For the people saying the cheaper cars are more expensive to insure, it's because Insurance companies see cheaper cars as higher risk. Say we have two Fiestas, one's worth is declared as £350, and the other is a minter and declared at £2K. To them the £350 Fiesta is classed a higher risk as the people driving them are more likely to treat them like a banger...
But if you're the kind of person who maybe has bought a car brand-new and kept it for ever, as its value gets less your costs would go up. That's completely illogical too!
... I always used to quote their value as what I paid for them (sub £500). I struggled to get insurance until one told me that low value = high risk. I've not had that problem since .
FWIW, I'm 26 driving a modified manual BMW E32 735i on a daily policy for 8K miles, 4 years NCB, no accidents, no points. I pay around £550, which I feel is on the high side, but I'm tied into a multicar policy so I didn't have much choice. My previous car on the policy was a Land Rover Defender and I was only paying £350.
I missed your post before - this is useful information, thank-you.
A my insurance on a 110bhp Multipla, with 15k miles, 12 year NCB, no accidents, no points is more than yours on a modified 735i then I'm definitely going to claim my car is worth more than it is
You get quoted £1600 to insure an old Escort and you're 42? What did you do? Bum-rape the head of the ABI's wife or something?
Everything in my sig is insured and it costs me about £240 fully comp for the lot.
Exactly my point And yet, if you can insure eight cars, most of which are at least ten years older than that Escort, at under a fifth of the cost, surely the system is out of whack.
Nope, system works fine from where I'm sitting!
Mine are all on a classic policy.
For the most part cars insured like mine won't be crashed, will be looked after, owner actually cares about the car and if it gets bent I'll probably try mend it myself. Insurance company favourite type of customer.
Theres people saying "Oh my Mk3 N reg Fiesta is a classic" and some insurers put a classic whitewash on a regular policy but end of the day its still just an old banger so its high risk to them.
Risk on modern cars does my head in. I can't figure that out. Like I say, I try avoid owning modern crap. This is after all a modified classic forum LOL
When I was 24 a Peugeot 306 GTI-6 cost me £721 to insure fully comp, an MGB £100 (albeit on a 1000 mile classic policy), and a Porsche 944 S2? £600 on the nose, and that was the only policy to allow me to drive other cars too! For some reason that insurance company claimed they would never let anyone under 25 be insured on a 3.0 car, yet online it seemed not to be the case!
Like Al I have at one point had my classics being cheaper to insure that one daily (£140 for the Stag and my MGB, when my Pug 306 was setting me back £300 a year).
If you want to hear something silly try this. When I sold the 306 DTurbo I planned to buy a 306 HDi. At around the same time my sister (19 years old) expressed interest in being put on the policy. The HDi was about £400 more to insure with her on over the DTurbo (it went down to £800 on the DTurbo). You would think a 106 GTi would be insurable? Wrong, it was £50 more to insure over the 306 DTurbo and significantly cheaper than the HDI, which as you can guess scrapped the idea of me buying a new car for some time.
As with the above cases, the lesson really is to try and quote any car on insurance (it is amazing the amount of people who automatically assume a car is uninsurable due to it having a 'large engine' a sporty badge and other excuses.
As for insurance being so much I blame the claims culture and the abuse of it (Talk about legalised theft).