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Author Topic: M50d insurance  (Read 1435 times)

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June 04, 2018, 10:27:30 AM

RichM50d

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M50d insurance
« on: June 04, 2018, 10:27:30 AM »
It's insurance renewal time, and I'm truly shocked at the premiums I'm getting back. I've used the comparison sites, BMW insurance, and Privilege, and all are coming back at over £1k per year.

That's for a 43 year old with maximum no claims, no points, and a named driver with maximum no claims, and no points.

Out of interest, I changed the car to a 2018 M3 Competition, which knocked £500 off the premium, and then tried a 2017 M6 Convertible, which knocked £400 off the premium!

Does anyone know why this car is so expensive to insure, and can anyone recommend a decent insurer, as I'd rather sell the car than pay over £1k to insure it?!

June 04, 2018, 10:51:15 AM
Reply #1

bimjim

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Re: M50d insurance
« Reply #1 on: June 04, 2018, 10:51:15 AM »
I've just been through the same process. Similar scenario in terms of no claims, no points and one additional named driver with the same...

I managed to get it for £390 with LV on a multicar policy - I think it was around £430 without the multicar discount. Sainsbury's weren't far off either. My renewal from Direct Line was just under £700.

I don't think insurers like the X5, probably because so many of them are stolen. I do keep mine in the garage, which might help a bit, but I think post code plays a big part too.

Current: 2015 F15 X5 M50d
Previous: 2007 E70 X5 4.8 M Sport

June 04, 2018, 11:10:33 AM
Reply #2

mogsyman

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Re: M50d insurance
« Reply #2 on: June 04, 2018, 11:10:33 AM »
Mine with LV was about £500 which was more expensive than the M5!
2016 X5 M50d
2016 X3 2.0D M Sport

Previous

F10 M5
120D M Sport
335i DCT Vert
997 C2S
30D M Sport X5
2.0D M Sport X3
535D M Sport
4.8iS X5
3.0D M Sport X5
320D M Sport Cab
996 C2 Cab
Boxster S
Golf GTi (150 D)

June 04, 2018, 11:21:40 AM
Reply #3

X5M50d

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Re: M50d insurance
« Reply #3 on: June 04, 2018, 11:21:40 AM »
Yep had the same issue about a month ago - over £1000 renewal.
In the end with a bit of shopping around ended up going with Hastings Direct @ £750 with the usual extras.
Me (56) plus named driver (wife), within M25, business use, 3 points, no accidents and parked on drive.
This is about the same as I paid last year.
Hope this helps.

June 04, 2018, 02:01:07 PM
Reply #4

BKRM50D

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Re: M50d insurance
« Reply #4 on: June 04, 2018, 02:01:07 PM »
£450 with Directline and they were the cheapest for me .

June 04, 2018, 05:50:44 PM
Reply #5

RichM50d

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Re: M50d insurance
« Reply #5 on: June 04, 2018, 05:50:44 PM »
Thanks guys, glad it’s not just me! I’ll check out LV and Direct Line later.

June 04, 2018, 06:03:42 PM
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X5Sport

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Re: M50d insurance
« Reply #6 on: June 04, 2018, 06:03:42 PM »
The simple answer unfortunately is that the F15 is high on thieves ‘wanted’ lists so insuring them is seen as more risky.
:type: Never anthropomorphise computers. They hate that.

June 04, 2018, 06:10:32 PM
Reply #7

RichM50d

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Re: M50d insurance
« Reply #7 on: June 04, 2018, 06:10:32 PM »
LV won’t insure the car unless it has a tracker. If I get a monitored tracker fitted, it’ll drop to £499 per year, which is better.

Question is, what’s the cheapest insurance recognised monitored tracker on the market? Initial research, it’s looking like £200 for the unit and around £150 per year, plus I get the pleasure of having my car taken apart to fit it. >:(

Direct Line quoted £1150.

June 04, 2018, 08:37:31 PM
Reply #8

X5M50d

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Re: M50d insurance
« Reply #8 on: June 04, 2018, 08:37:31 PM »
Did you try Hasting Direct?

June 04, 2018, 09:04:38 PM
Reply #9

RichM50d

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Re: M50d insurance
« Reply #9 on: June 04, 2018, 09:04:38 PM »
Did you try Hasting Direct?

£750 per year

June 04, 2018, 09:50:34 PM
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X5M50d

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Re: M50d insurance
« Reply #10 on: June 04, 2018, 09:50:34 PM »
Did you try Hasting Direct?

£750 per year

Well that's a good start!
You may get it cheaper if installing a tracker but IMO not worth the agro.


June 04, 2018, 10:35:21 PM
Reply #11

Dogzyboy

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Re: M50d insurance
« Reply #11 on: June 04, 2018, 10:35:21 PM »
I had the same issue too. I’m now paying around £600 with Aviva but had to get a tracker fitted to get it down to that  >:(

I got the Trackstar which is apparently BMW approved but it set me back around £300 plus around £130 a year.

It was all a massive shock to me as I figured it would only be a little more than the SQ5. How wrong was I.

June 04, 2018, 10:43:14 PM
Reply #12

X5M50d

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Re: M50d insurance
« Reply #12 on: June 04, 2018, 10:43:14 PM »
That's the price you pay for having such a great car!
I'm into my second year and dreading the bill for new tyres (15k miles wear) new brake pads and discs, and after the 3 year warranty is up, those expensive unexpected problems.
I think the biggest worry, is what the car is worth when my 4 year PCP contract is up versus what I owe?????????????????

June 05, 2018, 07:34:17 AM
Reply #13

RichM50d

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Re: M50d insurance
« Reply #13 on: June 05, 2018, 07:34:17 AM »
I had the same issue too. I’m now paying around £600 with Aviva but had to get a tracker fitted to get it down to that  >:(

I got the Trackstar which is apparently BMW approved but it set me back around £300 plus around £130 a year.

It was all a massive shock to me as I figured it would only be a little more than the SQ5. How wrong was I.

I refuse to get a tracker, as there’s no way I’d want the thing back if some scrote ever nicked it. I’ll phone Privilege today and see what they have to offer, as I’ve been with them for a couple of years (won’t hold my breath!).

Worst case, £750 isn’t the end of the world, but I haven’t paid anywhere near that for insurance in over 25 years of driving, including several M cars.

I’m still struggling to get my head around why this costs twice as much to insure as a brand new £70k M3!

June 05, 2018, 05:56:53 PM
Reply #14

RichM50d

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Re: M50d insurance
« Reply #14 on: June 05, 2018, 05:56:53 PM »
Had a long chat with the insurance company today. It’s the thefts that put the premiums up. The X5 is top of the theft list, with the Q7, Cayenne and the RRS also at very high risk.

So, do I pay for the insurance and just wait for it to get nicked, or cut my losses?! :))