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2019+ BMW 3 AND 4-SERIES FORUMS (G2x Generation) General G20 Sedan / G22 Coupe / G26 Gran Coupe Discussions M340i Insurance

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      07-25-2019, 06:31 PM   #1
chazbarrington
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M340i Insurance

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Took delivery of my M340i on Monday, replacing a 2016 340i M Sport. (love it so far, more on that later). I was shocked when I called Liberty Mutual to swap cars and they quoted me over $4K/yr!

I'm 50 years old, have excellent credit, a clean driving record, and insure my home through LM.

A quick Geico online quote returned just under $1400/yr for similar coverage. My rates have been creeping up over time and was paying about $3k/yr for the old 340i with LM. I think they're trying to shaft me.

Anyone else think this is seriously out of line?
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      07-25-2019, 06:41 PM   #2
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Damn that's crazy!! I would switch I'm a 22 year old with the m340i and is 2900 a year.... which is weird cause my 2013 328i was more at 3200 a year, my agent said it's because the 2020 has more safety features... I would shop around for a new insurance company
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      07-25-2019, 07:09 PM   #3
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When I bought my car, my current insurer at the time (Geico) was going to charge me out the butt for going from my F30 to the M340i. I got a quote from Progressive and it was literally 40% less than I was paying at Geico!

Moral of the story... shop around!
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      07-25-2019, 07:15 PM   #4
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Quote:
Originally Posted by chazbarrington View Post
Took delivery of my M340i on Monday, replacing a 2016 340i M Sport. (love it so far, more on that later). I was shocked when I called Liberty Mutual to swap cars and they quoted me over $4K/yr!

I'm 50 years old, have excellent credit, a clean driving record, and insure my home through LM.

A quick Geico online quote returned just under $1400/yr for similar coverage. My rates have been creeping up over time and was paying about $3k/yr for the old 340i with LM. I think they're trying to shaft me.

Anyone else think this is seriously out of line?
I pay 1250 a year
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      07-25-2019, 07:25 PM   #5
chazbarrington
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Progressive just quoted me even less than Geico. Switching ASAP.
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      07-25-2019, 07:28 PM   #6
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Quote:
Originally Posted by chazbarrington View Post
Progressive just quoted me even less than Geico. Switching ASAP.
I just moved to there from mercury. 925 for a 2020 M340 and 2009 Civic 100/300/100
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      07-25-2019, 07:52 PM   #7
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I 'm 50 years old, spotless driving record and have a '17 340xi. I live in downtown Boston and pay just about $2k/yr with Amica. For the record, we also have an X3 and our homeowners insurance with Amica. Great company - one of the best customer service organizations I've ever dealt with.
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      07-25-2019, 08:20 PM   #8
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Seconding Progressive for 2020 M340 here as well.

I also just moved from a 2016 340i M Sport to a M340, and my premium with progressive for 500k coverage with $500 deductible (comprehensive and collision) actually went down from around ~$1100 to ~$1000 a year with the new car. My wife's 2016 Civic costs more to insure than my leased M340.

30 year old living close to Philadelphia here. No at fault accidents ever, one not-at-fault rear ended accident 6 years ago.
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      07-25-2019, 09:35 PM   #9
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Quote:
Originally Posted by chazbarrington View Post
Took delivery of my M340i on Monday, replacing a 2016 340i M Sport. (love it so far, more on that later). I was shocked when I called Liberty Mutual to swap cars and they quoted me over $4K/yr!

I'm 50 years old, have excellent credit, a clean driving record, and insure my home through LM.

A quick Geico online quote returned just under $1400/yr for similar coverage. My rates have been creeping up over time and was paying about $3k/yr for the old 340i with LM. I think they're trying to shaft me.

Anyone else think this is seriously out of line?
LM is a joke! We switched to them two years ago because they have some partnership with BMW (supposedly). We left an insurance company we had been with for almost 10 years because LM's rates were so much better. We opted out of their driving habit program (BS where you plug tracker into OBD). They claim it won't hurt your rates. Well, come renewal time our rates jumped almost 40% with no explanation. They claimed the rate tables changed and blah blah blah. Dropped them and went back to
original carrier. Im paying I think somewhere in the $1000 to $1100 range on my M340. Definitely shop around or find a company that doesn't throw you some fake introductory rate then gouge you at renewal.
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      07-25-2019, 09:57 PM   #10
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Anybody have USAA? 51 year old male, clean record, have not called them yet. Car does not get here until late September. Car insurance comes out of my wife's account, wondering if I will be in trouble?
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      07-25-2019, 10:11 PM   #11
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Quote:
Originally Posted by hubbahubba View Post
Anybody have USAA? 51 year old male, clean record, have not called them yet. Car does not get here until late September. Car insurance comes out of my wife's account, wondering if I will be in trouble?
You can always do a quote with a vin off a dealer lot just to check
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      07-25-2019, 10:14 PM   #12
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Quote:
Originally Posted by Hysnbrg View Post
You can always do a quote with a vin off a dealer lot just to check
Great suggestion, and true... But my keyboard is much closer at the moment.
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      07-26-2019, 04:06 PM   #13
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I'm paying $1,058 with Mercury. It went up $1 from my old Lexus IS350 F-sport. I thought it would be more expensive but my agent said, "This car is new so the current premium is a baseline, the rates may go up or down in the future".
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      07-26-2019, 04:45 PM   #14
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Quote:
Originally Posted by chazbarrington View Post
Took delivery of my M340i on Monday, replacing a 2016 340i M Sport. (love it so far, more on that later). I was shocked when I called Liberty Mutual to swap cars and they quoted me over $4K/yr!

I'm 50 years old, have excellent credit, a clean driving record, and insure my home through LM.

A quick Geico online quote returned just under $1400/yr for similar coverage. My rates have been creeping up over time and was paying about $3k/yr for the old 340i with LM. I think they're trying to shaft me.

Anyone else think this is seriously out of line?
I'd shop around, I have USAA & on my 2016 340i I was 2,100 a year and now on my M340i I'm at 2,500 a year
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      07-26-2019, 05:46 PM   #15
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Quote:
Originally Posted by hubbahubba View Post
Anybody have USAA? 51 year old male, clean record, have not called them yet. Car does not get here until late September. Car insurance comes out of my wife's account, wondering if I will be in trouble?
I'm with USAA, 55yo, and at $1,250/yr for my 19 330ix
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      07-26-2019, 06:02 PM   #16
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Are you sure they aren't confusing it with an M3 because it's a model designation that's new and might not be in their system?
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      07-26-2019, 06:06 PM   #17
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Quote:
Originally Posted by chazbarrington View Post
Took delivery of my M340i on Monday, replacing a 2016 340i M Sport. (love it so far, more on that later). I was shocked when I called Liberty Mutual to swap cars and they quoted me over $4K/yr!

I'm 50 years old, have excellent credit, a clean driving record, and insure my home through LM.

A quick Geico online quote returned just under $1400/yr for similar coverage. My rates have been creeping up over time and was paying about $3k/yr for the old 340i with LM. I think they're trying to shaft me.

Anyone else think this is seriously out of line?
If you go with GEICO, and if you intend to keep your car for longer than four years, consider GEICO mechanical breakdown insurance.

https://www.geico.com/auto-insurance...own-insurance/
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      07-26-2019, 06:08 PM   #18
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Quote:
Originally Posted by TWD1775 View Post
I'm with USAA, 55yo, and at $1,250/yr for my 19 330ix
Thank you for that. Reasonable, hoping that it will be similar for me.
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      07-26-2019, 06:11 PM   #19
hubbahubba
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Quote:
Originally Posted by justinu909 View Post
I'd shop around, I have USAA & on my 2016 340i I was 2,100 a year and now on my M340i I'm at 2,500 a year
Ouch! That is brutal.
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      07-26-2019, 06:12 PM   #20
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Quote:
Originally Posted by hubbahubba View Post
Quote:
Originally Posted by justinu909 View Post
I'd shop around, I have USAA & on my 2016 340i I was 2,100 a year and now on my M340i I'm at 2,500 a year
Ouch! That is brutal.
That's just cause I'm 23
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      07-26-2019, 06:15 PM   #21
hubbahubba
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That's just cause I'm 23
Oh, that makes me feel much better. Thank you for clarifying, and good for you having such a sweet ride at 23! Just wait, you will be an old fart before you know it!
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      07-26-2019, 06:41 PM   #22
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Quote:
Originally Posted by chazbarrington View Post
Took delivery of my M340i on Monday, replacing a 2016 340i M Sport. (love it so far, more on that later). I was shocked when I called Liberty Mutual to swap cars and they quoted me over $4K/yr!

I'm 50 years old, have excellent credit, a clean driving record, and insure my home through LM.

A quick Geico online quote returned just under $1400/yr for similar coverage. My rates have been creeping up over time and was paying about $3k/yr for the old 340i with LM. I think they're trying to shaft me.

Anyone else think this is seriously out of line?
I just made the same move last weekend. Switched from 2016 340i to 2020 M340i and my 6 month premium with Geico went from around $750 to $950. I live in Orange County CA. I was pretty surprised given the added safety features on the new car. Oh well.
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