M50d insurance

[RichM50d]

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?!

[bimjim]

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.

[mogsyman]

Mine with LV was about £500 which was more expensive than the M5!

[X5M50d]

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.

[BKRM50D]

£450 with Directline and they were the cheapest for me .

[RichM50d]

Thanks guys, glad it’s not just me! I’ll check out LV and Direct Line later.

[X5Sport]

The simple answer unfortunately is that the F15 is high on thieves ‘wanted’ lists so insuring them is seen as more risky.

[RichM50d]

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.

[X5M50d]

Did you try Hasting Direct?

[RichM50d]

[quote="X5M50d"]
Did you try Hasting Direct?
[/quote]

£750 per year

[X5M50d]

[quote="RichM50d"]
[quote="X5M50d"]
Did you try Hasting Direct?
[/quote]

£750 per year
[/quote]

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

[Dogzyboy]

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.

[X5M50d]

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?????????????????

[RichM50d]

[quote="Dogzyboy"]
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.
[/quote]

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!

[RichM50d]

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?! )