Why does Geico charge so much to insure the i3?

[bdman]

I have a 2014 i3 REx on order (is in QC now) to be delivered at the end of this month and my current insurer, Geico, just quoted me $36 more a month for the i3 than my 2012 550 GT xDrive M-Sport. I'm trying to understand if repair costs are equivalent to a 1-series and the purchase price of the 2014 i3 is half the price of the 2012 550 GT then why is the rate so high? I've had 2 M3 convertibles (E46 and E93) and both cost less to insure. Anyone else in the NYC area have similarly high insurance premium quotes? I've been with Geico for 16 years and it might be time to shop around :evil:

 

[tiburonh]

I have a 2014 i3 REx on order (is in QC now) to be delivered at the end of this month and my current insurer, Geico, just quoted me $36 more a month for the i3 than my 2012 550 GT xDrive M-Sport. I'm trying to understand if repair costs are equivalent to a 1-series and the purchase price of the 2014 i3 is half the price of the 2012 550 GT then why is the rate so high? I've had 2 M3 convertibles (E46 and E93) and both cost less to insure. Anyone else in the NYC area have similarly high insurance premium quotes? I've been with Geico for 16 years and it might be time to shop around :evil:

I think the insurers are having a tough time figuring out how to rate this innovative car. Obviously you should get quotes from people other than Geico, but you might want to try to get Geico to rethink it. I went back and forth with my carrier (Chubb) three times before I got the rate down to what felt right. I told them about the anti-theft protection, BMW's info on the ease of carbon fiber repairs, and also the European crash test results.

Good luck!

 

[HomelessDude]

I'm insured with Gieco my rate is less than I had paid on my Audi A6 when it was new and my i3 stickers $1,500 more than the Audi.

 

[AviatorMan]

We insure through Costco (Ameriprise, which is American Express, with IDL as the underwriter) and it is a lot less than the quotes I get from Geico. I was shocked how little the i3 cost to insure.

 

[Lecram]

What do you pay per month/year for a I3 insurance?
I pay in 525 euros/year in the Netherlands

 

[AviatorMan]

What do you pay per month/year for a I3 insurance?
I pay in 525 euros/year in the Netherlands

Pay 584 euros in the US ($758 usd) for all the insurance-medical,liability, etc.

comparing just the cost to fix damage to the car, collision and non-collision,
to a 2006 Suburu Outback worth about $8,000 usd:

BMW 247 euro ($322 usd)
Subaru 130 euro ($170 usd)

this is per year costs.

 

[ultraturtle]

USAA: $515.26 /yr for 100/300/50 plus uninsured plus comprehensive plus collision.

$27.04 more than our gas guzzler - a 2012 Toyota Plug-In Prius that cost a hair more than half as much as our fully loaded i3 REx.

 

[DeafSoundGuy]

Holy cow! I asked my insurance gal how much the i3 was going to be over the 2011 LaCrosse I just turned in (that was $42,000) and fully loaded, and it's like 30% more!!! :shock: For a brief moment while I had a 4 car policy and the i3 was the fifth making it even more for some reason like to the tune of $1500 a yr in a package discount. Now the LaCrosse in gone and that puts the i3 fourth but still way higher. Me thinks it's time to look at USAA a little more closely.. :idea:

BTW I checked Geico about 3 years ago for a full home 4 auto discount and they were one of the most expensive insurance outfits and way over what I was paying, and me and the ball n' chain with no accidents between us.

It's pretty obvious that the new technology makes it pretty hard for Joes' Car Repair down the street to repair such a vehicle. One will have to go to BMW to repair, and that's not going to be cheap I'd bet. Hence, higher rates and high parts cost, specialist repairs.