Insurance premiums
07-23-2011, 12:41 AM
#26
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2008 E63AMGP30
Nationwide Policy
Hey Bud...I live up in DC (also a former Cobra owner) and I'm 40 years old, clean record and pay about $1400 per year with Nationwide. The MB is an expensive car to insure. I also got the OEM rider on the policy,
07-23-2011, 02:07 AM
#27
Senior Member
I just switched from Farmers to Travelers. With all three vehicles (equally covered) I'm paying $2,886/yr.
Even with the E63 declared as a low mileage pleasure car, it's still the most expensive of all three vehicles for full coverage insurance. Lots of factors to consider and most folks aren't mentioning what type of liability coverage they have.
- SL Bodily and Property Liability 250/500/100
- Comp ded = $100
- Coll ded = $750
- no towing/rental car coverage (I use AAA for roadside assistance and since I have a 3rd vehicle I don't need rental car coverage)
- 2007 E63 (our pleasure car) and 2008 Cayenne GTS (wife's commuter car) are garaged. 2001 Tahoe (my commuter/extra car) stays on driveway
Even with the E63 declared as a low mileage pleasure car, it's still the most expensive of all three vehicles for full coverage insurance. Lots of factors to consider and most folks aren't mentioning what type of liability coverage they have.
Last edited by nardeezy@yahoo.; 07-23-2011 at 02:11 AM.
07-23-2011, 05:18 AM
#28
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Porsche 991S, Cayenne S, 1972 BMW 3.0CS E9 Coupe
Like Nardeezy says, when you guys say "full coverage" it's kinda meaningless. You need to compare actual coverage, vehicle, geographic region, and the premiums for that coverage. Otherwise you're just comparing apples with some other unknown fruit....
fwiw, here's my policy and the premiums for 6 months in Southern California for a 2009 E63. The underwriter is State Farm.
Liability: $1 million/$1 million/$1 million
Medical payments: $100,000
Comprehensive: $250 deductible
Collision: $1000 deductible
Car rental/Travel Expenses: 80% per day with $500 max
Uninsured motor vehicle/property damage: $1 million
Semi-annual premium: $817.40 ($1635/year.)
Monthly premium: $136.23
(I pay semi-annually and get a $6 discount.)
1) The biggest premium costs are always with collision coverage. Collision is the most expensive part of an insurance policy. A higher deductible will reduce the premium significantly. So carry the highest deductible that you're comfortable with.
2) Comprehensive is cheap. A small $250 deductible doesn't have a big affect on comp premiums.
3) It's the liability and medical that could potentially ruin your life. And even $1 million isn't a lot in a litigious happy society. And the liability and medical premiums are less cost than the collision premiums. So cranking up the liability to the max won't make a huge difference in your costs. Plus you can just offset it by increasing the collision deductible.
I can cover the $1k deductible if I have an accident. A thousand dollars is nothing. But I don't want to risk my personal assets by not having enough liability. I'm kinda surprised at the low deductibles on collision and the minimum liability coverage that some people carry.
btw, the cars are higher with collision premiums than other cars because of the cost of MB repair. It's the collision premium that is the biggest cost (increase your deductibles!
)
Also another factor on the premium rate is that I have a multi-car discount, plus homeowners insurance and a $100k personal articles policy (film equipment) with the same company. That reduces the premiums on the AMG slightly.
fwiw, here's my policy and the premiums for 6 months in Southern California for a 2009 E63. The underwriter is State Farm.
Liability: $1 million/$1 million/$1 million
Medical payments: $100,000
Comprehensive: $250 deductible
Collision: $1000 deductible
Car rental/Travel Expenses: 80% per day with $500 max
Uninsured motor vehicle/property damage: $1 million
Semi-annual premium: $817.40 ($1635/year.)
Monthly premium: $136.23
(I pay semi-annually and get a $6 discount.)
1) The biggest premium costs are always with collision coverage. Collision is the most expensive part of an insurance policy. A higher deductible will reduce the premium significantly. So carry the highest deductible that you're comfortable with.
2) Comprehensive is cheap. A small $250 deductible doesn't have a big affect on comp premiums.
3) It's the liability and medical that could potentially ruin your life. And even $1 million isn't a lot in a litigious happy society. And the liability and medical premiums are less cost than the collision premiums. So cranking up the liability to the max won't make a huge difference in your costs. Plus you can just offset it by increasing the collision deductible.
I can cover the $1k deductible if I have an accident. A thousand dollars is nothing. But I don't want to risk my personal assets by not having enough liability. I'm kinda surprised at the low deductibles on collision and the minimum liability coverage that some people carry.
btw, the cars are higher with collision premiums than other cars because of the cost of MB repair. It's the collision premium that is the biggest cost (increase your deductibles!
)Also another factor on the premium rate is that I have a multi-car discount, plus homeowners insurance and a $100k personal articles policy (film equipment) with the same company. That reduces the premiums on the AMG slightly.
07-23-2011, 07:18 AM
#29
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2012 CLS63
yeah, I have allstate too, and pay way less.....but then again I only have liabilty on my 550, my truck and my volvo.....they're each 112 every six months.....
and being in NC we're not 'eligble' to receive money back for clean driving........
I've been with allstate 15 years too, I figure if there is an accident, it sure as hell isn't going to be MY fault.........haha........
insurance has never paid off for me.....but then again I've never needed it
and being in NC we're not 'eligble' to receive money back for clean driving........
I've been with allstate 15 years too, I figure if there is an accident, it sure as hell isn't going to be MY fault.........haha........
insurance has never paid off for me.....but then again I've never needed it
07-23-2011, 07:40 AM
#30
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Porsche 991S, Cayenne S, 1972 BMW 3.0CS E9 Coupe
yeah, I have allstate too, and pay way less.....but then again I only have liabilty on my 550, my truck and my volvo.....they're each 112 every six months.....
and being in NC we're not 'eligble' to receive money back for clean driving........
I've been with allstate 15 years too, I figure if there is an accident, it sure as hell isn't going to be MY fault.........haha........
insurance has never paid off for me.....but then again I've never needed it
and being in NC we're not 'eligble' to receive money back for clean driving........
I've been with allstate 15 years too, I figure if there is an accident, it sure as hell isn't going to be MY fault.........haha........
insurance has never paid off for me.....but then again I've never needed it
The actuaries have it all figured out and in the end the majority of us will have just tossed all that money for premiums down the drain over the years. And with the resale price of some of the older AMGs, it doesn't make a lot of sense to carry collision insurance. The premiums will be more than the car is worth after a few years......
07-23-2011, 09:38 AM
#31
Super Member
No offense, but all this information is meaningless. A good company for one person can suck for another. It's all about rating factors as mentioned earlier.
For example, no tickets for three years is no better than no tickets since yesterday. Most companies keep tickets for FIVE years. Accidents even longer. Speeding tickets are the worst and how much you were speeding is meaningful.
It also depends on how many cars you own, how many drivers, whether you own or rent your home, whether you insure your home with them, etc., etc., etc.
Just shop around. For me, nobody beats State Farm. We pay about $60 a month each for the E55 and the 996TT. Less for the mini-van.
In Florida, State Farm was horrible. They don't want to be in Florida and the State of Florida won't let them leave. There I used Unitrin Direct. Loved them and VERY cheap. However, their rates here in Iowa were laughable.
Shop around. It's the only way.
For example, no tickets for three years is no better than no tickets since yesterday. Most companies keep tickets for FIVE years. Accidents even longer. Speeding tickets are the worst and how much you were speeding is meaningful.
It also depends on how many cars you own, how many drivers, whether you own or rent your home, whether you insure your home with them, etc., etc., etc.
Just shop around. For me, nobody beats State Farm. We pay about $60 a month each for the E55 and the 996TT. Less for the mini-van.
In Florida, State Farm was horrible. They don't want to be in Florida and the State of Florida won't let them leave. There I used Unitrin Direct. Loved them and VERY cheap. However, their rates here in Iowa were laughable.
Shop around. It's the only way.
07-23-2011, 11:22 AM
#32
MBWorld Fanatic!
I've been with State Farm since I was 16. I pay $83 per month with 200/500 coverage, and $0 deductible for both collision and comprehensive. I also have max towing and rental car limits. Coverage will vary greatly by your age and location, as well as your driving record. Rates also take into account statistics from other drivers in your area... The more accidents in your general area, the more you will pay for coverage... I could take my coverage back to where I am from in PA and pay about $60 per month for the same coverage...
07-24-2011, 08:52 AM
#33
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2007 E63, 2005 Dodge Ram Hemi
At Amica I have 500,000/1 million/500,000 with a $500 deductible and $50K in uninsured. With the truck, car, and rental i pay $2400/yr. Must be a Dallas thing or from them totally 30% of my Land Rover vs Geico paying the other 70%
07-26-2011, 10:19 AM
#34
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'19 E63S, ‘16 CLS63 RIP, '09 E63 Gone, '06 M5 Gone, '97 Supra TT Gone
Update for me, just signed with Liberty Mutual and got a great deal. My premiums are now half what they were with Geico with the same coverage. My agent was absolutely excellent as well.
07-26-2011, 11:26 AM
#35
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2005 E500 sport
Hello all. For what it's worth, I live in South Florida and work for Allstate Insurance. Insurance companies check driving record, claims activity, and credit. Rates also depend on age, sex, zip code, etc..
If anyone is looking for quotes in Florida, please let me know.
If anyone is looking for quotes in Florida, please let me know.
07-26-2011, 12:29 PM
#36
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2005 E55 AMG; 2005 CLK 500 (sold)
07-26-2011, 12:40 PM
#37
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2006 Mercedes E55
Allstate since dawn of time for me. When I switched from GS300 to E55 my premium almost doubled. I called my broker and she switched me to a different sub company within AllState and price was less than my gs300
Call your broker don't deal direct.
Call your broker don't deal direct.
07-26-2011, 01:00 PM
#38
MBWorld Fanatic!
I pay $2000 a year, but that's on (2) AMGs (10 C63, 07 E63) and I think that's a great deal, and with speeding tickets on my record, I might add.
07-26-2011, 03:45 PM
#40
Hello all. For what it's worth, I live in South Florida and work for Allstate Insurance. Insurance companies check driving record, claims activity, and credit. Rates also depend on age, sex, zip code, etc..
If anyone is looking for quotes in Florida, please let me know.
If anyone is looking for quotes in Florida, please let me know.
07-26-2011, 04:47 PM
#41
MBWorld Fanatic!
Thread Starter
07-26-2011, 08:08 PM
#42
MBWorld Fanatic!
We pay $790/6 months for my gf's Camry and my E55 with USAA. She has a spotless record and I think I have 1 ticket at the moment that can still affect rate.
100/300 on bodily injury liability and uninsured motorist, 100 property damage, $0 deductible comp, $500 deductible collision, + rental reimbursement and towing.
100/300 on bodily injury liability and uninsured motorist, 100 property damage, $0 deductible comp, $500 deductible collision, + rental reimbursement and towing.
07-26-2011, 10:17 PM
#43
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2005 E500 sport
07-27-2011, 01:06 AM
#47
Super Moderator
Like Nardeezy says, when you guys say "full coverage" it's kinda meaningless. You need to compare actual coverage, vehicle, geographic region, and the premiums for that coverage. Otherwise you're just comparing apples with some other unknown fruit....
fwiw, here's my policy and the premiums for 6 months in Southern California for a 2009 E63. The underwriter is State Farm.
Liability: $1 million/$1 million/$1 million
Medical payments: $100,000
Comprehensive: $250 deductible
Collision: $1000 deductible
Car rental/Travel Expenses: 80% per day with $500 max
Uninsured motor vehicle/property damage: $1 million
Semi-annual premium: $817.40 ($1635/year.)
Monthly premium: $136.23
(I pay semi-annually and get a $6 discount.)
1) The biggest premium costs are always with collision coverage. Collision is the most expensive part of an insurance policy. A higher deductible will reduce the premium significantly. So carry the highest deductible that you're comfortable with.
2) Comprehensive is cheap. A small $250 deductible doesn't have a big affect on comp premiums.
3) It's the liability and medical that could potentially ruin your life. And even $1 million isn't a lot in a litigious happy society. And the liability and medical premiums are less cost than the collision premiums. So cranking up the liability to the max won't make a huge difference in your costs. Plus you can just offset it by increasing the collision deductible.
I can cover the $1k deductible if I have an accident. A thousand dollars is nothing. But I don't want to risk my personal assets by not having enough liability. I'm kinda surprised at the low deductibles on collision and the minimum liability coverage that some people carry.
btw, the cars are higher with collision premiums than other cars because of the cost of MB repair. It's the collision premium that is the biggest cost (increase your deductibles!)
Also another factor on the premium rate is that I have a multi-car discount, plus homeowners insurance and a $100k personal articles policy (film equipment) with the same company. That reduces the premiums on the AMG slightly.
fwiw, here's my policy and the premiums for 6 months in Southern California for a 2009 E63. The underwriter is State Farm.
Liability: $1 million/$1 million/$1 million
Medical payments: $100,000
Comprehensive: $250 deductible
Collision: $1000 deductible
Car rental/Travel Expenses: 80% per day with $500 max
Uninsured motor vehicle/property damage: $1 million
Semi-annual premium: $817.40 ($1635/year.)
Monthly premium: $136.23
(I pay semi-annually and get a $6 discount.)
1) The biggest premium costs are always with collision coverage. Collision is the most expensive part of an insurance policy. A higher deductible will reduce the premium significantly. So carry the highest deductible that you're comfortable with.
2) Comprehensive is cheap. A small $250 deductible doesn't have a big affect on comp premiums.
3) It's the liability and medical that could potentially ruin your life. And even $1 million isn't a lot in a litigious happy society. And the liability and medical premiums are less cost than the collision premiums. So cranking up the liability to the max won't make a huge difference in your costs. Plus you can just offset it by increasing the collision deductible.
I can cover the $1k deductible if I have an accident. A thousand dollars is nothing. But I don't want to risk my personal assets by not having enough liability. I'm kinda surprised at the low deductibles on collision and the minimum liability coverage that some people carry.
btw, the cars are higher with collision premiums than other cars because of the cost of MB repair. It's the collision premium that is the biggest cost (increase your deductibles!
)Also another factor on the premium rate is that I have a multi-car discount, plus homeowners insurance and a $100k personal articles policy (film equipment) with the same company. That reduces the premiums on the AMG slightly.
California’s current liability minimums ($15,000 for injury or death to one person/$30,000 for injury or death to more than one person/$5,000 for damage to property [per Insurance Code §11580.1b]) are ridiculously low and antiquated for anyone with assets.
¿Bueno?
