09-20-2021, 05:50 PM | #1 |
Captain
221
Rep 738
Posts |
Can someone explain this insurance question?
My two cars insurance for a year:
2016 C7 = $500 2013 650ix BMW = $1000 I don't understand the process but like the numbers for the Vette. The Vette right now is probably worth ~ $40K and the BMW ~ $25K. The BMW is a far safer car and worth far less but the insurance is double. Go figure. |
09-20-2021, 06:16 PM | #2 |
Private First Class
66
Rep 188
Posts
Drives: '14 BMW 640i Gran Coupe Msport
Join Date: Oct 2020
Location: Northern California
|
Hmm…that is quite an interesting difference. I wonder if it has anything to do with the rarity and expense of parts related to the 6?
|
Appreciate
0
|
09-20-2021, 11:08 PM | #4 |
Colonel
1195
Rep 2,906
Posts |
You live in Philly and insure two cars for $1,500 a year? I pay much more than twice that for a 650 and an X3. I must be living wrong. What kind of liability limits do you carry?
|
Appreciate
0
|
09-21-2021, 07:47 AM | #5 |
Captain
221
Rep 738
Posts |
Bodily Injury - $500,000
Property - $100,000 Collision - $500 Deductible Now that I look at those numbers, I'm thinking I should probably double those first two numbers. Last edited by Walt White Coupe; 09-21-2021 at 08:03 AM.. |
Appreciate
0
|
09-21-2021, 08:53 AM | #6 |
Captain
251
Rep 631
Posts
Drives: 2014 M6 Grand Coupe CP
Join Date: May 2017
Location: Kingwood TX
|
One of the factors that affect the cost per car is whether it is used for commuting or "primary" car or not. The company I am with classifies the use for commuting or work for more than 3 days a week as the primary.
__________________
F06 M6 Grand Coupe CP
Sapphire Black Metallic The drive is the destination |
Appreciate
0
|
09-21-2021, 10:36 AM | #7 |
Private First Class
34
Rep 100
Posts
Drives: 2013 650iX vert, 2017 Corvette
Join Date: Apr 2016
Location: Carmel, Indiana, USA
|
I was the same way. 2013 650 was way more than my 2017 Corvette. Some of the diff I always assumed was the sticker difference $110K for BMW vs $71K for the Vette, that and the cost of German parts vs GM parts. Both were classified as 5K miles per year or less.
|
Appreciate
0
|
09-21-2021, 10:56 AM | #9 |
Captain
221
Rep 738
Posts |
While what you say is true for new cars, my BMW is now 8 years old and the Vette is 5 years old. Part of the insurance cost should be based on the value of the cars each year. I will say that the "total" cost for both cars did go down ~$100 this year and it's the first time I've seen a drop in total cost.
|
Appreciate
0
|
09-27-2021, 05:11 PM | #11 |
Second Lieutenant
116
Rep 248
Posts |
I don't think that's too bad actually WWC.
My 2015 F13 Coupe = $1100 My 2010 Range Rover Sport SC = $950 Insurance costs are based on a number of factors, how old the driver is and what sort of driving history you have, where you live and how the cars are stored, the average market value, how they are driven and the parts costs. European cars do tend to be more expense to insure and service than locally manufactured cars. |
Appreciate
0
|
09-28-2021, 01:36 PM | #12 |
Captain
221
Rep 738
Posts |
My question is why does a lower value, safer, heavy 650 cost twice as much to insure compared to a higher value, less safe C7? I'm the only driver of both and they both reside outside my condo.
|
Appreciate
0
|
09-28-2021, 03:54 PM | #13 |
Second Lieutenant
78
Rep 281
Posts |
|
Appreciate
0
|
09-28-2021, 05:28 PM | #14 |
Captain
221
Rep 738
Posts |
A number of years ago, I asked my insurance agent and he didn't really have an answer. He said something like BMW's are expensive to insure. The truth is that when I changed from GEICO to Travelers when I bought my C7 in 2016 because the GEICO rates were going to skyrocket, I've been so happy with the bottom line I didn't care about the difference. In fact the Travelers rate was 1/3 of what GEICO wanted after being with them for over 40 years. I'm going to have that discussion again with my agent.
|
Appreciate
0
|
09-28-2021, 10:13 PM | #17 |
Private First Class
81
Rep 185
Posts |
Corvettes have always had lower insurance rates vs most bmws or sports car period. I think it’s because there not in many accidents,thefts,etc.. 8 years ago when I bought my 335i coupe over a c6 vette insurance was almost double. Same as when I bought my m6 Vert vs a c7 vette double the insurance.
|
Appreciate
0
|
09-29-2021, 09:03 AM | #18 |
Private First Class
34
Rep 100
Posts
Drives: 2013 650iX vert, 2017 Corvette
Join Date: Apr 2016
Location: Carmel, Indiana, USA
|
I also have Travelers for both home and auto. I just gigged them for $40,000 for a new roof due to hail damage, so if they want to charge a few hundred more for the cars, I won't argue.
|
Appreciate
0
|
09-30-2021, 12:13 AM | #19 |
Second Lieutenant
65
Rep 239
Posts |
So here's the thing...insurance rates from vehicle to vehicle are based on a point system. When I had my 2007 C6 vette, the insurance cost was about the same as my wife's Honda Accord at the time. Anywho, the point system is based on a number of factors ultimately all leading to how much an insurance company pays out on average for a particular make/model. Now, think about the average Vette driver. Most Vettes (including mine and likely yours) are low mileage garage queens that only driven to car shows/meets, maybe an occasional weekend drive, and then back in the garage. Owners are generally older, the cars are driven seldom - only on sunny days, and they are only parked in safe places. All this leads to less accidents and less thefts. A BMW, albeit a more expensive, nicer car, is generally more of a daily driver that is less pampered than the average Corvette. Not to mention if insurance has to replace anything on the BMW, it's going to be a lot more expensive.
In summary, although your personal usage of the C7 and 650 may be comparable, the insurance companies look at their payouts as a whole. Because Vettes are typically more pampered, insurance companies pay out less on Vettes overall, and therefore they are assessed a lower point value than the BMW, making the rates cheaper.
__________________
2014 BMW 650GC M sport
2011 BMW 550i M-sport/AW 1991 Nissan 300ZX Twin Turbo 2007 Chevrolet Corvette Z51 (sold) 2001 BMW 325ci (sold) |
Appreciate
0
|
10-21-2021, 07:52 PM | #20 | |
Captain
230
Rep 788
Posts |
Quote:
|
|
Appreciate
0
|
10-21-2021, 08:23 PM | #21 |
First Lieutenant
275
Rep 333
Posts |
Unfortunately with insurance there are so many variables person to person / policy to policy that comparison is really tough. What is interesting though are reasons other people have quoted for higher rates on the same policy. For example, I have 4 cars insured on my policy - Civic Sedan, 4Runner, M6, Alfa 4C. The M6 makes up 2 x the premium of any other car on my policy ($1250 vs $690 for the...Civic!).
Reason? Per my policy breakdown, Physical Damage (to the vehicle) is by far the highest on the BMW. I have comprehensive glass coverage which alone accounts for $350 for the $1250 - shows how expensive a replacement windscreen is. Collision on the M6 is a shade over $600, which is more than the other 3 cars' collision combined. So factors mentioned by other people such as how a BMW is more likely to be a daily driver and how parts are expensive have a great bearing on higher premiums. |
Appreciate
0
|
Post Reply |
Bookmarks |
|
|