Well...no new car for me.

[amdhunter]

I am done with my leased GLi, paid and just ready to turn in whenever I feel like it (I guess.)

I wanted something that would have been more fun to drive, and finally decided that a BMW 135i is what I wanted. I decided to call Geico, and asked for a quote. I had no VIN or anything, and just wanted a ballpark figure.

Now, I got rear ended last year, and Geico had to give me $500 out of their pockets. I was also "vandalised" by my parking neighbor, and it did not cost Geico a thing -- I gave them her insurance info in hopes of getting my money back.

Right now, I get raped. Since I have a lease, I carry the maximum possible coverage from Geico. It costs me 1290/6 months, which I always pay in one lump sum. My rates dropped recently, by 20 dollars...it did NOT go up after the rear end/parking incident.

I was quoted a "rounded" figure of 1900/6 months provided I buy a bone stock 135i with no options. When I asked about the rate, the lady on the phone wouldn't elaborate much, but if I had another address, I could possibly use that.

I live in a fairly ghetto area, but I love the area. I have a big apartment, and I live 5 minutes from work. I don't want to leave. I certainly don't want to move to a more expensive area to save a few dollars on car insurance. I also have immaculate (800+) credit.

This sucks. I think when I give back my Jetta I might not buy anything and live like my friends do with their Zipcar accounts when they need a car. Mind you, I can easily afford the $1900 -- but screw that.

I guess I'll be driving Jetta's my whole life.

 

[sjwaste]

Did they give you a breakdown of the cost of Comprehensive, Collision, and Liability? I bet your comp rate was very high if you live in a ghetto area. Unfortunately, the way I understand things at least, your credit and driving history are really only going to drive down your liability and collision.

 

[amdhunter]

Yes, they read it all back to me before giving the final price. Collision alone was roughly $850 and Comprehensive was $340 iirc. Don't remember what the injury was, but it was also roughly $350.

It sucks. I really had my heart set on the car and wanted to place an order for a manual one for Spring delivery.

 

[woodie1]

Did you get a quote at any other insurance companies?

 

[misle]

Originally posted by: woodie1
Did you get a quote at any other insurance companies?

+1

 

[boomerang]

Originally posted by: misle

Originally posted by: woodie1
Did you get a quote at any other insurance companies?

+1

+2 Everyone should be doing this on a regular basis IMO.

 

[Imdmn04]

You said you lived in a ghetto area, is it an area that you feel safe to park your brand new BMW in?

 

[caspur]

I'd switch to the 335 in that price range, the insurance is cheaper. Often times, buyer demographics will correlate to how much a car costs to insure.

For example, compare the insurance rates of a Corvette with a Subaru Sti. Similar performance, but the Corvette is much cheaper to insure. You could also get some of the domestic sedans, such as the SRT8s from Chrysler or the Pontiac G8.

 

[sjwaste]

Caspur is right. If you have a good driving history regarding accidents and 800+ credit, you aren't going to do better than the astronomical collision premium you were quoted. What you're getting is just the statistically adjusted anticipated collision costs (plus some profit, of course). Basically means that 135's are expensive to repair (duh) and likely to get into accidents where you live.

 

[bruceb]

You don't say what area of NYC you are calling ghetto. So I would presume either a part of Brooklyn, The Bronx (esp south), some parts of Jamaica, Queens, or parts of Manhattan like Harlem. Your rates would be much less if you can Garage the car. Collision is going to be high in NYC due to the high volume of traffic. And watch out for those potholes. They will ruin a cars wheels, tires and suspension easily. I lost two tires at the same time while driving on the FDR north near 96th street. Never did see what was on the road that flattend them, but I know it was not a pothole.

 

[Doggiedog]

Get a 328i or a 128i. I pay $2400/yr for my 335i. My record is clean and I have two kids. You have to pay to play.

 

[Koing]

Sucks balls mate...no E46 M3 for the past 3yrs due to insane insurance, they quoted me £3k last year and I was 25 and had 4yrs No Claims Bonus but 26 and 5yrs NCB and it drops to £1k! wtf?! Not ideal but I'm willing to pay £1k but NOT £3k.

How old are you OP?

Koing

 

[hiromizu]

Yea that seems about right. The insurance costs won't change whether you garage it or not. It's based on your residence address. You should ask for available discounts if you haven't done that yet. They can reduce costs by 15% or so if you take defensive driving. There's also etched VIN, anti-theft etc. State Farm has good rates for ghetto NY.

 

[amdhunter]

Originally posted by: boomerang

Originally posted by: misle

Originally posted by: woodie1
Did you get a quote at any other insurance companies?

+1

+2 Everyone should be doing this on a regular basis IMO.

I don't like the fact that they need to run credit checks for you to get an accurate quote. One of the main reasons I have such a good credit score is because I don't let anyone run my credit unless I am buying a car.

 

[amdhunter]

Originally posted by: Imdmn04
You said you lived in a ghetto area, is it an area that you feel safe to park your brand new BMW in?

There are quite a few nice cars in my area, and I park in a locked, private garage. It is ghetto here, but mostly because the kids in the area, not really a true "ghetto."

 

[amdhunter]

Originally posted by: Koing
Sucks balls mate...no E46 M3 for the past 3yrs due to insane insurance, they quoted me £3k last year and I was 25 and had 4yrs No Claims Bonus but 26 and 5yrs NCB and it drops to £1k! wtf?! Not ideal but I'm willing to pay £1k but NOT £3k.

How old are you OP?

Koing

I am 34. I got my license on 9/11/2001 -- lol.

 

[amdhunter]

Originally posted by: Doggiedog
Get a 328i or a 128i. I pay $2400/yr for my 335i. My record is clean and I have two kids. You have to pay to play.

I had my heart set on the 135, but now I don't think I'll go through with it. If the insurance was that high on a stock one, I couldn't imagine how high it would be when I fully load the car.

 

[VinylxScratches]

Gotta pay if you want to play.

 

[sjwaste]

Originally posted by: amdhunter

Originally posted by: Koing
Sucks balls mate...no E46 M3 for the past 3yrs due to insane insurance, they quoted me £3k last year and I was 25 and had 4yrs No Claims Bonus but 26 and 5yrs NCB and it drops to £1k! wtf?! Not ideal but I'm willing to pay £1k but NOT £3k.

How old are you OP?

Koing

I am 34. I got my license on 9/11/2001 -- lol.

Ahh, that has something to do with it. They say you get a discount at 25, but for many ins cos, that's not entirely accurate. It's based on the fact that most people have 9 years of history at that age. You might see a decrease, depending on the company, in a year or so.

Quote Allstate and State Farm. I think they tend to discount at 24, or about 8 years of history. You might get a better rate.

Also, I THINK auto insurance quotes are soft credit hits. That means they shouldn't decrease your score.

 

[PhoKingGuy]

Originally posted by: amdhunter

Originally posted by: Doggiedog
Get a 328i or a 128i. I pay $2400/yr for my 335i. My record is clean and I have two kids. You have to pay to play.

I had my heart set on the 135, but now I don't think I'll go through with it. If the insurance was that high on a stock one, I couldn't imagine how high it would be when I fully load the car.

Try a different company?

 

[amdhunter]

Originally posted by: PhoKingGuy

Originally posted by: amdhunter

Originally posted by: Doggiedog
Get a 328i or a 128i. I pay $2400/yr for my 335i. My record is clean and I have two kids. You have to pay to play.

I had my heart set on the 135, but now I don't think I'll go through with it. If the insurance was that high on a stock one, I couldn't imagine how high it would be when I fully load the car.

Try a different company?

I am thinking about it. I think the problem is when I tell them I've had 2 accidents this year (regardless of how "minor" they were) I'll be just as shocked as I was with Geico. I might just pop some numbers into various insurance websites.

 

[jlee]

Originally posted by: amdhunter

Originally posted by: PhoKingGuy

Originally posted by: amdhunter

Originally posted by: Doggiedog
Get a 328i or a 128i. I pay $2400/yr for my 335i. My record is clean and I have two kids. You have to pay to play.

I had my heart set on the 135, but now I don't think I'll go through with it. If the insurance was that high on a stock one, I couldn't imagine how high it would be when I fully load the car.

Try a different company?

I am thinking about it. I think the problem is when I tell them I've had 2 accidents this year (regardless of how "minor" they were) I'll be just as shocked as I was with Geico. I might just pop some numbers into various insurance websites.

I got a quote from Geico years ago, and they were way more expensive than Progressive. FWIW.

 

[A5]

Originally posted by: sjwaste

Originally posted by: amdhunter

Originally posted by: Koing
Sucks balls mate...no E46 M3 for the past 3yrs due to insane insurance, they quoted me £3k last year and I was 25 and had 4yrs No Claims Bonus but 26 and 5yrs NCB and it drops to £1k! wtf?! Not ideal but I'm willing to pay £1k but NOT £3k.

How old are you OP?

Koing

I am 34. I got my license on 9/11/2001 -- lol.

Ahh, that has something to do with it. They say you get a discount at 25, but for many ins cos, that's not entirely accurate. It's based on the fact that most people have 9 years of history at that age. You might see a decrease, depending on the company, in a year or so.

Quote Allstate and State Farm. I think they tend to discount at 24, or about 8 years of history. You might get a better rate.

Also, I THINK auto insurance quotes are soft credit hits. That means they shouldn't decrease your score.

I believe this is true also. The only credit checks that hurt you are if you get a bunch for loans in a short time since it makes it look like you're trying to get a bunch of money for something.

 

[Koing]

Originally posted by: sjwaste

Originally posted by: amdhunter

Originally posted by: Koing
Sucks balls mate...no E46 M3 for the past 3yrs due to insane insurance, they quoted me £3k last year and I was 25 and had 4yrs No Claims Bonus but 26 and 5yrs NCB and it drops to £1k! wtf?! Not ideal but I'm willing to pay £1k but NOT £3k.

How old are you OP?

Koing

I am 34. I got my license on 9/11/2001 -- lol.

Ahh, that has something to do with it. They say you get a discount at 25, but for many ins cos, that's not entirely accurate. It's based on the fact that most people have 9 years of history at that age. You might see a decrease, depending on the company, in a year or so.

Quote Allstate and State Farm. I think they tend to discount at 24, or about 8 years of history. You might get a better rate.

Also, I THINK auto insurance quotes are soft credit hits. That means they shouldn't decrease your score.

Can't wait for the insurance drop for me mate!
21yr, 0yrs NCB but 3yrs driving experience for a beat up £650 car, insurance was ~ £780
24yrs, 3yrs NCB £1250 for an S2000
25yrs, 4yrs NCB £790 for an S2000

25yrs, 4yrs NCB £3.1k-5k for an E46 M3 SICK
26yrs, 5yrs NCB £1k for an E46 M3,

Insane drop when I'm 26yrs with 5yrs NCB 7yrs driving experience.

Koing

 

[amdhunter]

Originally posted by: Koing

Originally posted by: sjwaste

Originally posted by: amdhunter

Originally posted by: Koing
Sucks balls mate...no E46 M3 for the past 3yrs due to insane insurance, they quoted me £3k last year and I was 25 and had 4yrs No Claims Bonus but 26 and 5yrs NCB and it drops to £1k! wtf?! Not ideal but I'm willing to pay £1k but NOT £3k.

How old are you OP?

Koing

I am 34. I got my license on 9/11/2001 -- lol.

Ahh, that has something to do with it. They say you get a discount at 25, but for many ins cos, that's not entirely accurate. It's based on the fact that most people have 9 years of history at that age. You might see a decrease, depending on the company, in a year or so.

Quote Allstate and State Farm. I think they tend to discount at 24, or about 8 years of history. You might get a better rate.

Also, I THINK auto insurance quotes are soft credit hits. That means they shouldn't decrease your score.

Can't wait for the insurance drop for me mate!
21yr, 0yrs NCB but 3yrs driving experience for a beat up £650 car, insurance was ~ £780
24yrs, 3yrs NCB £1250 for an S2000
25yrs, 4yrs NCB £790 for an S2000

25yrs, 4yrs NCB £3.1k-5k for an E46 M3 SICK
26yrs, 5yrs NCB £1k for an E46 M3,

Insane drop when I'm 26yrs with 5yrs NCB 7yrs driving experience.

Koing

What do you drive now?