American Modern insurance is awesome
 

I just called American Modern to find out how much it would cost to insure the E46 if I keep it as a backup car.

Total cost per YEAR: $124

Declared vehicle worth: $7,000
Miles allowed to drive per year: 3,000
Allowance for driving vehicle to work: 2x per week
Full coverage (Collision and Comprehensive)
Deductible: $250 (required due to low value of vehicle)
Liability: 100k/300k


I'm not sure how much of that is because it's a second vehicle with them (I also use them for the Cayman) but that's fantastic.

The only gotcha is that they will only insure vehicles that are locked in garages. If I end up parking mine outside at night and it gets stolen, I might be out of luck.

Comp/collision on a $7000 ACV is minimal, and with only 3000 miles there isn’t much risk for them on liability claims either. Standard insurance policies really can’t touch this pricing because they don’t have any provisions to lock you in to no more than 3k miles per year. Good for you!

Right. This is the way insurance *should* work. It's strange to applaud not being ripped off, but it's nice when it happens.

I hate the idea that my other cars insurance bill is basically additive, when the true liability to them is incremental.

Damn! I should do that for the Miata!

:+1 ^ 100!!!

I pay a little over $2000/year for all my vehicles (see below) except for our boat and our bikes.

So what's the Model 3 estimate?

Of all of the vehicles we own, the Mazdaspeed is by far the most expensive to insure. And it's probably worth ~ 5,000. I dropped collision and comprehensive coverage on it earlier this year as a result.

Replacing the BMW with the Tesla increases the annual premium by $400. It was $1850 for the BMW and Colorado. It's 2250 for the Tesla and Colorado.

Given that the tesla is worth 10x what the E46 is, this isn't a shock.

Oh, but they can't give me the final quote until I give them a VIN because thats how they figure out the options. This might go up once they figure out it's a performance AWD.

I get comprehensive, but why pay for collision on a 10+ year old vehicle?