UK 1M Insurance Price Rise

[Pinta]

A couple of months ago when people started taking delivery of their 1M's a number of us were looking at Insurance prices.

I am 36 with a clean license, 10,000 miles per annum, 12 years non claims bonus, no points or convictions, UK citizen from birth with a garage in a low crime area etc so I would say on paper a good prospect for any insurance company.

Initially I got a good number of quotes on the search engines between £500 - £600 and a couple members even dipped into the late £400’s. Now my car has finally arrived and I collect on Friday these quotes are no longer available and the lowest quotes are in the late £600's and the larger majority coming in around £1300.

What's changed, have the insurance companies cottoned on to how quick the car really is or been watching all the drift, wall & helipad videos?

[kmpowell]

Funny you should say that. When I first rang up inquiring how much extra a 1M would be over my 120d, I got told £150. Then 2 months later when I actually come to update my policy, it's gone up to £210 extra. I said to the guy on the end of the phone that I had a previous quote, and he said he could see the notes on my file showing that. He double checked all the details were still the same, but it was coming out more.

I think insurance companies are worried about them being stolen. I know I am a bit paranoid, but that might just be "new car" syndrome.

[ChrisBuer]

Perhaps they've finally realised that it's a limited run car and therefore difficult to replace if stolen or damaged?

I just ran another quote on Confused.com and the prices have come back all very reasonable and similar to before. Between £500-600 or so. I'm 32, married, home owner, social use only, around 9000 miles a year, car is garaged etc with 12 years NCB.

Just to note, when selecting the model of the car, I am selecting: BMW M1 COUPE 2011- 2979cc COUPE Manual Petrol

Although it's not an M1, I can only assume they have got the name of the car wrong, as it is a 2979cc and is a 2011 car.

[as7920]

I would agree with Chris in that the limited run could be the factor

I went with BMW insurance as they were cheapest for me in the end and also offered Multicar.

Even they took a while to find the car in the database when preparing the free 7 day insurance.

[Schnorbitz]

My cover was £100 cheaper than the TTRS I had previously (same company - Admiral), when I reinsured the TT in Feb it had gone up about 20% on last year.

Everyone's insurance has gone up this year due to an epidemic of these staged accident personal injury scams.

[ChrisBuer]

Originally Posted by Schnorbitz

My cover was £100 cheaper than the TTRS I had previously (same company - Admiral), when I reinsured the TT in Feb it had gone up about 20% on last year.

Everyone's insurance has gone up this year due to an epidemic of these staged accident personal injury scams.

Out of interest (and not to change the topic), but how does the TT-RS compare to the 1M?

I ask as a friend of mine has a TT-RS and always raves about how good it is.

[Schnorbitz]

The TT RS is a very good car indeed, but it's on a different page completely as far as chassis finesse is concerned, it's a pretty blunt instrument compared to the 1M.

The engine is something else however, it must be one of the very best performance car motors ever, if the 1M engine had just 10% of it's charisma it would be a hell of an amount better than the dull domestic appliance it is at the moment.

The TT is almost as rare as the 1M too, only ~ 550 sold in the UK since 2009 apparently.

I'm happy I made the change but the TT is a very good car.

[LeifW]

Originally Posted by Pinta

What's changed, have the insurance companies cottoned on to how quick the car really is or been watching all the drift, wall & helipad videos?

Maybe the insruance companies saw Jeremy Clarkson's review of the 1M on Top Gear.


Leif W.