Last night I got an email from Progressive notifying me of my upcoming insurance renewal. Good news: premiums on my BMW M2 Competition did not go up. Bad news: the premiums did not go down either. As my friend commented: it’s truly a glass half full situation. I look at it slightly differently: it’s always better to gain nothing than to lose something. So I’m okay with premiums staying put for another six months.
I guess Bay Area BMW owners haven’t got into more mayhem than usual these days. Unfortunately, our cars must still be massively expensive to repair. If my father’s Toyota Corolla costs nearly $20K to fix for a simple front-end fender bender, a BMW with all its fancy aluminum bits has got to be worse. That’s why I am paying just above $1,000 dollars every six months on a plan with a $2,500 collision deductible.
And Progressive is already cheapest amongst its peers. Premiums would be double with State Farm or Geico. It’s madness.
All for a car that I seldom drive. It’s an expensive hobby, this car enthusiast thing. Being a single male in his mid 30s doesn’t help things either. And I’m suppose to be getting a second car in a few year’s time? (Hello there, Honda Civic Type R.) Though apparently it doesn’t cost that much more to insure additional vehicles. Insurance companies know you the lone person can only ever drive one car at a time. So you would only be be insuring the opportunity risk of driving the second vehicle, which at the same time decreases the risk of the primary vehicle.
Got to spend money to save money, I guess?
Where do you want to go?