Insurance with Geico

[kirasam70]

Just called to get full coverage insurance on my 90 525i. They told me they would not cover it with other than liability, because my car is not worth it. :mad Does anyone else have this problem trying to cover their e34? And am I stupid to try and cover my car with comprehensive insurance. I just dont want to be left holding my owners manual and thats it, in case someone steals my car.:(

[Coopster1]

I've got full coverage on my 1994 525i with AAA..never a problem

[kirasam70]

i could not believe they told me that.

[RVAE34]

I have liability only. The base car isn't really worth the extra premiums IMO

[kirasam70]

the only thing i cannot understand with liability, is that i am paying out a monthly payment to take care of someone elses car. How does that benefit me? I want at least something in return if I have a mishap or theft of my car. It sucks to know if someone steals my car, I will be left with just a tiremark in my driveway and there is nothing i can do about it. I just have to wipe it off as a loss.

[HE53]

I have full coverage on one of my e34's.. I keep it on what ever car I drive in the winter weather. I use State Farm, and the premium isn't terrible for what coverage I have.

[kirasam70]

thanks kessler.

[robmpulse]

the only thing i cannot understand with liability, is that i am paying out a monthly payment to take care of someone elses car. How does that benefit me?

when you are at fault and total a $40,000 car, will you be able to write a check to pay for it? If not, then you are benefiting.

:cool

[kirasam70]

while my car sits dead at the side of the road. lucky them.

[kirasam70]

i understand the liability issue, but at the same time I shouldn't be left with nothing. full coverage will still cover their car if the accident is my fault. I just dont want my car left without some type of coverage.

[ruftek]

I have full coverage on my 1990 525i just shop around with individual insurance agencies in your area.

[kirasam70]

thats what I plan on doing...It just gets me annoyed that they(Geico) cant understand why I want peace of mind.

[spyrot1]

I have GEICO for my cars, and when I added my 95 e34 to my policy, I only had liability for it. GEICO at that time recommended that I put comprehensive on it...

Eventually, as I upgraded the e34 I added comprehensive for it to the policy... GEICO then put up a disclaimer saying that cars this old may not be worth comprehensive.

Go figure.

[kirasam70]

thats what I am saying. amen. All i want is something to start off with if my car ever gets stolen. Thats it.

[spyrot1]

it's strange that GEICO will not cover it... you're paying them (they're charging me $300/year for comprehensive) for a service. I can only assume that the KBB value is so low that they don't want to take your money.

I assume that they will eventually tell me the same thing... and by then I may not care.

BTW, what's your mileage?

[HE53]

Honestly I think it has more to do with NADA value of the car vs what its actually worth in the market. If you wreck your car and total it, they are suppose to give you NADA but you can argue with them and get market value which is very gray on older BMW's and such. Pretty much trying to keep themselves from the headache by just simply not offering you full coverage.

[teufel530]

Full coverage is not worth it for a car as old as yours. You are going to give them thousands of dollars and, if the worst happens, the insurance company will only cover the whole sale/depreciated cost of the car.

My 2Cents, figure out how much extra you would send the insurance company for full coverage and put that money in a money market or mutural fund for a rainy day. That way you'll at least get a return on your investment and have a down payment for newer BMW.

Good luck.

[RVAE34]

The real reason liabilty is a good thing is so when you hit someone, you don't have to pay their $500k medical bills. That is worth $300/year

[pghmailman]

I used to have a Fiat Spider. I put Pa. Classic plates on it and my insurance company agreed to insure it for 5,000 dollars in case of total loss. I found that this was the only way to settle on an amount we both agreed to. I will probably do this with the 540i when she reaches 15 years old also.
Peace

[RVAE34]

I thought it was 25 years for that

[Phrozeone]

get your car apprasied, if you have alot of aftermarket parts done to your e34, its worth getting the actual value assesed, once thats done, let your insurance company know and have your policy changed accordingly

[pghmailman]

I thought it was 25 years for that

In Pa it is 15 years for a Classic car and 25 years for an Antique designation.
Peace

[E30NEIN]

PGAC (Permanent General) Is based out of Ohio, and they have the lowest rates I've ever found.. besides infinity.
PM me if you want thier number, they are pretty helpful.

[dcv]

Ugh...insurance..my least favorite topic. Alberta gets raped harder for insurance then anywhere else in North America. Plus, I'm forced to pay for full coverage since I took out a loan to get my car. It would be cheaper for me to drive with no insurance and get caught...let's just say the $3000 fine is a bargain compared to my premium. Ugh...fuckers.

[zfender14]

Join the military and get usaa, or not. They gave me full coverage, I got rid of the comprehensive after a while cuz the value is so low. Then I got rid of everything cuz my cars dead.

[attack eagle]

Full coverage is not worth it for a car as old as yours. You are going to give them thousands of dollars and, if the worst happens, the insurance company will only cover the whole sale/depreciated cost of the car.

My 2Cents, figure out how much extra you would send the insurance company for full coverage and put that money in a money market or mutural fund for a rainy day. That way you'll at least get a return on your investment and have a down payment for newer BMW.

Good luck.
Ahh, I think it was going to cost me about $80 a month more for full coverage + $2000 accessory coverage on the wagon, plus the wife's Saturn... I need to look it up again.

I can't afford to replace either car right now, and Like my dad always said, if it's your main car and you don't have the cash money to replace it if / when something happens, keep full coverage on it.

[forsaken]

I have esurance, and they allow me to have full coverage if I would like. But, IMHO its not worth the cash.

[moroza]

"Not worth it?" Ouch. I have Geico, and they gave me a quote a few months ago when I was curious to see what I'd have to pay for comprehensive/collision. It wasn't worth it.

I'm pretty unhappy with them, too. But they're the cheapest I've found thus far.

[JeffNJM3]

GEICO sucks anyways, they have some of the lowest prices up front, but once you have a claim you'll see where they get that money back. They use aftermarket body panels(crapa) and pay some of the lowest repair rates in the state. Many shops do not like dealing with them at all. Atleast this is the case in NJ.

[atl530i]

I've got Progressive and I'm pretty happy with them. I'm not going on 2 years with them, a record for me with any insurance company.

I had full coverage on my 530i then dropped it down the liability because I do not really drive it anymore now that I have the Nissan. That has full coverage because in Atlanta you need it, lol.

If I were to put full coverage back on the BMW, Progressive will add it without question, I can go online and add it myself and they still will not question it. They are making more off me so why question it anyway.

Just my .02c :)

[kirasam70]

Like my dad always said, if it's your main car and you don't have the cash money to replace it if / when something happens, keep full coverage on it.
Thats how I feel about it also. So, In two months, when this policy is over I will have a different company that will understand what I say when I want a little peace of mind. It may cost me more in premiums then what the car is worth in dollars, but it will make up for it in knowing it's covered.

[bjmitts]

Full coverage is not worth it for a car as old as yours. You are going to give them thousands of dollars and, if the worst happens, the insurance company will only cover the whole sale/depreciated cost of the car.

My 2Cents, figure out how much extra you would send the insurance company for full coverage and put that money in a money market or mutural fund for a rainy day. That way you'll at least get a return on your investment and have a down payment for newer BMW.

Good luck.

That is excellent advice!

[NikosX]

USAA FTW! Full coverage and replacement on my M5.

[Roderic E34T]

What do you all pay for insurance in the states/Canada?

Just wondering...

[kirasam70]

38 dollars a month for minimal coverage

[Roderic E34T]

Do you also have scales in the case of age of the driver, years of damage free and so on?

[bchesse]

I have had Progressive last three years and I am very happy with them. I pay about $325 every six month for full coverage on a multi-car policy and that is in a market with high insurance rates. I have heard that Geico throws a low quote at you to get your business then the next year jacks your rate up and hopes you don't notice.

If you got some money in the bank I think the idea of just having liablility coverage and putting the difference in the bank is a good idea in the long run. If you cannot afford to have a total loss then probably best to pay the little extra for full coverage however it is most certain that you will have a different value placed on your car than the insurance company will at time of a loss. I used to be in the business and saw it everyday....that and people being so upside down in a new car that it wasn't even funny. When you buy a new car for nothing down and some even add more to the loan because you are upside down on your trade-in and then finance the whole mess for 7 plus years you are bound to take it in the shorts if you have a total loss in the first 3 or 4 years.

[atl530i]

....that and people being so upside down in a new car that it wasn't even funny. When you buy a new car for nothing down and some even add more to the loan because you are upside down on your trade-in and then finance the whole mess for 7 plus years you are bound to take it in the shorts if you have a total loss in the first 3 or 4 years.

Wow... The funny thing about what you said is exactly what a coworker and my boss were discussing today.

[moroza]

I have had Progressive last three years and I am very happy with them. I pay about $325 every six month for full coverage on a multi-car policy and that is in a market with high insurance rates. I have heard that Geico throws a low quote at you to get your business then the next year jacks your rate up and hopes you don't notice.

Hasn't happened to me. They only jacked up my rates when I moved to Florida...which has the most dangerous drivers in the country. Other than that, they've consistently lowered my rates each time I renewed. I started insurance in January '05 at 460 every 6 months. By the time I moved out in February 07, it was down to 213. Now that I'm in Florida, I'm paying 540.

Roderic - yes, accidents and age both factor into your rates.

[atl530i]

Hasn't happened to me. They only jacked up my rates when I moved to Florida...which has the most dangerous drivers in the country. Other than that, they've consistently lowered my rates each time I renewed. I started insurance in January '05 at 460 every 6 months. By the time I moved out in February 07, it was down to 213. Now that I'm in Florida, I'm paying 540.

Roderic - yes, accidents and age both factor into your rates.

In GA, I switched everything to a county that was not a metro Atlanta county and my rates went down. Progressive knows where the most retarded drivers live apparently. Funny how rates can vary even within the state...

[riverdogs]

I've used progressive for years and had zero issues....

[CSmith1]

My wife works at in auto insurance this is what she says...."It really depends on what the value of your car is and if it is worth it to you. Comprehensive typically will only cover the actual cash value of your vehicle less the deductible if it stolen. Let's say your car is worth $2500. If you pay a premium of say $1200 every 6 months, then every 12 months you are paying $2400. So every year you are paying for the value of your vehicle in insurance just to have comprehensive coverage. Is that worth it to you? Is your car likely to get stolen? And no matter how much you put into your vehicle does not make it necessarily worth more to the insurance company. So look at the actual cash value of your vehicle (check out nada.com--as a lot of insurance companies use this) and make your decision." And coming from someone in insurance, INSURANCE SUCKS