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Insurance for M3 [Trying to start a mega thread]
- Thread starter buzbe
- Start date
SR+, 12k Miles, no FSD, 24, west Midlands, 3 points and 4 years NCD - £896 from Churchill. Expecting mid £900’s with a close delivery date. Every other provider £2k+! Hectic excess (£500 voluntary, £950 compulsory) but that’s what the previously mentioned excess insurance is for...
Those who are leasing, have you considered GAP insurance? If not then look into it...
Say you’ve had the car 2 years, and it gets totalled. Insurance pays out £32k - their calculated market value, LeasePlans t’s&c’s state specifically that insurance must cover “the full retail replacement value of the Vehicle without deduction”. You could be looking at a £8k bill to top it up, with no legal recourse. Policy’s out there for £150 ish. The MoneySavingExpert article on it is well worth a read.
Those who are leasing, have you considered GAP insurance? If not then look into it...
Say you’ve had the car 2 years, and it gets totalled. Insurance pays out £32k - their calculated market value, LeasePlans t’s&c’s state specifically that insurance must cover “the full retail replacement value of the Vehicle without deduction”. You could be looking at a £8k bill to top it up, with no legal recourse. Policy’s out there for £150 ish. The MoneySavingExpert article on it is well worth a read.
I collect same day as you. Get a quote (you don't need reg number yet) and save the quote. I tried LV who quoted £1097. Tried Churchill and they quoted £539. Both quotes are saved so hopefully when I get reg number I can add and buy it. HTH
I collect tomorrow. Not heard anything other than an email on Monday saying I need to 'complete these steps unless I've already done them'. Need to make sure mobile data works on my laptop tomorrow...
I dont get it.
36, own my house, 8 years ncd. £1300 with 3k excess, or closer to 1900 with churchill and a few others like lv.
Performance model no doubt bumps up and I'm doing 25k commute. Fuel savings negate the huge jump in insurance but have to be cheaper somewhere. Putting the missus on who had an accident recently LOWERS it. Sometimes I think it's all just a con...
36, own my house, 8 years ncd. £1300 with 3k excess, or closer to 1900 with churchill and a few others like lv.
Performance model no doubt bumps up and I'm doing 25k commute. Fuel savings negate the huge jump in insurance but have to be cheaper somewhere. Putting the missus on who had an accident recently LOWERS it. Sometimes I think it's all just a con...
just got off the phone with LV who I have a policy with for my Jaguar I-Pace that got sent back recently. an extra £129 on top of what I paid for the Jag. I pointed out that the Model 3 was nearly £30k less than the Jag but got told some scripted response about "lots of factors when deciding cost of insurance" etc.
with all the safety features, built in dash-cam, sentry mode, 5-star safety rating, autopilot etc I'd have thought that model 3 insurance should be less than the Jag. maybe a model 3 is more desirable than the I-Pace?
oh, and a quick question to the masses. does the Model 3 come with a Tracker?
with all the safety features, built in dash-cam, sentry mode, 5-star safety rating, autopilot etc I'd have thought that model 3 insurance should be less than the Jag. maybe a model 3 is more desirable than the I-Pace?
oh, and a quick question to the masses. does the Model 3 come with a Tracker?
There is a search facility on this forum which may save you time asking questions which have already been answered in future, but the answer is yes it does.
AndrewGR
Member
I’m currently insured with General Accident. Online only communication. They won’t give me a quote until I have a collection date and a registration number. Their quote system for potential new customers won’t work for an M3 without a reg number because there is a compulsory field for ‘model version’ (as distinct from model where you can pick E.g. Model 3 LR AWD) and the field has no options available. I looked at some other cars without a reg and had options available. I imagine the vehicle list is common to most insurers so wonder if others have had this problem getting quotes?
d.c.palmer
10 years of EV driving
Insurance policies wax and wane when it comes to electric cars. Back in 2014 when we were looking for insurance for our first Model S, Admiral was quoting really low rates - and getting quite a lot of support. Fast forward one year, and their insurance rates sky rocketed (doubling in some cases) - which made it all look like classic "bait and switch".
Another company that was highly recommended was NFU Mutual. But then they gave up on Tesla - at least, they required a £2K excess for theft.
My wife and I have both used LV for the past five years - but beware! Every year they have tried to raise our premiums, despite no claims. So every year we cancel our policies with them, shop online, and sign back up as "new customers", thereby saving quite a bit of money.
Another company that was highly recommended was NFU Mutual. But then they gave up on Tesla - at least, they required a £2K excess for theft.
My wife and I have both used LV for the past five years - but beware! Every year they have tried to raise our premiums, despite no claims. So every year we cancel our policies with them, shop online, and sign back up as "new customers", thereby saving quite a bit of money.
I hate having to do the cancel and switch dance but with insurance, in particular, it seems to be a necessary evil. Just wondering how you go about actually cancelling before signing up again with the same insurer? How do you prevent any gap in coverage I guess is my question?
fair point. I apologise for not searching prior to asking. my brain said "I'm on a subject about insurance and I was asked by LV if the car had a tracker and I didn't know so I'll just type it here" without engaging any other type of logic.
d.c.palmer
10 years of EV driving
We don't actually cancel - we just don't have auto-renew enabled. We create a new policy, with a start date timed to ensure seamless coverage from the old policy. Invariably this is done online - it seems that all the major companies are playing the same game: trying to attract "new" customers at the expense of "old" customers. (Recent legislation - or is it simply a guideline? - is supposed to stop this, but there's precious little evidence of it working so far.)
MrBadger
Badger out
Most subscription companies have a retentions dept.
On renewal, shop the market and/or have a price in your head that you would be happy to renew at. Its not all about price and removing any grey area with continuity of service is worth a bit.
Then phone up your insurance companies retentions dept and just ask them for a price that would stop you from looking elsewhere (don't tell them you have already done that if you have, they then have upper hand if they know your red line) and see what they come up with. You may have someone on the end of the phone that gets commission from any renewal - that helps concentrate their mind!
I don't swap very often, and some (AA play a hard game) takes it right to the line. But I normally get something I am happy with, or better.
But always make sure you have a Plan B. No point going through the process if you don't carry out your threat once in a while. Cancel my renewal is a very powerful concept.
On renewal, shop the market and/or have a price in your head that you would be happy to renew at. Its not all about price and removing any grey area with continuity of service is worth a bit.
Then phone up your insurance companies retentions dept and just ask them for a price that would stop you from looking elsewhere (don't tell them you have already done that if you have, they then have upper hand if they know your red line) and see what they come up with. You may have someone on the end of the phone that gets commission from any renewal - that helps concentrate their mind!
I don't swap very often, and some (AA play a hard game) takes it right to the line. But I normally get something I am happy with, or better.
But always make sure you have a Plan B. No point going through the process if you don't carry out your threat once in a while. Cancel my renewal is a very powerful concept.
Live in NI, aged 37 , never a crash or claim etc however only 2 years no claims as learned to drive only ten years ago and shared a car until three years ago so wife built up the NCD. Collecting in Edinburgh on Sunday. Best quote was Churchill at £903 but with big excess eg £1600. Went with Broker in NI (Abbey) who were £937 with a £250 excess . Need to check thru the info when it’s emailed through but think it’s underwritten by AXA.
Glan gluaisne
Active Member
The LV habit of upping premiums for existing customers and offering a better price for the same cover for new customers annoys me. I've been with them for a while now, but have found that if I ring up when I get the renewal notice and say I want to cancel auto-renew, they always, without fail, magically find a way to reduce the renewal premium.
Be nice not to have to go through this daft little dance every year, as soon as the new legislation starts to take hold.
Be nice not to have to go through this daft little dance every year, as soon as the new legislation starts to take hold.
Singer3000
Member
These companies are pulling my plonker. Playing around online, 2.5k is best quote for SR+ but worst is 3.5k for 10,000 miles a year.
Returning expat, 36 years old, passed test in 2005, no points, accidents or claims in my life but haven't owned a car while overseas so don't have No Claims history.
Returning expat, 36 years old, passed test in 2005, no points, accidents or claims in my life but haven't owned a car while overseas so don't have No Claims history.
