MX-5 costs too much to insure. What else?
Discussion
As I'm nearing the end of uni and have convinced myself that I'm overall sensible enough for a sporty-ish car, I started undertaking research on a monumental scale, using whiteboards, spreadsheets, Evernote - the lot - all to keep track of insurance prices. I won't be wasting more than £1000 on insurance. Budget for the car is £3000.
The dream would have been a Prelude but this is way too much to insure. MX-5's too are surprisingly overbudget on the insurance front.
So, any other ideas? Pretty much anything goes but please avoid posting useless comments saying this is impossible - I know it's going to be hard.
Ideally looking to hear from people of a similar age (21 with clean history and 2yrs NCB) who have actually found something fun and insurable at a relatively reasonable cost.
Cheers.
The dream would have been a Prelude but this is way too much to insure. MX-5's too are surprisingly overbudget on the insurance front.
So, any other ideas? Pretty much anything goes but please avoid posting useless comments saying this is impossible - I know it's going to be hard.
Ideally looking to hear from people of a similar age (21 with clean history and 2yrs NCB) who have actually found something fun and insurable at a relatively reasonable cost.
Cheers.
) but the insurance is silly low, and zero road tax, if you can live with a classic... That's crazy! What insurers are you lot with?
I just re-ran a quote and got £1,700... (for both mk1 and mk2 1.8l, 1.6 is slightly cheaper but still too much) I'm stuck with Admiral because I've already built up half a year of NCB which I can't afford to lose by changing insurers mid-way through the policy.
Looking only at UK models, not Eunos/imports.
Edit - this is crazy... the cost to insure my car has gone up 1.5 times compared to what I actually paid 6 months ago. Ugh!
I just re-ran a quote and got £1,700... (for both mk1 and mk2 1.8l, 1.6 is slightly cheaper but still too much) I'm stuck with Admiral because I've already built up half a year of NCB which I can't afford to lose by changing insurers mid-way through the policy.
Looking only at UK models, not Eunos/imports.
Edit - this is crazy... the cost to insure my car has gone up 1.5 times compared to what I actually paid 6 months ago. Ugh!
Edited by .blue on Monday 5th March 13:48
Edited by .blue on Monday 5th March 13:48
.blue said:
That's crazy! What insurers are you lot with?
I just re-ran a quote and got £1,700... I'm stuck with Admiral because I've already built up half a year of NCB which I can't afford to lose by changing insurers mid-way through the policy.
Looking only at UK models, not Eunos/imports.
I'm 20, 3 yrs NC, with Admiral (They matched an elephant quote but it's the same company) paying £750 for my MX5.I just re-ran a quote and got £1,700... I'm stuck with Admiral because I've already built up half a year of NCB which I can't afford to lose by changing insurers mid-way through the policy.
Looking only at UK models, not Eunos/imports.
Have you tried adding parents? Lowering mileage? Raising the excess? Post codes can change insurance a lot as well, so it could be your area?
Check this to see- http://www.motorcarinsuranceuk.co.uk/post-code-rat...
Typhoon2 said:
I'm 20, 3 yrs NC, with Admiral (They matched an elephant quote but it's the same company) paying £750 for my MX5.
Have you tried adding parents? Lowering mileage? Raising the excess? Post codes can change insurance a lot as well, so it could be your area?
Check this to see- http://www.motorcarinsuranceuk.co.uk/post-code-rat...
£350 voluntary excess (going up to £1000 doesn't affect premium), both parents on policy, the optimum mileage in my experience is 6000 for Admiral. Changing from garage >>> driveway knocks off a few hundred pounds. Have you tried adding parents? Lowering mileage? Raising the excess? Post codes can change insurance a lot as well, so it could be your area?
Check this to see- http://www.motorcarinsuranceuk.co.uk/post-code-rat...
Changing from E rated postcode to C rated postcode also does not affect premium...
.blue said:
I just re-ran a quote and got £1,700... (for both mk1 and mk2 1.8l, 1.6 is slightly cheaper but still too much) I'm stuck with Admiral because I've already built up half a year of NCB which I can't afford to lose by changing insurers mid-way through the policy.
Search gocompare and look at what Diamond/Bell/Elephant are quoting. Admiral will price match these since they are in house.A Eunos will be substantially more than a UK model.
Clearly your problems is that you think you are stuck with Admiral. When you say you cannot afford to lose the no claims discount have you actually calculated it?
Say for instance you paid £1k to insure your current car and halfway through the policy you now want to change to a MX5 you have been quoted £1700 so you'd have spent £2700 for 12months insurance but have 1 years no claims discount.
If you cancel your policy with Admiral after 6 months you won't have 1 years no claims, you will get some of the original £1k back and if you opt to use a specialist insurer you really should be able to insure a 1.6 UK spec MX5 for under £1k in less you live in a war zone.
This means you could potentially have a full 12 months of insurance for less than what 6 months will cost with your existing insurer and the penalty will be loss of 6 months no claims.
Say for instance you paid £1k to insure your current car and halfway through the policy you now want to change to a MX5 you have been quoted £1700 so you'd have spent £2700 for 12months insurance but have 1 years no claims discount.
If you cancel your policy with Admiral after 6 months you won't have 1 years no claims, you will get some of the original £1k back and if you opt to use a specialist insurer you really should be able to insure a 1.6 UK spec MX5 for under £1k in less you live in a war zone.
This means you could potentially have a full 12 months of insurance for less than what 6 months will cost with your existing insurer and the penalty will be loss of 6 months no claims.
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