M5 insurance questions

[hawker1986]

Hi everyone,

Currently in the final throws of agreeing a deal for a new M5 with a dealer and seem to be serious issues with insurance quotes due to the value of the car.

When getting a quote and they ask for the value of the car should I tell them the retail price or the price I'm actually paying for the car? Obviously there's a bit of a difference and seems £75k and above makes massive differences.

Also a lot of them have stipulated a tracker, is this normal? If so do BMW do one? If not what do people recommend.

Might I add nothing dodgy or wierd in my insurance history

Advice much appreciated

Ed

Edited by hawker1986 on Saturday 16th January 16:07

[Smuler]

The price you paid is an honest answer , as required, and what can be wrong with honesty.

What is essential for you is to read the policy terms and see what happens in the event of a total loss. My understanding is that as the car is less than 12 months old (a new car with you as owner 1) you would simply be given a brand new M5 as replacement without the need for arguments on valuation.

But see what the terms say. Each insurer may be different and depending on the terms there may be a reason to put full retail price as the figure.

Were this a used car, whatever figure you put you'd get only "market value" anyway which is where GAP insurance products of which there are several come into play.


I've heard about trackers being requested. when I considered one, they all seemed pretty similar (get their Thatcham ratings) and I was more interested in a reliable installer.

[Wills2]

Quote the price paid as the value and try Aviva, they didn't require me to have a tracker and it was £450 a year in a BD postcode! Although the excess was £1000

[TVR4500cc]

Try Esure, my 2013 £46 k car was under £400 - no specific tracker requirement, not the best postcode area either.

[640toM5]

Hi

I bought a new M5 in December only Esure gave me a sensible quote £405.00. However they did stipulate a tracker. The Tracker I bought was a Smartrack Pro Global for £199 fitted and £12.50 a month subscription. Small price to pay for peace of mind if you ask me.

Enjoy the car it's awesome! Still running mine in but loving every second!!

Wrt value, I did stipulate what I paid, not retail, this still meant going to underwriters but I ended up paying 2.50 a year less than my previous 640d coupe, go figure?!?

[Wills2]

I think the OP's issue is putting in the list price as the value, I remember when I got my 911 they don't like cars at 75k+

[hawker1986]

Wills2 said:

I think the OP's issue is putting in the list price as the value, I remember when I got my 911 they don't like cars at 75k+

Exactly this

[The Livster]

My M5 (bought new in August) cost £420 with Admiral, no tracker

[hawker1986]

The Livster said:

My M5 (bought new in August) cost £420 with Admiral, no tracker

What did you quote the value as?

Ed

[Wills2]

Hawker, do as I think most do and I did, my example is list of 82k invoice value 67k, that will sort the issue out.

[theboss]

£75k is definitely the issue... I was told by some insurance staff that I had to provide the list price and in every case (>£75k list) the premium was massive and a tracker required. The moment I got through to somebody who was able to categorically state that price paid was sufficient (£66k or so) it all became sensible again. Now I pay about £600/year as a 34 year old with 13 years NCB and about 25k business mileage. This is with Direct Line.

I also took out a gap product which provides return to list price rather than invoice value, providing up to £50k cover over 5 years, so its nice to know that if anyone ever piles into the back of it I'll be adding CCB, competition pack and B&O onto the replacement!

[hawker1986]

Thanks for the advice I will give direct line a call in the week then

Ed