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Should I insure another car before a M3 purchase next year?

Discussion in 'The UK and Ireland' started by marcopinder, May 22, 2017.

  1. marcopinder

    marcopinder New Member

    May 22, 2017
    London, UK
    Hi all,

    As the title suggests - should I insure another car before a M3 purchase next year?

    To explain further - I live in London, 34 years old, don't own a car, and haven't done so since 2009. I have a M3 reserved (but only since start of December) so don't expect to get the option to purchase until mid-2018.

    With no insurance history anymore, I was wondering if it is worthwhile to plan ahead by buying a cheap car (<£300) and insuring it for the next 12 months to build up my NCD in order to lower the insurance on the M3 when it comes to insuring it.

    Running through quotes on Compare the Market for a MS with zero NCD vs. 1 year NCD was approx. £1k difference!

    I've read about people buying a £50 car, insuring it, making payments, but scraping it almost immediately. Seems dodgy to me, but if its legal and helps me lower my overall premium I'm open to it. I'm not fussed about owning a car for the next 12 months and not using it.

    All ideas and suggestions welcome.

  2. WannabeOwner

    WannabeOwner Active Member

    Nov 2, 2015
    United Kingdom
    Road tax and MOT each year?

    Dunno if it would count against NCD, but you could keep it offroad (assuming you have an offroad location) and do a SORN and thus not need to do Road Tax or MOT, so basically just insure the vehicle (without the possible risk!! associated with insuring a scrapped vehicle!)

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