M3 Insurance question
Discussion
Hi all,
My first post here, so hoping to get some advice or suggestions regarding insurance on an E46 M3 I am considering purchasing. Apologies in advance if I've posted in the wrong section, just thought as there are a lot of knowledgeable people here that know about M3's, this would be a good place to start
The challenge I have, is that I am an expat of New Zealand, so don't have any record of insurance in the UK. I am 37, arrived in the UK in 2007 and only recently exchanged my NZ license for a full UK license. I've held my NZ license for over 19 years without any convictions etc, but unfortunately, on paper I've only had my UK full license for 3 months which looks bad to most insurers as they don't seem to consider the NZ license. Also, as I haven't had any previous vehicles in the UK, and don't have any NCB or record of insurance this also doesn't help.
I am thinking of purchasing a 2002 E46 M3, value approx £7500...unmodified, all stock except for tracking device which has been fitted. The vehicle would be parked off street in a secure gated car park, yet when checking online for quotes to insure, the cost for fully comp typically comes in around £6000!! TPFT is approx £4000. Some sites have quoted as high as £10,000!! Obviously not keen on spending that much on insurance, so wondering if any here have had similar challenges, and how they got around it? ie; specialist insurers etc?
I know I'm looking a high category vehicle here that most insurers will charge a premium to insure, and if at the end of the day, this is the ballpark amount I can expect to pay, then I may have to reconsider pulling the trigger on the purchase. Shame really, as I LOVE the E46 M3 and it would be disappointing not be able to get one, just because the cost of insurance is prohibitively high.
Any advice or suggestions very much appreciated.
Mark
My first post here, so hoping to get some advice or suggestions regarding insurance on an E46 M3 I am considering purchasing. Apologies in advance if I've posted in the wrong section, just thought as there are a lot of knowledgeable people here that know about M3's, this would be a good place to start
The challenge I have, is that I am an expat of New Zealand, so don't have any record of insurance in the UK. I am 37, arrived in the UK in 2007 and only recently exchanged my NZ license for a full UK license. I've held my NZ license for over 19 years without any convictions etc, but unfortunately, on paper I've only had my UK full license for 3 months which looks bad to most insurers as they don't seem to consider the NZ license. Also, as I haven't had any previous vehicles in the UK, and don't have any NCB or record of insurance this also doesn't help.
I am thinking of purchasing a 2002 E46 M3, value approx £7500...unmodified, all stock except for tracking device which has been fitted. The vehicle would be parked off street in a secure gated car park, yet when checking online for quotes to insure, the cost for fully comp typically comes in around £6000!! TPFT is approx £4000. Some sites have quoted as high as £10,000!! Obviously not keen on spending that much on insurance, so wondering if any here have had similar challenges, and how they got around it? ie; specialist insurers etc?
I know I'm looking a high category vehicle here that most insurers will charge a premium to insure, and if at the end of the day, this is the ballpark amount I can expect to pay, then I may have to reconsider pulling the trigger on the purchase. Shame really, as I LOVE the E46 M3 and it would be disappointing not be able to get one, just because the cost of insurance is prohibitively high.
Any advice or suggestions very much appreciated.
Mark
You need to speak to someone on the phone and tell them your situation.I would imagine online quotes will just assume you have just passed your test and have no experience at all!
I am a similar age to you and insure an E46 M3 convertible for just over £500 with a company called Competition car insurance (CCI Tel: 0844 892 1966) who were about the cheapest I could find.
I do have maximum no claims though......best of luck.
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