insurance costs for teens
10-26-2006, 05:10 PM
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My Ride: 2006 525xi 3.0 215 horsepower 185lb/ft torque
Monocobleu Metallic paint, on beige interior..
Cold Weather Package... Heated front seats, steering wheel and headlamp washers.
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E60-525xi... 48,000
how much do you think it would cost to insure this car on a teenagers license?
how much do you think it would cost to insure this car on a teenagers license?
10-27-2006, 03:25 AM
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My Ride: 530iA Silver Grey , black interior. Premium Package, Navigation System, Head-up Display, Radio Satellite, Adaptive Xenon Headlights. AC Schnitzer Front Lip, H&R springs, Rear red reflector, All season Floor mat,
When i got my car (i was 18 then), insurace was $2500 for 6 months. Now it drops to about $1500 6 months, with 1 speeding ticket. I'm using through SafeCo.
10-27-2006, 05:55 AM
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WOW! Insurance for teens sure does suck! I pay $77 per month for full coverage for 3 cars and 2 drivers! Of course I'm 30, married with kids, no tickets/accidents in the last 6 years, but still! $3000 a year?
10-27-2006, 06:01 AM
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Originally Posted by AceBMW5' post='349227' date='Oct 26 2006, 08:10 PM
E60-525xi... 48,000
how much do you think it would cost to insure this car on a teenagers license?
how much do you think it would cost to insure this car on a teenagers license?
I just put my 16 yo son on my insurance plan 6 months ago.
1) Will your teen have their own car? If so the insurance co typically assumes one car will be the teens main ride and you will pay alot for that.
1a) Is the car your teen is driving worth collision coverage? If not you can save some here.
2) If the teen is just a 3rd person on a couples 2 car situation then its not as bad.
I had the same insurance co for 22 years and my rates with a 3rd car was quoted as going up from 1600 a year to 4800 a year. That included putting my sons car with comp and collision cause it was still worth covering the car.
Now this sounds like a commercial but (dont laugh) I went on the internet and checked rates with Geico and Progressive.
Geico was great. I now have a 1 million umbrella and car insurance that costs me 2100 a year and we have 2 late model BMW's and my son is driving my 97 4runner that has 120 K miles and is still worth collision coverage. Progressive couldnt come close.
In fact I got the initial quote before my son turned 16 and the insurance for myself and my wife went from 1600 a year to 800 a year for both of our cars. I was kicking myself for not checking on this earlier.
BTW I used to go through an insurance broker and they couldnt come close to Geico with 10 different of their Insurance companies. Auto insurance seems to be very competitive now.
Message me direct if you have any questions. Oh, Im a Finance guy, I have nothing to do with selling insurance. lol
10-27-2006, 06:40 AM
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My Ride: 530i
I just turned 20 and sadly have 5 points on my driving record (i gotta slow down), but i was quoted 4000 every 6 months from Farmers which was rediculous, haha then i heard a commercial on the radio for AIS called them up and got full coverage on a brand new 07 530i for only 1680 every 6 months... still expensive but with 5 points definitly worth it!!!
Moral of the story: call AIS
Moral of the story: call AIS
10-27-2006, 06:49 AM
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Originally Posted by TexaZ3' post='349340' date='Oct 27 2006, 08:55 AM
WOW! Insurance for teens sure does suck! I pay $77 per month for full coverage for 3 cars and 2 drivers! Of course I'm 30, married with kids, no tickets/accidents in the last 6 years, but still! $3000 a year?
77 a month? You only pay $924 a year for 3 cars?????
not bad what insurance co
10-27-2006, 07:40 AM
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My Ride: 2006 525i Silver Gray/Gray Dakota Leather | Steptronic | Cold Weather | Xenon | Premium Package
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I was 18 and I had to pay $3000 for 6 months for my e60. Now I'm 19 and I'm paying $2000 for 6 months, with no ticket. Been using Farmers, but I'm planning to change it. Anyone knows a good insurance company in Washington? 
10-27-2006, 09:01 AM
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Originally Posted by arcleid' post='349400' date='Oct 27 2006, 10:40 AM
I was 18 and I had to pay $3000 for 6 months for my e60. Now I'm 19 and I'm paying $2000 for 6 months, with no ticket. Been using Farmers, but I'm planning to change it. Anyone knows a good insurance company in Washington?
Check with Geico. They are triple a rated.