[beerglass007]

Originally Posted by JNW1

Just run a renewal on my G21 M340i through Money Supermarket and it's coming out at £391 with a £300 excess with AXA; if I increase the excess to £500 the premium reduces to £327. That's based on a main driver in their late 50's with full NCB, a clean licence and requiring cover for SD&P use only.

In absolute terms the £391 almost sounds reasonable compared to the quotes some others have received but nevertheless in percentage terms it represents a very significant hike on the £300 I paid to Saga last year. However, if the potential cost of accident repairs has gone up (due to increased cost of spare parts, increased labour rates at garages, etc) perhaps it's not entirely surprising?

But is that a standard car without M Performance kit ?

[ZedsRedBaby]

Originally Posted by JNW1

Just run a renewal on my G21 M340i through Money Supermarket and it's coming out at £391 with a £300 excess with AXA; if I increase the excess to £500 the premium reduces to £327. That's based on a main driver in their late 50's with full NCB, a clean licence and requiring cover for SD&P use only.

In absolute terms the £391 almost sounds reasonable compared to the quotes some others have received but nevertheless in percentage terms it represents a very significant hike on the £300 I paid to Saga last year. However, if the potential cost of accident repairs has gone up (due to increased cost of spare parts, increased labour rates at garages, etc) perhaps it's not entirely surprising?

I'd go with the higher excess unless you think you have a higher than 32% chance of claiming. IMHO anything less than c£1500 isn't worth claiming for, cos they'll just recover it with higher premiums, so the chances of paying the excess ought to be quite low (significant accident damage or theft basically).

[JNW1]

Originally Posted by beerglass007

But is that a standard car without M Performance kit ?

Quite a lot of factory fitted options but even though they can (and did!) cost a fair amount of money they don't seem to make a car non-standard for insurance purposes.

No M-Performance kit or any after-market modifications on mine though. Out of interest what does the M-Performance kit on the M340i consist of - does it include a remap giving more power?

[Kibbo1984]

I just don't understand how insurance prices can go up so much after a year. Mine is up 50% on last year, with no claims, no points, no difference other than an extra years No Claims?! Couldn't find a quote less than 50% higher than what I paid the past year. Insane.

[Charlisdad]

The M Performance kit affecting my insurance was only a front lip, rear spoiler and rear diffuser. No engine enhancements.

[JNW1]

Originally Posted by Charlisdad

The M Performance kit affecting my insurance was only a front lip, rear spoiler and rear diffuser. No engine enhancements.

I suppose cosmetic enhancements might make a car more attractive to thieves but if the premium's getting on for double when there's no performance enhancement that seems excessive to me!

[UnluckySaxon]

Originally Posted by Kibbo1984

I just don't understand how insurance prices can go up so much after a year. Mine is up 50% on last year, with no claims, no points, no difference other than an extra years No Claims?! Couldn't find a quote less than 50% higher than what I paid the past year. Insane.

'No claims DISCOUNT' is the biggest load of BS around!

[beerglass007]

Originally Posted by UnluckySaxon

'No claims DISCOUNT' is the biggest load of BS around!

That's my point of the this post

Last year it was £390 this year £980 nothing has changed but told its the cost of parts, insurance companies have lost millions due to cost of repairs, EV cars taking 12 months to repair due to lack of parts and having to give them hire cars and the basic fact they don't want you in a nice 60K BMW

[DavidXJ]

Originally Posted by beerglass007

That's my point of the this post

Last year it was £390 this year £980 nothing has changed but told its the cost of parts, insurance companies have lost millions due to cost of repairs, EV cars taking 12 months to repair due to lack of parts and having to give them hire cars and the basic fact they don't want you in a nice 60K BMW

Mine has risen pretty much in line with these percentage increases. Of course, no one will dare tell EVangelists that there's nothing 'sustainable' about these premiums..!

[AzzaF30]

Insurance is a dark art, ive just moved from a MY17 F30 320D paying 620 a year, fully comp with business insurance to a MY19 G20 330I and i got a 45quid refund...

[Throatpunch]

Is this in years?
Im in the us- 41 y/o and wife on insurance too
Two cars and i pay $4500 a year.

[beerglass007]

Originally Posted by DavidXJ

Mine has risen pretty much in line with these percentage increases. Of course, no one will dare tell EVangelists that there's nothing 'sustainable' about these premiums..!

Talking of EVangelists I was out having a beer with someone who works for the Nationgrid over the weekend

He designs the UK systems and pretty said it can't support EV fully until 2036 and explained lots is required

They also said there is plans to convert current petrol stations to electric but can't have both. So as they convert petrol will become harder to source

Sound such fun times coming

[Kleev]

I just ordered my m340i touring, so earlier today got a quote on comparethemarket.

Admiral quoted me 746 quid for fully comp, 8k a year (3 years ncb). I lost my previous ncb as I lived abroad for a few years. I am pleasantly surprised with the price to be honest. I thought with inflation and the fact it's a more expensive car it would be much more than that. I have my current 330i with Admiral and last year I paid around 650.

The cheapest quote was Bell at around 650 but would mean getting a device fitted, which I don't want.

Shocked at some of the quotes in here for m340i's. No idea why mine is so much cheaper.

[Kinsman]

Try Money Supermarket. I found they were regularly the most expensive for me until I got a surprise last week that they can beat my quote and also offer a £20 gift voucher.

P.S it was with Aviva who also include new car replacement in the first 12 months of ownership.

[srbs73]

Good to know it's not just me and feeling a bit better seeing some of these insane quotes. Last year it cost me £362 for my G21 M340i and this year up to £516.

Did an online search and nothing below £580.

Interesting comment on why in the first few posts. My wife got an iX1 last week and she had to pay £750!

[xenon]

Really not looking forward to renewal having read all this. £370 last year...

[Charlisdad]

I think the main big hikes we are seeing is for cars with modifications. Standard cars are still reasonably priced.

[Rhino at Work]

Originally Posted by Charlisdad

I think the main big hikes we are seeing is for cars with modifications. Standard cars are still reasonably priced.

They're really not....

[Carbon dude]

Originally Posted by Charlisdad

I think the main big hikes we are seeing is for cars with modifications. Standard cars are still reasonably priced.

Is it worth while not declaring cosmetic mods to lower insurance? Granted, they won't pay out for damaged mods.

[Charlisdad]

Thats the risk some people are willing to take but not me. The chance an insurance company could not pay out at all because I failed to declare a rear spoiler is just a risk too far.

[SilverGrey]

Mine has doubled from £340 to £680. However that includes an ongoing claim, which is deemed as my fault, until proved otherwise. If/when that happens, I will receive a refund, but don’t know what that will be.

[HighlandPete]

Originally Posted by xenon

Really not looking forward to renewal having read all this. £370 last year...

According to the Insurance Business, the average increase is +19% over last year.

https://www.insurancebusinessmag.com...se-433976.aspx

I've just had my next year's quote with BMW Car insurance and their increase is stated as 19.12% over last year.

ABI Explain the reason for the increases.

https://www.abi.org.uk/news/news-art...tor-insurance/

Rising costs for insurers continue

Examples of increasing cost pressures cited by some ABI members include:

Energy inflation adding £71.75 to each repair.

Average paint and material costs have increased by nearly 16%.

Comparing 2022-Q3 with 2021-Q3 the average paint cost on repair has increased by 20%.

An estimated 40% of all work is now being affected in some way by parts delays.

Courtesy car costs to repairers are increasing at around 30%.

In addition, the average price of second-hand cars increased by 19% in the year ending July 2022, (source: Auto Trader)