Insurance Surprise

[Frupal]

Called my insurance (Connect by AmFam via Costco) to see how much more it would cost if I upgraded from my 2016 640GC to a 2022 B8. Shock! $100 LESS/year for a total of about $2500/year for full coverage on the new BMW and my classic (ish) Mercedes (2001 CLK430). Then I asked about a 2022 Corvette Convertible. The Corvette/Mercedes would be even less. About $2100.00/year.

The agent explained that the 'older' BMWs were among the most expensive to insure. Especially in my area (West Hollywood/Beverly Hills).

I'm not making a move till this summer, but this is encouraging. I had assumed that moving up to the more expensive cars would cost, well, more.

[Derekz4]

Yup, mine has been going up every 6 months too. I think I was around $800 a year back in 2019 now it’s about $1300 a year. And it is one of my 5 cars on the policy and listed as a pleasure vehicle.

[Walt White Coupe]

Insurance rates for my BMW make no sense. My "old" 2013 650 BMW insurance costs 30% per year more than my new C8 Corvette. The BMW is probably worth around $25k and the Corvette around $75K. How does that make any sense???

[Derekz4]

I wonder if it’s because when these age, they start to fall in the hands of less desirable people and neighborhoods, making them more susceptible to damage and accidents.

[Walt White Coupe]

Well, that doesn't make sense either. One factor has always been the area that one lives and parks. I'm in a pretty wealthy suburb.

Insurance should have some relationship with the cost exposure and that's not been the situation in my case. And in my case, it's been the same since I bought the car in 2016. My Corvettes have always been more of liability cost wise than that BMW and the BMW has been more expensive to insure every year. When the BMW was newer it cost twice as much as my Corvette. Go figure.

I wish there were an insurance rep on this forum that could explain the rationale.

[LA640WS]

Originally Posted by Frupal

Called my insurance (Connect by AmFam via Costco) to see how much more it would cost if I upgraded from my 2016 640GC to a 2022 B8. Shock! $100 LESS/year for a total of about $2500/year for full coverage on the new BMW and my classic (ish) Mercedes (2001 CLK430). Then I asked about a 2022 Corvette Convertible. The Corvette/Mercedes would be even less. About $2100.00/year.

The agent explained that the 'older' BMWs were among the most expensive to insure. Especially in my area (West Hollywood/Beverly Hills).

I'm not making a move till this summer, but this is encouraging. I had assumed that moving up to the more expensive cars would cost, well, more.

COSTCO isn't even offering policies in the state anymore?:

https://shorturl.at/oMQV2

Nevertheless, I was paying 5k for an f12 vert and sl63, that rate went up to 7k through the pandemic. This Feb, Farmers sent a letter that the insurance would be going up to 12k


No mystery that California is screwed up, data suggests 16%+ of motorists are not insured, and those are the cases reported to the insurance providers, so the number might actually be higher. Driving around high, every night there's a speed chase that becomes the center of attention in the news, etc. etc. etc.

Farmers Allstate state farm progressive and GEICO are no longer offering insurance to new customers in the state, too many accidents, claims, especially up in Glendale.

All the best, finding the insurance that works and won't increase you in '24

[Walt White Coupe]

As far as why 650's are so expensive to insure, I wonder if it's basically because the demographic of the people that own them are in the upper strata of incomes and the insurance companies figure we can afford higher than "normal" insurance prices.

[FlyinLowSD]

Originally Posted by Walt White Coupe

As far as why 650's are so expensive to insure, I wonder if it's basically because the demographic of the people that own them are in the upper strata of incomes and the insurance companies figure we can afford higher than "normal" insurance prices.

I don’t believe insurance actuaries take into account insured’s presumed ability to pay. I think it is just the amazingly high cost to repair. >$2500 windshield replacement, etc. With the premium car comes premium parts and premium paint jobs, and perhaps since the 6er was produced in relatively very small numbers and is no longer in production, prices increase further. You should see the current prices for 90s Z32 parts!

[Alpine650]

I'm in the Boston area and recently had a windsield replaced (OEM) for $1100 with Safelite. That included camera and HUD adjustments.

[JBF650]

Originally Posted by Walt White Coupe

As far as why 650's are so expensive to insure, I wonder if it's basically because the demographic of the people that own them are in the upper strata of incomes and the insurance companies figure we can afford higher than "normal" insurance prices.

yeah perhaps that's got some baring WWC. interestingly though my 650 reduced by $100 ( $1100 per year ) this year but my Range rover went up by $200 ( $1200 per year) and the Merc SL well ( $1500 per year ) ... that's absurd... I've got all my cars with the one company under my name only . Im 49, live is a wealthy suburb in Sydney and all the cars are always garaged in my secure underground carpark. I tried a few 'classic' focused insurance companies but they were simply not interested in my cars and priced them so expensively it was absurd. so im staying with the current company who aren't too bad.

[FlyinLowSD]

Originally Posted by Alpine650

I'm in the Boston area and recently had a windsield replaced (OEM) for $1100 with Safelite. That included camera and HUD adjustments.

That’s an amazing deal! Dealership parts guy quoted me $1883 “insurance price” for HUD windshield alone, unknown, what it would be to me with CCA discount.

[Alpine650]

Thats crazy! Insurance company didn't want to put in OEM windshield since I was over the mileage criteria. I asked Safelite the cost difference and he said it is another $300 BRINGING IT UP TO $1100. My agent dealt with the insurance company and got me OEM.

[cdog2964]

Anyone use Hagerty insurance? I just got a quote for my 2014 650 convert and its more than half the price of what im paying with USAA. Seems like a good deal, but i also dont want a hassle if i have to submit a claim. If others use them, what has been your experience? thx

[Opie55]

Isn't Hagerty the place that insures collector cars? If so, I'd look into it deeper. Like depending on where you live you can't park it uncovered where it can get hail damage, and there may be mileage restrictions, etc.