Crazy Insurance quotes on new X3 M40i

[londonpob]

Hi all

I have been busy with the configurator and getting excited about the prospect of buying a new X3 M40i, and got a couple of insurance quotes just to make sure I wasn't going to get a surprise. I am glad I was sitting down!

My current insurer wants £3500, and most sensible insurers I normally try (Admiral, Aviva) are around the £2k mark. I live in Surrey and currently have a M140 which is costing me £600 per year. I have tried lots of other cars (XC60, Macan, DB11, 911) which are all at the level I would expect (a few hundred quid more than the M140) so it seems very specific to that model.

The insurance companies are saying it's as a result of the number of thefts of premium SUVs, and I had heard it was an issue with some brands, but hadn't heard BMW mentioned previously (but could have missed it).

There are some lower price options on the comparison sites, but generally with car insurance I stick with the more well known brands so you know you have some backup in the event of a claim.

Anyone else seeing similar or have any suggestions?

[Duratecbuh]

I'm seeing something similar.

I have an F82 M4, which has always been circa £400 per anum since I bought it new in 2018.

This year, I cant find insurance anywhere for less than £1k, despite absolutely no change in personal circumstances.

I'm very low risk, live in the deep sticks etc etc... It should be half sensible (Just as it always had been, before now)

It must be statistics driven? From where?, I don't know.

[londonpob]

thanks that's useful to know. I was starting to wonder if the new car gods were conspiring against me.

I still think they might be!

[V5Ade]

I live in Guildford, Surrey. Every week the neighbourhood social media has several stories of a BMW|Merc\RangeRover being pinched/. Normally 3 am

[WY86]

Those are crazy figures, my X3M comp is only £770 per year in Warwickshire. The insurance cost was one of deciding factors for choosing the X3M as when i ran quotes for a RRS SVR and GLC63S they came back at between £2800 and £3000.

[londonpob]

I wonder if it's mainly an issue within the M25? Maybe I should check what the X3M would be....!

[WY86]

I Can't imagine it is specific to the M25 i am not super far from Birmingham and i would guess car theft are just as bad around any major city and nice surrounding areas. Fast Audi's and Range Rover models are always getting nicked from Solihull, Henley in Arden and Stratford.

[Wills2]

IIRC many years ago the same thing happened with hot hatches being nicked for joy rides as it was coined, insurance costs rocketed.

[worsy]

What's this doing in the M section

Quotes for my incoming M3 fall drastically when stored in a locked garage. Can you do that?

Silly really, as I'm 100 yards+ from the actual (no through)road down a private drive and behind a locked gate. No way of telling them that. It is on the drive or in a garage.

[WY86]

worsy said:

What's this doing in the M section

Quotes for my incoming M3 fall drastically when stored in a locked garage. Can you do that?

Silly really, as I'm 100 yards+ from the actual (no through)road down a private drive and behind a locked gate. No way of telling them that. It is on the drive or in a garage.

I have always been told that the cheapest insurance the place for a car to be parked is on street parking, the theory is it makes it harder for thieves to identify which house the keys are in.

[worsy]

WY86 said:

worsy said:

What's this doing in the M section

Quotes for my incoming M3 fall drastically when stored in a locked garage. Can you do that?

Silly really, as I'm 100 yards+ from the actual (no through)road down a private drive and behind a locked gate. No way of telling them that. It is on the drive or in a garage.

I have always been told that the cheapest insurance the place for a car to be parked is on street parking, the theory is it makes it harder for thieves to identify which house the keys are in.

Just tried it and you are right, order of quote was@

Cheapest > Expensive

Locked Garage > Street >Driveway

[londonpob]

worsy said:

What's this doing in the M section

Quotes for my incoming M3 fall drastically when stored in a locked garage. Can you do that?

Silly really, as I'm 100 yards+ from the actual (no through)road down a private drive and behind a locked gate. No way of telling them that. It is on the drive or in a garage.

I did wonder about that before pressing Submit

[Logistix]

Isn't it also that thrives can work on a car in a secluded driveway with less chance of being noticed than on a street?

ETA sorry mixed the post up originally

Edited by Logistix on Thursday 29th June 13:50

[WY86]

Logistix said:

Isn't it also that thrives can work on a car in a driveway with less chance of being noticed than on a secluded driveway?

yeah and even less chance of being noticed if they are working in a garage. It has been known for thieves to follow cars back to their residence to scope out and even garaged car's are not safe. Typically if they want your car they will try their hardest to take it.

[toon10]

worsy said:

Just tried it and you are right, order of quote was@

Cheapest > Expensive

Locked Garage > Street >Driveway

Things must have changed. My mates Mrs. used to work in car insurance and she said in a garage often worked out more expensive as
you're much more likely to damage your car driving it in and out of a garage everyday than leaving it on your drive. This was a few years ago to be fair.

[richatnort]

Just bought one myself this month and my cheapest was £960 a year. 32, 3 points, 17 years NCB, kept on drive.

Found it very pricy but thankfully can afford it so didn’t put me off too much.

[TheGinger1]

There is massive price inflation on car insurance this year. Cars are more expensive and full of tech, when they are off the road for repairs, the parts and labour are costing more and the parts are taking far longer to get, which means hire cars are being used for far longer, which costs more, plus the hire cars cost the suppliers more to buy in the first place. It all adds to your premium regardless of none of your circumstances changing.

[londonpob]

Thanks for everyone's thoughts!

Sounds like everyone's insurance is going up, but glad to see the £3.5k quote isn't the norm.

[BMRed]

My X3M jumped from £600per year to £900 after haggling (initially £1100).

We’re in a decent part of the Wirral, low mileage. No points (god knows how with a X3M).

Have you tried a broker? £3k sounds absolutely mental.

Edited by BMRed on Friday 30th June 17:24

[londonpob]

BMRed said:

My X3M jumped from £600per year to £900 after haggling (initially £1100).

We’re in a decent part of the Wirral, low mileage. No points (god knows how with a X3M).

Have you tried a broker? £3k sounds absolutely mental.

Edited by BMRed on Friday 30th June 17:24

Hi, thanks, that's really useful.

A broker has come in at £1700, and highlighted they are seeing the issue with certain SUVs. I have since managed to get a more sensible quote from Admiral at around £1200 which whilst higher than I would like, isn't completely out of the ballpark.

Agreed, the £3k was crazy. If that was across the board it's enough not to buy the car, which makes me sad. Not quite ready for a Honda Jazz just yet!