Insurance premium

[miamipanther]

Called the auto insurance agent today regarding some questions I have on my account.

At the end, I asked what would be the premium for BMW i3 if I have one, was told $1100 annually; It's quite surprising that
the same coverage for my 12 X5 is only at $600 a year, and X5 is about 50% more expensive than i3.

Hmm, looks like this little thing costs a lot to maintain. It would be interesting to see what people is going to pay when they get their i3.

 

[tiburonh]

Called the auto insurance agent today regarding some questions I have on my account.

At the end, I asked what would be the premium for BMW i3 if I have one, was told $1100 annually; It's quite surprising that
the same coverage for my 12 X5 is only at $600 a year, and X5 is about 50% more expensive than i3.

Hmm, looks like this little thing costs a lot to maintain. It would be interesting to see what people is going to pay when they get their i3.

Wow, that is expensive. Do you suppose it's that way because the insurance company expects the cost of any repairs to the carbon-fiber/plastic body to be super expensive relative to repairs to a more traditional sheet metal body? Or could it be because the battery and drive system is so different -- maybe any Leaf or Tesla owners reading this could chime in with their own experience on insurance costs?

 

[viking79]

Yeah, I just got a quote online through my insurance:
6 mo collision and comprehensive with 250k/500k, $500 ded.
2012 Nissan Quest: $171
2011 Nissan Juke: $156
2014 BMW i3: $479

So substantially more than both my other vehicles combined, and value isn't that much more than both my other vehicles. So it is definitely higher than I would expect. I am in Iowa with fairly low insurance rates too.

Eric

 

[arlorose]

Bumping this topic (also my first post here!)...

Any other folks with data points here?

I have a pile of discounts from Allstate, no accidents, clean driving record, in my 40s, currently drive an '11 550i, and the premium for the i3 is higher.

I'm (hopefully) picking my i3 up tonight, so I'm curious to see if this higher premium trend was because the car was so new, they didn't know how to classify it, or because it's actually that expensive.

California Bay Area: 550 is about $770 for 6 months, the i3 is $926. Doesn't make any sense.

 

[bxb40]

Strange, in NJ it will be the same with my 10 years old Mazda RX8... at $1000 per year.

 

[MichiganI3]

In Michigan I pay $687 for 6 months with AAA, for the I3 REX.

 

[SDCAi3]

Bumping this topic (also my first post here!)...

Any other folks with data points here?

I have a pile of discounts from Allstate, no accidents, clean driving record, in my 40s...

Me, too, except I have Farmers. When I get the i3, it'll be $530/6mos and my '08 335i will drop to $580/6mos. I'm in San Diego and I'll drive 7500/yr miles total between the two cars. If applicable, make sure they know one will be for limited pleasure use, and the other for commuting. Location, designated use and number of miles collectively seem to have significant impact on rates.

 

[ultraturtle]

Also, make certain the agent applies any available EV discount. Farmers up to 10%, and Hartford up to 5% are two examples.

 

[bkkanu]

No kidding. I ask i3 to be added to my current coverage at Geico and compere it with comparable (at least in Value) BMW 335i the "EV tax" tuned out to be $400 for 6 months. Shocking save at pump but pay at insurance. :shock:

 

[MarkN]

I checked with Progressive and coverage for an i3 for us would be $383 per 6 months compared to the $245 we currently pay for our 2004 Mazda 3i. Most of the increase is for comprehensive and collision as I'd expect, but strangely the cost for rental reimbursement increases from $10 to $20. I guess they expect repairs to take a long time.

 

[stumbledotcom]

BMW Financial has a partnership with Liberty Mutual. I was pleasantly surprised that the i3 premium is only about $150/year more than for my '09 328i.

 

[Hwy1rnr]

USAA: adding i3 to the policy adds about $500/yr - lower than expected!
i3 adds 600, Prius premium drops 100 due to lower mileage expectation
Full coverage with higher-than-std limits, 500 ded

 

[mrsmith]

UK prices for comparison.

£220 per year fully comp for a i3 BEV on a lease at 8000 miles per year. 8 years no claim bonus.

It's actually coming in much cheaper than similar petrol engined cars, which seems to be the opposite situation to the States.

Repairs sounds like it should actually quite economic, as BMW have designed in repairability from the start.

http://www.cnet.com/uk/news/crash-your-carbon-fiber-i3-ev-heres-how-bmw-will-fix-it/

http://green.autoblog.com/2013/12/11/bmw-i3-ev-lower-insurance-repair-costs-carbon-fiber/

 

[fdl1409]

And here Germany.

My i3 REx is costing me 393 Euro per year ( 535 USD, 314 GBP ) for fully comprehensive, 20.000km per year with 29 year no claim bonus.

Better than expected.

Frank

 

[bkkanu]

Just checking since it has been several months so I would expect lot more i3 on the roads, specially in California. Have new owners find them selves paying more for i3 then similarly priced car? Anyone got quote which is in par or lower? Like to know the insurance companies which does not add higher premium for EV cars.

 

[GranTourer]

Had a TTS roadster with Geico at $1200/yr and they wanted to charge $2000/yr for the i3. Promptly called Progressive and was quoted $830/yr for the i3.

These prices are in NJ which has the nation's 2nd highest car insurance averages.

 

[websterize]

My agent said actuaries take a guess when a new model comes out and revise premiums as "loss data" accumulate. It takes about three years before a stable price is found, he said, and until they get a larger number, one or two losses affects the group.

"As the group grows, the losses are diluted."

 

[electricpanda]

We have USAA and our premium went down when we traded in an old 135i for a new i3!

 

[chchoi]

I have allstate. Going from VW GLI 2013 to BMW i3 2014. My premium jump for 416/yr under same coverage. Ouch! My saving in gas is going to Allstate

 

[Hengus]

UK prices for comparison.

£220 per year fully comp for a i3 BEV on a lease at 8000 miles per year. 8 years no claim bonus.

It's actually coming in much cheaper than similar petrol engined cars, which seems to be the opposite situation to the States.

Repairs sounds like it should actually quite economic, as BMW have designed in repairability from the start.

http://www.cnet.com/uk/news/crash-your-carbon-fiber-i3-ev-heres-how-bmw-will-fix-it/

http://green.autoblog.com/2013/12/11/bmw-i3-ev-lower-insurance-repair-costs-carbon-fiber/

Out of interest - which Company?