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      09-20-2021, 05:50 PM   #1
Walt White Coupe
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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.
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      09-20-2021, 06:16 PM   #2
Wanwansuii
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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?
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      09-20-2021, 06:52 PM   #3
Derekz4
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All wheel drive factor?
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      09-20-2021, 11:08 PM   #4
Opie55
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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?
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      09-21-2021, 07:47 AM   #5
Walt White Coupe
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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..
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      09-21-2021, 08:53 AM   #6
arucano
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2014 BMW M6 GC  [0.00]
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.
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      09-21-2021, 10:36 AM   #7
jdsaengine
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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.
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      09-21-2021, 10:37 AM   #8
D'Mann
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Another factor is the rate of theft.
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      09-21-2021, 10:56 AM   #9
Walt White Coupe
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Quote:
Originally Posted by jdsaengine View Post
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.
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.
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      09-22-2021, 07:10 PM   #10
Alpine650
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I have a 2017 650i xDrive convertible with a clean driving record and pay $1800 - for 1 car!
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      09-27-2021, 05:11 PM   #11
JBF650
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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.
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      09-28-2021, 01:36 PM   #12
Walt White Coupe
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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.
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      09-28-2021, 03:54 PM   #13
Alpine650
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Quote:
Originally Posted by Walt White Coupe View Post
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.
Did your insurance company give you an answer?
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      09-28-2021, 05:28 PM   #14
Walt White Coupe
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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.
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      09-28-2021, 05:55 PM   #15
Alpine650
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He is in Belize by now!
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      09-28-2021, 10:01 PM   #16
Walt White Coupe
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With my luck, they would agree with me and double the price of the coverage for the Vette.
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      09-28-2021, 10:13 PM   #17
byebyev8
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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.
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      09-29-2021, 09:03 AM   #18
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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.
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      09-30-2021, 12:13 AM   #19
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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.
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