Insurance - 20 year old, E36 M3
Discussion
Hi all,
Am currently after a new car, got 4k to play with and have found i can get an E36 M3 for that, which would be exactly the sort of thing i am after. However, after an initial play on gocompare.com I cant get the insurance cost below 3k! Can anyone suggest any ways of getting that price down? Maybe any good companies that might insure me cheaper? I live in a good area, no claims or convictions, car will be garaged etc. One thing ive been thinking - im 19 at the moment, turning 20 in a couple of weeks. If i wait to get insurance when im 20, do you think it would be much cheaper?
Thanks.
Mike.
Am currently after a new car, got 4k to play with and have found i can get an E36 M3 for that, which would be exactly the sort of thing i am after. However, after an initial play on gocompare.com I cant get the insurance cost below 3k! Can anyone suggest any ways of getting that price down? Maybe any good companies that might insure me cheaper? I live in a good area, no claims or convictions, car will be garaged etc. One thing ive been thinking - im 19 at the moment, turning 20 in a couple of weeks. If i wait to get insurance when im 20, do you think it would be much cheaper?
Thanks.
Mike.
An enormous excess will help, but this is likely to be around 25% of the car's value, ie up to a grand.
Not sure even a tracker would help you because the car isn't particularly valuable.
You live in a decent post code and it will be garaged. The only let down and biggest influence is your age, and there's not much you can do about that.
Not sure even a tracker would help you because the car isn't particularly valuable.
You live in a decent post code and it will be garaged. The only let down and biggest influence is your age, and there's not much you can do about that.
You'll just have to bend over and take it, I'm afraid.
19 (or 20) year old on a group 19 car is considered very high risk, good postcode or not. You've got a couple of options:
1. Bung it on limited mileage
2. Ask for a big excess
3. Add a low-risk person as a 2nd driver. Mum, dad, etc. That should knock a few hundred off.
Regardless, I'd be AMAZED if you got it much lower than £2500.
MattyB_ said:
You'll just have to bend over and take it, I'm afraid.
19 (or 20) year old on a group 19 car is considered very high risk, good postcode or not. You've got a couple of options:
1. Bung it on limited mileage
2. Ask for a big excess
3. Add a low-risk person as a 2nd driver. Mum, dad, etc. That should knock a few hundred off.
Regardless, I'd be AMAZED if you got it much lower than £2500.
Afraid so..19 (or 20) year old on a group 19 car is considered very high risk, good postcode or not. You've got a couple of options:
1. Bung it on limited mileage
2. Ask for a big excess
3. Add a low-risk person as a 2nd driver. Mum, dad, etc. That should knock a few hundred off.
Regardless, I'd be AMAZED if you got it much lower than £2500.
Rearrange these well known words, "fekkin chance no"
You will need to wait till you are an old (well older) git like us to get decent insurance MattyB
I see. I managed to get it to £2700 with my mum and dad on the policy. I dont think its going to go much lower than that. I suppose now its just a question of whether i can really justify that sort of expense. It would be awesome to have a car like that, its just so much money to insure. I suppose i'll have to have a think. A
It's a good few years back, but when I bought my E36 323 it had to sit on the drive for a few weeks as I couldn't get insured until I was 21. Even then it cost me £1700 (no ncb at the time) I'm now 28 and looking to get an Impreza STI, that's going to cost me about £1k, and that's with 7 years NCB, no accidents convictions, garaged and a decent post code.
Keep in mind running costs, not to be an a
hole but if a £4k M3 breaks in a serious way the costs aren't going to be the same as if it's a £4k Golf.
Also bear in mind your "upgrade path". I'm in my mid-thirties and have a Boxster, I could, and still can afford a 911 but can't justify one, and it's left me with a fking fabulous car which I have absolutely no way of bettering without spending absolutely crazy money - I'd hate to be in that position at 22 or 23.
hole but if a £4k M3 breaks in a serious way the costs aren't going to be the same as if it's a £4k Golf.Also bear in mind your "upgrade path". I'm in my mid-thirties and have a Boxster, I could, and still can afford a 911 but can't justify one, and it's left me with a f
king fabulous car which I have absolutely no way of bettering without spending absolutely crazy money - I'd hate to be in that position at 22 or 23.Darth Paul said:
It's a good few years back, but when I bought my E36 323 it had to sit on the drive for a few weeks as I couldn't get insured until I was 21. Even then it cost me £1700 (no ncb at the time) I'm now 28 and looking to get an Impreza STI, that's going to cost me about £1k, and that's with 7 years NCB, no accidents convictions, garaged and a decent post code.
that is mental, i just insured my z4 3.0 for £750, im 23 with 2 years NCB, no accidents. and on the drivebit of a long shot but, you could try and hunt around classic car insurers. Most wont deem it old enough but if your serious about getting an M3 it might be worth looking into.
If you decide not to get an M3, most BMW's with a six cylinder engine will be entertaining to drive. A 323 is the smallest 6 pot you can get (I think) and even that is a st load of car for the money and will more than likely keep you happy for a while until an M3 becomes a more realsitic option.
If you decide not to get an M3, most BMW's with a six cylinder engine will be entertaining to drive. A 323 is the smallest 6 pot you can get (I think) and even that is a s
t load of car for the money and will more than likely keep you happy for a while until an M3 becomes a more realsitic option.Agreed. There's a real tendency for young'uns these days 
to want something with mind bending performance at 20.
In my day there were very few of my peers driving anything decent. I had a mate with a Midget, but mostly it was rusty old crap: Mk.2 Fiesta, 205, Metro, Talbot Horizon, Land Rover, etc.
Where are you going to go from a 320bhp sports saloon?
Work your way up - IMHO go and have a look for a 318iS in e36 or e30 flavour - revvy 16v four pot and RWD. Or if you really want a 6, a 328i coupe with a slush fund. £4k would get you a mint e36 328i coupe. It is that "M" badge that's killing you.
In fact, I know it's been done to death, but why do kids want a "practical" car? MX-5!
to want something with mind bending performance at 20.In my day
there were very few of my peers driving anything decent. I had a mate with a Midget, but mostly it was rusty old crap: Mk.2 Fiesta, 205, Metro, Talbot Horizon, Land Rover, etc.Where are you going to go from a 320bhp sports saloon?
Work your way up - IMHO go and have a look for a 318iS in e36 or e30 flavour - revvy 16v four pot and RWD. Or if you really want a 6, a 328i coupe with a slush fund. £4k would get you a mint e36 328i coupe. It is that "M" badge that's killing you.
In fact, I know it's been done to death, but why do kids want a "practical" car? MX-5!
E36 M3's are very expensive to insure, I guess they are either stolen or crashed a lot.
I'm in my early 20's and am an accountant, been driving 5 years with 1 claim and also 1 year ncb (used to be named driver whilst at uni as only shared a car during holidays), yet cheapest quote was was around £2900, with both middle aged parents on the policy as well. Similarly, have found that most Honda stuff is stupidly expensive as well for me, so that rules out Civic and Integra Type R's and the S2000.
I found that the e46 330ci and VX220 were both quite reasonable to insure, coming in around £900. Will hopefully get one in around 6 months once I'm a bit more certain on my job future. Granted both these options are going to be well over 4k though.
Have you considered an mx5? I've just sold mine after a year of ownership and really enjoyed it.
I'm in my early 20's and am an accountant, been driving 5 years with 1 claim and also 1 year ncb (used to be named driver whilst at uni as only shared a car during holidays), yet cheapest quote was was around £2900, with both middle aged parents on the policy as well. Similarly, have found that most Honda stuff is stupidly expensive as well for me, so that rules out Civic and Integra Type R's and the S2000.
I found that the e46 330ci and VX220 were both quite reasonable to insure, coming in around £900. Will hopefully get one in around 6 months once I'm a bit more certain on my job future. Granted both these options are going to be well over 4k though.
Have you considered an mx5? I've just sold mine after a year of ownership and really enjoyed it.
LHD said:
Can i say something?
If £2700 for insurance for an E36 M3 is too much of a stretch then you'll never be able to run one.
I had a Porsche 968CS when i was 21. I had it for 16 months and it nearly spanked me back to the financial dark ages, insurance was the least of my worries.
I don't think that's fair. If insurance was more reasonable (say £800-900, though I fully understand the OP is young) then that would leave over £1500 towards running cost from the insurance budget alone.If £2700 for insurance for an E36 M3 is too much of a stretch then you'll never be able to run one.
I had a Porsche 968CS when i was 21. I had it for 16 months and it nearly spanked me back to the financial dark ages, insurance was the least of my worries.
M3's aren't cheap to run and if something bespoke breaks then it will cost, however they can be run for a reasonable amount if you are smart and know a decent and honest garage or mechanic.
However I do agree from what the OP has posted, that an M3 wouldn't be a good idea for him at the moment.
I'd considered one before buying the Elise. Fairly sure even at 24 the quotes for the M3 were around £1500-1700.
If the insurance is expensive there's not really a lot that you can do about it other than look at alternatives.
As an aside, insurance for the Z3M roadster was a lot cheaper, but then they tend to be more expensive to buy, so possibly not an option.
If the insurance is expensive there's not really a lot that you can do about it other than look at alternatives.
As an aside, insurance for the Z3M roadster was a lot cheaper, but then they tend to be more expensive to buy, so possibly not an option.
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