How much insurance do you pay for your 640Xi GC

[CoTony83]

Hey fellas my colleague just got 2015 640XI GP with 24000mi. HE is trying to get insurance but rates are ridiculous. As low as $1000 for 6 months. He has long and clean record. I wanted to see what some of you pay for this type of car?? will appreciate all inputs

[Qsilver7]

Insurance rates are determined by more than just the car model & year. There's age, number of drivers in household, marital status, family status, location (urban/suburban/rural) (east coast/west cost/midwest/south/southwest/northwest/Florida ), driving record...and your CREDIT SCORE (oh yeah, that can increase or decrease what you pay in car insurance).

*...drivers with poor credit scores (524 or less) have an average insurance premium of $2,411, while drivers with excellent credit scores (823 or higher) pay only $1,130 on average, which is a savings of 53 percent. (*2016 auto insurance report)

Most of the things listed above are an unknown quantity...so it's really impossible to do a viable comparison as to the quotes your friend is getting.

[Walt White Coupe]

These cars are expensive to insure, period. My yearly rate for my 2016 Corvette is around $544, for my 2013 650ix it's $1038 both with the same coverage with Travelers. It makes no sense to me that the BMW is definitely worth less than the Corvette but costs almost twice as much to insure. Having said that Travelers was still the cheapest overall.

[Havy]

I don’t know the rules and regulations in the US, over here it also depends on how often the car was stolen in which area you are living, accident statistics, do you have a single garage are you the driver or / and others as well and of course full coverage or just partial.

[ezmaass]

This is an impossible question to answer. As mentioned above, there are literally countless variables that go into determining one's own PERSONAL insurance rate. I'm capitalizing the word "personal" because that's exactly what any rate is - your personal rate. No two people will ever likely be the same. Some of the factors:

- Age
- Sex
- Driving history (accidents, tickets, length of driving)
- Car value
- Claim history for vehicle type/model
- Credit score
- Parking location (zip code, garaged or not, etc)
- Local crime rate
- Anti-theft mechanisms
- Training (e.g. defensive driving)
- Other policies held (multi-car, home, umbrella, etc.)
- Coverage and deductible
- And many more...

There are just too many variables to consider, so it's unlikely your rate will ever reflect another's even with the exact same car - as the car, itself, is a small piece of the equation.

I've found the 650 relatively expensive to ensure, but likely in-line with its value and repair costs. My car's MSRP was around $113k - not cheap if it got into an accident.

I carry a large umbrella policy (to protect my personal assets, really, from gold diggers), so that requires that I max out my coverage on my vehicles. However, to counter some of that, I also increase the deductibles to their highest allowable value. To be fair, I'm not concerned with $1k or $2k of repairs out of my pocket, and I'd much rather not go through insurance if something like that happened anyway. But I'll use insurance if it's a $20k repair.

Likewise, if you use the car as a daily driver, that drives the insurance costs much higher - especially if it's a lengthier commute. My R8, which had a $178k MSRP, is actually less expensive to insure than the 650. Neither is actually a daily driver (I work from home), but insurance still considers one of them a primary vehicle - so that goes to the 650. So the WAY you use the car is probably even more important to your rate than the value.

All of that said, $2k for the year is totally reasonable for most people in most markets. Some may get away with half of that, and others may be double, but I'd say that $2k is far from unusually high on a car like this.

[CoTony83]

Originally Posted by Qsilver7

Insurance rates are determined by more than just the car model & year. There's age, number of drivers in household, marital status, family status, location (urban/suburban/rural) (east coast/west cost/midwest/south/southwest/northwest/Florida ), driving record...and your CREDIT SCORE (oh yeah, that can increase or decrease what you pay in car insurance).

*...drivers with poor credit scores (524 or less) have an average insurance premium of $2,411, while drivers with excellent credit scores (823 or higher) pay only $1,130 on average, which is a savings of 53 percent. (*2016 auto insurance report)

Most of the things listed above are an unknown quantity...so it's really impossible to do a viable comparison as to the quotes your friend is getting.

I know rate depends of all of those you said..I will ask the question a different way then: How much you pay insurance for your 640XI GP?

[CoTony83]

Originally Posted by ezmaass

This is an impossible question to answer. As mentioned above, there are literally countless variables that go into determining one's own PERSONAL insurance rate. I'm capitalizing the word "personal" because that's exactly what any rate is - your personal rate. No two people will ever likely be the same. Some of the factors:

- Age
- Sex
- Driving history (accidents, tickets, length of driving)
- Car value
- Claim history for vehicle type/model
- Credit score
- Parking location (zip code, garaged or not, etc)
- Local crime rate
- Anti-theft mechanisms
- Training (e.g. defensive driving)
- Other policies held (multi-car, home, umbrella, etc.)
- Coverage and deductible
- And many more...

There are just too many variables to consider, so it's unlikely your rate will ever reflect another's even with the exact same car - as the car, itself, is a small piece of the equation.

I've found the 650 relatively expensive to ensure, but likely in-line with its value and repair costs. My car's MSRP was around $113k - not cheap if it got into an accident.

I carry a large umbrella policy (to protect my personal assets, really, from gold diggers), so that requires that I max out my coverage on my vehicles. However, to counter some of that, I also increase the deductibles to their highest allowable value. To be fair, I'm not concerned with $1k or $2k of repairs out of my pocket, and I'd much rather not go through insurance if something like that happened anyway. But I'll use insurance if it's a $20k repair.

Likewise, if you use the car as a daily driver, that drives the insurance costs much higher - especially if it's a lengthier commute. My R8, which had a $178k MSRP, is actually less expensive to insure than the 650. Neither is actually a daily driver (I work from home), but insurance still considers one of them a primary vehicle - so that goes to the 650. So the WAY you use the car is probably even more important to your rate than the value.

All of that said, $2k for the year is totally reasonable for most people in most markets. Some may get away with half of that, and others may be double, but I'd say that $2k is far from unusually high on a car like this.

I know it depends of all of those. MY S7 is more expensive than my wifes X5M though.

My question need to be then: How much do you pay insurance for your 640xi GP?

[F06msportmia]

$94 a month with Progressive (obviously full coverage).

[DJHomie]

I'm on the hunt for a 2015 640IX GRAN COUPE.. I was just quoted $612/6 months.. From Travelers.

[The0pportunist]

I'm in the UK

I pay £800 / year for me and my wife (inc commuting)
with a few cosmetic mods declared.

640d

[lukej]

State Farm

100/comp / 250/Collision

Multiple Line, Accident Free, Multicar, Vehicle Safety, Drive Safe & Save
Total: $585.35 / 6 mos

I’m old though,, 58

[DerBosewicht]

I just saved 700 on my yearly premium. I used to commute 20 miles each way to work. I moved and updated my address and let them know that the car is privately garaged now, and the commute is now 2 miles each way. I feel like I saved 15% with Geico lol, and that’s who I am insured with...lol

[Qsilver7]

Originally Posted by DerBosewicht

I just saved 700 ... I feel like I saved 15% with Geico lol, and that’s who I am insured with...lol

...I'm sure he thanks you for the endorsement.

[Flying Ace]

Originally Posted by Qsilver7

Insurance rates are determined by more than just the car model & year. There's age, number of drivers in household, marital status, family status, location (urban/suburban/rural) (east coast/west cost/midwest/south/southwest/northwest/Florida ), driving record...and your CREDIT SCORE (oh yeah, that can increase or decrease what you pay in car insurance).

*...drivers with poor credit scores (524 or less) have an average insurance premium of $2,411, while drivers with excellent credit scores (823 or higher) pay only $1,130 on average, which is a savings of 53 percent. (*2016 auto insurance report)

Most of the things listed above are an unknown quantity...so it's really impossible to do a viable comparison as to the quotes your friend is getting.

Not only this, it's more complicated when companies also give you multiple line discounts and customer retention discounts. On top of it, it's hard to compare premium numbers when you don't talk about coverage figures either. "Full coverage" doesn't mean anything because it means different things in different states and the deductibles can effect the premiums.

For me, I pay $1500 a year for just the M6, but I also have a X5 and 2 house all under an umbrella. (I pay about $1000 a year for the X5)

My coverage is the state minimum on the cars simply because my umbrella kicks in up to 2 million after that amount. Not to mention both my cars are under the low mileage discount.

As Silver said, it's all numbers on different basis anyways because we're all in different zip codes, different credit scores, different histories, different coverage levels, different discounts etc etc etc. The best way to shop for insurance is take every declaration you have (home, auto, business, etc) to each agency and have them give you an all-in price based on the same level of coverage. Then you can parse out how much you pay for the car, and then you'll see that figure is so distorted based on other factors it's worthless to compare to your friend's rate.

One interesting thing about the zip code, I use to live in Arlington VA. Arlington like most cities have multiple zip codes. The particular zip code I lived in was considered cheap. Had I lived in a different part of Arlington, my rates would have nearly doubled!

[Flying Ace]

Originally Posted by ezmaass

This is an impossible question to answer. As mentioned above, there are literally countless variables that go into determining one's own PERSONAL insurance rate. I'm capitalizing the word "personal" because that's exactly what any rate is - your personal rate. No two people will ever likely be the same. Some of the factors:

- Age
- Sex
- Driving history (accidents, tickets, length of driving)
- Car value
- Claim history for vehicle type/model
- Credit score
- Parking location (zip code, garaged or not, etc)
- Local crime rate
- Anti-theft mechanisms
- Training (e.g. defensive driving)
- Other policies held (multi-car, home, umbrella, etc.)
- Coverage and deductible
- And many more...

There are just too many variables to consider, so it's unlikely your rate will ever reflect another's even with the exact same car - as the car, itself, is a small piece of the equation.

I've found the 650 relatively expensive to ensure, but likely in-line with its value and repair costs. My car's MSRP was around $113k - not cheap if it got into an accident.

I carry a large umbrella policy (to protect my personal assets, really, from gold diggers), so that requires that I max out my coverage on my vehicles. However, to counter some of that, I also increase the deductibles to their highest allowable value. To be fair, I'm not concerned with $1k or $2k of repairs out of my pocket, and I'd much rather not go through insurance if something like that happened anyway. But I'll use insurance if it's a $20k repair.

Likewise, if you use the car as a daily driver, that drives the insurance costs much higher - especially if it's a lengthier commute. My R8, which had a $178k MSRP, is actually less expensive to insure than the 650. Neither is actually a daily driver (I work from home), but insurance still considers one of them a primary vehicle - so that goes to the 650. So the WAY you use the car is probably even more important to your rate than the value.

All of that said, $2k for the year is totally reasonable for most people in most markets. Some may get away with half of that, and others may be double, but I'd say that $2k is far from unusually high on a car like this.

FYI, I think you got it backwards. If you have umbrella, you should be able to LOWER your auto coverage to state minimums because you want your umbrella to kick in earlier up to the umbrella max. As a result your auto portion of the coverage should be cheaper because dollar for dollar, it's cheaper to buy umbrella coverage than auto coverage.

[DerBosewicht]

Originally Posted by Qsilver7

...I'm sure he thanks you for the endorsement.

I am thanking him too.. 🤣🤣 that’s going right toward the Pureturbos...

[Flying Ace]

from what I heard, gieco is cheap and all, until you make your first claim. Then your rates either goes through the roof or they drop you.

[DerBosewicht]

Originally Posted by Flying Ace

from what I heard, gieco is cheap and all, until you make your first claim. Then your rates either goes through the roof or they drop you.

Oh they definitely go through the roof. I unfortunately totaled two cars within 60 days. Neither was... well the first wasn’t my fault and the second I passed out at the wheel doctor said it was the flu and stress, thankfully I was uninjured. Geico handled both claims equally smooth. But I definitely feel like they are trying to get some of their money back on my 650.. lol. Like I said rate increased but no drop, first major two accidents in my 25+ years of driving. BOTH HAPPENED WHEN I MOVED TO TX, my Lexus a lady hit me and twisted the frame, I believe she fell asleep and the Audi...well just blessed to have walked away from with only a scratch. So to get back to the topic, simple things like keeping your address, commute distance, and yearly mileage updated can reduce your premium. The before and the afters..

[ezmaass]

Originally Posted by Flying Ace

FYI, I think you got it backwards. If you have umbrella, you should be able to LOWER your auto coverage to state minimums because you want your umbrella to kick in earlier up to the umbrella max. As a result your auto portion of the coverage should be cheaper because dollar for dollar, it's cheaper to buy umbrella coverage than auto coverage.

My umbrella policy requires that my auto policy is set at its max for liability (they couldn't care less about other aspects of it - just liability, which is the less expensive component). The umbrella and auto are with the same provider, so I suppose it really doesn't matter - same source would be paying out, but I suppose it's just the way they work in this case.

Regardless, this whole thread remains a pointless discussion. We might as well be asking, "What did you eat for breakfast today?" as if there should be some commonality given we all own 6-series. The simple fact remains that the car, itself, is a red-herring when it comes to understanding what your policy cost will be. MUCH more of the price has to do with the aforementioned characteristics - location, crime, credit score, age, driving history, claim history, etc. There are guys insuring $350k supercars for less than some of the folks here are paying for their 6-series. There are also guys driving $25k used Mustangs that are paying considerably more than most are paying for their 6-series. The car is just a much smaller influence on the insurance price than people tend to acknowledge - and the multitude of other factors that actually DO move the needle are too complex to attempt comparing person to person without examining them each in combination.

For anyone curious, it's a simple phone call to your insurance company or a visit to their website.

[Walt White Coupe]

As I said earlier, these cars are expensive to insure. Why does my 2013 650ix cost twice as much to insure as my 2016 Corvette? I'm the only one that drives both, usage the same and the coverage is exactly the same on both. And the Corvette will run circles around the BMW.

[Barron der Hai]

Sorry to revive a near dead thread, as everyone has said, the 6-series is an expensive car to insure. But I'm surprised UBI policies haven't been mentioned. Obviously, depending on the state and the laws in that state, there are tools like Usage Based Insurance that can reduce rates by nearly 50%.

Usage Based Insurance is insurance for how you drive (think Root Insurance) (or pay as you drive (MetroMile). The biggest issue though is shopping around quotes is not possible through traditional aggregators, so you have to have an existing policy with an insurer to get a UBI policy.

Full disclosure though, I'm a co-founder in a Usage Based Insurance Aggregator startup called byteRyde, so I am biased towards the use of UBI. Always do your own research and make the decision that is best for you.