Car insurance

[EmJ]

I've currently got a bmw 120d which I've paid £1100 for insurance on this year. It's a 55 plate.

I'm looking at buying the new 2 series m2 which is worth nearly 4 times as much as mine is now, yet the insurance is coming up as £722!!

Can anyone enlighten me as to why this might be? Does seen to make sense!

Tia

 

[Penny Vintage]

I'm sure there is a reason but I always found this. My partner insured a Granada about 4 years ago and it cost a fortune! £200 a month!! It makes it hard to pick cars as you have no clue what's cheap! My friend went from a 1.6 beetle to a brand new fiesta 1.1 and it had no change in insurance cost.. I went from a 1.7 puma to a 1.4 fiesta 05 plate and only saved £5 a month!?!
I've also found different insurers grade cars differently, my old insurer was cheap for faster cars but normal boring cars were more...

 

[SmartDesigns]

I think it has something to do with what I'd say as 'street value' on the car. For example I was told the small first time cars to buy are cheap Saxo's, Corsa etc but when I first passed my test I did a quote on a £500 Saxo and it was coming up with over £4000!, I then tried on a 06 plate Fiesta ST and it was £1800. I think the age category a car usually falls into more often can harshly affect the price

 

[Mobile Manicure]

There are so many factors that are considered. Whether it is predominately in an area which has a history of a lot of car theft, the age and gender of the driver, how many years you've been driving without making a claim, your yearly mileage, your occupation. Then there's the car itself, what it's worth, the mileage already on it. My insurance this year was just £370! I drive a VW Golf 1.4 TDI. It's only 2 years old and I've been driving for 10 years, never made a claim and am 45. I'm extremely low risk.

 

[WilsonBarberCo]

Cars have insurance groups, which only traders and insurance companies have access to (there are websites online which give you guidelines). The lower the insurance group, the cheaper the insurance.

Sometimes a cheaper car will be in a higher group because of engine size, or how efficient it is. My dad is in the motor trade so luckily I'm privy to this information!

 

[carolannr70]

its as if they just make up the number some times!

 

[dandelionpoppy]

Look at the Martin Lewis site.
Sometimes it can be as simple as altering your job title (it has to be truthful though). Also a really daft example I read was that cars parked on a drive attract lower premiums than those kept in a garage......apparently there is a correlation with clocking!

 

[SmartDesigns]

Look at the Martin Lewis site.
Sometimes it can be as simple as altering your job title (it has to be truthful though). Also a really daft example I read was that cars parked on a drive attract lower premiums than those kept in a garage......apparently there is a correlation with clocking!

I have seen this info somewhere before to but thought I could've imagined it since it seems kind of the opposite of what you would think it to be?

I have something similar with insuring a Sportbike recently. The insurance for driveway was £1200 but as soon as I put up a metal locked shed it was classed as 'locked building/garage' but this knocked the price down to £700!

 

[carol11375]

Look at the Martin Lewis site.
Sometimes it can be as simple as altering your job title (it has to be truthful though). Also a really daft example I read was that cars parked on a drive attract lower premiums than those kept in a garage......apparently there is a correlation with clocking!

This is good advice. The "money saving expert" website is good for lots of different things like credit cards, mortgages etc.

 

[jade_brooke]

Job does make a difference, I accidentally filled out the job part wrong and put I was part time rather than full time, my insurance was £700 with my 2 years no claims when the previous year it was only £700, so I checked my info and changed it back to full time and it went down to £425 x

 

[EmJ]

It's mad, I have literally changed no other information apart from the car!

The new car has a bigger engine and is worth more, really don't understand insurance sometimes and yes, it really is as if thy just make the number up sometimes!

 

[Pinkbunny28]

Sometimes they are in a lower insurance group because they are considered safer as they are newer with more safety features x

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[dandelionpoppy]

Cars can be in higher groups if they are popular as company cars.

 

[EmJ]

Just checked the insurance groups on them... My current car is group 24 and the new one is 39!! So now it makes even LESS sense! Lol

 

[SmartDesigns]

Just checked the insurance groups on them... My current car is group 24 and the new one is 39!! So now it makes even LESS sense! Lol

Are these quote prices from the same company and same price compare site? Or have you changed the commence date? I think the further away it is the price can also vary

 

[EmJ]

Yep company I'm with now and same price compare site! My car renewed about 4 weeks ago so there's that different in them. Surely 4 weeks wouldn't give that much difference tho! Not that I'm complaint because I did think having a brand new car at 24 would just be impossible to insure... Jut doesn't seem to make sense

 

[Baggybear]

This is what my other half said (he used to be an insurance broker selling car insurance).

Insurance isn't soley based on the value of the car, it is primarily based on claims ratios. The 2 series obviously has a lower claims ratio which could mean it has a better security system or better safety features, which means that any claims on those cars are lower in cost than they are on the 1 series.

 

[GlamourEyes11]

This is what my other half said (he used to be an insurance broker selling car insurance).

Insurance isn't soley based on the value of the car, it is primarily based on claims ratios. The 2 series obviously has a lower claims ratio which could mean it has a better security system or better safety features, which means that any claims on those cars are lower in cost than they are on the 1 series.

This is so true.

I have a Corsa (sports model) and my insurance is very expensive because it's classed as a "boy racer car" and high chance of a claim xxx

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[SmartDesigns]

This is so true.

I have a Corsa (sports model) and my insurance is very expensive because it's classed as a "boy racer car" and high chance of a claim xxx

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Perfect example of 'Street value' like I mentioned before silly really. My insurance as a named driver on a 308 Sport is £800 it's shocking! To be insured fully comp on my sportbike which is group 17 of 17 is cheaper than that!

 

[ashtonrose]

Im due to buy a fiat 500 in the summer and been pricing the insurance and last time I put in I was a student when checking ( this was 2 years ago ) and the price was shocking! Over £2000 for a corsa.

But checked last week and entered that Im a post grad student now and it came up at £999 for a 'nearly new car'!!

Perhaps this could be as this type of car is a full efficient car but never the less its the cheapest its ever came up for me!

Cant wait to finally pass my test and buy a baby!