Insurance on M3

[burwoodman]

Im sure this has been flogged to death but anyway..

Im looking an a 2003 M3, my current insurance on a 745 is 950 per annum. Im 35 with one ding(1,200) claim 6 months ago so i understand that may mean i have 2 yrs wiped off. If this is true i only have 3 yrs no cliams.

Just got a quote of £1500 and BMW quoted 2,000 all with 1k excess. A bit bloody steep?

Any ideas? I live in Docklands, CCTV underground parking and all that

Thanks

Adam

[m-five]

My 'old' M5 is worth £10k and the premium is £1000 so I would say £1500 for a £35k car is fair!

Other than calling every insurer you can think of there's no easy way of reducing it!

[Alf Essex]

Just moved from a Tuscan S to a new M3, it has arrived at dealership and pick up next Monday

My insurance was around £800 with Direct Line...similar to the Tuscan S but have still saved money as have gone from a 2 car man to a 1!

Alan.

[dougt]

I live in central Manchester (apartment with secure parking), the best I could get for my 2002 M3 coupe is around £1500 (tesco, admiral, direct line all much the same), I'm 40 with full ncd which makes your quote look pretty reasonable (in a crazy sort of way).

If you do find someone offering good rates please post !

[burwoodman]

Yeah, tried Direct Line and their on-line quote was miles better..1,100 phew!

Thanks!

[Smartie]

try Liverpool Victoria, very cheap for my wife and dont insist on tracker.

[Zod]

I pay £1200 with Tesco on a 2002 M3 that cost me £50k. I live in NW London (0207), am 37 and had 6 years' no claims at last renewal (down to two now ), so that doesn't sound steep to me.

[The Wiz]

Smartie said:

try Liverpool Victoria, very cheap for my wife and dont insist on tracker.

I'd agree with that - recently renewed my insurance and LV are cheapest by a long long way

>> Edited by The Wiz on Thursday 9th September to my 2000 post !!!!12:55

>> Edited by The Wiz on Thursday 9th September 12:55

[boshly]

Norwich Union Direct worked well for me, and Footman James came up with £800 pa for my Z3M (with AC Schnitzer modifications) on 1 years no claims although with limited mileage policy. I am 42 living in Surrey.

For those who can arrange it Diamond offer fantastic deals for women (and husbands can be on the policy) my wife pays less than £500 for CLK 430 convertible and she is 36 with full no claims.

You may put the wifes car in your name and the M3 in your wifes and just claim that you both drive both cars as and when.

Good luck

[JamieBeeston]

24, Docklands, underground CCTV E14, M3 Roadster, £1200, 3 yrs ncb sp30.

I think your being done over a little.

I am with Elephant.

[medicineman]

31, garaged at my home, full no claims, Sheffield suburb, 1400 admiral but 3 month arguement over SMGII box. Oh and buggers shafted me for £100 quid over my 19in alloys BUT if they are nicked will only pay for 18in, good eh.

[Zod]

I don't know anyone who has declared the 19" alloys. YOu do n't declare factory extras. They shouldn't be chargig extra and if they are nicked, they should replace them like for like.

[JamieBeeston]

Zod said:

I don't know anyone who has declared the 19" alloys. YOu do n't declare factory extras. They shouldn't be chargig extra and if they are nicked, they should replace them like for like.

You should always declare factory options.

If you don't, and they *could* be considered a contributory factor (bling bling 19's make it more theft attractive / Power upgrades make you more likely to crash) they would be perfectly able to try and hold out on paying on the grounds of non-disclosure.

I had this when insuring the Porsche, with factory Aero Kit.

they wanted EVERY option details, their reasoning, You could spec a Porsche with £20k off option if you wanted.. and as such they want to know everything.

Its your gamble if you don't!

[Luvvly Linda]

Before I bought my cab a few months ago, I knew someone that was selling an M3 and I considered it. Rang my insurance company, Churchills, to get a quote and I was quoted under £700!! soI'm amazed at the prices quoted.

[Zod]

My M3 has £15k worth of options on it. My first one had about £10k worth and they paid up without a quibble when it was stolen.

[Zod]

JamieBeeston said:

Zod said: I don't know anyone who has declared the 19" alloys. YOu do n't declare factory extras. They shouldn't be chargig extra and if they are nicked, they should replace them like for like. You should always declare factory options. If you don't, and they *could* be considered a contributory factor (bling bling 19's make it more theft attractive / Power upgrades make you more likely to crash) they would be perfectly able to try and hold out on paying on the grounds of non-disclosure. I had this when insuring the Porsche, with factory Aero Kit. they wanted EVERY option details, their reasoning, You could spec a Porsche with £20k off option if you wanted.. and as such they want to know everything. Its your gamble if you don't!

Jamie, I've checked with M3-owning friends and the consensus is that you do not declare factory-foitted optiuons. You ar ejust giving the insurance company an excuse to say "we won't replace that bit". You give them the purchase price of the car. That tells them all they need to know.

The logic of your suggestion is that we should spend 15 minutes reeling off a list of options on the phone when getting a quote. They don't even have room on their forms for the information.

[pdavison]

Direct Line ask about options (it's in the same question about any modifications to the vehicle) so I would imagine if you were to follow the letter of the law you should declare them.

[JamieBeeston]

Zod said:

You give them the purchase price of the car. That tells them all they need to know.

But how does that work on a 6 mth old Second hand one ?

They wouldnt have a clue as to what options you have, and should you want to claim for the £15k of TV / Sat Nav / Bum Massager / Free Blonde that you didnt declare, I would say, IMHO, they would be within their rigts not to.

With Factory options now exceeding £20k on some models, its imho, a liability not to admit them.

Takes you 5 extra mins on your quote (once you finalise which one you want) and ensures piece of mind!

All I can tell you is what my insurance told me, not conjecture, not opinion, just fact.

I am not saying ALL are like this, but Tesco certainly were.

They (quite rightly) said my Aerokit made the car more attractive to theft, and as such loaded my policy (£100, no biggie!) I asked what would have happend if I hadnt declared it.

They replied they wouldnt replace it during a crash, and should the car be stolen recovered, and found with the kit on, they would seriouly investigate returning my policy amount to me, and sending me on my way!

Insurance cann be cnuts! Dont give them ANY ammunition!

[330Clubsport]

I have to say that the quote sounds OK to me - I pay £1200 a year on a 330 Clubsport with 65% NCD.

Tescos.

And as for the declarations of factory fit extras, I would advise in the strongest possible terms that you should err on the side of full and frank disclosure - do NOT give the b@strads ANY reason to quibble.

I had to declare my (factory fitted) AC Schnitzer mirrors - £25 extra premium as they are around £700 fitted. If the car got nicked they would have said it was more attractive to thieves because of the bodywork changes - and refused to pay out. It is not worth it.


A plea to all PHers, PLEASE PLEASE PLEASE don't put yourselves in the position of not decalring everything to the insurers. They ABSOLUTELY will screw you if they don't.


PS ZOD - sorry have been away, but back in the office tomorrow - apologies for not being in contcat before now.




>> Edited by 330Clubsport on Monday 13th September 14:11

[Zod]

No porbs 330Cs.

Hmm, this is an interesting debate. I think that by declaring the options you are giving them more reason to quibble, as with the example of the declared 19" wheels, where the insurance company charges extra, but still says that it will replace them with 18" wheels only. What is the point of that?

Here's the bm3w link (where you can see a lovely picture of me smoking a cigar)

>> Edited by Zod on Monday 13th September 14:46