Let's talk about car insurance
Discussion
I'm really getting fed up with the cost of running a car. The old days of being able to have a nice car and still have some spare cash for other things have finally come to an end for me.
I earn enough money, but to pay nearly £6k a year just for Insurance (£3500) BMW Warranty (£2000) Tax (£560) servicing (£500) is now getting to be a joke.
I previously paid only £900 for insurance last year, and now the cheapest I see online is £3500. Nothing about my circumstances has changed in the past 12 months. So, why the price increase?
I'm old school, so it's really hard for me to swallow this amount of money for a car that only does 5-6k miles per year. I haven't even touched on the parking tickets that I keep getting due to the new pedestrian zone that keeps popping up on the roads that I used to travel on. Also, speeding restrictions are now 20MPH in most places that I visit. Driving isn't fun anymore.
For the first time, I'm actually thinking about selling and just buying something small to run around in. Another factor I didn't mention is depreciation. Even if I wanted to sell now, I would lose £10k in less than a year.
2019 BMW M850ix.
I earn enough money, but to pay nearly £6k a year just for Insurance (£3500) BMW Warranty (£2000) Tax (£560) servicing (£500) is now getting to be a joke.
I previously paid only £900 for insurance last year, and now the cheapest I see online is £3500. Nothing about my circumstances has changed in the past 12 months. So, why the price increase?
I'm old school, so it's really hard for me to swallow this amount of money for a car that only does 5-6k miles per year. I haven't even touched on the parking tickets that I keep getting due to the new pedestrian zone that keeps popping up on the roads that I used to travel on. Also, speeding restrictions are now 20MPH in most places that I visit. Driving isn't fun anymore.
For the first time, I'm actually thinking about selling and just buying something small to run around in. Another factor I didn't mention is depreciation. Even if I wanted to sell now, I would lose £10k in less than a year.
2019 BMW M850ix.
beemarman said:
I'm really getting fed up with the cost of running a car. The old days of being able to have a nice car and still have some spare cash for other things have finally come to an end for me.
I earn enough money, but to pay nearly £6k a year just for Insurance (£3500) BMW Warranty (£2000) Tax (£560) servicing (£500) is now getting to be a joke.
I previously paid only £900 for insurance last year, and now the cheapest I see online is £3500. Nothing about my circumstances has changed in the past 12 months. So, why the price increase?
I'm old school, so it's really hard for me to swallow this amount of money for a car that only does 5-6k miles per year. I haven't even touched on the parking tickets that I keep getting due to the new pedestrian zone that keeps popping up on the roads that I used to travel on. Also, speeding restrictions are now 20MPH in most places that I visit. Driving isn't fun anymore.
For the first time, I'm actually thinking about selling and just buying something small to run around in. Another factor I didn't mention is depreciation. Even if I wanted to sell now, I would lose £10k in less than a year.
2019 BMW M850ix.
With you on this.I earn enough money, but to pay nearly £6k a year just for Insurance (£3500) BMW Warranty (£2000) Tax (£560) servicing (£500) is now getting to be a joke.
I previously paid only £900 for insurance last year, and now the cheapest I see online is £3500. Nothing about my circumstances has changed in the past 12 months. So, why the price increase?
I'm old school, so it's really hard for me to swallow this amount of money for a car that only does 5-6k miles per year. I haven't even touched on the parking tickets that I keep getting due to the new pedestrian zone that keeps popping up on the roads that I used to travel on. Also, speeding restrictions are now 20MPH in most places that I visit. Driving isn't fun anymore.
For the first time, I'm actually thinking about selling and just buying something small to run around in. Another factor I didn't mention is depreciation. Even if I wanted to sell now, I would lose £10k in less than a year.
2019 BMW M850ix.
I remember turning 30 almost four years ago, thinking I would finally start to see the glory of reduced car insurance. It never happened. I've always paid in and around £100 a month, for whatever I've driven. That's not quite £3.5k, but the mere fact your insurance has gone up almost 4x in the space of year is just another reason where I, like yourself, do wonder what is the point anymore?
Like yourself, I've been stung by these pop-up pedestrian zones in recent weeks (where, for some odd reason, we're told to avoid these roads because of the school, so are in operation in and around start/finish times, yet these kids fight, spit, swear, litter all over these roads?). ULEZ, 20mph zones. It's all a bit of a farce, particularly in London.
It's IMO, a squeeze to get us all moving away from cars, or at the very least ICE cars. So your mentality will end up thinking the exact way it is now. "What's the point?", "Can't afford it" etc, etc. Or, as someone who lives in London, a fiscal boost for TfL to plug their never-ending Pension black hole.
swamp said:
The figure that stands out is the warranty: £2000 on a four year old car 
Yes, it's a joke. I ran a BMW warranty quote for a three year old 840i and it was £2,600! Add about £400 in servicing to that and your annual cost is £3k per year - about the same as the average annual cost for a 1980s V12 Ferrari according to some of the analysis I've seen. It's been said elsewhere on PH already that if BMW have so little confidence in their workmanship that they have to charge that much for a warranty it's a poor show really.Those are high numbers!
I fell out in love with cars and driving. Too many speed limits, too many cars, too much traffic. Costs annoyed me yes, but actually driving for pleasure fell away. I moved away from the south east hoping to see and improvement. It is better where I live now but speed limits are everywhere, people don't overtake so you just drive from one slow moving travel snake to another.
Insurance is and always will be a con. They bang on about NCB, I have 30 years of no claims, no convictions, but every year prices hiked. No doubt if I have a claim then it would be hiked again and that history wouldn't matter a jot.
I fell out in love with cars and driving. Too many speed limits, too many cars, too much traffic. Costs annoyed me yes, but actually driving for pleasure fell away. I moved away from the south east hoping to see and improvement. It is better where I live now but speed limits are everywhere, people don't overtake so you just drive from one slow moving travel snake to another.
Insurance is and always will be a con. They bang on about NCB, I have 30 years of no claims, no convictions, but every year prices hiked. No doubt if I have a claim then it would be hiked again and that history wouldn't matter a jot.
Driving can still be enjoyable - I had a very enjoyable day out yesterday - but I think you need to focus on having a car that's characterful and provides the pleasure at speeds that are legally and realistically attainable on today's roads. A BMW 850 is a crushingly capable car - too much so for the times that we live in. If you want involvement and pleasure you need something that reveals much more of itself at much lower speeds. This kind of car will inevitably also be much cheaper to run.
I've just got a quote of £850 on a 2019 M850i xdrive...unsure why your's is so high.
Also, as for the parking tickets, you probably need to be a bit more observant on where you drive/or park.
eta
...and cars have always tended to deprecate rather than appreciate...this isn't a new phenomenon.
Also, as for the parking tickets, you probably need to be a bit more observant on where you drive/or park.
eta
...and cars have always tended to deprecate rather than appreciate...this isn't a new phenomenon.
Abdul Abulbul Amir said:
I've just got a quote of £850 on a 2019 M850i xdrive...unsure why your's is so high.
Also, as for the parking tickets, you probably need to be a bit more observant on where you drive/or park.
eta
...and cars have always tended to deprecate rather than appreciate...this isn't a new phenomenon.
Hi,Also, as for the parking tickets, you probably need to be a bit more observant on where you drive/or park.
eta
...and cars have always tended to deprecate rather than appreciate...this isn't a new phenomenon.
Where did you get a quote for that much? Am 50 with 20 plus NCB and only 1 claim in 2019.
beemarman said:
Abdul Abulbul Amir said:
I've just got a quote of £850 on a 2019 M850i xdrive...unsure why your's is so high.
Also, as for the parking tickets, you probably need to be a bit more observant on where you drive/or park.
eta
...and cars have always tended to deprecate rather than appreciate...this isn't a new phenomenon.
Hi,Also, as for the parking tickets, you probably need to be a bit more observant on where you drive/or park.
eta
...and cars have always tended to deprecate rather than appreciate...this isn't a new phenomenon.
Where did you get a quote for that much? Am 50 with 20 plus NCB and only 1 claim in 2019.
Admiral Multicar £760
Admiral £837
RAC £880
Elephant £888
Tom8 said:
Insurance is and always will be a con. They bang on about NCB, I have 30 years of no claims, no convictions, but every year prices hiked. No doubt if I have a claim then it would be hiked again and that history wouldn't matter a jot.
I trust if you sold your house you would sell it at 1993 market rate? Else you would be scamming the buyer. 
Abdul Abulbul Amir said:
I just used Confused. I'm 48 with full NCB and no claims (touch wood).
Admiral Multicar £760
Admiral £837
RAC £880
Elephant £888
It must be your location. I just changed my address to my mother-in-law who lives in Bournemouth and it's come down to £900 instead of £3500.Admiral Multicar £760
Admiral £837
RAC £880
Elephant £888
Edited by beemarman on Tuesday 26th September 16:11
Tom8 said:
Those are high numbers!
I fell out in love with cars and driving. Too many speed limits, too many cars, too much traffic. Costs annoyed me yes, but actually driving for pleasure fell away. I moved away from the south east hoping to see and improvement. It is better where I live now but speed limits are everywhere, people don't overtake so you just drive from one slow moving travel snake to another.
Insurance is and always will be a con. They bang on about NCB, I have 30 years of no claims, no convictions, but every year prices hiked. No doubt if I have a claim then it would be hiked again and that history wouldn't matter a jot.
Partly why I got my '67 Austin healey sprite. No road tax, les than £200 to insure, fun (ok, slightly scary!) even at low speeds, shouldn't depreciate and parts are laughably cheap. I fell out in love with cars and driving. Too many speed limits, too many cars, too much traffic. Costs annoyed me yes, but actually driving for pleasure fell away. I moved away from the south east hoping to see and improvement. It is better where I live now but speed limits are everywhere, people don't overtake so you just drive from one slow moving travel snake to another.
Insurance is and always will be a con. They bang on about NCB, I have 30 years of no claims, no convictions, but every year prices hiked. No doubt if I have a claim then it would be hiked again and that history wouldn't matter a jot.
New front discs? that will be £13 for the pair please, sir.
But yes, my insurance renewal on my Polestar this year was a shock.
Dingu said:
Tom8 said:
Insurance is and always will be a con. They bang on about NCB, I have 30 years of no claims, no convictions, but every year prices hiked. No doubt if I have a claim then it would be hiked again and that history wouldn't matter a jot.
I trust if you sold your house you would sell it at 1993 market rate? Else you would be scamming the buyer. My Range Rover Sport was difficult to obtain insurance for. The only reasonable quote was £1,250, but with a huge excess - many many insurers including the one we have a Multicar policy with refused, so ended up with esure. (28, 7 years NCB, live in a decent area not far from town)
Edited by BenS94 on Tuesday 26th September 16:14
beemarman said:
It must be your location. I just changed my address to my mother-in-law who lives in Bournemouth and it's come down to £900 instead of £3500.
London insurance is higher. I had a hike, though not that anywhere that percentage, when I moved here temporarily. Looking at the difference perhaps they are being stolen more often in London?beemarman said:
Abdul Abulbul Amir said:
I just used Confused. I'm 48 with full NCB and no claims (touch wood).
Admiral Multicar £760
Admiral £837
RAC £880
Elephant £888
It must be your location. I just changed my address to my mother-in-law who lives in Bournemouth and it's come down to £900 instead of £3500.Admiral Multicar £760
Admiral £837
RAC £880
Elephant £888
Edited by beemarman on Tuesday 26th September 16:11
ro250 said:
beemarman said:
Abdul Abulbul Amir said:
I just used Confused. I'm 48 with full NCB and no claims (touch wood).
Admiral Multicar £760
Admiral £837
RAC £880
Elephant £888
It must be your location. I just changed my address to my mother-in-law who lives in Bournemouth and it's come down to £900 instead of £3500.Admiral Multicar £760
Admiral £837
RAC £880
Elephant £888
Edited by beemarman on Tuesday 26th September 16:11
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