08-28-2018, 08:23 PM | #1 |
Mugwump
Join Date: Oct 2003
Carmudgeonly Ride: E46 330i, Chevy Colorado, Tesla Model 3
Location: NY
Posts: 17,475
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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. |
08-28-2018, 08:34 PM | #2 |
I like BMWs
Join Date: Oct 2003
Carmudgeonly Ride: X5 M50 / M550
Location: Boston, MA
Posts: 5,795
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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!
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2020 X5 M50i -- Alpine White / Coffee Leather 2020 M550i -- Carbon Black / Beige Leather |
08-28-2018, 08:43 PM | #3 |
Mugwump
Join Date: Oct 2003
Carmudgeonly Ride: E46 330i, Chevy Colorado, Tesla Model 3
Location: NY
Posts: 17,475
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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. |
08-28-2018, 09:10 PM | #4 |
Solving problems
Join Date: Oct 2003
Carmudgeonly Ride: M5 / 718 GTS / Cooper S / GTI / LR4
Location: Metro Boston
Posts: 25,279
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Damn! I should do that for the Miata!
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08-28-2018, 09:11 PM | #5 |
Solving problems
Join Date: Oct 2003
Carmudgeonly Ride: M5 / 718 GTS / Cooper S / GTI / LR4
Location: Metro Boston
Posts: 25,279
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08-29-2018, 12:59 AM | #6 |
Slacker Extraordinaire
Join Date: Oct 2003
Location: Reno, NV
Posts: 3,724
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I pay a little over $2000/year for all my vehicles (see below) except for our boat and our bikes.
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2016 Toyota Sienna SE - hers 2002 BMW 325i - his 1994 Chevrolet Silverado K1500 Sportside Z71 - whoevers vehicle is in the shop 2009 Harley-Davidson Sportster XL883 Low (Vivid Black) - his 2018 Can-Am Spyder RT Limited - hers 2007 Harley-Davidson Sportster XL883 Low (Pearl White) - hers (SOLD 02/29/20) 2011 Tao Tao 50 - whoevers bike is in the shop 2007 Reinell 186 FNS - the dog's 1995 Fleetwood Flair 27R - EVERYBODY'S ! |
08-29-2018, 05:04 AM | #7 |
Alphanumeric
Join Date: Aug 2005
Carmudgeonly Ride: 981S, 340i
Posts: 9,587
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So what's the Model 3 estimate?
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08-29-2018, 06:41 AM | #8 |
No more BMWs
Join Date: Apr 2005
Carmudgeonly Ride: Ram, MS3, CX-5, RX-8
Location: Glenwood, MD
Posts: 14,753
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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.
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08-29-2018, 07:43 AM | #9 |
Mugwump
Join Date: Oct 2003
Carmudgeonly Ride: E46 330i, Chevy Colorado, Tesla Model 3
Location: NY
Posts: 17,475
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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. |
08-29-2018, 08:28 AM | #10 |
older fart than ZBB
Join Date: Oct 2003
Location: On the road again
Posts: 8,911
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I get comprehensive, but why pay for collision on a 10+ year old vehicle?
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2017 GMC Sierra 1500 SLE 2020 Fusion Titanium |
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