Insurance costs

MouldyOldDough

What's a rough estimate of insurance costs for a 25 year old male - first car - 0% NCD - On a Fiesta Ghia 1400 - in a country town... (NOT city)

I remember a few years ago - seeing quotes of £1000's for a first car - is that the same today ?

MattMattMattUK

MouldyOldDough said:

What's a rough estimate of insurance costs for a 25 year old male - first car - 0% NCD - On a Fiesta Ghia 1400 - in a country town... (NOT city)

I remember a few years ago - seeing quotes of £1000's for a first car - is that the same today ?

He will need to get quotes himself as job, mileage, black box etc. will all have an impact. Somewhere between £2k and £5k would be my guess.

Slight side note, you seem to ask a lot of questions that are totally unconnected, not related to any one person, or even a group of people, but just random, do you mind if I ask why? Are they real?

paul_c123

Comparison sites are your friend: compare the market; confused; moneysupermarket; go compare.

CliveOfIndia

I have to agree with previous comments - it's pretty pointless anyone here trying to make a guess as there are so many variables associated with any insurance quote.  Even aside from variations in the driver's age, location, type of car, driving history, etc., most policies have a whole host of optional extras which may or may not be useful to the driver, and which can affect the cost fairly substantially.

It's far easier these days than when I was young and there was no such thing as the internet.  Price comparison sites will give you a far more accurate estimate, and make it easy to play around with variables such as excess amounts and optional extras.

MouldyOldDough

MattMattMattUK said:

MouldyOldDough said:

What's a rough estimate of insurance costs for a 25 year old male - first car - 0% NCD - On a Fiesta Ghia 1400 - in a country town... (NOT city)

I remember a few years ago - seeing quotes of £1000's for a first car - is that the same today ?

He will need to get quotes himself as job, mileage, black box etc. will all have an impact. Somewhere between £2k and £5k would be my guess.

Slight side note, you seem to ask a lot of questions that are totally unconnected, not related to any one person, or even a group of people, but just random, do you mind if I ask why? Are they real?

Yes they are genuine questions 
Maybe I just have an enquiring mind or perhaps a difficult life? 

DullGreyGuy

MouldyOldDough said:

What's a rough estimate of insurance costs for a 25 year old male - first car - 0% NCD - On a Fiesta Ghia 1400 - in a country town... (NOT city)

I remember a few years ago - seeing quotes of £1000's for a first car - is that the same today ?

Stick the details in confused.com and you will get a much more accurate number than on here. You're also missing key details like when they passed their test. 

https://www.moneysupermarket.com/car-insurance/car-insurance-statistics/ has some general data but there are wide spreads around the "average" premium it gives for each age group etc

ButterCheese

MouldyOldDough said:

What's a rough estimate of insurance costs for a 25 year old male - first car - 0% NCD - On a Fiesta Ghia 1400 - in a country town... (NOT city)

I remember a few years ago - seeing quotes of £1000's for a first car - is that the same today ?

Yes, gone are the days when a smaller car was cheaper.  now with all the data available, they assess risk on all the data collected for car model, age, job, location, your Unclue's shoe size etc etc.  A lot will depend on your postcode and how many of the proposed cars you wish to buy have been involved in a claim.

My advice to anyone is, shortlist 5 cars in your locality that you would actually buy (ensure they have full service history etc etc), then do a comaprison site search on all of the cars, making sure you delete cookies/use a private browsing tab between each.  Then you go for the car which has the cheapest quote.  It might be worthwhile to buy a more expensive car, or one that has lower MPG or higher tax, if it is hundreds per year cheaper to insure.  After that, you could also try some companies direct who may offer cheaper for black box etc.

So in summary, if you're not fussy about cars then choose the most undesireable ones that are mostly driven my older people and cover less miles and are stolen less.

Quick example: my cousin was looking at small cars (Fiestas etc) for his son.  Quotes were coming back between 1500 and 2000.  He then wondered what it would cost to give his son his old diesel range rover - that came back at £850.  It's more expensive to run but you more than make up for that with the insurance saving

DullGreyGuy

ButterCheese said:

MouldyOldDough said:

What's a rough estimate of insurance costs for a 25 year old male - first car - 0% NCD - On a Fiesta Ghia 1400 - in a country town... (NOT city)

I remember a few years ago - seeing quotes of £1000's for a first car - is that the same today ?

Yes, gone are the days when a smaller car was cheaper.  now with all the data available, they assess risk on all the data collected for car model, age, job, location, your Unclue's shoe size etc etc.  A lot will depend on your postcode and how many of the proposed cars you wish to buy have been involved in a claim.

Most insurers are using the same methods as they did in the 70s the difference is the speed of computational power and the fact the logic can be built into a sophisticated rating engine rather than having to be printed into a manual and sent out to brokers who lookup the values themselves. 

Even then a land rover would have probably been cheaper to insure for a young driver than a Fiesta, the key difference is that now they'll differentiate from the Fiesta ST and the Fiesta GL etc which became impractical when trying to print it in table that'll be posted out to brokers once a month or so 

Relatively recently some insurers pricing were still mainly 1D lookup tables with the occasional 2D and just have a percentage modifier to a base premium for each rating attribute. 

MouldyOldDough

I drove a 3 litre capri as a 22 year old student. 
Insurance cost me around £200 and I have never paid over £300 for insurance in the last 40+ years!! 

CliveOfIndia

The other thing to bear in mind is what insurers actually have to pay out.  Even if the car you drive would only cost a couple of thousand to replace, that's nothing compared to the potential payout for injury claims - which could run into the tens or hundreds of thousands.

So yes, if the car you drive is statistically involved in a lot of crashes, it'll be more expensive to insure.  Partly because the insurers have to pay for the repairs, but more importantly because every crash has the potential for an injury claim - or simply for claims for damage to "street furniture", lamp posts, public buildings, other people's garden walls, whatever it may be.

Why is a Lamborghini or a Ferrari so expensive to insure?  Yes, of course, it's more expensive to repair than a Fiesta.  But, to take an extreme example, they tend to be driven by top-tier footballers (who are the only people who can afford them!).  If they break a leg in a crash and can never play again, their potential lost earnings would run into millions.  In that scenario, the cost of repairing or replacing the car is almost insignificant.

OK, that's slightly tongue-in-cheek, perhaps.  But there are so many factors that go into insurance pricing, some of which may not be immediately obvious.  And yes, very often the actual value, or even the performance, of the car plays only a very small part.

DullGreyGuy

CliveOfIndia said:

Why is a Lamborghini or a Ferrari so expensive to insure?  Yes, of course, it's more expensive to repair than a Fiesta.  But, to take an extreme example, they tend to be driven by top-tier footballers (who are the only people who can afford them!).  If they break a leg in a crash and can never play again, their potential lost earnings would run into millions.  In that scenario, the cost of repairing or replacing the car is almost insignificant.

OK, that's slightly tongue-in-cheek, perhaps.  But there are so many factors that go into insurance pricing, some of which may not be immediately obvious.  And yes, very often the actual value, or even the performance, of the car plays only a very small part.

Other than their insurer would never be the one paying out for their insured's broken leg, that would be the third party insurer (assuming the footballer wasnt at fault) or no motor insurer (if the footballer was at fault)

You are on the right lines though... own vehicle repairs are typically small compared to the cost of third party claims. In practice it tends to end up circa 50/50 because you have one party claims (hits own garage, drives into a ditch, theft, fire etc) which more or less balances it out. 

Whilst cost of vehicle repairs is an important consideration so too is the average person that drives this kind of car. Hence when looking to buy our last car, either a Mini Cooper S (ie hot hatch) which is group 24 or a 4.8L 2 seater costing 4x as much and group 50 the Mini was actually the more expensive car to insure despite repair costs being much lower