Young male, luxury car, how to get insurance down?

TrickyWicky

swbrua wrote: »

As one would assume, for me to be in the situation I am in I spend almost all of my time working, I have no friends and I want a nice car because I like nice cars, not because of the associated status or ego boost heh.

Damn it! I thought we were getting along so well and were about to strike a deal too! No seriously, all the best to you fella, it's not easy working hard with no social life (I've been there) so I can certainly understand how you feel. I did the same a few years back, I was working every hour god sent, had no friends etc so bought a cheap nice car (£1100). Not the same as an audi or beemer (I don't like them anyway) but the car was (and still is) a stunner that impresses those who see it. It kept me going through times when i had no social life etc so i can see where you're coming from. At the end of the day its your money, it's your life and you've got to live it. As long as you have a smile on your face what else matters?

esmerobbo

Thought of a nice classic and classic insurance?

Gordon_Hose

lol... "cute"?? You sound like a right bell.

petrolhead69

Doing pass plus gives you the equivalent of 1 years ncd so is well worth doing and ticks the box of additional training. When I insured my first BMW 735SEi at 19 I got a whacking discount by adding my 24 year old girlfriend as a named driver. Audi A6 seems to get reasonable quotes compared to bmws. Putting a mileage limit on the policy helps a bit too. IMO though a luxury £15k car does just as much and will be just as reliable and cost a lot less to insure, get it detailed keep it maintained and stick a private plate on it and the extra 10k buys such a small difference its barely worthwhile. If it was me though I'd buy an old BMW 750 and buy shares in shell with the change ;-)
If your still dead set on a £25k car look at the Jag XF, they are fantastic.

Notmyrealname

swbrua wrote: »

So here's my question: how can I decrease the cost of insurance on a luxury car as a young male in the fastest time possible? Would it make sense for me to get a reasonable car (say £10,000 cost) and insure it at maybe £3k/year and then in 2 years they would see that as proof I was a good client, or would the value of the car (and therefore yearly) cost not matter?

The value of the car doesn't matter as much as the insurance group it is in. I did a test quote for my son on my 2004 Ford Mondeo diesel as a driver who had their full licence 2 months. The quotes were £3900 upwards - thats a "we don't want your business" price.

Would it make most sense to get a second hand £1000 car, pay £1500/year insurance for 2 years and then try to get the nice car? This assumes no accidents or claims. I think the best way to ask this is: does the value of the car previously insured affect future claims? Do they check anything besides your age, gender and no claims?

WE HAVE A WINNER. Cheap low performance runaround is the way to go to start off with. The value of the car previously insured has no effect on future premiums, only your claims history does.

My aim is to decrease the yearly cost of insuring myself on a nice car in a reasonable time period (I would hope 2 years, but obviously longer if necessary) and in an efficient manner. If it would require me to purchase a £5,000 car today and then pay £4,000/year for 3 years to insure it, I may as well get the car that I want now, but if it'll cost me £2,000 to purchase a car and £2,000/year to insure it then it would make financial sense to do that.

You're not going to get sensible quotes for a high insurance group car your side of 25 years old.

andrewbarke

Quotes might supprise you, it was cheaper for me to have a brand new (2010) 2.0 TDCi focus, than a 2002 1.4 Rover.

mcjordi

your never gonna get cheap insurance on a bmw at 20 year old with a license for only 2 months.

try adding parents.. but if did that it puts my insurance UP!

atm i dont drive but i was paying £50 a month on a xsara diesel.. :eek:

on something like an M3/M5 beemer im talking about 1200 (im 27 with 5 years no claims)

RichGold

Get on hormones, live as a woman for a year by which time the NHS will consider the operation. That should bring your premiums down.

Weird_Nev

Buy a cheap but reasonable car - shop around and do multiple quotes (with someone who doesn't have your name and lives next door to you but who is otherwise you!) with a number of cars and you might find some gems. Spend I'd say no more than £2k on the car itself. Check things out like Volvos, Bigger fords, Some older BMW's (seriously try a 2000+ BMW 5 series you never know what it might turn up!), and just generally every make/model of car that you've never heard of anyone under 21 driving and isn't a typical performance car.

Roll around in it for a couple of year,s well, 20 months to build up 2 years no-claim on a 10 month accumulator.

then, with your £25k + interest, shop around for insurance, only now you're 20 with 2 years proven no claims in an older "prestige" car and a much more viable prospect.

tim9966

I'd wait a bit. It will be cheaper in a years time when you are 21 and hopefully have 1 year NCB, and will be much cheaper by the time you're 25.

If you want it know you are going to have to pay. Adding a female to the policy will make it slightly cheaper.