[hyde]

Something very odd, my insurance company is asking for almost $500/yr more to insure 2021 X5 vs 2018 Q7 with exact same MSRP. I do recall a small jump from my F15 to Q7, but it wasn't anywhere near this.

I am wondering if it's just part of their pricing scheme to take any opportunity they can get to raise the prices or insuring BMWs are more expensive now for some reason.

[leasehackr]

Which insurance company?

Did you shop with other company for comparison?

Let us know, I need to do this next month.

[wtwo3]

Seems like they're just taking this opportunity to raise pricing. I personally shop around once a year for new insurance just to keep the pricing in check.

[Paladin1]

Mine stayed virtually the same (MY 18 Q7 vs MY20 X5) - almost the same features. I assume your insurance included all the safety information and you haven't moved?

[X5MFiddy]

Originally Posted by Paladin1

Mine stayed virtually the same (MY 18 Q7 vs MY20 X5) - almost the same features. I assume your insurance included all the safety information and you haven't moved?

I just switched from a 2018 Audi S4 to a 2021 BMW M50i and my insurance dropped.

[doctorttt]

Go shop around and you should get a better offer. Some insurance companies are known to raise your premium for reason that often makes no sense to me. There is simply no customer loyalty when it comes to car insurance, so doesn't matter how long you have been with one particular insurance company.

I had Geico for a long time. When I switched to my G06, they wanted like $1200 for six months with a clean record in NYC. I then moved to statefarm and premium is $800 for the same vehicle.

[Ninefourteener]

I've owned nearly 70 vehicles in my life, and to this day, I honestly believe that your driving record, and the value of the car you drive, have almost NOTHING to do with the cost of your premiums.

I believe, the biggest contributing factor to the cost of your premiums..... are the insurance company's total claims against that particular vehicle.

Prime example:

I had a 2006 Subaru WRX ($23k brand new).... drove it from 2006-2012 before selling it.
I then bought a (used) 2007 Audi S8 V10 ($110k brand new)

My insurance was cut in HALF with the Audi.... that costs 4x as much

Why? Because USAA paid out so many claims for kids that bought WRXs and STIs, streetraced them, crashed them, etc..... that the insurance was higher than almost any other car on the market at the time. Honda Civic owners will share similar stories. They are notoriously high in insurance for the same reason.

Dodge Hellcats, V8 mustangs.... same story.

It's the "type of owner" that typically buys those cars.

I would be willing to bet that your quote has absolutely nothing to do with "you". I bet that because X5s are high-theft cars, THAT is why you are paying higher premiums.

[Paladin1]

Originally Posted by X5MFiddy

I just switched from a 2018 Audi S4 to a 2021 BMW M50i and my insurance dropped.

Mine actually dropped as well, but only by a few dollars.

[TXSchnee]

Originally Posted by Ninefourteener

I've owned nearly 70 vehicles in my life, and to this day, I honestly believe that your driving record, and the value of the car you drive, have almost NOTHING to do with the cost of your premiums.

I believe, the biggest contributing factor to the cost of your premiums..... are the insurance company's total claims against that particular vehicle.

Prime example:

I had a 2006 Subaru WRX ($23k brand new).... drove it from 2006-2012 before selling it.
I then bought a (used) 2007 Audi S8 V10 ($110k brand new)

My insurance was cut in HALF with the Audi.... that costs 4x as much

Why? Because USAA paid out so many claims for kids that bought WRXs and STIs, streetraced them, crashed them, etc..... that the insurance was higher than almost any other car on the market at the time. Honda Civic owners will share similar stories. They are notoriously high in insurance for the same reason.

Dodge Hellcats, V8 mustangs.... same story.

It's the "type of owner" that typically buys those cars.

I would be willing to bet that your quote has absolutely nothing to do with "you". I bet that because X5s are high-theft cars, THAT is why you are paying higher premiums.

You are 100% correct on this (I am a former auto claims adjuster). I pay the same premium for my '18 G01 as I do for my '20 Cayenne which was 60% more expensive than my M40i.

[Marty in NY]

Originally Posted by hyde

Something very odd, my insurance company is asking for almost $500/yr more to insure 2021 X5 vs 2018 Q7 with exact same MSRP. I do recall a small jump from my F15 to Q7, but it wasn't anywhere near this.

I am wondering if it's just part of their pricing scheme to take any opportunity they can get to raise the prices or insuring BMWs are more expensive now for some reason.

I think something is wrong here, I know what TXSchnee said and she's right but $500 more seems like you are being taken advantage of. I just scouted around for insurance quotes for my cars and house. After getting various quotes from the usual suspects I contacted my insurance company, Liberty Mutual and had them re-quote my policies by rewriting them. The house insurance cost came down and I found that a 2021 X5 40i costs the same as my 2011 X3 35i did for the same coverage.

[TXSchnee]

Originally Posted by Marty in NY

I think something is wrong here, I know what TXSchnee said and she's right but $500 more seems like you are being taken advantage of. I just scouted around for insurance quotes for my cars and house. After getting various quotes from the usual suspects I contacted my insurance company, Liberty Mutual and had them re-quote my policies by rewriting them. The house insurance cost came down and I found that a 2021 X5 40i costs the same as my 2011 X3 35i did for the same coverage.

Depending on the company, some won't requote to match. When I got my F15, I switched from State Farm (after 18 years) to Liberty Mutual, as they were $700 cheaper for auto and home for the year. When I got my S6 I went back to State Farm as they were cheaper at that time, and have stayed with them for now as they have kept their premiums under control more at this point. For the actual premium cost, the largest share is frequency of claims for your particular vehicle, and the cost of repairs averaged out. Secondary is your credit score, your age and driving record (if you are married rates are cheaper, if you have kids, even cheaper). Of course the formulas the actuaries come up with are industry secrets, so things are weighted differently per company.

[jad03060]

Where you live and the theft history of your model can have a significant impact. Some models are more desirable to thieves than others.

[hyde]

Thanks for the replies, some answers here:
No, I did not move, exact same location, and car is garaged.
It's Geico. I've been with them for many years, and from F15 to Q7 there was a minimal increase, same as what they would normally apply with each renewal. They never keep the rates same, there is always a small bump with each renewal.
After running the numbers online I decided to call them and ask why is this, clueless acting rep said "oh maybe it's more expensive to repair the BMW compared to Q7" Not sure since Audi is generally worse with repair and service costs.

Regarding the $500 jump, he said that it looks that way because recently Geico had "give back to community" or whatever it is due to Covid so that's why it looks like a bigger jump, but I explained to him that I was comparing the full premium, and it's still $500 increase per year. He suggested I get multi line quote and I fell for the same nonsense again of answering bunch of silly questions to an agent who has no clue about the area I live in.. NYC townhouse she goes "is it less than 5 acres" and if there is a pool or trampolines..
Anyway in the end their home owners insurance quote was $700/yr higher than what I pay statefarm. Naturally I sent an email to Statefarm for auto quote, will see how that goes.

I checked with Progressive, their pricing is a bit tricky, I think I will just call and use the quote number to make sure they are quoting apples to apples.

Farmers (the amount of commercials on youtube and spotify are unreal!) quoted a much much higher number. Allstate website is broken, does not go to last step, may need to call them as well.

There are health insurance brokers, do people use car insurance brokers or are they not really going to matter much?

[TurtleBoy]

^ Just contact an independent agent. They will shop multiple companies for you and you will likely save a lot of money.

[Marty in NY]

Originally Posted by hyde

It's Geico. I've been with them for many years

I re-shop all my insurances every year, house, car, health, etc. Love Geico commercials but they are always one of the most expensive for car insurance for me. Guess they must have high advertising and food costs for their gecko Same goes for State Farm.

But there are two sides of the story, the other side comes in to play when you need to use your car insurance. I don't mind paying a little more if they provide a hassle free, quick and amicable claims experience. I had to have two windshields replaced on my X3 and Liberty Mutual was great to work with and quickly met my request for OEM glass both times without question. Each replacement cost more than my yearly insurance premium. I felt I was getting good value for what I was paying. So what I'm saying is that you cannot judge them solely on their premiums.