Insurance for E39 M5?

[WILMAR188]

Hey guys I am in the market for a car and looking for a ball park estimate of what it will cost for a 23 year old to insure an E39 M5. I have checked with insurance providers online and every one of them makes it as complicated as possible and usually require giving out personal info which I am not comfortable with due to the amount of scams presently out there. Hell my cell number is on the do not call list and I used to get that "US Fidelis car insurance" call multiple times per day. Several years ago I tried to get quotes from Geico, Liberty Mutual, Allstate and a few others. I was constantly getting spam from all of them... :mad

Anyways I am a 23 year old male, been driving since 16 recently got my first speeding ticket ($50 for 65 in a 55... complete BS but whatever). Zero accidents, zero arrests, zero debt, live in NH. Just looking for a ball park guess of what full coverage would cost me.

[Kevlar]

It is impossible to give you a ball park estimate due to the number of factors involved namely...

Your driving record
Your location
Where the car is parked
Number of people driving the car
Number of people in the household and their driving records (some providers care about this)
Age of the car
Number of cars on the policy
Number of other policies combined with car policy
Any applicable discounts
If the car is the primary car or not
Optional/Safety/Anti-theft equipment on the car

Then after all that you have to factor in the coverages that you want/need and how you plan to pay for it... either as a lump sum or spread out over 6 months and 12 months.

[WILMAR188]

It is impossible to give you a ball park estimate due to the number of factors involved namely...

Your driving record
Your location
Where the car is parked
Number of people driving the car
Number of people in the household and their driving records (some providers care about this)
Age of the car
Number of cars on the policy
Number of other policies combined with car policy
Any applicable discounts
If the car is the primary car or not
Optional/Safety/Anti-theft equipment on the car

Then after all that you have to factor in the coverages that you want/need and how you plan to pay for it... either as a lump sum or spread out over 6 months and 12 months.


Thanks for the response Kevlar. I guess the safest assumption to make is "not cheap". Anyways I think the most likely scenerio would be to keep my Lesbaru Outback for rain/snow, and garage the M5. Therefore I could technically list the subaru as my primary vehicle and the M5 as the secondary to negate high insurance premiums.

[webdesigner]

$100-$300/mo

[DrewDude320i]

($50 for 65 in a 55... complete BS but whatever).

That's the cheapest speeding ticket I've ever seen. I got $200 for 6 over a few weeks ago.

[WILMAR188]

[QUOTE=WILMAR188;16795320]($50 for 65 in a 55... complete BS but whatever). QUOTE]

That's the cheapest speeding ticket I've ever seen. I got $200 for 6 over a few weeks ago.

Ouch that's a bummer!

The day I got the ticket I was heading off skiing, and passed an undercover state trooper. When I was close to him I noticed something seemed odd about the car and figured just to be safe I'd pass him very slowly. Was doing 56-57mph and literally crawling past him, then proceeds to pull me over, drag me out of the car and yell for a bit. Said I was going 65 (impossible I had 3 witnesses in the car saying I was going 56-57), then proceeds to lecture me on how he did way more skiing than I ever did? Anyways this happened on the last day of the month and if anything the guy just seemed emotionally unstable. Sure was a weird situation, I just hope it doesn't kill my insurance premiums.

[kornkid8600]

Just call your current provider, it'll be easy to figure it out. Online quotes are always ridiculous.

[bowmang]

Just call your current provider, it'll be easy to figure it out. Online quotes are always ridiculous.


this

whenever i'm shopping for a car, i just call up USAA, give them a quick rundown of the car, and they give me an estimate... it's always within $10/mo of what i end up paying.

[NFerber]

Just go to an insurance agent. Give them your info and they will run it through all the companies they deal with and tell you the rates for whatever coverage you want. My agent does this free of charge, I'm not sure if that is always the case though.

[bowmang]

Just go to an insurance agent. Give them your info and they will run it through all the companies they deal with and tell you the rates for whatever coverage you want. My agent does this free of charge, I'm not sure if that is always the case though.


it's probably free because they're already your agent and are makin a ton of money off of you... i'd have to think that if he were to just go to any agent they would either charge him, and definately hassle him forever trying to get him to sign up with them.

i could be wrong though... it's happened once before.

[EdirtySicks]

it's probably free because they're already your agent and are makin a ton of money off of you
it is free. dumbest thread. Really.

Has OP ever called his insurance? I call at least once a month to see what this 69 Boss 302 would be, or the 89 Callaway TT I saw, could be that i picked up an auto trader and started thinking about buying another car....either way; doesnt sound like you are taking the easy way out. Internet is not for everything...lol

[WILMAR188]

it is free. dumbest thread. Really.

Has OP ever called his insurance? I call at least once a month to see what this 69 Boss 302 would be, or the 89 Callaway TT I saw, could be that i picked up an auto trader and started thinking about buying another car....either way; doesnt sound like you are taking the easy way out. Internet is not for everything...lol

After spending nearly a half hour on hold with my current insurance company I gave up. I don't need an exact amount of what insurance will be, just wanted an idea. Just trying to get an idea if this car is notoriously high to insure in comparison with non M counterparts, thats all.

Bowmang- Yes dealing with insurance companies is a huge pain in the ass and I prefer to limit my contact with them as much as possible. Call me anal but with the amount of personal information being bought/sold these days I am not comfortable disclosing my personal info unless absolutely neccessary.

Anyways thanks for the replies.

[pbonsalb]

I liked State Farm in NH. I use USAA now because my wife had it. Just go into a State Farm office. There are 2 or 3 in Concord where I live.

Premiums also depend on how much insurance you carry. The minimum? A lot? Comprehensive? At least it is a 4 door sedan. I would guess an E46M3 would be worse. But on the other hand an E39 M5 is expensive to fix when they get hit even if the owners tend not to be kids who statistically wreck a lot of car . . . at least tend not thus far.

If you are worried about the insurance premium, you should also consider potential repair bills.

[2000mkoop]

Just trying to get an idea if this car is notoriously high to insure in comparison with non M counterparts, thats all.


take a guess :D











.....yes. yes it is more costly to insure than a 528i

[WILMAR188]

Took a while but I did get a complete quote from Liberty Mutual...

Liability/property damage- $100k/$300k
$500 deductible
rental car

per month... $144.66

For a comparison, a 2002 M3 coupe would run $148.13


Not bad at all, I was expecting atleast twice that!

[bowmang]

yea, that's not too shabby.

but for comparison... i've got similar coverage on my E39, and i pay $40/mo

[Bimmer M3]

Thats a good price for sure, specially for an M5

[Unstoppable BM]

just remember about the deductable hehe

i got a 2000 323ci and my insurance is $560 (+/- $20) every 6 months

[pbonsalb]

Took a while but I did get a complete quote from Liberty Mutual...

Liability/property damage- $100k/$300k
$500 deductible
rental car

per month... $144.66

For a comparison, a 2002 M3 coupe would run $148.13


Not bad at all, I was expecting atleast twice that!


That is pretty good rate for a 23 year old to drive a nice, fast car with full insurance. Part of it is that you are in NH and not a big city, where it would cost you at least twice that. Just put aside at least that much again for repairs and maintenance.

[WILMAR188]

That is pretty good rate for a 23 year old to drive a nice, fast car with full insurance. Part of it is that you are in NH and not a big city, where it would cost you at least twice that. Just put aside at least that much again for repairs and maintenance.


Great advice. I am planning on keeping the subaru for a beater vehicle in the crummy months, the thing is a tank with snow tires and only use the M on nice days. I find this to be a smart choice because if for any unseen reason something significant such as a transmission blows and I am unable to fix it, I will still be able to get to work. My long time goal has been to wait and do this right rather than as a teenager max out my credit and possibly go into debt over maintaining a car that is falling apart. I have a decent amount of tools, most recent addition is a nice impact gun with 500 ft-lbs (I STRONGLY recomend this to anyone considering car repairs), and just set up another checking account specifically for car repairs/maintence. Also with resources such as this site and several others, I see no need to bring this car into a dealer or mechanic as I am pretty competant with a wrench.

This is an excellent forum and if there is any advice I can give to someone still in high school/college, that would be to drive a beater, get a good job after and DO IT RIGHT. High school and college parking lots are not friendly, especially to higher end cars. I went to a fairly nice private college in southern NH and the amount of destruction I have witnessed on an average weekend is pretty shocking, let alone when the red sox won the world series in 04 and 07.... I'm talking about car windows being smashed, fireworks all night on the quad, couches lit on fire, football goals being torn down, people throwing full beers at cops, ect. Anyways sorry for the long post. :D

[Ben Carufel]

A few notes for you, being that I'm 24 and owned an E39 M5 when I was 21-23...

- That insurance rate is good. I always had a "beater" insured liability only and my "nice" cars insured for full value, listed as "pleasure" vehicles. At the time I had the S50 E30, the M Coupe, the M5, and my "beater" all on my policy and I believe the M5 portion of it was something like $185/month.

- The E39 M5 is an expensive vehicle with expensive repairs. Even if you do work yourself, parts are expensive. Keep in mind this was an $80,000+ car just a few years ago. It still has the maintenance requirements of an $80,000 car, it's just significantly cheaper to purchase these days. The engine alone, last time I checked for kicks, is something like $24,000 new ("rebuilt") from BMW.

My girlfriend is a factory trained BMW Master Tech, and even with that in mind I was never really comfortable with the car, knowing what could go wrong at any minute. The engine has a few "common" issues (carbon buildup in the secondary air system, a tendency to eat MAFs and crank position sensors, etc), and I have a buddy whose transmission packed up on his '00 M5 last year. That was an expensive repair for him.

Additionally, though the Peake scan tools are fairly accurate, there are some things on an E39 M5 that really take a more involved scanner to diagnose -- a BMW GT1 computer, or Carsoft, Autologic, etc. Those more involved scanners cost upwards of $1k when you start to include all of the modules and attachments, so be prepared to make a hefty investment in specialized tools if you never want to take the car in to a dealership or qualified independent...

Lastly, remember that the S62 is a high-strung, race-bred motor. There are procedures with servicing that motor that I wouldn't want to do for the first time on my own car, or at least not on a high-strung motor like that. Read, read, read before diving in to any E39 M5 projects.

And my final bit of advice: Get an '03. Absolutely don't get an '00, and an '03 is going to have the "best of the best" features out of the '01-'03 models. As an added bonus, the '03 will have the best resale value should something come up and you need to sell the car...

Oh, and join M5Board.com. The E39 section there is indispensable.

[pbonsalb]

Keep in mind this was an $80,000+ car just a few years ago. It still has the maintenance requirements of an $80,000 car, it's just significantly cheaper to purchase these days.



Actually, the maintenace requirements are much higher today due to the age of the car.

And you need much more than a torque wrench to maintain a complex car like an E39M5.