Maybe he wants to use his savings towards an option he wants? His desire to save on insurance has nothing to do with what he can afford.
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Surprising that a line item in a contract is verified and enforced? Their business model is held profitable by observing and adhering to certain constraints and knowns.
A bunch of underinsured folks driving their depreciating assets didn’t fit into that model.
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We are talking about $1500/ per vehicle risk and the risk is minuscule. I know its not enforced because I know at least two people who has $2500 deductible in their BMW insurance.
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Then it may vary based on your specific insurance carrier to alert them. I tried this with Geico twice in the past and failed both times, once with a warning from BMW and the second with an automated warning.
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I’m sure there are idiosyncrasies from one insurer to the next, and they may not all be as automated as yours.
Example:
Until recently we had everything insured through Amica, and in order to get the BMW insurance issued correctly I had to provide them with the address for BMWFS… as if this was the first leased BMW they’d insured since they opened their doors in 1907.
I must have asked four or five times, “You honestly don’t have that on file somewhere?”
Every lease I’ve had with every insurance company has asked for the name and address of leasing company: GEICO, Progressive, and Travelers. My understanding is there are enough exceptions that they won’t just assume. Seems silly but 
My sample is pretty small (one leased car covered by two different insurance companies) but I’m 1 / 2.
When I switched over to a different insurer a couple of months ago, they had no such questions.
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Toyota, for instance, has at least three captives with three different addresses. If an insurance company isn’t anal about this kinda stuff, are they even an insurance company?
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How much of this communication is done by mail, anyway? Honest question.
It would seem prudent for large insurers to have their policy management systems (PMSs?) integrated with all of the major auto leasing servicing systems (ALSSs?), and matching records would be easy with a VIN and a very small amount of other readily-available secondary info.
Chase has 20 different payment addresses for their various credit cards, but all some of my bank accounts’ bill pay services need to know is that it’s a Chase credit card and my account number.
Same with Amex, and they have at least two different legal entities issuing their cards.
They almost certainly have BMWFS address on file. They are separating you from the next guy who keeps insisting he got his car from the official dealer but it turns out be ALLY, USB or some other lessor.
Yesterday i got several quotes and one of them had a question about the leasing company with 3 options - Ohio, Minnesota and one more. However, none of the insurance companies asked for an actual address for BMWFS. Btw, the difference between 500 and 1000 deductible was only 2 dollars for me.
Do you guys pick the cheaper providers? I currently have State Farm and they are pretty decent. However, just got quotes from Progressive and Liberty Mutual that are almost 100 dollars per month cheaper.
I didn’t even know about this.
Thankfully mine is at $0
We need an InsuranceHackr site!
Although, I suspect there is very little room for adjustment.
I found it surprisingly interesting that my 2016 Infiniti Q50 Hybrid AWD ($54k MSRP) insured under GEICO @ $500/500 deductibles was $105/mth; yet, I just acquired my beautiful new 2020 BMW X4 M40i ($71.5k MSRP) @ $500/500 deductibles and it DROPPED to just $86/mth!!! Much faster, aggressive, sportier, expensive vehicle, and significantly cheaper insurance. Go figure.
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I believe SUVs get much lower premiums than sedans because of the driver profiles of people who get SUVs. Slightly different scenario than yours, but when i switched from GS 350 to RX 350 F sport my premium dropped in half. BTW, I am also shopping for an insurance for my X4 m40. So far Liberty Mutual and Progressive have the lowest premiums. I still need to check Geico.
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Insurance makes no sense sometimes. My wife’s X5 nearly doubled her premium from her RDX. I looked at the cost of adding an X3M for myself and the premium was even lower than the base X5 she has.
My guess is certain models just have more data for accidents and there are pros and cons of that. I probably need to consider shopping around again, but last time I did that I got a sweetheart deal for 6 months then it went way up so I have been sticking with Geico.
I read somewhere that it’s good to shop for quotes every now and then. Even if you don’t switch your insurance company will see that you’ve shopped for quotes and will be less inclined to increase your premium.
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+1
My Insurance is more than double my Lease monthly payments
That’s cray.
Ahhhh thanks, middle-aged married white guy With no tickets privilege.
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Great hackr flex