Why is the 7 Series SO expensive to insure??

Curiosity got to me… Here is what I am paying and the coverage’s
State Farm

Coverages and Limits
A-Liability
Bodily Injury 250,000/500,000
Property Damage 100,000 $85.80
C-Medical Payments 5,000 $7.25
D- Comprehensive $82.15
G-500 Deductible Collision $219.59
H- Emergency Road Service $1.80
R1-Car Rental & Travel Expense
$25 Per Day, $600 Max $10.90
U-Uninsured Motor Vehicle
Bodily Injury 100,000/300,000 $16.15
S-Death Indemnity $1.20
Total Amount $424.87 (6 Months) $849.74 Yearly


Premium Reductions
Multiple Line $111.37
Multicar $85.83
Vehicle Safety $1.81
Accident-Free $104.21

my brand new 2012 750li xdrive is $900 a year ($450 every 6 months) to insure via state farm. I also have all my other insurance with them too though.

Originally Posted by filmoreslim

Who is your carrier?

I just checked and Las Vegas is rank 12th most expensive city in the States couple years ago, so I was wrong.

But I always have clients move from CA ( LA, SF, SD, Etc. ), and the rates in CA is always cheaper than Las Vegas ( Same insurance company, state to state transfer rate change )

I am currently with Progressive, Diamond membership, multi car, multi line ( Home, umbrella ), perfect driving record, and early 30s.

500,000 combine limits, 5000 med, 1000 deductible, 500,000 combine UM/UIM, ERS, rental, GAP.

I consider my rate is OK compared to others, but not the cheapest. One of my client is paying his 911 Turbo S, Q7, Quatroporte, S550, and VW Routan for 1200/6 months!

It really depends on the state where you live, some state's insurance rate is just super low.

You guys MUST be AWFULLY young o be getting hit with SUCH high rates. I am an old fart @ 49 but being old (apparently) has a few advantages. My Cost for 500/300 is only slightly over $600 for a year of coverage for my '06 750Li (North Carolina)

Originally Posted by NickyBlack

My 7 is about 1400 per year, and i live in NJ, the most expensive state for car insurance in the union.

Where do you guys come up with these claims? 1st Vegas was most expensive city, now NJ most expensive state. Both are very wrong.

New Jersey ranks #15 in insurance cost--- in other words, far from the worst.

http://www.cbsnews.com/8301-500395_1...car-insurance/

Top 5 are Louisiana, Oklahoma, Michigan, West Virginia, and DC.

These posts about "what do you pay for insurance" come up all the time, and in reality it is pointless to try and compare your rate with someone else. There are hundreds of factors that go into pricing your insurance policy. The car you drive has an impact, but it is actually smaller impact than many other factors where I bet most of you have nothing in common.

The following factors are just some that can have a much bigger impact on your rate than the type of car you are driving:
-State
-City
-ZIP code (yes... your rate could change significantly just by moving from one ZIP to another, even in the same city/town)
-Age/gender of all drivers
-Credit score
-Driving record (tickets, accidents, etc)
-Claims history- liability, comp and collision claims
-Number of cars on policy
-Number of drivers on policy
-Liability limits selected
-Liability limits with your previous carrier
-"account" credits... i.e. insuring your home/condo/apartment with the same company

Unless you find someone else that is exactly the same as you in all of the above characteristics, it's pointless to compare. Just because someone else with a 7-series pays $1000 less than you doesn't mean you can expect to get that rate because your characteristics above are different.

Another point... shop around, as you are guaranteed to get a range of rates by quoting with several carriers. Insurance is not an exact science and carriers all have different models that price risk differently, so you will see a huge range of rates if you shop around. I've recently obtained quotes ranging from ~$1,500 to over $6,000 per year, so it clearly pays to do some homework here. And no one company is always cheaper-- the companies than some of my acquaintances told me had the best rates gave me some of the highest quotes.

*disclosure... I work in the insurance industry

Thanks for writing it up, I am very lazy to type all that up, but what you say is exactly what I tell my clients. I am in insurance too.

My 750i is only an 2006 but I'm only 17 and I have a ticket and i pay $66 a month!!

Originally Posted by BMW750IMMIA

My 750i is only an 2006 but I'm only 17 and I have a ticket and i pay $66 a month!!

That's really Cheap for your age. Fully coverage ??

Originally Posted by ChuckLee

That's really Cheap for your age. Fully coverage ??

Yep! But I think it may be under my father's name. He is 51 and has yet to have an accident/ticket on his record. And he has 5 other cars under his name as well as a boat and 2,000 acres worth of farmland. So that probaly helps a bit..

My insurance definitely sucks a D. Mostly because it's insured in S. Fla where there are lots of illegal drivers, old people with vision problems, recent immigrants with the bare minimum level of coverage that increases the likelihood of my uninsured motorist coverage having to kick in if something happens. Combined with the discount from my home owners insurance I'm paying around 165 a month.