New M3 insurance
Discussion
Just getting a feel for insurance costs for the above with a view to leasing one for a bit.
My usual broker who I'm insured with quoted me around £1300, or £700 if a cat 5 tracker was installed (£799 installation and £189 per year subs).
However, having just done an on-line comparison quote (which I've checked and double checked!) the lowest is from Tesco bank for £338 and Admiral at £560.
Both with a £350 XS and no tracker.
It all seems a little too good to be true.... and you know what they say about that..
Thoughts?
My usual broker who I'm insured with quoted me around £1300, or £700 if a cat 5 tracker was installed (£799 installation and £189 per year subs).
However, having just done an on-line comparison quote (which I've checked and double checked!) the lowest is from Tesco bank for £338 and Admiral at £560.
Both with a £350 XS and no tracker.
It all seems a little too good to be true.... and you know what they say about that..
Thoughts?
)Someone I know has an M4 on order and was startled when his insurance broker told him it will cost £200 less to insure than his Focus ST. He asked why and apparently it is because there are no stats on these cars yet which can affect their risk rating. As such, for the first few months at least, their computer algorithms have nothing to go by.
PS... OP... try your hardest to not be required to have a tracker. Then spend the tracker money on a very good shortfall/gap policy for the same money the tracker would have cost.... then, in 2 years time when they nick your car you can pray it is not recovered so you can get all your money back and buy a new one!
PS... OP... try your hardest to not be required to have a tracker. Then spend the tracker money on a very good shortfall/gap policy for the same money the tracker would have cost.... then, in 2 years time when they nick your car you can pray it is not recovered so you can get all your money back and buy a new one!
no tracker, a few quotes including BMWs own needed one but I'd prefer if it's taken to stay that way, hence tesco being the top choice.There isn't any point in getting a tracker imo when a criminal can get one of these: http://www.jammer4uk.com/gps-jammer-for-car-p-27.h...
spunko2010 said:
There isn't any point in getting a tracker imo when a criminal can get one of these: http://www.jammer4uk.com/gps-jammer-for-car-p-27.h...
I would say 90% of people who get trackers fitted don't actually want them, they simply are told they need to have them by their insurance company.Unless its a limited edition / very rare car no longer in production, i'd rather it is not recovered so i can go buy a new one!
^ When I moved up to my old M3 a few years back, I felt on-edge a lot of the time, particularly in 'rougher' areas so I can understand why people get them - at the time I thought they were pretty infallible and worth every penny, but of course the criminals are one step ahead. I'd only get one now if the insurance was reduced by more than the cost of the thing, but this is rarely the case...
By the way those insurance quotes look pretty average? I have 7 years NCB (mid 20s) and 0 points and pay ~£550 a year through Admiral on an E92 M3.
By the way those insurance quotes look pretty average? I have 7 years NCB (mid 20s) and 0 points and pay ~£550 a year through Admiral on an E92 M3.
Edited by spunko2010 on Friday 27th June 19:43
spunko2010 said:
I'd only get one now if the insurance was reduced by more than the cost of the thing, but this is rarely the case...
But why? I'd actually pay more not to have a tracker. Especially on an M3 which is easily replaceable.You buy a £50k M3 and in three years time it is nicked. Thankfully you have spent circa £800 (inc subscriptions) on a tracker so the car is recovered and you are left with your three year old £30,000 lump of metal...
Or don't have a tracker, pay £800 on a Gap policy, car is nicked in three years time, not recovered, and you get back £50,000... either go buy another new one or buy a similar £30,000 used replacement and pocket £20,000
Have you tried BMW insurance directly? I found that when I was given the 7 day comp by the dealer on my M5 and set it up they offered to give me a quote. 34, 9 years 9CD, clean licence and only one conviction (prison), driveway and no tracker. I am paying £403.00 a year with NCD protected, use of other cars and european cover. Tesco (whom I had on my M3) wanted £800+ with no bells and whistles. Was an effortless setup and all very well put together I thought. Happy days.
spunko2010 said:
By the way those insurance quotes look pretty average? I have 7 years NCB (mid 20s) and 0 points and pay ~£550 a year through Admiral on an E92 M3.
Pretty average considering I live in Nottingham and have a £40k+ claim against me?Edited by spunko2010 on Friday 27th June 19:43
I'm over the moon how cheap they are - actually cheaper than my 1.8 diesel work van.
AOK said:
But why? I'd actually pay more not to have a tracker. Especially on an M3 which is easily replaceable.
You buy a £50k M3 and in three years time it is nicked. Thankfully you have spent circa £800 (inc subscriptions) on a tracker so the car is recovered and you are left with your three year old £30,000 lump of metal...
Or don't have a tracker, pay £800 on a Gap policy, car is nicked in three years time, not recovered, and you get back £50,000... either go buy another new one or buy a similar £30,000 used replacement and pocket £20,000
I don't disagree with that... I'd always plump for GAP insurance, you can get it very cheap through ALA using a discount code as well .You buy a £50k M3 and in three years time it is nicked. Thankfully you have spent circa £800 (inc subscriptions) on a tracker so the car is recovered and you are left with your three year old £30,000 lump of metal...
Or don't have a tracker, pay £800 on a Gap policy, car is nicked in three years time, not recovered, and you get back £50,000... either go buy another new one or buy a similar £30,000 used replacement and pocket £20,000
Oh dear...
My current insurer at the time would not 'risk' an M3, so that was that, had to start again.
Contacted an/the insurer who advertises here (I think) who is an M Power insurance specialist. It was daft money PLUS the tracker fitted already to the car was not good enough. Had to have another tracker fitted, and that would have cost a lorra' money, as Cilla would say.
Went on a price comparison website, got insured for £300 odd, fully comp, and with the existing tracker fitted, though not switched on (not joking).
So shop around.
At the time it was Swiftcover, though the repairer (see on here) that I was stuck with initially was a pile of sh*te. But that is life.
My current insurer at the time would not 'risk' an M3, so that was that, had to start again.
Contacted an/the insurer who advertises here (I think) who is an M Power insurance specialist. It was daft money PLUS the tracker fitted already to the car was not good enough. Had to have another tracker fitted, and that would have cost a lorra' money, as Cilla would say.
Went on a price comparison website, got insured for £300 odd, fully comp, and with the existing tracker fitted, though not switched on (not joking).
So shop around.
At the time it was Swiftcover, though the repairer (see on here) that I was stuck with initially was a pile of sh*te. But that is life.
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