-2011, 03:25 PM

Quote:

Originally Posted by Mahmood07

My car used to be insured under my brothers name, and I was a second driver. Now, the car and insurance policy will be under my name only.

GEICO quoted me $2084 for 6 months. I am 22, have had 2 speeding tickets (40 in a 30 and 56 in a 30) in the passed 4 years, and I had a "not at fault" accident (got rear ended).

Does the insurance rate sound reasonable or is it too high? Thanks.

That's a lot... likely due to the tickets.

Try increasing the deductible and decreasing the coverage.

///M Ryder · 07-17-2011, 03:28 PM

Damn!!! I'm not sure what you credit and other factors are, but this seems unreasonable to me. That's a small car payment......$4100 a year could make a nice investment. I agree with a earlier post. Get with the parents until you get more stability.........Phil

Mahmood07 · 07-17-2011, 03:35 PM

I am not a citizen, so I don't have a credit score or SSN. My parents don't live here, it's only me. I graduated from college, and I have an opportunity to work in the US for a year before I have to go back. When it was under my brothers name we used to pay 2700 for a year to insure both the M3 and range sport! I'll try to get quotes from other companies..thanks for the feedback guys.

mdosu · 07-17-2011, 03:44 PM

^ there you have it, it's a credit issue...they don't even know who you are, there's no record of you in US until like 5 years ago.

donovan · 07-17-2011, 05:43 PM

Try statefarm...

Geico are bitches somettimes...

M3Duo · 07-17-2011, 07:27 PM

You can try also online sourcing you can get better quotes; that quote from Geico is sure steep I believe due to lack of credit history, age and the tickets. Good luck with your search

CarbonAlpine · 07-17-2011, 08:19 PM

It also has a lot to do with location. In Miami we usually pay a higher premium than anywhere else in Florida for example. I pay 1400 every 6 months with low deductible and high coverage (you need it here).

Good luck

crackberry · 07-17-2011, 10:54 PM

Geez. With your circumstances, I have no idea what you are paying is reasonable or not.

roastbeef · 07-17-2011, 11:12 PM

biggest factors are gender, age, region, type of car, expense of car, driving history, and level of coverage.

you are going to get drastically varying inputs from people on a forum like this one, so don't count on any reliable or consistent results.

Mahmood07 · 07-17-2011, 11:21 PM

Thanks guys, I'll see what increasing the deductible from 500 to 1000 does. Also, Geico will refund money for the remaining months (3) from the previous policy which is cool. If the price is high I'll pay it, I just don't want to be ripped off.

Echo M3 · 07-17-2011, 11:46 PM

You're getting gouged. But your background likely explains the reason. In NYC, with a similar driving record , I pay ~1k/6 months.

tony093 · 07-18-2011, 06:10 PM

Quote:

Originally Posted by pman10

You're getting gouged. But your background likely explains the reason. In NYC, with a similar driving record , I pay ~1k/6 months.

what company?

U235 · 07-18-2011, 08:09 PM

$55 per month here. 3 cars, 2 homes and an umbrella so many discounts. Perfect driving and 29 helps.

I had a 350z when I was 24, I think I paid 70ish so your quote sounds really high to me.

Youll pay through the a$$ if your under 25 but it is what it is.

For example I pay $54 for my Jetta TDI yet only $1 more for the M3. Meanwhile my 04 Toyota Sequoia is $45.

U235 · 07-18-2011, 08:11 PM

I should add my Jetta is my daily commuter while the sequoia and m3 are listed as pleasure vehicles. That helps a lot too. Not sure if you have a 2nd vehicle so they can rate your m3 as a nondaily.

bimM3r4ver · 07-18-2011, 08:44 PM

if you can add that car to ur family policy and have it under ur parent's name hahah A LOT cheaper

1cleanm6 · 07-18-2011, 08:46 PM

pay 1,200 bucks a year for some crazy high coverage.... probably best part of being 24...rates are starting to go down.

07-17-2011, 02:33 PM	#1
Mahmood07 Captain 86 Rep 856 Posts Drives: E92 M3 + F85 X5M Join Date: Sep 2009 Location: Boston->San Diego->Bahrain iTrader: (0)	Insurance rate reasonable? My car used to be insured under my brothers name, and I was a second driver. Now, the car and insurance policy will be under my name only. GEICO quoted me $2084 for 6 months. I am 22, have had 2 speeding tickets (40 in a 30 and 56 in a 30) in the passed 4 years, and I had a "not at fault" accident (got rear ended). Does the insurance rate sound reasonable or is it too high? Thanks. __________________ ///M3 Mods: \| Eisenmann Race Exhaust \| Primary Cats Delete (TTP) \| ESS Tune \| 19" Advan RS \| Eibach Springs \| MS Air Filter \| BMW Perf. Spoiler \| BMW Perf. Splitters \| Euro LCI Tail lights \| Angel iBright v.3.0 \| 20% Tint \| Matte black Kidney Grills \| CF Side Gills \| Painted Reflectors \| Black M3 emblem
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07-17-2011, 02:40 PM	#2
PhillyNate ENTHUSIAST 135 Rep 2,097 Posts Drives: 2010 Porsche Cayman Join Date: Apr 2011 Location: Philadelphia iTrader: (0) Garage List 2010 Porsche Cayman [0.00]	I'm no expert but going by age, driving record and location that seems reasonable but OUCH. You may be able to do a couple bucks better but not much. __________________ "what I'm driving here...is an ending." Jeremy Clarkson 2010 Carrara White Porsche Cayman 6mt 2014 Whiteout Toyota GT-86 6mt(Sold 05/23/15) 2011 Alpine White BMW M3 6mt ZCP Coupe(forced retirement 06/06/14) 2008 Alpine White BMW 328i 6mt Coupe(retired 06/21/11)
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07-17-2011, 02:41 PM	#3
Michaeljh2000 Second Lieutenant 7 Rep 211 Posts Drives: 2009 M3, 69 Vette, GSXR 1000 Join Date: Dec 2007 Location: NoVA iTrader: (0)	I assume you don't own a home or other vehicles? At your age would advise you try to insure under your parents policy. I've got a pretty good rate with State Farm, but they also insure my home and Jeep.
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07-17-2011, 03:19 PM	#4
mdosu Banned 314 Rep 8,496 Posts Drives: Double Vanos'd Civic-M3 Join Date: Oct 2009 Location: San Francisco iTrader: (6)	holy crap, i wouldn't keep this car for $350 a month... It's based on age and credit history, do you have basically no credit or bad credit? Driving record is the other major factor most people know. read this for reference: http://www.m3post.com/forums/showthr...ght=state+farm Last edited by mdosu; 07-17-2011 at 03:30 PM..
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07-17-2011, 03:24 PM	#5
BMW335i07 Private First Class 6 Rep 138 Posts Drives: 2019 M5 Join Date: Apr 2007 Location: Irvine, CA iTrader: (0) Garage List 2007 335i Coupe [10.00] 2008 328i Coupe [10.00]	That seems very high but likely in line given your age and driving experience. In contrast I pay $780 a year ($65 a month) for full coverage 100/300/100. __________________ 2019 BMW M5 \| Marina Bay Blue Metallic \| Aragon Brown \| Executive Package
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07-17-2011, 03:25 PM	#6
1MOREMOD - 11817 Rep 23,187 Posts Drives: Race car-> Join Date: Mar 2009 Location: check your mirrors iTrader: (5)	yeah that is pretty steep i pay 65 a month or so but im a little older __________________ 02 Tiag e46 M3\|6MT\|GC plates\|MCS c.o.\|GC bars\|GC race control arms\|GC bushings\|BW eng. & tran. mounts\|subframe kit\|BW race shifter\|BW Jaffster\|Euro header\|BW exhaust\|K&N c.a.i.\|Epic race tune\|Rouge pulleys\|Seibon CF hood\|CSL bumper\|apr gt 250 & splitter\|ST-40\|XR-2\|SS lines\|half cage\|Recaro profi\|Profi 2 harness\|BMWpedals\|BW studs\|
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07-17-2011, 03:28 PM	#8
///M Ryder Grown Azz Man 429 Rep 3,021 Posts Drives: GT4 Join Date: Dec 2010 Location: Texas iTrader: (8)	Damn!!! I'm not sure what you credit and other factors are, but this seems unreasonable to me. That's a small car payment......$4100 a year could make a nice investment. I agree with a earlier post. Get with the parents until you get more stability.........Phil __________________ 2016 GT4.....Sapphire Blue Metallic, Platinum stitch Leather/Alcantara interior, Carbon Fiber Trim, PCM w/Nav, Guards Red Belts, 2 Zone Climate, Sport Chrono, LWB, Smokers Pack, Big Gas Tank, Light Design Pack, Bi-Xenon w/PDL, Auto Dim Mirror, Clear Side Markers, GTS Clear Taillights
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07-17-2011, 03:35 PM	#9
Mahmood07 Captain 86 Rep 856 Posts Drives: E92 M3 + F85 X5M Join Date: Sep 2009 Location: Boston->San Diego->Bahrain iTrader: (0)	I am not a citizen, so I don't have a credit score or SSN. My parents don't live here, it's only me. I graduated from college, and I have an opportunity to work in the US for a year before I have to go back. When it was under my brothers name we used to pay 2700 for a year to insure both the M3 and range sport! I'll try to get quotes from other companies..thanks for the feedback guys. __________________ ///M3 Mods: \| Eisenmann Race Exhaust \| Primary Cats Delete (TTP) \| ESS Tune \| 19" Advan RS \| Eibach Springs \| MS Air Filter \| BMW Perf. Spoiler \| BMW Perf. Splitters \| Euro LCI Tail lights \| Angel iBright v.3.0 \| 20% Tint \| Matte black Kidney Grills \| CF Side Gills \| Painted Reflectors \| Black M3 emblem
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07-17-2011, 03:44 PM	#10
mdosu Banned 314 Rep 8,496 Posts Drives: Double Vanos'd Civic-M3 Join Date: Oct 2009 Location: San Francisco iTrader: (6)	^ there you have it, it's a credit issue...they don't even know who you are, there's no record of you in US until like 5 years ago.
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07-17-2011, 05:43 PM	#11
donovan Brigadier General 371 Rep 4,167 Posts Drives: R8 - Ford Raptor Join Date: Aug 2008 Location: National iTrader: (17)	Try statefarm... Geico are bitches somettimes... __________________ Audi R8 v10 Ford Raptor m3e46freak@yahoo.comfor all euro parts!! ebay/craigslist verified/ m3post/e46fanantics/m3forum/zpost/bimmerforum
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07-17-2011, 07:27 PM	#12
M3Duo Private 7 Rep 57 Posts Drives: 09 911 tt Join Date: Jun 2011 Location: Charlotte, NC iTrader: (0)	You can try also online sourcing you can get better quotes; that quote from Geico is sure steep I believe due to lack of credit history, age and the tickets. Good luck with your search __________________ Drives: 997 Porsche turbo Stable: Porsche Panamera '09 e93M(sold), '09 e90(sold)
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07-17-2011, 08:19 PM	#13
CarbonAlpine Captain 204 Rep 835 Posts Drives: ///M4 Join Date: Oct 2010 Location: Miami iTrader: (25)	It also has a lot to do with location. In Miami we usually pay a higher premium than anywhere else in Florida for example. I pay 1400 every 6 months with low deductible and high coverage (you need it here). Good luck __________________ F82 M4 AW Ferrari 599 GTB Fiorano Jeep Wrangler Unlimited Previous BMW: E36 Reiger Custom Green vert E46 ///M3 Cabonblack vert E46 ///M3 AW vert E63 645ci AW Coupe E92 ///M3 AW E93 ///M3 SG Vert
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07-17-2011, 10:54 PM	#14
crackberry Major 32 Rep 999 Posts Drives: Porsche Carrera GTS (997.2) Join Date: Sep 2010 Location: southern california iTrader: (0)	Geez. With your circumstances, I have no idea what you are paying is reasonable or not.
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07-17-2011, 11:12 PM	#15
roastbeef Lieutenant General 11586 Rep 12,728 Posts Drives: E92 M3 Join Date: Nov 2010 Location: Orange County, CA iTrader: (4)	biggest factors are gender, age, region, type of car, expense of car, driving history, and level of coverage. you are going to get drastically varying inputs from people on a forum like this one, so don't count on any reliable or consistent results.
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07-17-2011, 11:21 PM	#16
Mahmood07 Captain 86 Rep 856 Posts Drives: E92 M3 + F85 X5M Join Date: Sep 2009 Location: Boston->San Diego->Bahrain iTrader: (0)	Thanks guys, I'll see what increasing the deductible from 500 to 1000 does. Also, Geico will refund money for the remaining months (3) from the previous policy which is cool. If the price is high I'll pay it, I just don't want to be ripped off. __________________ ///M3 Mods: \| Eisenmann Race Exhaust \| Primary Cats Delete (TTP) \| ESS Tune \| 19" Advan RS \| Eibach Springs \| MS Air Filter \| BMW Perf. Spoiler \| BMW Perf. Splitters \| Euro LCI Tail lights \| Angel iBright v.3.0 \| 20% Tint \| Matte black Kidney Grills \| CF Side Gills \| Painted Reflectors \| Black M3 emblem
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07-17-2011, 11:46 PM	#17
Echo M3 Major 123 Rep 1,432 Posts Drives: E90 M3 Join Date: Sep 2009 Location: NY iTrader: (0)	You're getting gouged. But your background likely explains the reason. In NYC, with a similar driving record , I pay ~1k/6 months.
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07-18-2011, 08:09 PM	#19
U235 23 BMW X7 M60i, 22 Volvo V60 Polestar Engineered 599 Rep 655 Posts Drives: 23 X7 M60i, 22 Volvo V60 Pole* Join Date: Jan 2010 Location: Austin, TX iTrader: (0)	$55 per month here. 3 cars, 2 homes and an umbrella so many discounts. Perfect driving and 29 helps. I had a 350z when I was 24, I think I paid 70ish so your quote sounds really high to me. Youll pay through the a$$ if your under 25 but it is what it is. For example I pay $54 for my Jetta TDI yet only $1 more for the M3. Meanwhile my 04 Toyota Sequoia is $45. __________________ 2023 BMW X7 M60i, Marina Bay Blue, M Pro Pkg, Drivers Assistance, Climate Pkg 2022.5 Volvo V60 Polestar Engineered Extended Range, Stone Black Past: 2018 Tesla Model 3 Performance, 2016 Cadillac ATS-V 6MT, 2013 Audi S6, 2011 Audi S4 6MT, 2008 BMW Z4MC 6MT, 2008 BMW M3 6MT, 2009 BMW X5 35d
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07-18-2011, 08:11 PM	#20
U235 23 BMW X7 M60i, 22 Volvo V60 Polestar Engineered 599 Rep 655 Posts Drives: 23 X7 M60i, 22 Volvo V60 Pole* Join Date: Jan 2010 Location: Austin, TX iTrader: (0)	I should add my Jetta is my daily commuter while the sequoia and m3 are listed as pleasure vehicles. That helps a lot too. Not sure if you have a 2nd vehicle so they can rate your m3 as a nondaily. __________________ 2023 BMW X7 M60i, Marina Bay Blue, M Pro Pkg, Drivers Assistance, Climate Pkg 2022.5 Volvo V60 Polestar Engineered Extended Range, Stone Black Past: 2018 Tesla Model 3 Performance, 2016 Cadillac ATS-V 6MT, 2013 Audi S6, 2011 Audi S4 6MT, 2008 BMW Z4MC 6MT, 2008 BMW M3 6MT, 2009 BMW X5 35d
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07-18-2011, 08:44 PM	#21
bimM3r4ver Private 6 Rep 58 Posts Drives: 2008 m3 coupe Join Date: Jul 2011 Location: Los angeles iTrader: (0)	if you can add that car to ur family policy and have it under ur parent's name hahah A LOT cheaper
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07-18-2011, 08:46 PM	#22
1cleanm6 Brigadier General 441 Rep 3,668 Posts Drives: M5 comp/Range/i3S Join Date: Feb 2008 Location: Earth iTrader: (7)	pay 1,200 bucks a year for some crazy high coverage.... probably best part of being 24...rates are starting to go down.
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