Another car insurance question...

Mr.Pat

Hi All,

Long time lurker, occasional poster, long time absentee here, so apologies if this is posted incorrectly.

My dream car is the E46 BMW M3. I'm 24 years old and currently own a 2003 BMW 330CI. Absolutely love it, but I would love to make the move to the M3.

Problem is that I cannot seem to get an insurance quote anywhere on it!

I've 6 years no claims to my name and insurance on my current car is around €700, fully comp. I'm definitely not complaining, I think it's a great price.

I did try ringing my current insurer to ask them could I simply change mid policy, but they said they couldn't as the M3 was such a high performance vehicle.

Any tips/advice on finding insurance would be most welcome!

Carpentry

Try Quote Devil or one of them brokers, First Ireland maybe.

Mjolnir

Mr.Pat wrote: »

Hi All,

Long time lurker, occasional poster, long time absentee here, so apologies if this is posted incorrectly.

My dream car is the E46 BMW M3. I'm 24 years old and currently own a 2003 BMW 330CI. Absolutely love it, but I would love to make the move to the M3.

Problem is that I cannot seem to get an insurance quote anywhere on it!

I've 6 years no claims to my name and insurance on my current car is around €700, fully comp. I'm definitely not complaining, I think it's a great price.

I did try ringing my current insurer to ask them could I simply change mid policy, but they said they couldn't as the M3 was such a high performance vehicle.

Any tips/advice on finding insurance would be most welcome!

You'll struggle at 24 regardless of your ncb. Some companies t&c's state a minimum age for high risk / high performance cars. Some being 30 or over. Only option is to ring around and see who bites but expect to pay through the nose.
People will tell you they are obliged to accept the new car mid policy, not strictly true if you've agreed to specific terms and conditions in your contract (which you have) and what you're trying to do falls outside those t&c's.

Ring around or if you're into older m3's 20+ years old and can afford one theres the classic insurance route.

73bc61lyohr0mu

Yeah I'm 33 with a full licence since I was 18 and years of ncb. On both my Saab 93 Aero 210bhp and my 95 Aero 260bhp my insurance was over €1100..

Vicxas

I think the majority of brokers will flout the over 30 rule.

Is that rule where if you get 3 or 5 refusals someone has to quote you?

thebiglad

You will probably get a quote from XS Direct.ie but their policy from memory is €3,000 all sections excess so go in with eyes open.

But as a final option...

Mr.Pat

Vicxas wrote: »

I think the majority of brokers will flout the over 30 rule.

Is that rule where if you get 3 or 5 refusals someone has to quote you?

That rule is an option alright, but I don't think the quote has to be reasonable.

It's a shame really, I understand as a young male I'm high risk but I struggle to understand how my current car is so cheap when I can't even get a quote on an M3!

Also I did try First Ireland, they couldn't give me a quote either.

Mjolnir

Vicxas wrote: »

I think the majority of brokers will flout the over 30 rule.

Is that rule where if you get 3 or 5 refusals someone has to quote you?

Basically one company will be "compelled" to give a quote, no rule to state it can't be prohibitively expensive.
Could decide to throw any number they like at you to prevent you from taking the quote. Perfectly legal too.

Mjolnir

Mr.Pat wrote: »

That rule is an option alright, but I don't think the quote has to be reasonable.

It's a shame really, I understand as a young male I'm high risk but I struggle to understand how my current car is so cheap when I can't even get a quote on an M3!

Also I did try First Ireland, they couldn't give me a quote either.

Young Male under 25 - high risk
Area you live in - could be risk
High performance car - high risk
Desirable car to thieves - high risk


M3 given it's heritage and being touted as a high performance car will always carry a higher loading than a 330 - not considered to be a performance version as such. More so just a higher power variant of the e46 model. M3 technically is taught of as a model of it's own outside the 3 series by many.

Actually when you turn 25 you should be able to classic insure an e46 M3 from 2000/2001 with some companies.

Henry Ford III

Mr.Pat wrote: »

Hi All,

I'm 24 years old and currently own a 2003 BMW 330CI......
......I've 6 years no claims to my name and insurance on my current car is around €700, fully comp. I'm definitely not complaining, I think it's a great price.

I think that's really good value.

I also think you'll struggle to insure an M3 unfortunately.

Bobo2606

Mr.Pat wrote: »

Hi All,

Long time lurker, occasional poster, long time absentee here, so apologies if this is posted incorrectly.

My dream car is the E46 BMW M3. I'm 24 years old and currently own a 2003 BMW 330CI. Absolutely love it, but I would love to make the move to the M3.

Problem is that I cannot seem to get an insurance quote anywhere on it!

I've 6 years no claims to my name and insurance on my current car is around €700, fully comp. I'm definitely not complaining, I think it's a great price.

I did try ringing my current insurer to ask them could I simply change mid policy, but they said they couldn't as the M3 was such a high performance vehicle.

Any tips/advice on finding insurance would be most welcome!

Same thing here. I own Lexus is250, 6yrs no claim, 29yrs old, 780€ insurance.
First thing, I had this insurance when I lived in a small village near Cork. Now I moved to Dundalk, they quote me double!

But anyways.. I can't get a quote on anything older with 200+ hp. I was looking into S3 8l, no quote whatever I put in.
I don't know what it takes to drive a car like that...

I wonder are all those guys on car meets with evo's, m3s, rs4's, millionares or what? Because I see younger guys as well.

Mjolnir

Bobo2606 wrote: »

Same thing here. I own Lexus is250, 6yrs no claim, 29yrs old, 780€ insurance.
First thing, I had this insurance when I lived in a small village near Cork. Now I moved to Dundalk, they quote me double!

But anyways.. I can't get a quote on anything older with 200+ hp. I was looking into S3 8l, no quote whatever I put in.
I don't know what it takes to drive a car like that...

I wonder are all those guys on car meets with evo's, m3s, rs4's, millionares or what? Because I see younger guys as well.

Some front on daddies insurance policy, yup 100% illegal, nope most people don't care, some have families who have the money to pay it.
I could get reasonable insurance on any Silvia since my early 20's, just couldn't afford the car.
I can also insure an evo cheaper than your is250 and I'm younger than you, it's all about the boxs you tick as an individual. Funnily enough the only car I can't get quoted on is a wrx sti, I can get quoted on an R34 but not a wrx go figure.

Bobo2606

Mjolnir wrote: »

Some front on daddies insurance policy, yup 100% illegal, nope most people don't care, some have families who have the money to pay it.
I could get reasonable insurance on any Silvia since my early 20's, just couldn't afford the car.
I can also insure an evo cheaper than your is250 and I'm younger than you, it's all about the boxs you tick as an individual. Funnily enough the only car I can't get quoted on is a wrx sti, I can get quoted on an R34 but not a wrx go figure.

By the boxs, you mean the way I fill out the insurance form? Or you have some other things to add to your driving experience?

Mjolnir

Bobo2606 wrote: »

By the boxs, you mean the way I fill out the insurance form? Or you have some other things to add to your driving experience?

By box I mean your age, driving history where you live etc
It's a box ticking exercise so a risk assessor can determine the price you pay by fitting certain criteria

Mr.Pat

Mjolnir wrote: »

Some front on daddies insurance policy, yup 100% illegal, nope most people don't care, some have families who have the money to pay it.
I could get reasonable insurance on any Silvia since my early 20's, just couldn't afford the car.
I can also insure an evo cheaper than your is250 and I'm younger than you, it's all about the boxs you tick as an individual. Funnily enough the only car I can't get quoted on is a wrx sti, I can get quoted on an R34 but not a wrx go figure.

What do you mean they quote on Daddy's insurance?

Bobo2606

I guess that vintage car insurance is the way to go. But that has to be your second car, not your daily.

Mjolnir

Mr.Pat wrote: »

What do you mean they quote on Daddy's insurance?

Fronting is being named as a driver on someone else's policy when you're the main driver / it's actually your vehicle.

Mr.Pat

Mjolnir wrote: »

Fronting is being named as a driver on someone else's policy when you're the main driver / it's actually your vehicle.

Not that I would ever do such a thing...

But I know at least one company wouldn't quote my father when he tried to include me as a named driver on his vehicle. He had to remove me in order to insure the vehicle.

Still do wonder how these young lads seem to do it. I know of a lad younger than me driving a 2.5 litre Skyline!