Insurance pricing me out of an M4 at 29 YRs old??
Discussion
As previous poster says, look at an M3, IMO the better looking car.
From an insurance perspective, the magic bullet will be to garage the car. Mine is significantly cheaper when stated as garaged even though it is behind a locked gate and away from the road (Insurance co will of course not know this).
Also if married, add the missus.
From an insurance perspective, the magic bullet will be to garage the car. Mine is significantly cheaper when stated as garaged even though it is behind a locked gate and away from the road (Insurance co will of course not know this).
Also if married, add the missus.
Pica-Pica said:
Donbot said:
alscar said:
Donbot said:
Seems mad to be paying insurance monthly on a £30k car. It's often around 30% APR.
I thought only desperate people do that.
Agree. Just checked my Chubb policy renewal and for 12 instalments ,overall premium increases by 4% - APR for such is 7.6%. I thought only desperate people do that.
With Lloyds Bank, the cheapest for me this year, there was no extra for monthly payments, that is 0% interest.
So, if they attract a premium, I have set up monthly standing orders for 1/12th this years payment, plus a little to separate savings accounts which you can tag with the purpose.
Its the kind of stuff that affects the bottom line in a very subtle manner, we tend to just see the total outgoing, not the cost and separate interest component, its not huge numbers usually but on a £1200 bill, monthly plus 20 percent is an extra £20 a month, arrive at renewal prepared and repeat across all your payments, could potentially be £30/40 pounds a month easily. Rest of them, if they dont attract interest, keep the money in your bank.
Just takes a little setting up and discipline, plus obviously the spare cash to do it but one way or another you are going to have to pay house insurance for example.
On a £2000 plus insurance policy, the interest will be significant, its from your net wages so you have to earn even more to service that debt, so we all need to think on, do we really need to, can we truly afford it right now ? Maybe make a plan for 1 or 2 years to get the finance in place by monthly savings and try not to force matters and get into that car too soon.
Oooo, I have come over all Martin Lewis, sorry chaps !
worsy said:
As previous poster says, look at an M3, IMO the better looking car.
From an insurance perspective, the magic bullet will be to garage the car. Mine is significantly cheaper when stated as garaged even though it is behind a locked gate and away from the road (Insurance co will of course not know this).
Also if married, add the missus.
Not all Insurer's think the same about garaging and adding your Partner is generally good providing her occupation and record are ok !From an insurance perspective, the magic bullet will be to garage the car. Mine is significantly cheaper when stated as garaged even though it is behind a locked gate and away from the road (Insurance co will of course not know this).
Also if married, add the missus.
Postcode , age ,experience ,record , occupation ,car choice etc all feed into the algorithms.
bobsavage789 said:
I was curious as to whether comp/non-comp and coupé/convertible made any difference. With only the car being changed on the quotes:
- comp was £800 or so more than a non-comp
- coupé seems to be about £400 cheaper than the convertible.
- out of curiosity, I ran a quote for a Maserati GranCabrio: £1700 cheaper than an M4C convert! Very tempting…
That is a mad difference in cost between the comp and non-comp for sure. The comp is only a tenth of a second quicker to 60 than the non-comp(4 seconds(comp)/4.1 seconds(non-comp). Plus the comp is only 19bhp more than the non-comp, and they have exactly the same amount of torque as each other as well. - comp was £800 or so more than a non-comp
- coupé seems to be about £400 cheaper than the convertible.
- out of curiosity, I ran a quote for a Maserati GranCabrio: £1700 cheaper than an M4C convert! Very tempting…
Forester1965 said:
Non-Comp a bit spikier in power delivery in lower gears.
I deliberately went for the non-comp for that exact reason. I always felt that BMW tried to make the comp that bit more friendly(nothing wrong with that of course though). I'd been used to a Cerbera for 6 years, so friendly wasn't really what I wanted if you understand what I mean. In saying that, mine is quite lively whenever the conditions aren't right though, and it will snap the rear out with very little warning at times. The Cerb was really controllable in that regard because of the quick steering, whereas the electric steering in the M4 doesn't communicate very much for me in comparison.
mubariz said:
What I was looking to hear. My insurance premium quotes have now doubled vs the start of the week... what insurance provider are you with?
I’m with Aviva currently, they aren’t on comparison websites. My renewal is due is end of June and just reran in compare the market there now and Admiral are giving me £1297 in their essential level.
A lot would go Admiral on a multi car policy and say it works out cheaper if you have another half might be worth trying.
Ken_Code said:
I’m nearly 50, have never had a claim, have one SP30 from four years ago and pay £5,000 per year for my cars. Yes, I have several, but the biggest risk on most is third party, and that’s likely not more for five cars than for one.
Look into a trade policy. Just say you're a trader buying and selling, who is to judge if you're s
t at it and don't actually sell any cars.Apropos of nothing, and no way meant as a criticism, but if you were an insurance broker and you saw this thread where someone said they were yearning for a performance car - what read would you take from that?
One could assume that you (the royal "you") are going to be hooning around now that you've finally got a powerful car. Things often don't end well when people jump into high performance cars with little experience of similar performance previously.
I'm old enough that I don't get asked this much anymore, but when I was in my 20s and 30s trying to insure very powerful cars they invariably wanted proof that I had prior experience with fast cars before they would insure me. I was fortunate that my car history has pretty much progressively been more and more BHP, without incident, so it was easy enough to satisfy this requirement.
In simple terms - a young guy in a BMW M4 are probably the bulk of the claims for this type of vehicle.
One could assume that you (the royal "you") are going to be hooning around now that you've finally got a powerful car. Things often don't end well when people jump into high performance cars with little experience of similar performance previously.
I'm old enough that I don't get asked this much anymore, but when I was in my 20s and 30s trying to insure very powerful cars they invariably wanted proof that I had prior experience with fast cars before they would insure me. I was fortunate that my car history has pretty much progressively been more and more BHP, without incident, so it was easy enough to satisfy this requirement.
In simple terms - a young guy in a BMW M4 are probably the bulk of the claims for this type of vehicle.
Durzel said:
Apropos of nothing, and no way meant as a criticism, but if you were an insurance broker and you saw this thread where someone said they were yearning for a performance car - what read would you take from that?
One could assume that you (the royal "you") are going to be hooning around now that you've finally got a powerful car. Things often don't end well when people jump into high performance cars with little experience of similar performance previously.
I'm old enough that I don't get asked this much anymore, but when I was in my 20s and 30s trying to insure very powerful cars they invariably wanted proof that I had prior experience with fast cars before they would insure me. I was fortunate that my car history has pretty much progressively been more and more BHP, without incident, so it was easy enough to satisfy this requirement.
In simple terms - a young guy in a BMW M4 are probably the bulk of the claims for this type of vehicle.
Its rather more the Insurance Underwriters opinion that counts but these days they rarely appear unless its behind the scenes and the actuaries bother listening to them but the picture you paint is certainly what they would previously have very much considered as pertinent underwriting information.One could assume that you (the royal "you") are going to be hooning around now that you've finally got a powerful car. Things often don't end well when people jump into high performance cars with little experience of similar performance previously.
I'm old enough that I don't get asked this much anymore, but when I was in my 20s and 30s trying to insure very powerful cars they invariably wanted proof that I had prior experience with fast cars before they would insure me. I was fortunate that my car history has pretty much progressively been more and more BHP, without incident, so it was easy enough to satisfy this requirement.
In simple terms - a young guy in a BMW M4 are probably the bulk of the claims for this type of vehicle.
I too recall getting my first real performance car ( M3 ) and being asked of suitable experience although moving from a TT ( the 225bhp version ) seemed to pass muster.
CG2020UK said:
A lot would go Admiral on a multi car policy and say it works out cheaper if you have another half might be worth trying.
FWIW my nephew had a terrible claims experience with Admiral in 2018, and last year I experienced similar hopelessness when one of their policyholders hit me in the rear at a set of lights. I'd never insure with them! 
Mr Tidy said:
FWIW my nephew had a terrible claims experience with Admiral in 2018, and last year I experienced similar hopelessness when one of their policyholders hit me in the rear at a set of lights. I'd never insure with them!
Weirdly I wrote a car off many years ago on greasy roads and they were brilliant for me. Really helpful, great valuation and money in the bank by end of the week.
alscar said:
GeniusOfLove said:
Look into a trade policy. Just say you're a trader buying and selling, who is to judge if you're st at it and don't actually sell any cars.
t at it and don't actually sell any cars.
Not sure adding Insurance Fraud into the equation would do much to aid any payout ?!
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