Insurance pricing me out of an M4 at 29 YRs old??

[r5kdt]

mubariz said:

Hi PH,

I've been waiting a long time for my premiums to go down to get into a 'nicer' performance car and start to enjoy life a little more. I'm now 29 and feel like my life needs that little excitement boost of going from a Diesel 260bhp to an M4 Comp Pack 2019 however my insurance premiums are ridiculous...

I'm based in Farnborough, 29 years old, job title that's one of the magic 'top 10' for low insurance premiums, 6 years NCB having held my licence for 11 years. My quotes are coming out to £230/month at best with insurance companies that I've never heard of before like Marshmallow...

Are any other 'young' drivers experiencing this? What could I be doing wrong?

I've been quite excited to get into an M4 and spent a lot of time researching and falling in love with the right spec but insurance at this level while putting money away for maintenance and other expenses is too hard a pill to swallow

Not surprised, have you seen the way these cars are generaly driven out in the wild?

[r5kdt]

cerb4.5lee said:

Mr Tidy said:

James6112 said:

thebraketester said:

How much did you expect it to be? What's a reasonable amount in your opinion?

£500 a year

Dream on.

I was paying nearly that to insure a 2.8i Capri when I was 29, and that was in 1988!

I remember not even being able to afford to insure a Fiesta RS Turbo back in 1993...all 130bhp of it!

I was completely gutted in all honesty at the time, and I ended up in a 2.9 Sierra XR4x4 instead. Don't get me wrong I loved the XR4x4(and it had 150bhp in fairness), however the Fiesta RS Turbo was the car that I really wanted though for sure at the time.

I genuinely feel for the younger generation nowadays though, because how the hell do they get into anything quick now?

Try £18k for my second years premium on a 96 Escos in the late 90's had to put it in the garage for 6 months until premiums came down and i could insure through the owners club for £2k, still a kick in the teeth from the £650 premium the year before!

Where are you petrol blue Escos N789 CUY?

[Pica-Pica]

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%.

That's pretty good as far as monthly payments go. Whenever I've looked at the option the uplift is comical.

VED is 5% extra to pay monthly instead of yearly.
With Lloyds Bank, the cheapest for me this year, there was no extra for monthly payments, that is 0% interest.

[richhead]

r5kdt said:

Try £18k for my second years premium on a 96 Escos in the late 90's had to put it in the garage for 6 months until premiums came down and i could insure through the owners club for £2k, still a kick in the teeth from the £650 premium the year before!

Where are you petrol blue Escos N789 CUY?

I had the same, escort cos after a whale tail sierra cos, sierra was about 700 a year escort the same first year then quote was so high i sold it for a loss, i was 21 tho. But atleast i can say ive owned them.

[Donbot]

Pica-Pica said:

VED is 5% extra to pay monthly instead of yearly.
With Lloyds Bank, the cheapest for me this year, there was no extra for monthly payments, that is 0% interest.

I thought that didn't cost anything extra. I know you get an admin fee for paying 6 monthly. I pay for the 12 months on my bikes and get a refund if I don't use them over winter.

Bit of a piss take really.

[TikTak]

Also not surprised for a variety of reasons in the previous posts.

The M4 Comp is supercar equivalent performance from 20 year ago. I wouldn't have been expecting to get a F360 at 29 for example. Insurance has gone up in general. BMW premiums in general are also high because the number of berks that drive them stupidly. 6 years NCB isn't huge these days either.

I'm sure something more reasonable like a GR86 or even Supra would be a lot less than £230pm.

I got my 350z at 26 and the proviso for that was getting the first years insurance under £1k (£1420 in today's money), which I squeaked under by 12 quid I think. That was a bit over 10 years ago.

Edited by TikTak on Thursday 18th April 15:58

[mubariz]

Shiv_P said:

I am 25, will probably be paying ~£1500 this year for an M2, and £300 for a 2005 Fiesta, and I have a fault claim 3 years ago!
I think it is very largely postcode & job description dependent

What postcode? I've listed my job as financial analyst as MSE states it's one of the better job descriptions when in reality im an assosciate finance director, but Finance director title increases my premiums

[mubariz]

Crudeoink said:

I know this is PH, but, if you haven't already bought your own flat / home, you probably shouldn't be spending £2.8k/year on car insurance!

Why is that? I feel like parking my money in certain investment vehicles (not cars) is wiser than taking a 6% interest loan on a house at the moment? (Well until the recent Nasdaq/S&P slump this week 🙄🙄)

[mubariz]

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.

I realise I worded it badly but I would pay annually but I divided by 12 because I assumed it would be more relatable. I would of course be paying cash for the insurance and the car also considering current interest rates.

[mubariz]

thelostboy said:

Personally think the M4 is a bit of a chav chariot - and I've had one! The 4-door M3 looks better, and avoids the Bradford image.

If you're really keen, have you compared to an M2 just to see if it's the M4?

How about the modern classic variant, and way cooler 1M?

Im trying really hard to fall in love with another car. Im actually a bit scared to drive a car as powerul as an M4 but it's been my dream car for so long. I know this logic is stupid, but I want to drive my dream car now that it's 'affordable' before I transfer into something more sensible when I start a family in the near future.

[CG2020UK]

I’m 28 and my M2 is £1400 a year.

Do think you are on the high side with quotes.

My job is also down as financial analyst in IT.

Think your location may be a big driver unfortunately.

[ITP]

Try a Maserati granturismo, I bet that’s a lot cheaper and of course considerably cooler than an M4 too !

[Petrus1983]

The quote you've been given seems very fair based on the car and your age. I've just looked at the Trust Pilot reviews of Marshmallow and have to say I'm quite impressed to the point of seeing what they'll quote me - ironically given the above comment, for a Maserati GranT.

[Forester1965]

MitchT said:

It's an expensive car to insure. I'm 49. Never had points and only one at fault claim back when I ws 24 years old. I was quoted £1,100 a year to insure a 69 plate M4 Comp. Interestingly, if I ticked the "windscreen cover" box it added a further £500 to the premium. It doesn't make a difference with any other car I've run quotes for, even far more expensive cars. I have a BD postcode but live in a nice area a good distance from problem areas of Bradford. Strictly speaking I can afford it but I'm not willing to pay that much to insure a car so I won't be buying one.

I was paying about £1k 7yrs ago at 38 in an LS postcode close enough to Bradford to matter. F80 Comp Pack M3.

Lasted 18 months before being nicked, never to be seen again!

[Econpro1]

CG2020UK said:

I’m 28 and my M2 is £1400 a year.

Do think you are on the high side with quotes.

My job is also down as financial analyst in IT.

Think your location may be a big driver unfortunately.

Would have to agree that the premium does seem high. I’m currently pay £2k for an Artura as a 34yr old. Have you tried speaking with someone like Firstpoint who can speak to specialist insurers who take into account more detailed information?

[J77wck]

mubariz said:

Hi PH,

I've been waiting a long time for my premiums to go down to get into a 'nicer' performance car and start to enjoy life a little more. I'm now 29 and feel like my life needs that little excitement boost of going from a Diesel 260bhp to an M4 Comp Pack 2019 however my insurance premiums are ridiculous...

I'm based in Farnborough, 29 years old, job title that's one of the magic 'top 10' for low insurance premiums, 6 years NCB having held my licence for 11 years. My quotes are coming out to £230/month at best with insurance companies that I've never heard of before like Marshmallow...

Are any other 'young' drivers experiencing this? What could I be doing wrong?

I've been quite excited to get into an M4 and spent a lot of time researching and falling in love with the right spec but insurance at this level while putting money away for maintenance and other expenses is too hard a pill to swallow

If you can afford the car you can afford the insurance.

Saying that it does seem high, here's my prices for cars I have owned

17yrs - Toyota Hilux 2.5 litre - £1100
26yrs - 2 litres F-type- £740
27yrs - cayman S 2.5 litre - £590
28yrs - 5 litre V8 F-type - £1600

Next year looking at a 911 Carrera T - I have had quotes of £2200

If you want the car just pay it assuming you are financially stable.

[cerb4.5lee]

mubariz said:

Im trying really hard to fall in love with another car. Im actually a bit scared to drive a car as powerul as an M4 but it's been my dream car for so long. I know this logic is stupid, but I want to drive my dream car now that it's 'affordable' before I transfer into something more sensible when I start a family in the near future.

I was like that with my Cerbera. My bank turned me down for a loan at the time, but I wanted one that much that I ended up taking the vastly more expensive finance on it instead, because nothing was going to stop me getting one.

The loan would've have only been £300 a month, whereas I ended up paying £550 a month for it with the finance. I owned the car after 3 years though, and I kept it for another 3 years after that as well.

Like you I'd always wanted an M4 too, and I eventually got one of those as well.

[Shiv_P]

mubariz said:

Shiv_P said:

I am 25, will probably be paying ~£1500 this year for an M2, and £300 for a 2005 Fiesta, and I have a fault claim 3 years ago!
I think it is very largely postcode & job description dependent

What postcode? I've listed my job as financial analyst as MSE states it's one of the better job descriptions when in reality im an assosciate finance director, but Finance director title increases my premiums

Outer Leicester

[mubariz]

CG2020UK said:

I’m 28 and my M2 is £1400 a year.

Do think you are on the high side with quotes.

My job is also down as financial analyst in IT.

Think your location may be a big driver unfortunately.

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?

[bobsavage789]

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…