Insuring a Mk1 MX5 at 18 - Mission Impossible?
Discussion
Hello everyone.
I passed my driving test 6 months ago, and have been driving my Quantum kit car since. I have always planned on getting a little MX5 Mk1 next, and thought maybe when my insurance ends in 6 months time, I could sell my Quantum and purchase a MX5 instead.
Here is the dilemma...
Being an apprentice engineer, I can't really afford a huge insurance price, and I wouldn't/couldn't really spend anymore than £2000 on insurance.
Should I just forget about it now, or is it possible with certain insurers?
I passed my driving test 6 months ago, and have been driving my Quantum kit car since. I have always planned on getting a little MX5 Mk1 next, and thought maybe when my insurance ends in 6 months time, I could sell my Quantum and purchase a MX5 instead.
Here is the dilemma...
Being an apprentice engineer, I can't really afford a huge insurance price, and I wouldn't/couldn't really spend anymore than £2000 on insurance.
Should I just forget about it now, or is it possible with certain insurers?
Dax1995 said:
Hello everyone.
I passed my driving test 6 months ago, and have been driving my Quantum kit car since. I have always planned on getting a little MX5 Mk1 next, and thought maybe when my insurance ends in 6 months time, I could sell my Quantum and purchase a MX5 instead.
Here is the dilemma...
Being an apprentice engineer, I can't really afford a huge insurance price, and I wouldn't/couldn't really spend anymore than £2000 on insurance.
Should I just forget about it now, or is it possible with certain insurers?
Footman James do a policy via the owners club. It might be worth phoning them for a quote.I passed my driving test 6 months ago, and have been driving my Quantum kit car since. I have always planned on getting a little MX5 Mk1 next, and thought maybe when my insurance ends in 6 months time, I could sell my Quantum and purchase a MX5 instead.
Here is the dilemma...
Being an apprentice engineer, I can't really afford a huge insurance price, and I wouldn't/couldn't really spend anymore than £2000 on insurance.
Should I just forget about it now, or is it possible with certain insurers?
Have a look around, you might be surprised. Since it's not the logical car most young people think of then there are fewer people who buy them and so they can actually be lower priced than the normal cars (Golf etc). I think the prices have been going up for younger people though, from responses to posts like yours from the last few years.
Ironically it costs me less to insure a kit car than it does the Mazda, both with similar terms.
I guess statistically there are more MX5/Eunos around on which they can base their risk.
Might be best to stick with your current car for a couple of years then go for the Mazda.
My 5 is currently with Competition Car Insurance http://www.competition-car-insurance.co.uk/ but limited mileage and no 'Ring trips!
HTH.
Cheers, Pewe.
I guess statistically there are more MX5/Eunos around on which they can base their risk.
Might be best to stick with your current car for a couple of years then go for the Mazda.
My 5 is currently with Competition Car Insurance http://www.competition-car-insurance.co.uk/ but limited mileage and no 'Ring trips!
HTH.
Cheers, Pewe.
princeperch said:
2k on insurance? bloody hell. I insured my mk1 mx5 when I was 21 with 0 NCB with morethan for 600 quid (it also had a 700 quid excess though!) in 2006!
those were the days..
That makes me sad. those were the days..
I got quoted £2800 by Admiral. Cheapest I've found so far...
At this rate I might just wait another year.
Dax1995 said:
princeperch said:
2k on insurance? bloody hell. I insured my mk1 mx5 when I was 21 with 0 NCB with morethan for 600 quid (it also had a 700 quid excess though!) in 2006!
those were the days..
That makes me sad. those were the days..
I got quoted £2800 by Admiral. Cheapest I've found so far...
At this rate I might just wait another year.
Dax1995 said:
princeperch said:
2k on insurance? bloody hell. I insured my mk1 mx5 when I was 21 with 0 NCB with morethan for 600 quid (it also had a 700 quid excess though!) in 2006!
those were the days..
That makes me sad. those were the days..
I got quoted £2800 by Admiral. Cheapest I've found so far...
At this rate I might just wait another year.
princeperch said:
it might make you happy to know I've now lost all my NCB and am back to square 1 at the age of 28!
I wouldn't dream of taking comfort in your bad luck...Okay, yeah it made me feel a little better.
VladD said:
Have you tried increasing the voluntary excess? That may bring the premium down.
That's a good point.I think I'll give Adrian Flux a ring when I get home from work.
NRS said:
How about 3rd party only? By the time you increase the excess then you'll probably be near the price of the car anyway.
Another good point...I'll see how cheap/expensive (probably the latter) Adrian Flux Fully Comp would be with a reasonable excess, then look into TPFAF if it's still silly money.
Dax1995 said:
NRS said:
How about 3rd party only? By the time you increase the excess then you'll probably be near the price of the car anyway.
Another good point...I'll see how cheap/expensive (probably the latter) Adrian Flux Fully Comp would be with a reasonable excess, then look into TPFAF if it's still silly money.
NRS said:
I suspect there's no point getting more than TPFAF since your excess would be pretty close to the cost of the car, and if you claimed on damage to your own car then you'd pay more than the cost in excess for the next number of years anyway. If it's say £600 cheaper then it's a bit over a year without a crash and you're saving money. Plus easing the cashflow for now when it's most tight!
That's a very good point actually...So I just did another dummy quote on Admiral, this time adding my Grandma and my Dad as a named driver.
Fully Comp, 5000 miles, 500 pounds excess...
1500 pounds.
That's more like it. Only thing is, that is for an unmodified car... Considering I have plans of a nice set of alloy wheels, Gaz Coilovers etc, I think Adrian Flux might be a better deal.
Still, mission is obviously not impossible!!
Edit:
Just ran it through again, same details but added that it would be lowered, with exhaust modifications and Alloy Wheels...
£1805.42
That's great!
Fully Comp, 5000 miles, 500 pounds excess...
1500 pounds.
That's more like it. Only thing is, that is for an unmodified car... Considering I have plans of a nice set of alloy wheels, Gaz Coilovers etc, I think Adrian Flux might be a better deal.
Still, mission is obviously not impossible!!
Edit:
Just ran it through again, same details but added that it would be lowered, with exhaust modifications and Alloy Wheels...
£1805.42
That's great!
Edited by Dax1995 on Thursday 1st August 14:01
Speaking from experience keep the quantum till your 19-20 then get an mx5, a light rwd car and an 18 year old behind the wheel, insurance companies will want to charge a lot of money trust me no matter how good a driver you think you are now an mx5 will snap and can cause a lot of damage this is speaking from experience. The mx5 is becoming a popular car for youngsters insurance companies have caught on and closed what was relatively cheap insurance for them.
I had a quantum coupe for my first car between the age of 18-20 then bought a mx5 insurance was under a grand, run it through last winter with bad snow with winter tyres was a good laugh but I almost totalled the car when I spun it on a wet bypass when changing to lanes to quick in the end was just a wing that was required if I was younger and less experience I would of totalled that car.
So keep the quantum save your money until the insurance is less and build up your driving experience before having a rwd car.
I had a quantum coupe for my first car between the age of 18-20 then bought a mx5 insurance was under a grand, run it through last winter with bad snow with winter tyres was a good laugh but I almost totalled the car when I spun it on a wet bypass when changing to lanes to quick in the end was just a wing that was required if I was younger and less experience I would of totalled that car.
So keep the quantum save your money until the insurance is less and build up your driving experience before having a rwd car.
I bought my first 5 at 20 years old. £720 for 10 months bonus booster with elephant (admiral partnership) fully comp. no NCB. 2 years driving experience.
I was driving a 1.4 pug 206 and it was £2600 a year before that. As soon as the policy ended I turned 20 and I had been driving 2 years i sold the pug for £1600 bought myself a 5 and insured it.
My advice, wait a few years. The cost will really drop at 20 and 2 years driving, then again at 21 and again at 25. Just give it a few years buddy.
I was driving a 1.4 pug 206 and it was £2600 a year before that. As soon as the policy ended I turned 20 and I had been driving 2 years i sold the pug for £1600 bought myself a 5 and insured it.
My advice, wait a few years. The cost will really drop at 20 and 2 years driving, then again at 21 and again at 25. Just give it a few years buddy.
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