Insurance for M3 [Trying to start a mega thread]

[Thunderbird1]

The closer the time to pick up the more the insurance costs.At renewal that is going to be different though.LV £445 Compulsory £500 excess.Nil Voluntary excess.This premium was rising to over £650 as you get even closer to the delivery date.

 

[MrBadger]

Never take the first quote that DL offer you, especially on renewal.

Just to reiterate this with example. Just got renewal for next year through for different car. Price up from last. Called to see what they could do to stop me shopping around. Less than 5 minutes on phone, about 9% discount just for asking and renewal less than last year. I'm not going to bother shopping around with that. I like Direct Line and prefer continuity of insurance so no grey area and happy with the premium.

 

[phillcom3]

Tesla do have their own recovery, but when I spoke to them at Stockport they said they wouldn’t rely on it, and I really ought to have some other breakdown cover!

IDK how much the Direct Line one is, but I’ve used Autoaid, £60 for the year.

It was 60 aditional

 

[BelfastEV]

For those in N.Ireland... from Novo:

Unfortunately we don’t currently have a market in Ireland and would be unable to process an insurance quotation for yourself.

 

[Lickrob]

On the topic of insurance, I am surprised as to how many friends are not aware of these facts so i thought i would share:

• When doing a Car insurance quote. selecting the cover start date to be 'Tomorrow' always increases the premium, often by a lot.
• Sole policies are typically more expensive. Add someone on even if they are never going to drive the car (parent, spouse ect)
• Protected no claims typically isn't worth it over 3 years Article

 

[Cowpring]

Anyone know when your reg should be able to be searched when doing an insurance form?

I just got my reg from my leasing company, but when I try and add it to my insurance quote it says it can't find the vehicle?

 

[Cowpring]

Update: did it over the phone so insurance all sorted now.

 

[dakang]

Not sure how you're all getting these quotes of a few hundred quid.

I appreciate insurance is subjective and full of variables... But I've 9years NCB, no accident no claims, driving for 25 years, not a single issue.

M3 LR AWD

LV=£2000!
Direct Line =£1000
Churchill= £1200

Genuinely gobsmacked.

 

[Roy W.]

Not sure how you're all getting these quotes of a few hundred quid.

I appreciate insurance is subjective and full of variables... But I've 9years NCB, no accident no claims, driving for 25 years, not a single issue.

M3 LR AWD

LV=£2000!
Direct Line =£1000
Churchill= £1200

Genuinely gobsmacked.

How do these quotes compare to what you’re already paying? My M3 was about half as much again as my previous car. Probably your London location.

 

[JCremonini]

Just checked my quotes again and they have shot up. LV were previously quoting me £370 and now it’s £750

 

[dakang]

How do these quotes compare to what you’re already paying? My M3 was about half as much again as my previous car. Probably your London location.

Fair point - was paying £380 for a 12 year old car!

 

[RealEvil_UK]

I have 20 years no claims and was quoted about £350 more per year than my 2 year old car. Sounds about right to me though I hoped it would have been a tiny bit less

 

[drmarkreid]

I just re-quoted with LV and my new quote is £582 - that's about a £200 increase from the quote that I got 4 weeks ago. Insurance companies cashing in on Model 3 becoming more popular....

 

[MrBadger]

I just re-quoted with LV and my new quote is £582 - that's about a £200 increase from the quote that I got 4 weeks ago. Insurance companies cashing in on Model 3 becoming more popular....

Or just getting closer to delivery? Sweet spot is several weeks before its required - cue Roy...

 

[JCremonini]

I put end of November for my quote so it’s not simply because it is getting closer to required date.

LV have been the cheapest to date and they will have algorithms to help stop the underwriter being exposed to too many models, too quickly, which are an unknown risk.

 

[Daverh]

How your email address can affect your insurance premium

Check this out regarding email addresses and multiple searches! I've already found that changing my and my wife's job titles slightly gave a difference of around £20 between best and worst.
Not advising giving false info but in my case my job could be any of... computer engineer, computer analyst, software analyst, software developer, computer programmer .... for an information tech company, business consultancy, software developer etc.

 

[Glan gluaisne]

Just had a quote from LV, and it seems pretty reasonable. I renewed the policy on 11th September on the i3 for £284. Just had a quote to change to a M3 LR and the additional premium was £135. Working that back pro-rata it looks like the M3 premium for a year would be around £446. Only major changes are a much larger accidental damage excess and windscreen excess, the explanation given (which seems reasonable) is that Tesla are the only supplier of windscreens and the only authorised repairer.

I was expecting a premium of around £600, so it being around £450 seems pretty reasonable.

 

[NoUserName7]

Thx ...some of the wording on the policy made it sound like they wouldn't pay a penny if your claim totalled less than the total excess ...i.e. a £1100 claim they would pay back £1000 but a £400 claim (e.g. for a minor scratch or paintwork) and they would pay nothing . But I probably read it wrong .

I don’t think you did, I would imagine the small print says you need to prove a claim on your parent policy. Fact is you are only going to be able to do that when the cost is greater than your excess. So, effectively you are paying £40 to cover you in case of an accident big enough to trigger that excess.

Looks like they cover any amount of the excess (see the attached screenshot), but correct me if I am wrong. I've got this from Car Excess Insurance | Save money vs. your add-on policy.

 

[KennethS]

Looks like they cover any amount of the excess (see the attached screenshot), but correct me if I am wrong. I've got this from Car Excess Insurance | Save money vs. your add-on policy.

View attachment 475071

Not to be overly analytical, but it seems to me under all of these excess coverage policies you need to first make a claim under your main policy and have your excess applied to then claim it under the excess policy. By way of example, you have a minor prang on your own with no other person or property involved (say you scrape the side of your car in your own drive). The cost to repair is £500 and your excess is £750. Most people would not involve their car insurance since it falls below your excess and reporting it on your insurance means you would receive nothing toward the repair but it might be recorded as an incident on your policy and have implications on your premiums going forward.

So, in the example above, while the insurance excess cover should pay out the £500, it will only do so after you have claimed under your main insurance and had the claim rejected or reduced by the amount of your excess. That is how I read the clause, "In relation to each settled claim under your motor insurance policy...."

I suppose it is not a lot of money to take the coverage and then have the option to use or not use it in light of the circumstances at the time. However, in many cases I suspect I would simply take the hit and deal with the minor damage out of pocket anyway.

 

[NoUserName7]

I suppose it is not a lot of money to take the coverage and then have the option to use or not use it in light of the circumstances at the time. However, in many cases I suspect I would simply take the hit and deal with the minor damage out of pocket anyway.

Hmm... It makes sense...