F90 insurance hike

[aks100]

I have had M5's for years, starting with an F10 and currently have an F90. Over the past 5 years, I have noticed insurance roughly double from sub-£500, to over-£900. I realise everyone's circumstances are different; I am at the same home in Hertfordshire, nothing else has changed, I am just a few years older.

This week, I received the following email from my insurer:

Thank you for choosing to insure your BMW M5 with LV= over the past year.

We’re writing to you to let you know about some changes you’ll see when your renewal documents arrive. Our pricing approach for your vehicle type has changed, and this will impact your next renewal price.

Over the past few years, there’s been an increasing rise in thefts of the BMW M5, which you may be aware of via articles in the press. The costs associated with insuring these vehicles are something we can no longer sustain without making changes to the way we price for them. Even though you may not have made a claim for vehicle theft, there is a higher chance of theft for this particular type of vehicle.

The large increase in the number and cost of claims we’ve received for these vehicles has meant we’ve made the difficult decision to increase our pricing for them. This will have an impact at your next renewal date on 1 September 2021.

There's also an FAQ at LV=.

I don't know yet what the renewal might cost, but I am bracing myself for a hammering . I will of course look around, any suggestions?

[mmm-five]

They've told you that they're unlikely to be competitive for the M5 due to the risk profile changing - in this case the increase in thefts of this vehicle.

So you either take the pain and accept that everyone will have the same updated risk profile, or you simply do what everybody else does and take your business elsewhere.

I stopped using LV= a while ago when they removed my track day cover without informing me...although the didn't reduce the premium.

[Monkeylegend]

Be thankful you don't own a Range Rover.

[cerb4.5lee]

I had to leave LV because they wanted to charge me £1,200 for my M4(I was only paying £330 for the Cooper S before it). I managed to get it for £600 by going elsewhere though(still more than I'd like to pay but better than £1,200 though!).

[VeeTenM]

Shop around every year!!
Moneysupermarket always gives me the best prices
https://www.pistonheads.com/gassing/topic.asp?t=19...

[andrewh]

cerb4.5lee said:

I had to leave LV because they wanted to charge me £1,200 for my M4(I was only paying £330 for the Cooper S before it). I managed to get it for £600 by going elsewhere though(still more than I'd like to pay but better than £1,200 though!).

What do you think of the M4 vs the E92 M3, pay about £550 for the E92 so you paying £600 for the M4 isn’t to bad given the difference in value.

[popeyewhite]

Monkeylegend said:

Be thankful you don't own a Range Rover.

Why? £380 FC NCB protected for my 4.4 AB worth £30-40k seems almost reasonable.

[Monkeylegend]

popeyewhite said:

Monkeylegend said:

Be thankful you don't own a Range Rover.

Why? £380 FC NCB protected for my 4.4 AB worth £30-40k seems almost reasonable.

This thread.

https://www.pistonheads.com/gassing/topic.asp?h=0&...

Edited by Monkeylegend on Sunday 27th June 21:36

[popeyewhite]

Monkeylegend said:

This thread.

https://www.pistonheads.com/gassing/topic.asp?h=0&...

Edited by Monkeylegend on Sunday 27th June 21:36

Ah, OK, thanks.

Still rather pleased with my cover though!

[nickfrog]

Yes try the aggregators but also the other direct only insurers, Direct Line and Aviva. Aviva seem to be buying market share at the moment. Paying £260 for the M2. Big cash backs too (£90) with the usual suspects, Quidco and TCB.

[cerb4.5lee]

andrewh said:

What do you think of the M4 vs the E92 M3, pay about £550 for the E92 so you paying £600 for the M4 isn’t to bad given the difference in value.

I personally much prefer the M4. I absolutely love the uplift in performance and I really appreciate the extra torque. The only thing that I really miss is the noise though, and the E92 M3 had such a wonderful induction noise(plus it sounds much better from the exhaust too).

Both are cracking cars though for sure I reckon.

[aks100]

Monkeylegend said:

Be thankful you don't own a Range Rover.

Ouch, I was thinking about RR when I read the email from LV, now I've read that thread and it is even worse news for RR owners with LV!

VeeTenM said:

Shop around every year!!
Moneysupermarket always gives me the best prices
https://www.pistonheads.com/gassing/topic.asp?t=19...

Thanks, I typically check comparison sites, in fact last years renewal was about £200 cheaper via Confused, for the exact same policy at LV. Ridiculous.

[JEA1K]

aks100 said:

I have had M5's for years, starting with an F10 and currently have an F90. Over the past 5 years, I have noticed insurance roughly double from sub-£500, to over-£900. I realise everyone's circumstances are different; I am at the same home in Hertfordshire, nothing else has changed, I am just a few years older.

This week, I received the following email from my insurer:

Thank you for choosing to insure your BMW M5 with LV= over the past year.

We’re writing to you to let you know about some changes you’ll see when your renewal documents arrive. Our pricing approach for your vehicle type has changed, and this will impact your next renewal price.

Over the past few years, there’s been an increasing rise in thefts of the BMW M5, which you may be aware of via articles in the press. The costs associated with insuring these vehicles are something we can no longer sustain without making changes to the way we price for them. Even though you may not have made a claim for vehicle theft, there is a higher chance of theft for this particular type of vehicle.

The large increase in the number and cost of claims we’ve received for these vehicles has meant we’ve made the difficult decision to increase our pricing for them. This will have an impact at your next renewal date on 1 September 2021.

There's also an FAQ at LV=.

I don't know yet what the renewal might cost, but I am bracing myself for a hammering . I will of course look around, any suggestions?

I'm sure lots of people received the same email but with their particular vehicle named instead of the M5.

They're just lubing you up ffs, just shop elsewhere because they will just keep increasing your premium year on year.

I have been with Aviva for years but always shop around come renewal but the difference has been minimal so not bothered to swap, also have house ins + other policies with them, this year, my car policy doubled, no claims (ever). Shopped around, managed to get a cheaper quote than the previous year based on 2 cars.

You just can't be complacent with these shysters

[Monkeylegend]

I insure my F10 528i with them and so far fingers crossed. This current years premium is all of £175 FC.

Will probably regret posting this now.

[stewie177]

I would think that this is a way around the new legislation (not allowing them to charge the higher price for existing customers). My F90 dropped when I renewed in February, and even lower when I protected my no claims!

[w8pmc]

Can't help as regards your specific situation, but to insure my F90 LCI Comp (brand new) & the wifes Volvo XC60 with Admiral Multicar, I'm paying just over £500 with Class 1 use on the M5.

[Tall_Blk]

I changed from LV when I got my renewal for my AMG and my daily. I end up renewing it with their competitor for half the price.