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

[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 😬

[mubariz]

Shiv_P said:

I am 25, will probably be paying ~£1500 this year for an M2, and £300 for a 2005 Fiesta, and I have a fault claim 3 years ago!
I think it is very largely postcode & job description dependent

What postcode? I've listed my job as financial analyst as MSE states it's one of the better job descriptions when in reality im an assosciate finance director, but Finance director title increases my premiums

[mubariz]

Crudeoink said:

I know this is PH, but, if you haven't already bought your own flat / home, you probably shouldn't be spending £2.8k/year on car insurance!

Why is that? I feel like parking my money in certain investment vehicles (not cars) is wiser than taking a 6% interest loan on a house at the moment? (Well until the recent Nasdaq/S&P slump this week 🙄🙄)

[mubariz]

Donbot said:

Seems mad to be paying insurance monthly on a £30k car. It's often around 30% APR.

I thought only desperate people do that.

I realise I worded it badly but I would pay annually but I divided by 12 because I assumed it would be more relatable. I would of course be paying cash for the insurance and the car also considering current interest rates.

[mubariz]

thelostboy said:

Personally think the M4 is a bit of a chav chariot - and I've had one! The 4-door M3 looks better, and avoids the Bradford image.

If you're really keen, have you compared to an M2 just to see if it's the M4?

How about the modern classic variant, and way cooler 1M?

Im trying really hard to fall in love with another car. Im actually a bit scared to drive a car as powerul as an M4 but it's been my dream car for so long. I know this logic is stupid, but I want to drive my dream car now that it's 'affordable' before I transfer into something more sensible when I start a family in the near future.

[mubariz]

CG2020UK said:

I’m 28 and my M2 is £1400 a year.

Do think you are on the high side with quotes.

My job is also down as financial analyst in IT.

Think your location may be a big driver unfortunately.

What I was looking to hear. My insurance premium quotes have now doubled vs the start of the week... what insurance provider are you with?