Insurance - Car insurance through the roof

We just bought a used BMW. It's a 1992 4 door. Stick. 95000 miles. 325i.
This will make 2 family cars we have.
The other car is a 1996 Honda w/100000 miles.
My daughter had 3 accidents in a 3 year period. She is now 21 and away at college. We have her listed as an occasional driver.
My 17 year old son just totaled his car 2 months ago. Fell asleep at the wheel. Thank goodness nobody hurt.
My wife and I have no accidents or violations for 25 years.

We are already paying a fortune I believe. over $3000 /year.

Now the quote we get for the BMW will be an extra $1300 per six months.

I know my kids have had some accidents, but wow!

We have been with same agent for 20 years. Any suggestions on how to get this figure back down to earth?

Thnx.

Wow, and I thought we had it bad! I would sell that BMW RIGHT NOW, actually I'd check with the insurance agent first and ask if it's a BMW, or a 2nd car that's jacking it up.

I'm assuming that's liability only on those cars with that age of car?

I'm suprised it's that low, you must live in a state with pretty strict insurance regulation, we have 3 cars, 2 drivers both in late 50's/early 60's and we're paying $2,000/year, with no accidents or tickets in about 40 years!

Frank

Ouch! Our area supposedly has some of the highest rates in the country and we pay $1600 a year (2 drivers, 2 cars, full coverage, no tickets and less than 7,500 miles per year on each vehicle).

I saw your other post. There was an article a while back in Checkbook (checkbook.org) that said one ticket/accident would increase your rates 60+%, two would cost 135%. I'd call a couple of companies and see what your cost would be without the kids and take action from there. Personally, I'd buy each kid a new pair of tennis shoes put them in a box, wrap it up and say "inside this box are the keys to your new car! Enjoy!"

If your daughter does not live at home and has her own car/car insurance, you can drop her from your policy.

When your son turns 18, tell him to get his own car insurance. If he can't afford it, then he'll just have to walk, ride a bike or get a motorcycle.
He can expect to pay at least $1500 or so a year for basic coverage, regardless of what kind of car he drives.

Honestly, I'm suprised your rates are that low, consider yourself lucky.

Once your children are no longer on your insurance, call around to a few of the 'named' insurance companies (allstate, state farm, etc), then call at least 1 or two independant agents.

I just switched from GMAC to Allstate and dropped my rate by nearly $500 a year. Plus, since I have homeowners from them already, I saved another $60 a year on that.

Everytime your policy comes up for renewal, shop around.