Too young for a Noble...apparently!
Discussion
I want to apologise if this topic has been discussed at great lengths on here already, but...
I've just sold my Radical SR3 - with which I had very few problems insuring it. Now I get to a 2002 Noble M12 GTO (just the normal 2.5), and no one will touch me. Granted, I'm 22, but that's it! No convictions, accidents, etc. driving for over 5 years with 1 year NCB - OK, I'll spare the details now.
But does anyone know anyone who may even consider insuring me? So far, I've had just one quote courtesy of Adrian Flux (the brokers for my SR3), but that's about £2,500.
Comments and suggestions would be VERY welcome. Thank you
I've just sold my Radical SR3 - with which I had very few problems insuring it. Now I get to a 2002 Noble M12 GTO (just the normal 2.5), and no one will touch me. Granted, I'm 22, but that's it! No convictions, accidents, etc. driving for over 5 years with 1 year NCB - OK, I'll spare the details now.
But does anyone know anyone who may even consider insuring me? So far, I've had just one quote courtesy of Adrian Flux (the brokers for my SR3), but that's about £2,500.
Comments and suggestions would be VERY welcome. Thank you
I bought my GTO3 at 23 and insured it with Tesco for £1300 ish. to be fair though i did have my full No claims discount....i think your problem is your lack of NCD. i was actually going to buy a series 2 Exige instead of the Noble as i thought the insurance companies wouldn't touch me on the Noble...phoned Tesco expecting them to laugh at me, and to my pleasure the Noble was £200+ cheaper to insure than the Lotus...my decision to buy the Noble was easy after that
have you asked about limited mileage?? that can bring the price down sometimes.
have you asked about limited mileage?? that can bring the price down sometimes.
From an insurers point of view, a Noble is very crashable (even though they handle far better than Micras) and are very nickable (even though owners cherish their Nobels, garage them and rarely leave them out of sight)
1 year NCB is the nail in the coffin. Sorry that will be the points.
I used to pay well over a £1000 to insure my 205 MI16...back in 1996 when that was an awful lot of money. Why? It was very crashable, very nickable......
Even still, I reckon you'll get a better price if you try more companies.
1 year NCB is the nail in the coffin. Sorry that will be the points.
I used to pay well over a £1000 to insure my 205 MI16...back in 1996 when that was an awful lot of money. Why? It was very crashable, very nickable......
Even still, I reckon you'll get a better price if you try more companies.
A friend of mine who is a senior actuary partner for a major insurer has told me that the main issue with cars in our bracket is the few very high nett value claims that relate from third party damage.
There is a track record of cars above group 15 causing serious third party damage or even death. With the average death now running at over £3m total bill (compensation, NHS and other third party costs), just a few claims of that magnitued shared across very low volumes of business in this bracket drives up premiums.
Unless you have a track record therefore of clean driving, the loading is disproportionate, and whilst people may say 1 year NCD gives you "30% discount", unfortunatly what you are discounting from is higher than someone with 5 years NCD because you only have 1 years NCD (if you follow me).
It seems it's actually somewhat irrelevant what the car costs, or the theft rate, it's the damage, and hence cost, you are likely to do to a third party that is the main issue.
Finally, he did also tell me that passing professional qualifations such as ABD will help massivly in cases such as yourself apparently.
J
There is a track record of cars above group 15 causing serious third party damage or even death. With the average death now running at over £3m total bill (compensation, NHS and other third party costs), just a few claims of that magnitued shared across very low volumes of business in this bracket drives up premiums.
Unless you have a track record therefore of clean driving, the loading is disproportionate, and whilst people may say 1 year NCD gives you "30% discount", unfortunatly what you are discounting from is higher than someone with 5 years NCD because you only have 1 years NCD (if you follow me).
It seems it's actually somewhat irrelevant what the car costs, or the theft rate, it's the damage, and hence cost, you are likely to do to a third party that is the main issue.
Finally, he did also tell me that passing professional qualifations such as ABD will help massivly in cases such as yourself apparently.
J
Hmmm...
Interesting stuff, and I really appreciate all of your help and comments, etc.
What does confuse me abit is that, prior to selling my SR3, I enquired about insurance for a Noble, but with my Radical on the brain accidentally entered an '04 M12 GTO 3R into a quote, and companies will insure me on that.
So why can many companies insure me on a newer, more expensive, faster Noble M12, and not an older, cheaper, less powerful one?
Thanks Adrian. I'm looking forward to the phone call I should be getting from Greenlight in Brentwood tomorrow. But if all else fails, I think peterguk is right - £2,500 is starting to sound good! So far, I've tried too many people to remember, but Swinton, Premium Choice (very helpful and informative), Presige, Adrian Flux, LV Frizzell (HA!), Tesco, Call Connections, Privilege, and many more.
Interesting stuff, and I really appreciate all of your help and comments, etc.
What does confuse me abit is that, prior to selling my SR3, I enquired about insurance for a Noble, but with my Radical on the brain accidentally entered an '04 M12 GTO 3R into a quote, and companies will insure me on that.
So why can many companies insure me on a newer, more expensive, faster Noble M12, and not an older, cheaper, less powerful one?
Thanks Adrian. I'm looking forward to the phone call I should be getting from Greenlight in Brentwood tomorrow. But if all else fails, I think peterguk is right - £2,500 is starting to sound good! So far, I've tried too many people to remember, but Swinton, Premium Choice (very helpful and informative), Presige, Adrian Flux, LV Frizzell (HA!), Tesco, Call Connections, Privilege, and many more.
Edited by XLR_Motorsport on Thursday 19th July 22:53
)[quote=Joust] It seems it's actually somewhat irrelevant what the car costs, or the theft rate, it's the damage, and hence cost, you are likely to do to a third party that is the main issue.[/Joust]
Yep - when first insuring my son and daughter on her Ford Ka, there was precious little difference in premium between fully comp and 3rd party - this seemed screwy at first, but I was told it was the 3rd party liability that was the issue (especially putting a 17yr old male petrolhead on the policy). The premium incidentally was about £1400 for a £5K car. So £2.5K for a 22yr male to drive a Noble seems pretty good to me.
Yep - when first insuring my son and daughter on her Ford Ka, there was precious little difference in premium between fully comp and 3rd party - this seemed screwy at first, but I was told it was the 3rd party liability that was the issue (especially putting a 17yr old male petrolhead on the policy). The premium incidentally was about £1400 for a £5K car. So £2.5K for a 22yr male to drive a Noble seems pretty good to me.
I have just had the same problem with re-insuring my noble, I was with tesco last year 23yrs young 2yrs ncb no accidents, points e.t.c £2400, this year tesco sent me a letter to say that due to be under 25 they will no longer be able to provide me with a renewel this year. So I went shopping for my insurance, now I have 3 years ncb and 3 points the cheapest quote £4500 up to £6500 the majority of companys wouldnt touch me, I thought I was going to have to sell my baby fortunatly enough I phoned adrian flux they quoted me £1900 hurray they got there quote from norwich union so they have definatly quoted me happy 
so onto another exciting year with my car 
so onto another exciting year with my car Gassing Station | Noble | Top of Page | What's New | My Stuff