Insurance on M3 - Please Help

[reez777]

We have just purchased a 2004 BMW M3 (no mods). I will take delivery of the vehicle this Friday. I need to sort out Insurance for the car.

We currently have a 325i insured with Zurich (Annual Policy Paid Until Oct 2010). They will not insure M3's but one of their sister companies Ensleigh have quoted £2500 Fully Comp. We are currently paying £500 Fully Comp on 325i (2 Drivers, Max No Claims)

Basically I want to insure the M3, but keep the 325i insured for a couple of weeks until its sold.

I have looked around at alternate quotes and the best is £980 with Cornhill. This is using our max no claims currently on the 325i. Obviously we cant keep it on both cars, so I will have to tell Zurich to revise our quote on the 325i from max no claims to zero no claims which will whack the price up.

Is there any better way to do this?

[no-worries88]

reez777 said:

We have just purchased a 2004 BMW M3 (no mods). I will take delivery of the vehicle this Friday. I need to sort out Insurance for the car.

We currently have a 325i insured with Zurich (Annual Policy Paid Until Oct 2010). They will not insure M3's but one of their sister companies Ensleigh have quoted £2500 Fully Comp. We are currently paying £500 Fully Comp on 325i (2 Drivers, Max No Claims)

Basically I want to insure the M3, but keep the 325i insured for a couple of weeks until its sold.

I have looked around at alternate quotes and the best is £980 with Cornhill. This is using our max no claims currently on the 325i. Obviously we cant keep it on both cars, so I will have to tell Zurich to revise our quote on the 325i from max no claims to zero no claims which will whack the price up.

Is there any better way to do this?

Read more into it before buying.
HTH

[reez777]

any useful input would be appreciated.

[CanadianScot]

Some insurance companies can 'mirror' your no claims discount. I know Direct Line do it. This may not be much help if you get ridiculous quotes for the M3 from these insurers.

[slipstream 1985]

ask them to put your 325 as a temperary car and your m3 as main car.

[DaveL86]

Some insurance companies will do multi-car policy which will allow your NCB to affect both cars and make it cheaper, find a good multi-car quote and move both cars across to the new company, you'll obv loss the NCB for this year but at least will have both cars insured.

Although it really doesn't help now but how did this situation happen? I don't understand how you didn't realise this when getting quotes before you bought the M3?

[Trabant]

The M3 is one of the highest risk cars for insuarnce companies. They really seem to st a chicken when M3s are mentioned. I would go to a company which offers temporary cover for the M3 until the 325 is sold, then cancel the temp cover on the M3 and bring it under your main policy.

[lost in espace]

You can insure a car, cancel and get a refund within 14 days if you have no claims.........

[HertsBiker]

Does that count as a "refusal" that you need to declare to future insurers?

[tim2100]

Swap over your main insurance to the M3. Go to a temporary insurance site and insure the 325 for 2-4 weeks. It shouldn't be much. Bingo.

However this assumes that you have relevant RFL for the 325 as you cannot use temporary insurance to tax the car.

Edited by tim2100 on Wednesday 7th July 08:03

[S3_Graham]

HertsBiker said:

Does that count as a "refusal" that you need to declare to future insurers?

as far as im aware its the 14day 'cooling off' period they have to give by law.