F10 M5 Car Insurance!!

[W8PMC]

Is car insurance getting cheaper generally? I was amazed last year when Tesco quoted me £414 for a years cover including Class 1 Business Use.

Just had my renewal through from Tesco & it was just a few ££'s more than last year so i thought i'd best check Compare The Market to see if it's competitive. Cheapest quote came out at £336 with you guessed it? Tesco. gave them a quick call & they've price matched my renewal so i'm a happy Tesco Insurance customer for another year.

Does seem silly cheap for such a vehicle though.

[JMBMWM5]

W8PMC said:

Is car insurance getting cheaper generally? I was amazed last year when Tesco quoted me £414 for a years cover including Class 1 Business Use.

Just had my renewal through from Tesco & it was just a few ££'s more than last year so i thought i'd best check Compare The Market to see if it's competitive. Cheapest quote came out at £336 with you guessed it? Tesco. gave them a quick call & they've price matched my renewal so i'm a happy Tesco Insurance customer for another year.

Does seem silly cheap for such a vehicle though.

I would check as to just what they will pay out for different types of claim.
LV give new for old in the first year for instance.

[W8PMC]

JMBMWM5 said:

I would check as to just what they will pay out for different types of claim.
LV give new for old in the first year for instance.

Did that when 1st using Tesco last year & cover was comparable to the other main Insurers. I also have Protected No Claims but don't take all that Legal Cover crap.

[King Eric]

I'm paying £310 a year with BMW insurance direct. Give them a try. Underwritten by Allianz.

[W8PMC]

King Eric said:

I'm paying £310 a year with BMW insurance direct. Give them a try. Underwritten by Allianz.

Already renewed as on the Price Comparison sites, Tesco were well over £100 cheaper than the next cheapest. Will give BMW a try next year though.

[Carlton Banks]

You old gits and your m5's! [;)]

[Phateuk]

I think a key factor these days seems to be claim stats for the make/model you're insuring. Expensive cars like an F10 M5 are still likely to be in the hands of (in general) more wealthy and respectable owners, thus less have been written off - these owners will more likely cherish and take care of the car. If you were to compare that to an E46 M3 for example the price bracket of those now allows access to a wider array of drivers and as such more will be used for street racing/burnouts in macdonalds car park etc (massive generalisation).

I'd imagine in a few years the cost to insure your M5 will gradually increase as they fall into the hands of more unsavoury ownership.

As an example I paid more per year for my 10 year old clio 172 track day car than I do for a brand new 135i...

[HoHoHo]

Carlton Banks said:

You old gits and your m5's! [;)]

Yep, don't you just love it

[W8PMC]

Phateuk said:

I think a key factor these days seems to be claim stats for the make/model you're insuring. Expensive cars like an F10 M5 are still likely to be in the hands of (in general) more wealthy and respectable owners, thus less have been written off - these owners will more likely cherish and take care of the car. If you were to compare that to an E46 M3 for example the price bracket of those now allows access to a wider array of drivers and as such more will be used for street racing/burnouts in macdonalds car park etc (massive generalisation).

I'd imagine in a few years the cost to insure your M5 will gradually increase as they fall into the hands of more unsavoury ownership.

As an example I paid more per year for my 10 year old clio 172 track day car than I do for a brand new 135i...

Very good point & very likely bang on the money. Was still shocked that you can insure such a high value car including Class 1 for such a paltry sum as even a very minor accident could run into several thousands of ££'s.

[RichardM5]

I think the vast majority of insurance company payouts are to third parties. Although the damage to an expensive car will cost more, the real payouts are for injuries caused by the insured driver. Sort of backs up what Phateuk said, as powerful cars become cheaper, the insurance goes up due to the type of owner (gross generalisation, but that's what insurance companies use).

[wnd]

When I changed from the X3 to the M6 my compulsory excess went DOWN £100! and the premium was only £40 more

...and I'm a couple of decades away from being an old git

[MattStorey]

HoHoHo said:

Carlton Banks said:

You old gits and your m5's! [;)]

Yep, don't you just love it

£650 with £150 excess fully comp on mine. I'm 32. Please do not group me with the "oldies".

I was quoted nearly £800 on a clio 172 cup in reference to another post.

[Zyp]

W8PMC said:

don't take all that Legal Cover crap.

That is now one one thing I will always have - the extra £20 saved me 18 months of solicitors fees.

[HoHoHo]

MattStorey said:

HoHoHo said:

Carlton Banks said:

You old gits and your m5's! [;)]

Yep, don't you just love it

£650 with £150 excess fully comp on mine. I'm 32. Please do not group me with the "oldies".

I was quoted nearly £800 on a clio 172 cup in reference to another post.

My policy is three hundred and something fully comp.....

Age has the occasional advantage

[JMBMWM5]

Zyp said:

That is now one one thing I will always have - the extra £20 saved me 18 months of solicitors fees.

Very wise, I get it also, you never know.

[W8PMC]

Zyp said:

That is now one one thing I will always have - the extra £20 saved me 18 months of solicitors fees.

Got it wrapped up with my Bank Account so never needed it within my Car Insurance, but i guess it's one of those Insurances that once seen the value you'd always pay for.

[davewhitt]

hmm LV £288 fully comp e61 m5 haha i had to ask them twice to make sure it was fully comp, protected bonus etc