Bimmer Insurance

[slippity_slip 0]

Here's the deal.

Just before i bought my new Bimmer, an E34 525i, i rang my insurance company (at that time it was Fintel) to find out how much it would be to insure me.

And the buggers wouldn't.

I realise now that this is quite common, most insurance companies won't insure anybody under 21 (in some cases 25) on a car with a bigger engine size than 2 litres.

However the nice indian man i talked to did give me the phone number of another company, Insure Direct.

They agreed to insure me, but at the horrible price of $1260 per year. (that was with mags and stereo)

So now i'm curious. Anybody know of any good insurances companies likely to insure me on my 2.5 litre E34 without me paying the earth for it?

[1N STYL 0]

i got insurance, when i was on my resricted, and i had an accident before, last yr was $2K this yr is $1100 thats with insure direct.

[E30_318i 0]

I'm 17 and stuck the car in my mums name when I bought it. She then rang the insurance company and said it was her car but I would be a driver for some percentage of the time.

The result is 7 bucks per week :mosh: about $365/year.

It hepls if you have an alarm and garage I believe.

[Guest Andrew]

Here's the deal.

Just before i bought my new Bimmer, an E34 525i, i rang my insurance company (at that time it was Fintel) to find out how much it would be to insure me.

And the buggers wouldn't.

I realise now that this is quite common, most insurance companies won't insure anybody under 21 (in some cases 25) on a car with a bigger engine size than 2 litres.

However the nice indian man i talked to did give me the phone number of another company, Insure Direct.

They agreed to insure me, but at the horrible price of $1260 per year. (that was with mags and stereo)

So now i'm curious. Anybody know of any good insurances companies likely to insure me on my 2.5 litre E34 without me paying the earth for it?

I'm insured with Insure Direct.... 2.5 ltr manual.. insured for all the modifications also.

[aliluya 0]

I'm insured with Vero, mines not over 2L but is insured at $61K for a 21yr old.

My premium is $1000 a year.

[1N STYL 0]

I'm insured with Vero,  mines not over 2L but is insured at $61K for a 21yr old.

My premium is $1000 a year.

whats your excess like? Edited April 24, 2005 by 1N STYL

[aliluya 0]

I'm insured with Vero,  mines not over 2L but is insured at $61K for a 21yr old.

My premium is $1000 a year.

whats your excess like?

Me and my GF excess is around 5K and my parents is well under 1K if i remember right ...

[my_e36 43]

I'm insured with Vero,  mines not over 2L but is insured at $61K for a 21yr old.

My premium is $1000 a year.

whats your excess like?

Me and my GF excess is around 5K and my parents is well under 1K if i remember right ...

Excess of 5k is pretty much equal to no insurance except you totalled your car, rear-ended a Porsche or got sued big time.

I got a policy from National Auto Club on my Honda Accord, VTec 2.2 litre 1996. $1350 premium, $1400 excess on at-fault accident, $1400 on top for stolen car. Insured for $8000. Hope that helps.

[shadowninja 0]

As with most things in life the "best" is rarely the cheapest.

I'd strongly recommend against insuring it in your parents name, as the "cheaper" insurers in the market will investigate any serious claim & turn your claim down & cancel cover, which you then must disclose.

My E46 2.0L covered for around $55k bundled with House & Contents on Wellington rates is around $800 per year, and I'm over 25. Excess $1K with full No Claims Discount. Top of the line cover with the best insurer in NZ.

Search out the other older threads relating to insurance.

[aliluya 0]

I'm insured with Vero,  mines not over 2L but is insured at $61K for a 21yr old.

My premium is $1000 a year.

whats your excess like?

Me and my GF excess is around 5K and my parents is well under 1K if i remember right ...

Excess of 5k is pretty much equal to no insurance except you totalled your car, rear-ended a Porsche or got sued big time.

I got a policy from National Auto Club on my Honda Accord, VTec 2.2 litre 1996. $1350 premium, $1400 excess on at-fault accident, $1400 on top for stolen car. Insured for $8000. Hope that helps.

Well you see, anything under $5K is easily affordable to be repaired, BUT if i did one day total the car or slam into a ferrari while starring at it then it would be well worth it....

but the good side is i have free glass cover, i've used it once already .. heh

For my last car i was with National Auto Club, $3k premium and around $3k excess, insured for $30K + Stereo+ mags up to $8K .... and that was for under 20yr old with a bad driving history ...

[jed 0]

I have full cover with Pioneer Insurance for under 1000$ a year with a 600$ Excess. This is about 600$ less then my type R integra i just got rid off.. so yeah i'd reccomened Pioneer.

[bumpstop325 0]

i pay 600 odd for full insurance per year. fire/theift/glass etc

they know about my mods and my interesting history.

i am the sole driver. my insurance company loves me. even ask deftones's girfriend who insures my car.

Lumely insurance is the company im with.

My best advice is to find an insurance broker and let them find one for you. :thumb:

[aliluya 0]

Yes insurance brokers are very good .. my parents have one and he sorts out any issues we have ...

[Sib 0]

If you insure under your parents name when it's actually your car yuou are in fact comitting insurance fraud..(thats illegal )

as was mentioned earlier if they investigate, which they may well do, the claim will be declined and insurance void (policy condition cancellation as you did not fully disclose) so you will have been paying money for nothing

but then again, you may get away with it so up to you i guess

Brokers will always be best as they can get insurance company's to cover things they wouldn't normally and know who will and won't do what

Banks also can be sweet and get away with a lot more than the company's that underwrite for them do

otherwise NAC will insure anyone for a price, if your olds have insurance they may be able to pressure the big companies to do it but xs will be huge, and i'm guessing insure direct is fintels version of IAG (state/nzi) National Auto Club.

Oh and BMW aren't really a problem it's the mods and things that'll kill ya!

[Carl 3]

Discounts help, I get a 65% discount from state for having over 5 years claim free, add to that the alarm and fire extinguisher discounts and i'm paying $425 a year for $9k coverage with all the mods - which I have disclosed!!!

Never had a prob with them and they fixed my first car after it was side swiped within several weeks of it happening.

So long as you know your policy/agreement and stick within the terms then you should be sweet.

[bravo 35]

For those of you living at home, you should be fine with your parents having the car in their name and insuring it for you and having you as the named driver. Plenty of parents buy cars for their children. My sister lives at home and my parents bought her car for her and they insure it. The problem arises for kids not living at home.

My brother doesn't live at home, but my parents own his car and insure it for him - this time, no problem as he is the named driver, they paid for it, and his "home" address is my parents place as he gets accomodation provided by his employer, but only works six months of the year. Again, legit as he drives his car to work and then home again, its just he is at work for six months. (it also helps he doesn't drive the car while at work, only to and from work at the end of each work period)

Now, if they did that for me not living at home, then that would be a totally different issue, however, I guess they could say that they bought my siblings cars and felt it only fair to buy me one, but they want to retain ownership, but that is something I don't want to risk as it is not really the case, so I have my own insurance.

[Sib 0]

Actually thats not quite true. First of all being that you cant insure something you dont own, therefore if your parents own it then they have the insured name, but if you own it (and motochek will tell any curious insurer about ownership then it has to be in your name.

Also when you insure a car it has to be rated on the main driver, thats why they ask for age/sex etc for the main driver when doinga quote. Thats how the premium gets rated since it takes into account the likelyhood of you having a claim going by the amount of claims (and money spent on them) that people similar to you have had.

so if you own the car, it must be in your name or the insurance is wrong.

if they own the car, but you drive it all the time then you muct be noted as main driver.

If you get caught lying to the insurance company they wont be all too happy,will cancel the policy, decline claims and you will be required to disclose it to any other inurance company for the rest of your life - so good luck getting insured with a mainstream insurance company after that!

And as for the no claims disc - if you dont start having the insurance in your own name, or with you as main driver, then you dont get the disc forbeing insured and not claiming - it will stay with your parents - so you'll still have top premium when you finally insure for yourself.

[Sib 0]

oh and it doesnt matter where you live... its about ownership but if you dont live at home they may check out ownership more readily.

and for where you drive it as long its not for work purposes ie carrying stock or taking fare paying passengers etc then its no prob

[bravo 35]

Isn't that what I said more or less??? meh.

I should have said "have my own insurance..." and the car is in my name.

Edited April 27, 2005 by bravomikewhiskey

[Deftones 0]

Another question about insurance. Because I've swapped my bumpers etc with an MTech2 kit, does that mean I should declare it, even though it is factory and not rice at all? I have declared it on my current insurance but am looking elsewhere now I am 25.

Oh, and I pay $756 at the mo.

Thanks.

Edited April 27, 2005 by Deftones

[Guest Andrew]

Another question about insurance. Because I've swapped my bumpers etc with an MTech2 kit, does that mean I should declare it, even though it is factory and not rice at all? I have declared it on my current insurance but am looking elsewhere now I am 25.

Oh, and I pay $756 at the mo.

Thanks.

as a general rule - declare all mods or you won't get insurance.

[Sib 0]

sorry to be nitpicky, just that you didnt specify ownership, just went by where they live which doesnt impact insurance. oh and named driver is different to main driver, in that you can have loads of people noted as named drivers

and as far as the bumper goes, better safe than sorry, depending on who you talk to they may or may not note in it the policy but may instead just make a note somewhere else, or not care.

But as long as you declare everything they have to honour it, and its only major mods they'll make a fuss about.

[shadowninja 0]

Brokers will always be best as they can get insurance company's to cover things they wouldn't normally and know who will and won't do what

Not so. Brokers are basically another layer in between you & the insurance company, and in many cases the premium you pay to them is higher than it would be than if you went to the insurance company direct. Think about it, they've gotta get their commissions from somewhere too...

Banks also can be sweet and get away with a lot

Banks are basically brokers. Its legislated in NZ that you can't be a bank & an insurance company at the same time.

First of all being that you cant insure something you dont own

Perhaps not technically correct, you need to be able to prove an insurable interest. (how about life insurance... I don't own my wife... )

oh and it doesnt matter where you live

It certainly does matter, insurance companies have different rates for different cities. Eg- Auckland rates are anywhere between 40-100% more expensive than other cities. Dunedin has significantly lower premiums than say Christchurch or Wellington.

[Sib 0]

Have you ever tried insuring something through a broker compared to through a company direct, they will inevitably get things done for you that you cant on your own,

and banks are underwritten by larger companys but it is their staff who you deal with, and they have separate policy wordings, and can often offer better deals than the company's who underwrite them.

as far as where you live, i meant that it doesnt matter if you live with your parents or are flatting...obviously it costs more in cities than small towns and more in manukau than the shore, but that wasnt what i was referring to

[petone 0]

I was told me to f**k off (in the politest way possible) as soon as the found out I was a 18 year old with a BMW, that was before i told them about the mods. I argued it was almost 20 years old and as slow as a toyota corolla, made no differenc, just cos of the propeller badge.