[vkalsi]

Hello All,

I am in the midst of purchasing a 2013 335i (in Ontario). The business manager said that I need to have a minimum of $2,000,000 liability for insurance.
Has anyone else been told this? If so, did you get the higher insurance amount or did the dealer agree to the lower amount.

I checked with a couple insurance companies and BMW Financial Services Canada, they said that $1,000,000 is the minimum amount.

Any feedback/comments would be appreciated.

Thanks

[mfstrby]

I dont understand, why would it be a concern for the dealer? Normally, it should be something your insurance company will require you to have and the brand of the car shouldn't matter afaik. I have 2 million but a friend has 1. And the amount should affect your premium naturally

[Chris@codemybimmer]

as long as you have insurance on the vehicle, it does not matter how much liability is covered.
although from personal experience, i would get 2million liability.

[BMWZ4]

Originally Posted by colonel_bagshot

I dont understand, why would it be a concern for the dealer? Normally, it should be something your insurance company will require you to have and the brand of the car shouldn't matter afaik. I have 2 million but a friend has 1. And the amount should affect your premium naturally

This ^ why the hell would the dealer give a rat's ass about what your liability is... sounds like he's trying to sell you something or hook you up with a relative of his in the insurance business.

What a crock. Minimum is $1.0m

[Seanhfx]

I needed $2M liability to lease new 2017....didn't question it it was mentioned on the forums weeks ago. (Redflags I believe). Probably different for finance used, just get BMWFS to tell the dealer $1M is fine?

[eh_cee]

Was told I needed minimum 2 million coverage as well for my 2018 430 GC. It might be something new, as the CA didn't seem to realize it until we were processing my order.

Didn't question it either, as the insurance quote I received already covered up to 2m.

[norules]

I just financed a used '16 435ix gc, but the requirement was only $1M. I was a little surprised they even stipulated the amount in the first place, since that's the minimum anyway.

[MaximusJ]

Same here. But last time I renewed my home insurance they automatically raised it to 2M. So I dont know if they will do the same with the car insurance.

Maybe its just a new standard approach.

[ksa]

Yup $1 mil here as well. Both on my 2016 M3 and 2017 440 Gran Coupe. When I made the switch they didn't say anything about $2 mil.

[xantdieselx]

At least in the US there are minimum liability insurance limits on lease vehicles because is some states the courts have allowed suits against both the lessor and lessee. There have been cases where a person driving a lease vehicle was found to be at fault for an accident.

The injured party sued the person driving and once their policy limits were reached they went after the manufacturer who leased the vehicle for the additional amount. As a result some manufacturers won't offer leases in certain states, in others they determine the minimum required amount of liability insurance that is required. In RI it's 100k/300k minimum liability insurance for a lease although I carry 250k/500k as well as a 1 million umbrella policy.

[int]

Originally Posted by vkalsi

Hello All,

I am in the midst of purchasing a 2013 335i (in Ontario). The business manager said that I need to have a minimum of $2,000,000 liability for insurance.
Has anyone else been told this? If so, did you get the higher insurance amount or did the dealer agree to the lower amount.

I checked with a couple insurance companies and BMW Financial Services Canada, they said that $1,000,000 is the minimum amount.

Any feedback/comments would be appreciated.

Thanks

For my 2013 335xi lease (in Quebec), I was given the choice of $1M or $2M; was told by my insurance company (not the dealer/BMW FS) that if I go 'out of province or out of country' with the car, I should go with $2M. Don't even remember what I ended up with - likely $2M since I travel quite a bit - was definitely a choice, but again, out of province sounded like a $2M requirement.
Weird that the dealer would have any say though...

[ziashams]

I am finding it interesting that dealer is suggesting how much insurance the buyer need! should not it be an issue between the buyer and the insurance company?

[MSCD]

Is BMW FS listed as a loss payee on the policy? If so a lawyer probably found a way to get them listed as a defendant... and they have deeper pockets then the average consumer! This $2m gives hem a bigger gap. Auto / Motor insurance is a mess for losses with all the medical claims these days...

[MaximusJ]

The change for 1M to 2M ended up being $15 yearly for me.

[norules]

Originally Posted by MaximusJ

The change for 1M to 2M ended up being $15 yearly for me.

Good to know, thanks!

[breakfastlinks]

Had to have 2m to lease my '15 328, and purchase my M4 as well.

I don't really care because a close friend of mine had to pay up 500k extra in damages from an unlucky accident with a bicycle (who was riding on the sidewalk). His 1m coverage was not enough to cover the extra in damages... Scary.

[MaximusJ]

I asked the lady when I took delivery of my car and she confirmed what has been mentionned here a couple times; its a requirement for out of province / country coverage. If I would like to stick to the 1M coverage, I had to sign an affidavit saying that I shouldnt travel out of the province and if I do, I do it at my own risk; so they cant be held reliable in any way.

[MrKeyzerSoze]

I just got my insurance BMWFS Insurance form and what do you know, minimum requirement is $2M, see attached. It also got me by surprised. I will be going in to sign papers this week, will let you know what I learn.

ks

[NotQuickEnough]

Shopping around for new insurance currently and wondering how significant it is to follow these requirements. What is the worst that can happen? In case of anything we're dealing with insurance, BMWFS should have no say in this and certainly I don't feel the need to inform them of my insurance company change..

[tokic_o]

I just recently leased my 430i and require the $2M liability coverage. I never questioned it as when I called my insurance to update my coverage and change the liability from $1M to $2M the insurance rate was unchanged. But my previous BMW which I financed there was no $2M liability coverage requirement but I just thought its because that was a finance vs now I'm leasing.

I'm pretty sure your rate won't change much to really matter or make a fuss about it IMO.

[Vinboyblue]

Yep 2 Mil is a requirement ONLY if your vehicle is leased or financed with BMW Financial Services. If its your own bank, they dont care.

[mattryan]

Just leased and the requirement was $2M liability rate increased about $10/month.