Insurance - 4K with £250 Excess or £2.5K with £1.5 Excess..?

[Looking4aCar]

Hello Everyone,

Im trying to figure out what insurance to go with here...

Im 22years old so its pretty expensive for me on a BMW 1 series.

The best "normal" deal im getting is for £4,000 with a standard £250 compulsory excess.

There are other cheaper deals for around £2,500 but they are going to charge £1,500 compulsory excess if I claim.

My questions is which should I go for?

Thanks.

[ewenm]

I'd go for a different car.

[deadmau5]

£4k on a 1-series? That is outrageous! Which engine?

[Groober]

Second one as your technically paying the excess anyway with the higher premiums.

[mmm-five]

I'd take the £2500 with £1500 excess option.

Put the £1500 saving on your premium away somewhere safe (in an ISA for example) and don't make a claim then that cash is still available next year (with a bit of interest).

Accidents do happen, but if it's not your fault you won't lose your excess - although your premium will still rise next year anyway.

[gareth.e]

4k on a 1 series1!?!?!!?!?!?!?!

If it was a 400bhp turbo nutter or something maybe if you've got bags of money, but a 1 series?!!!!


You're mad.

Also you're an idiot for being able to select which is the better quote. With the £2500 with £1500 excess it works out cheaper if you do have crash or if you don't!

Edited by gareth.e on Tuesday 17th May 10:10

[Mercer89]

Guys, hate to point out the obvious....

But what if the Op has 2 claims in one year?

Doesn't make option 2 so good in that situation....

[gareth.e]

doogz said:

gareth.e said:

4k on a 1 series1!?!?!!?!?!?!?!

If it was a 400bhp turbo nutter or something maybe if you've got bags of money, but a 1 series?!!!!


You're mad.

Indeed, someone that can seemingly afford to buy and run a car, utterly mad.

Its a bloody 1 series!

edit: its a bloody 2004 120i Sport 5-door with 'only' 43K miles!

Edited by gareth.e on Tuesday 17th May 10:14

[Looking4aCar]

Thanks for the replies guys.

I should mention I guess that ive only had my license for 10months and there will also be another 22year old listed on the insurance.

This is my first time getting insurance so I just have some questions I hope you guys can help me with.

Lets say if I do have an accident and its my fault what will happen next?

Can I just pay for any damage if its less then lets say £1,500 then no need to claim on the insurance?

What if its not my fault what then?

Thanks.

[SSBB]

Mercer89 said:

Guys, hate to point out the obvious....

But what if the Op has 2 claims in one year?

Doesn't make option 2 so good in that situation....

If they have 2 claims in one year then the OP might have to mortgage their soul to pay the premiums.

[AyBee]

Looking4aCar said:

Thanks for the replies guys.

I should mention I guess that ive only had my license for 10months and there will also be another 22year old listed on the insurance.

This is my first time getting insurance so I just have some questions I hope you guys can help me with.

Lets say if I do have an accident and its my fault what will happen next?

Can I just pay for any damage if its less then lets say £1,500 then no need to claim on the insurance?

What if its not my fault what then?

Thanks.

Depends what and who you hit but in theory, yes, you could. I can't however believe that you're thinking about spending £4k to insure a 1 series for the year. Buy something crap, build up the no claims and then buy something 'nice'. It's a 1 series FFS, I wouldn't spend £4k insuring an M3 at 24!!

[DannyVTS]

That's mental, even with 2 22 y/o's on the policy it shouldn't be more than 1500 - unless you've both been banned, have 20 points and live in Baghdad

[ZOLLAR]

Have a look at "excess insurance" usually it only covers up to £1000 and costs about £60-£90 but you're making a huge saving any way from a high excess and if you crash you'll only have to pay the remaining £500 of £1500.

[zaphod42]

Or get a cheaper car for a year and build up some no claims?

A 120i BMW is a pretty nice first car so you are going to be savaged by insurance either way - you are a high risk based on experience and the car power)

Could you go for something slower and lower insurance group for a year or two? Mondeo / Golf / etc are still nice places to be if you have heavy mileage to consider?