Crazy Insurance Quote for M4?

[champagnepak1]

Hey all!

I recently got a quote for insurance and it seemed quite absurd. Is this normal?

• Age: 26
• Driving Record: Clean
• Previous cars owned/insured: NONE (unless being a driver on my father's insurance for a Toyota Camry during college counts?). I moved to NYC out of undergrad and am looking to relocate back to VA/DC area next year.
• Car applied for: 2025 BMW M4
• Quote: $1,000/mo

Is that sensible? Sorry if this is a really dumb question. Is there anything I could do in the next year or so to get to the 'normal' range of $150-300/mo?

***EDIT: Looks like this is normal for Brooklyn, NY with my profile. I got some quotes for Northern VA - where I will be moving. Much more reasonable ($250-350 per month)

[erickonphoenix]

That's a "we don't want your business" insurance quote. My mom got a similar one when she renewed her flood insurance.

Keep looking around. Bundling can get your overall rate down.

Beware of that tracking app, in my experience they start you out on a reduced rate but even if you drive carefully in a few months they find some excuse to increase it.

Not very practical but you can also get married, join the military, or move someplace remote with low accidents/theft statistics.

Last option is you could self insure it. I'm not sure how that works in VA but in Texas you show proof that you have bond in the amount of the minimum insurance requirements in your state. A friend of mine has done this with his vehicles but obviously he's extremely wealthy.

[TallGibbs]

The answers in erickonphoenix are all correct. Additionally though, I would just add that this entire question may need a different perspective.

Stepping back for a moment and considering what is a realistic insurance quote for a 26 year old, male, on a brand new M4, for someone with a reckless driving incident on their record, with no "long term" history discount. Also, assuming not married, no home ownership, not bundling with any other insurance.

It literally is every single red flag, or "strike", going against you. From my perspective, this is like seeking out the unicorn of insurance quotes.

My recommendation would be to shift your perspective entirely and recognize that even though it may be your dream, and you feel it is "time" to get this, you might have a totally unreasonable expectation. Whether your expectation is fair or not is a different question; the reality of today's current world is the insurance pricing model HEAVILY disfavors you.

Just for perspective, attached is a screenshot of my insurance quote for a brand new M2. You will see that quote is $102 per month and this is through State Farm. Also notice all my applicable discounts at the bottom. Plus (obviously) an M2 is cheaper than an M4. I'm 41, married, home-owner, bundled two cars & home insurance with the same carrier and been with the carrier for 20 years so pretty much the exact opposite of your situation.

All that being said, maybe you find an insurance company to get a quote down from $6k but your goal of $150-$300 per month seems like asking to see a unicorn.

[jkoral]

Originally Posted by champagnepak1

I recently got a quote for insurance and it seemed quite absurd. Is this normal?

To me it seems absurd (although insurance is very locale specific in addition to the factors you listed).

Did you go through an independent agent or just direct to some random company?

I use a local independent insurance agent who finds me a company that will insure me at the best rate for my situation each year. Sometimes I end up with the same company, sometimes it changes.

Obviously they work on commission, but the agent is always looking for discounts and better rates. I'm MA, but I assume the same exists in VA/DC.

[pbonsalb]

26 year old male driving an M4 is a high risk statistically, and anywhere near NYC would increase the risk. When I was young, I chose cars in part based on insurance cost -- I had to get creative to find a decent performing car that was under the radar (Volvo 240 Turbo instead of Porsche 944).

But if you are 26 and can afford an M4, you should be able to afford the insurance.

[eugenebmw]

Originally Posted by pbonsalb

26 year old male driving an M4 is a high risk statistically, and anywhere near NYC would increase the risk. When I was young, I chose cars in part based on insurance cost -- I had to get creative to find a decent performing car that was under the radar (Volvo 240 Turbo instead of Porsche 944).

But if you are 26 and can afford an M4, you should be able to afford the insurance.

Just the brake service on the M4 will cost you $4000. Insurance cost is just the start of the fun part. Save up

[David70]

Originally Posted by erickonphoenix

Last option is you could self insure it. I'm not sure how that works in VA but in Texas you show proof that you have bond in the amount of the minimum insurance requirements in your state. A friend of mine has done this with his vehicles but obviously he's extremely wealthy.

If you are going to completely self insure it comes with huge risks, much of it depends on what assets you have. Total the M4, plus someone else's M4 (or whatever - could be worse), they end up hurt and it's your fault. You just need to be prepared to write a check for all of it.

Extremely wealthy has a lot more to lose, he shows a bond for state minimums gets him the ability to get a tag, doesn't help for a serious accident with injuries.

More realistic is to shop around, raise your deductible to $2500, cut out stuff like rental cars, glass, anything you can pay for yourself, bundle with other insurance, last is you may not want an M4 when you look at the total cost.

Your age, no previous car, high dollar/high powered car and where you live are all a big part of the problem.

[DrVenture]

Originally Posted by TallGibbs

...

Just for perspective, attached is a screenshot of my insurance quote for a brand new M2. ...

Thanks for that. That is great rate. So many people cite insurance costs without mentioning details about actual overages and limits. Making the numbers meaningless.

I have similar coverage to you with State Farm. No Emergency Road service.

Interestingly, my agent suggested I go from $1K on comprehensive to $0, because it was only a couple dollars a year. And that it made windshield replacement free. That paid off 1 year later!

Also I have these discounts - plus guaranteed renewal (apparently a big deal according to my agent):
Multicar (because you insure more than one vehicle with us)
Multiple Lines (because you also have Homeowners with us)
Vehicle Safety (because your vehicle has important safety features)
Tenure (because you have been a loyal auto customer for 25+ years)
Accident Free for the last 10+ years
Anti-Theft Device Discount

I pay $414 every 6 mos. on a 2022 M550, obviously age and location are factors here.

[pbonsalb]

If he keeps his driving record pretty clean, the OP has something to look forward to in middle age … lower premiums.

[Mavus]

M4 and NYC and your drving record don’t get along very well and are a huge risk. Per the stats you are 4x as likely to have an accident vs 40+yo and will have to pay max rates most likely. You need to find that one friendly ins comp that will have mercy.

[erickonphoenix]

OP, I did a little research.

I was 24 years old in 1989. I bought a new 1990 Mazda RX7 GTU.

I had one speeding ticket, and an at fault accident but I did live in a low crime area. I was paying $1200 every six months which adjusted for inflation would be about $3,000 in todays money.

Obviously the cars are an ocean apart in expense but as you can see I was getting seriously hosed at the time.

Also: I do have a friend with three DWIs that pays $1200/mo to insure his Dodge Ram diesel dually so some folks do pay to play.

[TheMidnightNarwhal]

If you can try to not divulge your record for infractions. I did so and did not give them permission to check my record so they can't confirm nor deny my tickets. Only way I had insurance that made sense, I have nno moral regrets whatsoever. Insurance can suck it.

[NickyC]

Which M4, G82 or F82?

Oddly enough for me, the insurance costs between my M4s (18 Comp, 21 Comp G82, and now the 19 F82 CS) were all within a few bucks of one another.

If you want my personal advice, a 26-year-old should not be spending anywhere close to $1k a month on insurance (think like $150 tops). If that means you need to drive a beat Toyota, drive a beat Toyota. Paying $12k a year in insurance premiums is just killing your future unless you are making serious money already. If you're paying $1k a month for car insurance, you better not be financing that car either.

[Burrcold]

Originally Posted by eugenebmw

Just the brake service on the M4 will cost you $4000. Insurance cost is just the start of the fun part. Save up

Brake service? Lol do you mean brake replacement?

[pbonsalb]

New M4 carbon rotors would be about $4k each or $16k for all 4, not including pads, though you might find a set of used carbon rotors for $4k.

Steel brakes are much cheaper. I bought all 4 rotors for my F90 M5 for under $1k. Pads are several hundred more.

I DIY but if you use a dealer, you could probably spend over $1k installing rotors and pads.

[chefwong]

Originally Posted by champagnepak1

[*]Previous cars owned/insured: NONE (unless being a driver on my father's insurance for a Toyota Camry for 4 years counts?). I moved to =
Thank you.

OP. I'm I'm reading this right, you did not have any auto insurance on the last 12/18/24 months ?

You're getting not only the massive rate increases but also the No Prior Insurance surcharge

[RPM33]

Originally Posted by champagnepak1

Hey all!

I recently got a quote for insurance and it seemed quite absurd. Is this normal?

• Age: 26
• Driving Record: Reckless driving ticket when I was 15 years old (was a jack*ss and was drifting in an empty gravel parking lot); perfect record since then. Took a driver improvement course at the time of that ticket as well.
• Previous cars owned/insured: NONE (unless being a driver on my father's insurance for a Toyota Camry for 4 years counts?). I moved to NYC out of undergrad and am looking to relocate back to VA/DC area next year.
• Car applied for: New BMW M4

I got a quote of $6,000 for 6 months. Is that sensible? Sorry if this is a really dumb question - I've been looking forward to getting my dream car for the last decade and it's about time.. the insurance quote is unreal.

Is there anything I could do in the next year or so to get to the 'normal' range of $150-300/mo?

Thank you.

What insurance company was this?

[champagnepak1]

Thank you for your advice everyone - I appreciate it. It appears that these quotes, given my background, are par for the course.

I am grateful to say that I can afford it, but can't stomach the cost. I also understand that wanting to purchase an M4 at 26 probably reads as naive to a lot of you.... been around cars all my life. I love them. Self-taught myself how to drive manual at 13 years old in my uncle's Nissan Silvia in a private lot and spent a LOT of time working in indy sports car shops to save for stuff. First car was a jank civic. Second car used E90 with an exhaust leak and 120k miles. Third car was an enthusiast owned 6mt e90, m-sport w/ 50k miles. Been wanting to get back since then.

I suppose I will wait until I'm back in a Virginia suburb @ 27 yrs old (in Brooklyn right now) and give it another shot. Don't think there is anything I can do in the meantime to make my profile more attractive, right?

And for those who asked - I just used one of those online portals that redirects you to multiple offers. Ended up with just one offer and I don't even remember where it was from, lol.

2025 G8x brand new, not F8x

[Mavus]

you can get a Civic or an Accord or one of those dd cars and build your history up a bit. Also get AAA as they offer insurance also and may be an option for you.

With craters on roads in nyc I’d argue it’s not worth getting M car to beat on it in stop n go traffic and crap roads. Wait til you move out and then get it would be my 2c.

[eluded]

+ get old and stay out of trouble.

Originally Posted by erickonphoenix

Not very practical but you can also get married, join the military, or move someplace remote with low accidents/theft statistics.

.

[Propulsion]

My only suggestion would be to order a copy of your LexisNexis report. You may have some negative/outdated personal information that needs correcting. Insurance companies use LexisNexis to confirm your identity among other things. This in all likelihood won’t remedy the obscene insurance quotes but it won’t hurt to check it out. I ordered my report online last week as I am shopping for a M440i GC. I don’t want any surprises.

[MJBO]

A lot? Yes. Crazy? I wouldn’t have said so, based on the details you’ve shared.

You’re looking to insure a US$90k-odd car in your mid-20s without a record of insuring expensive cars, or as you’ve said any car in years.

The $6k for 6 months quote sounds like a gift, every chance you could have gotten no offers.

If you want a fast turbo M4, pickup a cheap F82 and build a history of not stacking it and making claims.