I presently have 5 cars and am insured with Wawanesa Ins. Arguably the best in the west. Full coverage on all 5, 3 of which are BMW M5's and a showroom condition 1960 Conv. Caddy is only $1,750.00 "Yearly".

I am two months away from pulling the trigger on a '10 S550. I got a quote today from my ins. co. for full cov, low ded. of $592. "yearly" Needless to say, I was thrilled to death until I mentioned the car will cost over 110K. That's when she gasped and sadly informed me they don't cover cars over $80K. Soooo, I went out on a computer search quest today getting quotes. Wih the exception of a small number of companies out there, the $80k ceiling seems to be common place. My jaw hit the floor with one in particular...USAA; $4054. "yearly" The next best I could find was in the $2,000. per yr range.

Now, I can afford the car, but I refuse, absolutely refuse to be dragged to the cleaners by these ins. companies. I am seriously considering canning the idea of the S550...unless there is someone out there who can guide me to affordable and "reasonable" insurance for Southern California coverage. Help me out folks...anyone have any ideas or "solid" leads to good coverage at a decent price?

Tks....Chronicspender

 

Maybe I put too much emphasis on the word, "Afford" I can afford to pay the inflated insurance rates....I just feel somewhat violated at the thought of having to roll over and give it up, just because it's a MB.

 

i would buy a used one, with low miles, like a 08- 09, for under 80k. and youll save on the insurance.

 

Can I ask, why do you consider $2k-4k for insurance expensive, when the car is worth $110k new, and it will probably cost you about $30k in depreciation in the first year alone!
The S550 will be a magnet for thieves that will export them to the middle east/asia too you must remember. You can't compare a brand new top of the range Mercedes with you showroom condition 1960 Convertable Caddy, as hadn’t anyone outside the US will want your prized Caddy alas (though I would love to see how it looks - can you post a picture!), but there are a lot of people in the world who will have your S550.

If you need any work done on the car when it is outside warranty, they dealer will have you for more than $2000 each time too, so get the extended warranty options!

Have a look here: http://autos.yahoo.com/2009_mercedes...at-tco-summary

Something that may help you though, we are in a recession, say to the dealer you want a years free insurance, I bet they would give it to you if you said you would buy it that day in cash (e.g. bank transfer if you can) if they say yes, as they will probably jump on the opportunity. Haggle for lots of extras too. In your second year you will be fine as it would probably have depreciated to below $80k in today’s market!

 

jrhilton....First off, thanks for the good info. I guess, as I said, I've been spoiled by a fantastic insurance company for nearly 20 yrs. In 1991, I bought a custom BMW M5 for almost $70k and paid $375. yrly for full cov. In '02 I bought another M5 for $79K and only paid $345. yrly. I also have a truck, a Prius and of course the '60 Caddy. I guess I got my feelings hurt when all of a sudden they started quoting prices all over the map. However, you brought up a very very good point. A year (maybe 2) that car will be worth less than $80K and I can go back to my old ins company for coverage for less than one third what I am going to be paying once I get the car. Also, thanks for that web site showing the cost of ownership for an S550 over the years. I can trim those numbers down a weeee bit. I am going to try to email you direct a photo of the Caddy. It is a pretty cool looking car. I got to drive it in the opening episode of the TV show Amazing Race, season 12.
-Art-