Londoners - what’s you insurance premiums for M3?

[Blueskye]

Hi everyone!
Looking for comparables on insurance premium...
Just coming up for renewal on my previous Direct Line insurance and just wanted to see if it’s comparable to others.
I had a small car previously, and had a telematics policy which bagged me a 30% discount...
So I’m under 30 but over 25 ... 4 years NCB, live in zone 4... no kids..6K-8K miles on policy and I was quoted £1783 (after discount.. before discount was a whopping £2550).
Quite a good and responsible driver, since I’ve bagged myself the max discount available... but I feel like the insurance is really high without the discount...
Heard of many people mentioning premiums of £600-£800

Also... deductible was their standard £500.
No voluntary excess chosen..

what do you guys think are these quotes a good deal?

not sure if it matters but the car is SR+ no FSD, 20 plates.

What are you paying?

 

[R4zb3rry]

Have you tried getting a quote with a generous voluntary excess and then taking out an excess cover policy - may well afford a better price overall?

 

[Blueskye]

Have you tried getting a quote with a generous voluntary excess and then taking out an excess cover policy - may well afford a better price overall?

Never heard of an excess policy before!
Have you got any suggestions?
Also... what would a generous excess be? Thanks

 

[TheManofMead]

£1,783 oh my the price of insurance is brutal for you under 30’s. Given the premium level it’s presumably unlikely that the policy holder would make a “minor claim”, as no doubt the excess will harsh and you wouldn’t want to lose your NCD except for an extreme claim I guess.

 

[dayone]

@Blueskye When I had my Model 3 Performance with FSD last year, Direct Line charged me £1,800 for 10k miles a year, Zone 5, London, 3 years NCB and age 45. If I had chosen the Long Range, it was around £1,500. I can't remember the excess, but I always go for the lowest possible excess.

Yes, some people are paying much cheaper premiums for Model 3s but most tend to be living outside of London.

 

[bhav]

I think location plays a huge factor (as well as your age, and the value of the car itself obviously).

On my Audi A3 there was a £300 reduction just from moving address from my place (zone 4, NW London) to parents' (zone 5, NW London). Obviously I didn't actually use the incorrect address but just showed that it was location influencing so much of the cost (over 30% in my case). Painful!

 

[R4zb3rry]

Never heard of an excess policy before!
Have you got any suggestions?
Also... what would a generous excess be? Thanks

Have a read of here:

https://www.confused.com/motor-excess-insurance

Sometimes it’s worth playing around with the numbers on your main quote to see what savings can be made dependant on the excess - I think the link above mentions a max £2k cover for £70 so, I would get a quote with a £2k combined mandatory and voluntary excess and see what it does to the policy cost - obviously it would have to save more than £70 to be worth the hassle.

 

[Jason71]

Have a read of here:
https://www.confused.com/motor-excess-insurance
https://www.confused.com/motor-excess-insurance

Sometimes it’s worth playing around with the numbers on your main quote to see what savings can be made dependant on the excess - I think the link above mentions a max £2k cover for £70 so, I would get a quote with a £2k combined mandatory and voluntary excess and see what it does to the policy cost - obviously it would have to save more than £70 to be worth the hassle.

Its good but the thing to be aware of is that the amount is a total not a per claim generally so if you get £1000 of cover and your excess is £1000 you can only have one claim after that its gone so if you plan to have multiple accidents in one year you might not be fully covered. I guess if you did have an accident and claim you could maybe take out another policy afterwards?

 

[bhav]

Its good but the thing to be aware of is that the amount is a total not a per claim generally so if you get £1000 of cover and your excess is £1000 you can only have one claim after that its gone so if you plan to have multiple accidents in one year you might not be fully covered. I guess if you did have an accident and claim you could maybe take out another policy afterwards?

Who plans to have one accident let alone multiple? I would suggest that if anyone is having to forecast how many accidents they plan to have please just stay off the road to begin with!

 

[Mr H]

Move north. I’m paying £400 a year

 

[Russinating]

So many factors with insurance, you only have to play with some of the inputs to see that it's purely based on data and not common sense. Location, age and NCB are obviously the big 3 and you're on the wrong side of all of them.

Insurance is higher if you say you have 3 cars in your household vs 2 for example (+5% for me). No obvious logic or reason there that I can think of other than households with 3 cars make more claims for some reason (I presume).

As a company director in a niche sector that is never accurately defined my job role can legitimately be listed as one of many things and that swings things +/-10% for me every time.

Hell, even on the run up to buying my insurance for my M3 there was a huge +/-20% swing depending on whether I ticked the purchased yet box or set it as the pickup day, and when I wanted cover to start. Obsolutely no difference in risk, the fundamentals were the same.

 

[Blueskye]

Move north. I’m paying £400 a year

Mr H I’m despising your premium right now. (They need to add a crying emoji because that’s what I’m doing right now! )

but on the funny side... I do spend quite a bit of time up north..

 

[Blueskye]

So many factors with insurance, you only have to play with some of the inputs to see that it's purely based on data and not common sense. Location, age and NCB are obviously the big 3 and you're on the wrong side of all of them.

Insurance is higher if you say you have 3 cars in your household vs 2 for example (+5% for me). No obvious logic or reason there that I can think of other than households with 3 cars make more claims for some reason (I presume).

As a company director in a niche sector that is never accurately defined my job role can legitimately be listed as one of many things and that swings things +/-10% for me every time.

Hell, even on the run up to buying my insurance for my M3 there was a huge +/-20% swing depending on whether I ticked the purchased yet box or set it as the pickup day, and when I wanted cover to start. Obsolutely no difference in risk, the fundamentals were the same.

Im a director too and can never find my field as one in the sites... have to decide which one of a few I need to tick! maybe we’re in the same field?? ​

 

[TheManofMead]

Move north. I’m paying £400 a year

Me too

 

[TheManofMead]

Other factors to consider to help lower your premium include:
Add your bride as a named driver
Choose parked on drive rather than garaged overnight
Buy your policy around 21 days pre renewal (optimal time apparently)
Job description is critical
I'm sure most of you knew that already!

 

[m-i-l]

I'm in London zone 2 (NW3) and paying £928 a year with Churchill. The Model 3 LR is my first car and I have zero no claims bonus so that's not likely to have helped, although I'm not in my 20s so that might have helped.

 

[EVMeister]

Add your bride as a named driver

Does that mean you need to complete the insurance application on or near your wedding day?

 

[Adopado]

Move north. I’m paying £400 a year

Move further north ... mine was £230!

 

[DaddyCool]

Move further north ... mine was £230!

But not too far as it goes back up again for Auld Reeky

 

[Adopado]

But not too far as it goes back up again for Auld Reeky

Yes, any city is going to be different. We are pretty much in the back of beyond .... also the insurance prices started going up noticeably for the M3 (and others?) after September 2019 so I am expecting a significant increase at renewal.