Does anyone know the the collision and comprehensive deductible requirements to lease a BMW in NY? I was trying to increase those deductibles to 2K to lower the price of the policy but I was told by the insurance company that bmw financial would require it to be a maximum of 1K deductible. Is this true?
What does your lease contract say?
Don’t have any lease contract at the moment, just shopping around for auto quotes right now.
Max deductible is 1k per lease agreement
As of a few years ago it was def max of $1000 comp and collision, I doubt it has changed.
Could probably go through the signed or shared deals section on here and do a search for a contract that would have the exact language.
It is max of $1000
As others have mentioned, the insurance deductible is $1k and listed as such in BMWFS’ boilerplate lease language. I think I provided a snippet of a contract awhile back.
Yeah I think I saw another forum from 2 years ago saying it is 1K so definitely seems so. I think I also saw something about liability coverage and it needing to be 100k/300k but not too sure about that.
So you haven’t signed anything yet? What’s the deal you’re considering?
Correct, have not signed anything yet. Deal im considering is on a 330i xdrive, 6% off msrp and $2000 incentives. Heres the calc: CALCULATOR | LEASEHACKR.
What’s the difference between $1k to $2k in terms of premium? I know in California there was like ~$10 per month difference for our policy.
im in NYC and for me the difference was $40 a month between the 1K and 2K. Also I went through the ‘Signed’ and found some verbiage in a contract for an M340 - 100K/300K for bodily injury, 50K property, and 1K deductible. I wonder if this is vehicle/region specific or minimum across all models.
I have 2500 deductible for years over several vehicles with no issue.
Depends on the vehicle, if there is a max deductible and you don’t have that, the leasing bank will take out their own policy then bill you. BMFS is 1k
Not sure why you’re considering this deal + expensive insurance = sounds like terribly high TCO.
100/300 liability is also standard I believe with most brands for lease, why don’t you ask your dealer/broker ?
I always had $2500 deductible on my all cars including 2023 M4. If your dealer requires you to have $1000 deductible just get $1000 deductible once you have car in possession change the amount with your insurance company
Oh yes and get sued for contract breach. Just great advice
They dont sue, they just bill you
I tried to raise the collision deductible on one of our vehicles recently (not a lease), and was told that $1,000 is the max that the Ohio Department of Insurance allows for this type of coverage.