Insurance pricing me out of an M4 at 29 YRs old??

[mubariz]

Hi PH,

I've been waiting a long time for my premiums to go down to get into a 'nicer' performance car and start to enjoy life a little more. I'm now 29 and feel like my life needs that little excitement boost of going from a Diesel 260bhp to an M4 Comp Pack 2019 however my insurance premiums are ridiculous...

I'm based in Farnborough, 29 years old, job title that's one of the magic 'top 10' for low insurance premiums, 6 years NCB having held my licence for 11 years. My quotes are coming out to £230/month at best with insurance companies that I've never heard of before like Marshmallow...

Are any other 'young' drivers experiencing this? What could I be doing wrong?

I've been quite excited to get into an M4 and spent a lot of time researching and falling in love with the right spec but insurance at this level while putting money away for maintenance and other expenses is too hard a pill to swallow

[revilo87]

All borne out of statistics, the premiums are a lot higher now than they have been of late but I don’t think it’s going to change any time soon - especially with cars that are statistically crashed or stolen more frequently than others - it does suck though, it’s put me off swapping my ST for a while, I really want a Quadrifoglio but Tax + Insurance makes it painful

[TarquinMX5]

It's not specifically you; insurance premiums have increased significantly recently across the board, whether for city runarounds, supercars, young drivers or older drivers. You could look on the bright side, better to find that the premiums have increased before purchasing rather than after

[MitchT]

It's an expensive car to insure. I'm 49. Never had points and only one at fault claim back when I ws 24 years old. I was quoted £1,100 a year to insure a 69 plate M4 Comp. Interestingly, if I ticked the "windscreen cover" box it added a further £500 to the premium. It doesn't make a difference with any other car I've run quotes for, even far more expensive cars. I have a BD postcode but live in a nice area a good distance from problem areas of Bradford. Strictly speaking I can afford it but I'm not willing to pay that much to insure a car so I won't be buying one.

[Mr Tidy]

I think it's probably a reality check on a combination of the car, location and your age given the statistics the insurers have for those features sadly.

I was working for an insurance company in 1979 when I was 20 but couldn't get a quote for a 3 litre Capri, so I bought a Rover V8 instead and paid over £200 for TPF&T cover. But that had about 140bhp, as opposed to 500 or so!

How much do you want one?

[sherman]

Just out of intrest have you tried a quote for somdthing like an R8 or an F type jag to see how it compares pricewise?

[SkodaIan]

It's worth remembering now we have interest rates again that there is quite a premium to pay insurance monthly.

Insurance which is £230 a month probably isn't much over £2000 for the year if paid on one go.

Although that's high, it is for a £100k car, so compares fairly well with a typical £500 per year on a £25k Focus.

[samoht]

sherman said:

Just out of intrest have you tried a quote for somdthing like an R8 or an F type jag to see how it compares pricewise?

+1, look at other cars, BMW M cars are extra-pricey I think.

It's possible if you don't need back seats that a 2 seater could be cheaper (fewer personal injury costs for the insurer to pay).

Or look at a somewhat older car like a V10 M6 or something

[FWIW]

YRs old??

[QuickQuack]

When I was your age and looking for a new car, I realised that insurance premiums were massively different if I had the start date when I was 29 years 364 days old or if was 30 years old, so it might be worth waiting for an extra year. However, M4 is a fast, powerful and expensive car which can cause a lot of expensive damage to other objects and people. It's never going to be cheap to insure.

[thebraketester]

How much did you expect it to be? What's a reasonable amount in your opinion?

[mubariz]

I was hoping for the £1.5k mark but from a reputable provider rather than one I'd never heard of before with nearly £1k of excess. Is that a valid concern?

I probably will end up still getting an M4 comp pack but I've noticed its 25% cheaper if I get a 2016 non comp instead.. unfortunately I've falled in love with a San Marino Blue spec 🙄

[mubariz]

sherman said:

Just out of intrest have you tried a quote for somdthing like an R8 or an F type jag to see how it compares pricewise?

I haven't yet but will check tomorrow.

I cant find another car in the £28-£33k range that gets me excited as a good spec M4 which can balance elegance and fun. Any other suggestions?

[mubariz]

SkodaIan said:

It's worth remembering now we have interest rates again that there is quite a premium to pay insurance monthly.

Insurance which is £230 a month probably isn't much over £2000 for the year if paid on one go.

Although that's high, it is for a £100k car, so compares fairly well with a typical £500 per year on a £25k Focus.

Would agree but it was £63k at new 😬

[Alex Z]

mubariz said:

sherman said:

Just out of intrest have you tried a quote for somdthing like an R8 or an F type jag to see how it compares pricewise?

I haven't yet but will check tomorrow.

I cant find another car in the £28-£33k range that gets me excited as a good spec M4 which can balance elegance and fun. Any other suggestions?

How much does an M240i come out at?

[stuthemong]

I know it’s really not the question you asked, but get an older cooler car.

Modern classics are priced totally differently.

TVR / Elise / stuff like that, you’ll be insuring for £400odd and be depreciation free!

I had a m3 at 27, cost a fortune to run and insure and nooooo way near as fun as a proper sports car. Not had a “proper car” since

[J4CKO]

M4s tend to end up getting crashed being RWD, powerful and not exactly the most friendly chassis for the newcomer to powerful RWD cars.

Plus, they get nicked, there is a big market for the parts off them and have heard of the odd one where the engine lunches itself getting mysteriously nicked and set fire to. They are a minefield to buy as well, so many crash repaired ones, potential crank hub issues, mileage tampering etc.

Its fast, its German and it attracts certain types, someone mentioned the F Type, a V8 one is fast as an M4, possibly faster but it doesnt appeal as much to scrotes, you dont see them doing burnouts in videos on Instagram on an industrial estate, or just in the middle of a town centre.

Insurance has gone up across the board, plus M cars when they drop from the new price range to affordable, knobheads get them and ruin them, they did it to the E46 which has now emerged from that into being a desirable modern classic.

"M lites" as well, weapon of choice for tuning to 400/500 bhp and then crashing trying to drift it with an open diff or doing 140 mph in a 30, comedy suspension and lifeless steering dont help.

[markcoopers]

Don’t worry about the name of the provider, what you want to know is who is the actual underwriter/insurer. Check these out as marshmallow or who ever will just be a middleman.

Also try specialist companies like AIB, Aplan (Howden), Lancaster et al.
Be a member of a propper car club, many insurers take this into account as a sign of wanting to take car of your pride n joy.

[Crudeoink]

stuthe said:

I know it’s really not the question you asked, but get an older cooler car.

Modern classics are priced totally differently.

TVR / Elise / stuff like that, you’ll be insuring for £400odd and be depreciation free!

I had a m3 at 27, cost a fortune to run and insure and nooooo way near as fun as a proper sports car. Not had a “proper car” since

Agree with this. Bought my first Porsche at 29 and it cost me £300/year fully comp to insure. Virtually depreciation proof and a 2k/year saving over the quote on the M4 Comp. Everyone has a BMW in their 20's ... Not many people have a Porsche

[eliot]

mubariz said:

I haven't yet but will check tomorrow.

I cant find another car in the £28-£33k range that gets me excited as a good spec M4 which can balance elegance and fun. Any other suggestions?

maybe the m4 is in that price range because of insurance costs? (also see range rovers)