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E90/E91/E92/E93 (2006 - 2013)
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  #51  
Old 02-11-2013, 09:15 PM
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tturedraider tturedraider is offline
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Quote:
Originally Posted by mo.karney View Post
I have State Farm. Iam sure the location plays a big role... I live in Omaha, NE. Its at the intersection of Nowhere and Farmland.

My deductible is $500.
Correct. Location is everything and none of these "comparisons" really have much meaning because of that.

For where you are living, even at age 17, I think your rates are almost beyond belief. If my car insurance was that much when I was your age I wouldn't have had a car. Your rates ought to be about $10/month based on where you live (exaggeration intended), there's absolutely nothing for you to run into other than a bar ditch.
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  #52  
Old 02-11-2013, 09:21 PM
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tturedraider tturedraider is offline
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Quote:
Originally Posted by Zooks527 View Post
Furby, I'm surprised at that grammar! Reminds me of a story.



An E93 with Texas plates pulls into the base parking lot during a Bimmerfest Mt. Washington climb. The driver gets out, walks up to one of the other drivers, and says, "Excuse me. Can y'all tell me where the road to the summit's at?"

The other driver looks at her and says, "You know, if you're going to drive in New England, you'll need to learn not to end a sentence with a preposition."

She looks at him again and remarks, "Fine. Can y'all tell me where the road to the summit's at, @$$hole?"
Or split an infinitive. Fixed.
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  #53  
Old 02-11-2013, 09:39 PM
HPIA4v2 HPIA4v2 is offline
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how much? WAY TOO MUCH.
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  #54  
Old 02-12-2013, 01:50 AM
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Zooks527 Zooks527 is offline
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Quote:
Originally Posted by tturedraider View Post
Or split an infinitive. Fixed.
Ah, but split infinities are no longer being pilloried. Another bit of childhood lost!
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Last edited by Zooks527; 02-12-2013 at 03:07 AM.
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  #55  
Old 02-12-2013, 10:22 AM
Leekay07 Leekay07 is online now
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  #56  
Old 02-12-2013, 01:44 PM
Zeaken Zeaken is offline
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I am an insurance agent in NY.

All rules and coverage amounts will change state to state but rule of thumb for all could be summed up as follows.

Males pay more then women.

For conventional cars the value of a vehicle generally has less to do with the insurance rate factor then you think.

Credit score will play a large role, right next to accidents.

Cities will be much more expensive then the country

The biggest pay out (in this state) is actually for injury so safety is a big concern.



If it makes you feel better mo.Karney thats very cheap compared to ny rates despite how high it may seem. even in the suburbs you would be looking at close to $4,500 if you have lease limits. In the city probably 5k+. the worst rates ever would by NYC which would probably result in 10k+ premium numbers.

Last edited by Zeaken; 02-12-2013 at 01:51 PM.
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  #57  
Old 02-12-2013, 02:26 PM
sunny5280 sunny5280 is offline
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Quote:
Originally Posted by Zeaken View Post
Credit score will play a large role, right next to accidents.
This is ridiculous and should be prohibited.
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  #58  
Old 02-12-2013, 04:52 PM
drunkryan drunkryan is offline
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Quote:
Originally Posted by Zeaken View Post


If it makes you feel better mo.Karney thats very cheap compared to ny rates despite how high it may seem. even in the suburbs you would be looking at close to $4,500 if you have lease limits. In the city probably 5k+. the worst rates ever would by NYC which would probably result in 10k+ premium numbers.
I wince when i get quotes for NY or for FL, i do everywhere except HI, personal lines onbly.
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  #59  
Old 02-12-2013, 05:33 PM
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SARAFIL SARAFIL is offline
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Originally Posted by sunny5280 View Post
This is ridiculous and should be prohibited.
Other than an emotional "that doesn't feel fair" reaction, why do you think this?

If you ever have a chance to look at the data, you'd see that credit is VERY predictive of future losses for auto and homeowners insurance. One of the most powerful predictive variables actually.

If you remove that, all that means is that more responsible folks will pay more for insurance to subsidize less responsible folks that will be getting better rates.
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  #60  
Old 02-12-2013, 05:41 PM
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Bemo Bemo is offline
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You should always review current coverage and obtain few quotes as part of the annual renewal process. We've had been with Liberty Mutual for 3 years and, all of a sudden, their rates skyrocketed last year. Upon a somewhat exhausting renewal process, we ended up with Safeco, which turned out to be a Liberty Mutual subsidiary, this is a true "go figure" situation.

I hope that all of you are doing well,

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Last edited by Bemo; 02-12-2013 at 06:17 PM.
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  #61  
Old 02-12-2013, 07:05 PM
sunny5280 sunny5280 is offline
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Quote:
Originally Posted by SARAFIL View Post
Other than an emotional "that doesn't feel fair" reaction, why do you think this?
Because it has nothing to do with driving. What someone's credit score is does not represent how safe of a driver they are. To give it equal weight compared to actual accidents? Ridiculous. I know why insurance companies use credit scores and I disagree with it. It has nothing to do with emotion.

Quote:
Originally Posted by SARAFIL View Post
If you remove that, all that means is that more responsible folks will pay more for insurance to subsidize less responsible folks that will be getting better rates.
How does someone a low credit score translate into an increased risk behind the wheel? One can have a poor credit score and never file a claim. Meanwhile someone with a great credit score can.

Last edited by sunny5280; 02-12-2013 at 07:07 PM.
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  #62  
Old 02-12-2013, 07:16 PM
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SARAFIL SARAFIL is offline
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Quote:
Originally Posted by sunny5280 View Post
How does someone a low credit score translate into an increased risk behind the wheel? One can have a poor credit score and never file a claim. Meanwhile someone with a great credit score can.
If you look at the data, it's clear as day... folks with poor credit are more likely to engage in risky behavior, generally display less responsibility and are more likely to have incidents or file claims in the future. The frequency and severity of claims is much higher on folks with lower credit scores.

Prior loss activity also has a major impact on premium, and someone that has had accidents or violations will pay more. So yes, someone with bad credit and bad driving record pays the most, someone with great credit and great driving record pays the least, and someone with good credit/bad record and bad credit/good record would pay rates in between those two extremes.

I'm not saying credit is the only rating factor, but it is significant. Data shows that using things like age, vehicle type and driving record alone does not create a model that is "good enough" to accurately predict future losses and credit has meaningful impact when laid on top of these other variables. Leaving out factors like credit result in an imperfect pricing model that creates subsidies. So if you are ok subsidizing other bad drivers, I guess that's ok, but I'm not ok with paying more to subsidize others.
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Last edited by SARAFIL; 02-12-2013 at 07:22 PM.
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  #63  
Old 02-12-2013, 07:29 PM
sunny5280 sunny5280 is offline
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Quote:
Originally Posted by SARAFIL View Post
If you look at the data, it's clear as day... folks with poor credit are more likely to engage in risky behavior, generally display less responsibility and are more likely to have incidents or file claims in the future. The frequency and severity of claims is much higher on folks with lower credit scores.
And what does this have to do with their responsiblility behind the wheel? Perhaps the insurance companies should ask if you are a member of this forum. After all I don't know how many posts I've read, especially in the RWD versus AWD discussions, about risky behavior. And I suspect most of us have pretty good credit scores.
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  #64  
Old 02-12-2013, 07:35 PM
Spagolli94 Spagolli94 is offline
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+1 on location playing a big role. When I lived in the Philly burbs, I paid about $100/mo for commercial insurance (my 335i is a company car). I moved into the city and my rates doubled. Interestingly, my 335i was only marginally less expensive than my previous RS4, which had a 420hp V8. Location, location, location.
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  #65  
Old 02-13-2013, 08:53 AM
drunkryan drunkryan is offline
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Quote:
Originally Posted by SARAFIL View Post
If you look at the data, it's clear as day... folks with poor credit are more likely to engage in risky behavior, generally display less responsibility and are more likely to have incidents or file claims in the future. The frequency and severity of claims is much higher on folks with lower credit scores.

Prior loss activity also has a major impact on premium, and someone that has had accidents or violations will pay more. So yes, someone with bad credit and bad driving record pays the most, someone with great credit and great driving record pays the least, and someone with good credit/bad record and bad credit/good record would pay rates in between those two extremes.

I'm not saying credit is the only rating factor, but it is significant. Data shows that using things like age, vehicle type and driving record alone does not create a model that is "good enough" to accurately predict future losses and credit has meaningful impact when laid on top of these other variables. Leaving out factors like credit result in an imperfect pricing model that creates subsidies. So if you are ok subsidizing other bad drivers, I guess that's ok, but I'm not ok with paying more to subsidize others.
+1

I belive it was U of Texas that did the study that shows this, but insurance companies are evil and just want all your monies! :P
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  #66  
Old 02-13-2013, 01:52 PM
Karney5 Karney5 is offline
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Quote:
Originally Posted by Spagolli94 View Post
+1 on location playing a big role. When I lived in the Philly burbs, I paid about $100/mo for commercial insurance (my 335i is a company car). I moved into the city and my rates doubled. Interestingly, my 335i was only marginally less expensive than my previous RS4, which had a 420hp V8. Location, location, location.
You clearly can't floor the RS4 in NYC.....


I got some discounts on my insurance. I now save another $250 off every 6 months!
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  #67  
Old 02-13-2013, 03:41 PM
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cruisingbimmer cruisingbimmer is offline
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Quote:
Originally Posted by mo.karney View Post
You clearly can't floor the RS4 in NYC.....


I got some discounts on my insurance. I now save another $250 off every 6 months!
That's great news! Did you just save a bunch of money on your car insurance by switching to Geico?

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  #68  
Old 02-13-2013, 06:49 PM
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tturedraider tturedraider is offline
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Quote:
Originally Posted by cruisingbimmer View Post
That's great news! Did you just save a bunch of money on your car insurance by switching to Geico?

+1! Glad to hear it.
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  #69  
Old 02-13-2013, 11:34 PM
GroupBquattro GroupBquattro is offline
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The cheapest way for any male under 25 is to be added to the parents' policy. You will benefit from multi-car discount, maybe an auto-home discount, and I bet your parents have a better insurance score than you have. If you are by yourself, one thing you can do is to add a renters' policy, the cheapest one. In Seattle it costs about $150 a year. The auto/rent discount you'd be gettting may be more than the 150. And that's every six months. I don't know what coverage you have, but if you have liability limits of let's say 100/300/100, you most likely have underinsured motorists coverage that has the same limits. Drop the u/m property limit from 100 to whatever you think your car is worth. If you keep the 100k, no one will pay you 100k for a 328. Are you going to school full time with B grades or better? Here there's a good discount for that. Prices drop dramatically if you get married, but don't do it for the sake of insurance !!!!!!!!
I am 49, clean, and pay $430 every 6 mos for 4 cars, my E39 540 and my 91Volvo with 500/500 ded and towing, while my 87 Audi and the 88 Firebird only have only comp 500 and towing. The liability is 25/50/25 on all. I am an insurance broker, currently with GMAC, but I am always switching to the best price, I have 9 A rated companies to choose from. Don't be afraid to shop brokers, they can almost always beat captive agents. I used to be a Farmers agent and I know it first hand.
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  #70  
Old 02-14-2013, 12:13 AM
harkirath harkirath is online now
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About $700 / 6 months. 22 male clean record (thanks to ticketkick.com)

Interestingly enough, my old corolla is $900 / 6 months. Both insured under parents name.
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  #71  
Old 02-14-2013, 11:49 AM
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Verts4Ever Verts4Ever is offline
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Quote:
Originally Posted by mo.karney View Post
I am just a little curious as to how much people are paying for their insurance.
My wife and I are currently paying a total of $420 every six months for our E93 and a high-end SUV. That's for full coverage under Progressive with relatively high payout caps and low deductibles, and with 30% Snapshot* discounts on both vehicles and pretty much every other discount possible.

Cheers.

* Also known among various festers as the evil monitoring device that can be used to track your location, despite the fact that it doesn't have a single component that could accomplish such a thing.
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  #72  
Old 02-15-2013, 12:57 PM
Zeaken Zeaken is offline
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For those thinking that Credit rating is "unfair" I have two things to point out. The first is obviously. The data shows credits relates to accidents for it to be a rating factor in the state they had to prove it. You may not like but the data backs it up. The second is that doing this actually resulted in a decrease in premiums across the board because it allows companies to better fine tune their product and make sure people are rated the best. You may not like credit scoring but it probably saved you money. One of my companies has well over a million price points with their new program and what was the reward of this mind boggling change? an average 18% decrease in premium across the board.
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  #73  
Old 02-15-2013, 05:31 PM
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ashton540 ashton540 is offline
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I'm 24 and have several speeding tickets and one accident (not faulted) and I pay 480 per 6 months for full coverage with 500 deductible... Was paying almost 200 per month with Progressive.. Switched to USAA.. They're awesome.
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  #74  
Old 02-16-2013, 06:04 AM
jpradun jpradun is offline
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Mein Auto: 2010 BMW 335i xDrive
2010 335ix, $578/yr, full coverage, $500 deductible. 26yr/old with no accidents/tickets.

...but I'm in a town of 8000, in an area much smaller than a city suburb. I also have 4 cars insured (soon to be 3), my condo, and umbrella insurance with the same insurance company.
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  #75  
Old 02-16-2013, 06:43 AM
sunny5280 sunny5280 is offline
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Quote:
Originally Posted by Zeaken View Post
For those thinking that Credit rating is "unfair" I have two things to point out. The first is obviously. The data shows credits relates to accidents for it to be a rating factor in the state they had to prove it. You may not like but the data backs it up. The second is that doing this actually resulted in a decrease in premiums across the board because it allows companies to better fine tune their product and make sure people are rated the best. You may not like credit scoring but it probably saved you money. One of my companies has well over a million price points with their new program and what was the reward of this mind boggling change? an average 18% decrease in premium across the board.
It's inappropriate. A credit score is not a measure of how safe one is driving. Or are you telling me someone with a high credit score who loses their job and can no longer maintain their credit score (read as: They weren't able to pay their bills and now their credit score is in the toilet) is now a much greater risk of being involved in an accident?

Insurance companies use credit score as a factor because they argue those with lower scores are more at risk of filing a fraudulent or an excessive number of claims. They're lumping everyone together. I can somewhat understand if the person does not have a driving history as you need a starting point. But if they've been driving for 20 years ticket and accident free I see no reason for credit score to be a factor.
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