£500 SR+ M3 insurance hike?!?!?

[Blueskye]

I just got my insurance renewal and the price was a hike of £500!!!!!!
I’m with Direct Line (I have been for 5yrs now, before Tesla even) and my previous premium was £1760 and the renewal was quoted at £2240.
I have no clue why this may be. I have driven the car almost nothing (only 3k up until recently, and added another 3K for recent work trips).
No accidents, no involvement whatsoever, no penalties, no speeding, no claims of any sort, no other changes?!
Also 1 yr older (under 30 but over 25) and one extra yr of NCD.

Has this happened to anyone else?!

 

[Tony Hoyle]

Just change insurers. Loyalty gets you nowhere these days.

 

[Mperkins28]

It was £1700 originally? Are they that much extra to insure then compared to ICE cars?

 

[Mrklaw]

Mine cost me about £60 to update through to the end of the year (9 months) swapping over from my 420 - bith about the same list price. So hopefully not too scary come renewal but always be ready to move insurers

 

[Tony Hoyle]

It was £1700 originally? Are they that much extra to insure then compared to ICE cars?

They're about the same as equivalently priced cars, with a bit extra because of the performance pushing them up an insurance group.

OP is under 30 so will be paying more than most anyway.

 

[gangzoom]

They're about the same as equivalently priced cars, with a bit extra because of the performance pushing them up an insurance group.

OP is under 30 so will be paying more than most anyway.

Age is probably the biggest factor, under 40, our X came in at under £350 this year. But for what its worth I'll happily trade been under 30 again and pay more for insurance versus been 10 years older .

 

[Blueskye]

Yes, I do think age is a huge factor as always... but to be honest I live in London so no premium for expensive cars is less than £1,000 anyways..
but my worry is the £500 difference? That’s an increase of 27.3% which seems very odd?

Did many M3 got into accidents during 2020?!

I’m going to price compare but last year I had zero options to insure the M3 as the insurers either declined or came at prices between £2,600 - £4,500!!!!

I also need class 1 business use to make things more difficult

 

[Blueskye]

It was £1700 originally? Are they that much extra to insure then compared to ICE cars?

I wouldn’t say so... Tesla’s have insurance class 49-50 (the highest), I’m sure that it’s the same to insure A Porsche or Range Rover tbh...

 

[Blueskye]

You guys.. this must be a sick joke because these are the premiums I got! (I don’t know if I’m meant to laugh or cry?!)

 

[UrbanSplash]

Omg. That’s outrageous. Just switch. They all carve parts of the market out. Accident history, age, everything. New quote might stray into another’s territory. It’s a racket.

 

[will_wonka]

Age is probably the biggest factor, under 40, our X came in at under £350 this year. But for what its worth I'll happily trade been under 30 again and pay more for insurance versus been 10 years older .

Wow - who are you using?

I have 14yrs NCD - clean record, clean 5 year period etc, postcode is good and the cheapest im getting is £900+ which is frankly a PT.
I also have another car which has 9 yrs NCD on, same clean profile - but regardless of who I have tried, its a blatant financial grab.

 

[will_wonka]

I should add, I'm the other side of 40 so effectively classed as a dinosaur now

 

[Blueskye]

Omg. That’s outrageous. Just switch. They all carve parts of the market out. Accident history, age, everything. New quote might stray into another’s territory. It’s a racket.

I wish I could! Direct Line it’s still the cheapest despite the price hike!!!!!
It’s so frustrating.

Here is another gem from another comparison site.
£7.8K
£11K
£19K

 

[imstitch]

I'm just under 25, have 5 years of NCD and my Tesla quote is under £1k, perhaps OP lives in a more high risk area for car crime/theft?

I'm currently in a C43 which retails around the same as mid level M3, my yearly is £820 so I don't think it's the car.

 

[Bernard_S]

Churchill seem to be doing some good deals at the moment. My M3 performance was £313 after I shopped around.
Mind you I am getting on a bit and have max no claims and live in a village.

 

[Dilly]

I should add, I'm the other side of 40 so effectively classed as a dinosaur now

At 68 I must be a fossil then
on the plus side I pay less than £400 fully comp

 

[will_wonka]

Its good hearing members are getting sensible quotes, but I can't get anywhere near those numbers.

Its a headline if a sheep gets stuck in a fence in Winchester and yet its seen as Beirut for insurance purposes!
Direct Line was £1200
Churchill was clearly now eating very expensive dog food - £1425

Story:
LV quoted £767 on a price comp. website - ran the next day and it went up to £960
Went back to original quote, realised I had put 13 yrs NCD, changed it to 14 yrs......it went up to £1046 - I mean WT*F

How you guys are getting such low prices is staggering.
I have an SO (Southampton) postcode but with 14 yrs NCD and a clean profile, you'd think I'd at least get closer(er) to the £500 mark

I feel like I'm 20 again for insurance purposes

 

[Blueskye]

Its good hearing members are getting sensible quotes, but I can't get anywhere near those numbers.

Its a headline if a sheep gets stuck in a fence in Winchester and yet its seen as Beirut for insurance purposes!
Direct Line was £1200
Churchill was clearly now eating very expensive dog food - £1425

Story:
LV quoted £767 on a price comp. website - ran the next day and it went up to £960
Went back to original quote, realised I had put 13 yrs NCD, changed it to 14 yrs......it went up to £1046 - I mean WT*F

How you guys are getting such low prices is staggering.
I have an SO (Southampton) postcode but with 14 yrs NCD and a clean profile, you'd think I'd at least get closer(er) to the £500 mark

I feel like I'm 20 again for insurance purposes

You haven’t seen nothing until you get your cheapest quote at £2,240 for only 6K miles. (With a SR+)

 

[Bernard_S]

Bit of advice, always shop around for quotes about 3 weeks before your renewal, they are hungry for business if they think you are serious and that the money will come in soon. When the time comes if your current insurer tries to screw you over say I've got this quote for X less, and see if they will haggle. If not, switch.
I think this advice originated from Martin Lewis.

 

[Blueskye]

Bit of advice, always shop around for quotes about 3 weeks before your renewal, they are hungry for business if they think you are serious and that the money will come in soon. When the time comes if your current insurer tries to screw you over say I've got this quote for X less, and see if they will haggle. If not, switch.
I think this advice originated from Martin Lewis.

Thanks.
I’m doing this already..
Renewal is Mid May so literally around the 21 day mark right now.
My problem is that on comparison sites I’m getting crazy prices and LVE gave £3,800+ and Churchill something similar too..
so no real shopping around
Dorect Line excuse is that I can’t get the Black box anymore so I can’t get the discount... (although it doesn’t actually do much due to my age being over).
But Yh.. looks like I’ll have to suck it up right now..