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Thread: Z3 Insurance??? Any Suggestions

  1. #1
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    Z3 Insurance??? Any Suggestions

    Hi Everyone,

    I'm a new owner of a 1998 Z3 1.9L.

    It kind of happened by windfall. I need to keep this gorgeous car. But the insurance is crazy on it.

    I'm 28 with a clean record. I live in Los Angeles though.

    Liability and Comp w/ $500 deduct is costing me:

    $93/month!

    I know some people will think this is a reasonable price, but for what the car is actually worth I think it's way too high.

    Does anyone know of a cheaper policy? Does anyone pay less?

    If so, with whom?

  2. #2
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    The LA/So Cal factor is hard for you. Raise your deductible to $1k and get rid of everything except liability. KBB on that car is so low it's hardly even worth it to insure for vehicle damage
    Kelvin

  3. #3
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    Jeremy is offline ǝoɥsuʍolƆ ǝnƃɐǝ˥ ɹoɾɐW BMW CCA Member
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    Have you checked rates with other companies?
    jeremy [AT] coupecartel [DOT] com

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  4. #4
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    My question would be are you paying $93 per month because your car is a Z3 or for some other factor?

    Goto Kbb.com. Find a Honda Civic of approximately the same value as your Z3.

    Call your agent. Tell them you are thinking of trading. And would like a rate quote.

  5. #5
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    Holy crap, that seems to be a bit much. It could be your location.

    I'm 21, in Michigan, and have the same amount of coverage as you. I also have 2 points on my license. I pay $77 a month with a $100 deductible. It would be less per month if I paid it all in full at the beginning of the year.

    I have Auto Owners Insurance. See if they cover your area.

  6. #6
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    Quote Originally Posted by dougmcintyre View Post
    My question would be are you paying $93 per month because your car is a Z3 or for some other factor?

    Goto Kbb.com. Find a Honda Civic of approximately the same value as your Z3.

    Call your agent. Tell them you are thinking of trading. And would like a rate quote.

    Hi, to answer one question: Yes, I did a lot of rate quotes. They all seem to be about this range. Something intuitively tells me though it's too high.

    And yes, I think the only reason I am paying this amount is because I drive a roadster / sportscar.

    Quote Originally Posted by Kyle Anderson View Post
    Holy crap, that seems to be a bit much. It could be your location.

    I'm 21, in Michigan, and have the same amount of coverage as you. I also have 2 points on my license. I pay $77 a month with a $100 deductible. It would be less per month if I paid it all in full at the beginning of the year.

    I have Auto Owners Insurance. See if they cover your area.

    I think $77 would be reasonable, and I"m 28 w/ a clean record.

    Hmmm.. Who is your insurance provider? Maybe, I can check with them.
    Last edited by bluehazard; 07-22-2010 at 09:42 PM. Reason: Automerged Doublepost

  7. #7
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    Quote Originally Posted by bluehazard View Post
    Hmmm.. Who is your insurance provider? Maybe, I can check with them.
    I said it right in my post

    Auto Owners Insurance. It doesn't look like they cover Cali though: http://agency.auto-owners.com/

    Sorry. This place really is by far the best priced I have ever seen too.

  8. #8
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    Is that your only car? With it being California and your age it doesn't seem terribly out of line. I'm an old fart with multiple car discounts and my full coverage on the Z3 is about 1/2 what you're paying. They definitely put a premium on 2 seater sports cars.
    Pandora

  9. #9
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    It's location location location. You live in the "wrong" zip code. I live in south OC and pay about $1400 a year for super coverage for 2 cars (the 2002 Z3 3.0 and a brand new Cadillac). I'm also almost 20 years older, but that doesn't make much difference. It's all about your location, if you are over 25 and if you are married. I know guys that live just 10 miles away that pay twice what I pay because they are in Santa Ana.

    My advice... move. Horrible to say, but that is the only way you will get a lower rate. Some bean counter (actuary) has determined that your area is high risk and your rates should be super high. It sucks and I truely feel for you
    Steve
    '02 Z3 3.0i

  10. #10
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    I live in LA and pay just over $30 a month for liability coverage with a $500 deductible on a 1999 2.3. I am older and better looking than you, but not by that much.

    I am with USAA.

    Alpine White 2005 325i

  11. #11
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    Quote Originally Posted by 2002Z3 View Post
    It's location location location. You live in the "wrong" zip code. I live in south OC and pay about $1400 a year for super coverage for 2 cars (the 2002 Z3 3.0 and a brand new Cadillac). I'm also almost 20 years older, but that doesn't make much difference. It's all about your location, if you are over 25 and if you are married. I know guys that live just 10 miles away that pay twice what I pay because they are in Santa Ana.

    My advice... move. Horrible to say, but that is the only way you will get a lower rate. Some bean counter (actuary) has determined that your area is high risk and your rates should be super high. It sucks and I truely feel for you

    Can't really move. School is in Los Angeles. Go Bruins. =)

    Quote Originally Posted by pendragon View Post
    I live in LA and pay just over $30 a month for liability coverage with a $500 deductible on a 1999 2.3. I am older and better looking than you, but not by that much.

    I am with USAA.

    How do you know you're better looking?

    Cheers for the company. I'll give them a call tomorrow.

    Quote Originally Posted by VitaminZ View Post
    Is that your only car? With it being California and your age it doesn't seem terribly out of line. I'm an old fart with multiple car discounts and my full coverage on the Z3 is about 1/2 what you're paying. They definitely put a premium on 2 seater sports cars.
    I have an American classic, but I doubt that helps any....

    Do you use hagerty or grundy?

    Quote Originally Posted by VitaminZ View Post
    Is that your only car? With it being California and your age it doesn't seem terribly out of line. I'm an old fart with multiple car discounts and my full coverage on the Z3 is about 1/2 what you're paying. They definitely put a premium on 2 seater sports cars.
    Quote Originally Posted by pendragon View Post
    I live in LA and pay just over $30 a month for liability coverage with a $500 deductible on a 1999 2.3. I am older and better looking than you, but not by that much.

    I am with USAA.

    I tried this site, but you need to be with military. =(
    Last edited by bluehazard; 07-23-2010 at 01:07 AM. Reason: Automerged Doublepost

  12. #12
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    Move out of LA. Mine is about half that for my 99 Z3 2.8 Coupe and full coverage with State Farm. But then I live in Iowa.

  13. #13
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    Check with ameriprise insurance through Costco.

    IIRC my car runs about $40 a month when I drive it and $20 for 6 months when in storage.

    My 20 y/o son has a Lincoln LSC and they only charge him $73 a month.
    2011 Z4
    2006 X3
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  14. #14
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    Have you checked Geico, Esurance, Progressive or any of the many online sites? I've got one ticket, liability only for under $200/6mos and I'm in CA as well. Age/Location major deciding factors but like the others have mentioned, tweak the coverages and/or deductibles. GL.
    Bumble Bee

  15. #15
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    Quote Originally Posted by manny328i View Post
    Have you checked Geico, Esurance, Progressive or any of the many online sites? I've got one ticket, liability only for under $200/6mos and I'm in CA as well. Age/Location major deciding factors but like the others have mentioned, tweak the coverages and/or deductibles. GL.

    I checked GEICO.

    I'll check progressive and esurance.

    I think it's cos you don't live in my area: Los angeles.

  16. #16
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    I just got a quote from geico to see and its about 50$ for me in NY and im 23. The M is under my Grandmas lol so its cheaper..
    Sold

  17. #17
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    The higher rate is probably determined by a combination of things, your youthful age, big city, they even look at your credit. i live in a smaller town (100,000), in my 50's, good driving record and credit, but was surprised when my agent told me the rate was the same for my 10 year old, $10,000 Z3 as my 2 year old Jeep that would cost 35,000 or so to replace. She said the Z3 and Grand Cherokee were the same classification therefore exactly the same price. $454.00 a year,full coverage w/ $500 deductible. There hitting us hard cause it's a 2-seater sportscar, I guess.

  18. #18
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    Thumbs up

    Try Liberty Mutual. Excellent experience with them, and quite a bit lower than Ameriprise (Costco) for us. We ditched Ameriprise due to poor service. LM has special programs for BMW's and Subaru's (perhaps other makes too). Worth checking out.

  19. #19
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    +1 for state farm. 35 per month full coverage.

  20. #20
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    State farm Ins. in NC 280 every 6 months full coverage. (46.60 per month) clean driving record /no accidents

  21. #21
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    For what it's worth, avoid Geico like the plague.
    If you are in an accident where the car is totaled, they will cancel you and refuse to pay.
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    We retrofit headlights, code BMWs, rekey locks and thoroughly detail cars. Interested or curious? PM us.

  22. #22
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    Quote Originally Posted by ragtoproadster View Post
    They'e hitting us hard cause it's a 2-seater sportscar, I guess.
    I'm not sure if this is the full story though. I paid more for a 1994 Chevy Beretta with PLPD than I do for the Z3 with comp. I think safety equipment and safety ratings also play an important role. In your case, they probably see the Jeep as a safer vehicle, so the insurance rate is lower.

  23. #23
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    Move to NJ. Then cry.

  24. #24
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    Get your car registered at your parents house and have it under there policy. More cars under 1 policy the cheaper the rates. How many miles a year are you driving? If your under 7500 a year it should be cheaper. Also, Essurance is cheap and you can get a cyber quote with no insurance broker fees. Raise your deductible. In the event your in an accident most most auto repair shops will waive or work with you on the deductible. Difference between 1000 deductible and 500- can be more than 300- a year. If possible get auto insurance that will allow you to have an annual premium and then you dont have to worry every 6 months about your rate increasing. I have Liberty Mutual (awesome company/service) and while I pay once a year, you can take the yearly premium and pay over I believe 9 months.

  25. #25
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    Quote Originally Posted by bionicbelly View Post
    +1 for state farm. 35 per month full coverage.

    That's remarkable!

    How did you get that rate?

    Quote Originally Posted by ericsfbayguy View Post
    Get your car registered at your parents house and have it under there policy. More cars under 1 policy the cheaper the rates. How many miles a year are you driving? If your under 7500 a year it should be cheaper. Also, Essurance is cheap and you can get a cyber quote with no insurance broker fees. Raise your deductible. In the event your in an accident most most auto repair shops will waive or work with you on the deductible. Difference between 1000 deductible and 500- can be more than 300- a year. If possible get auto insurance that will allow you to have an annual premium and then you dont have to worry every 6 months about your rate increasing. I have Liberty Mutual (awesome company/service) and while I pay once a year, you can take the yearly premium and pay over I believe 9 months.
    Wow, lots of good info. I didn't know they could waive the deductable.

    I'll call tomorrow to see the change.

    Hey what amount of liability do people have?

    Since, I live in LA I have a bit higher.

    Mine is right now really high 50/100/50 (and it can't go lower with Met Life)

    Do ppl cover at 30/60/30
    Last edited by bluehazard; 07-24-2010 at 02:57 PM. Reason: Automerged Doublepost

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