E39 M5 Insurance - spec me a broker / company

PeterNem

PeterNem

PeterNem

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Joined
15 Feb 2003
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8,327
Location
NJ/NY, USA
I occasionally check insurance prices online as I guess I just have nothing better to do. I've noticed over the past few months the quotes I've been getting are going up and up.

Whereas Bell would quote me 1500 their quotes are now 1900. It seems most insurers have gone up around the same proportion.

My renewal quote from my current insurers (Privilege) pleasantly surprised me at £1275... sad really that I'm pleased it's that "low". None of the other mainstream insurers can come close to that.

I've tried bell, norwich union, direct line, churchill, prudential, lloys TSB, Tesco, Elephant... etc etc.

Privilige also come out the cheapest when running a new quote, including on the insurance comparison sites (although somewhat at odds with my past experiences, their renewal price is actually better than their new customer quote for the same details).

Today I decided to phone around a few brokers based on my housemate's success of shaving hundreds off insurance for his group 20 car (Honda S2000). Nobody seems interested in me. The company that shaved his insurance down (Chris Knott underwritten by Highways insurance) from 1300 to 800 told me I'm too much of a risk and they'd not be interested.

Another "performance" insurer (Sky) couldn't come anywhere near the privilege price.

Why is it I'm getting the best price for a moderately quick car from a mainstream insurer associated with the mainstream moderate motorist and not from a performance specialist? Seems really odd.

I was really hoping following the success of my housemate of trimming his insurance quotes down I'd be able to possibly get near the 1k mark (given we're similar ages, same address etc etc) but it seems not to be.

In case any insurance brokers are reading and are interested.... 25 years old, 5 years NCB, No claims in the last 3 years, 1 conviction (SP50) in April 2007 leading to 4 points and a fine. 2001 BMW M5 with no modifications and an active Tracker Monitor subscription. 8,000 per year Social/Domestic/Commuting and occasional business use. Living in Watford (WD18) Feel free to quote me happy!
 
Green light came in at about 1300 and wouldn't drop it even though I told them it was more than my Privilege renewal.

Waiting for A-Plan to get back to me.


Edit: Where's Merlin :p
 
While it is definately worth waiting for the possibility of A-plan coming through i really cant see this thread proving fruitful :( You have tried more than 99% of people would even know to recommend.
 
chris knott would have been my trump card, they've got special VXR owners discounts as they're on the VXRonline forums and doing a lot of publicity.

They are picky (refusing to insure anybody in manchester or liverpool or norther ireland just to start) but if you fall within the group they'll cover they can be cheap

Not sure why they wont cover you though m8, being in leafy herts and all that.
 
I would have said Privilege but that doesn't really help you :)

tbh if their quote is the lowest and it's less than you pay now, can't go too wrong. I've found them to be very good when looking at stuff, was running some quotes through last night on some things and most things were coming out at £500 or less (E46 M3, S2000)! Although an Evo or a Clio V6 were around £700 :(
 
Well,...just did a few runs to see if I could find who was cheaper for me to try and give you a tip, but half didnt insure me and the others were £5000 plus :(
 
Oh btw..probably not even relevant to the thread but... Before I bought my car I did LOADS of insurance quotes from different companies.

When it got to sorting out my loan, I'd had 3 or 4 credit checks done in the last 3 months. It turns out that 2 of them were from internet insurance quotes! WTF! Apparently its in the terms and conditions that you agree to when doing the quote online. (or so the guy on the phone told me)

One of the companies that logged their check was Direct Line but I cant for the life of me remember who the other one was.

Companies like Admiral & Bell were showing up but they weren't logged as credit checks so banks/finance companies don't see them.

It didn't affect me because that was the only negative but just thought Id warn people as it still gives negative points on a credit score and could be the difference between getting a loan, or not.
 
Runs off to find credit score.....

Previous searches show the names of organisations that have seen some or all of the information recorded on your credit report within the past 12 months. Searches of your credit report should have been made with your consent. Most will relate to credit applications you have made but some may be routine checks by your lenders on accounts you already have. Unrecorded enquiries, quotations, identity verification checks and credit report applications are shown for you on your copy of your report but are not seen by lenders.

Then it tells you all the things that are good about your credit score...which are in green. Then anything thing that goes against your credit score (in red).


Which I had something along the lines of you have had over 3 searches in the last 3 months!!OMG!wtf!

When I went into it I had...
Vodafone - Just taken out a new contract.
Then 2 (different dates) from - RBS PLC IRO DIRECT LINE - Searched by RBS PLC IRO OF UKI PARTNERSHIPS - Application Type - Insurance.

The online insurance quotes Ive had from directline have been for car insurance. One for an S2000 and another for my Z4.
I rang the Experian helpline to query wtf those searches were, and he explained that some companies do a proper search when giving quotes online. Too many searches in a period of time looks bad and gives you negative points on your credit score. (With Experian anyway).

I have LOADS of other searches from Admiral, Bell, Diamond, Elephant but they all go down as Unrecorded Enquiry (which nobody else sees).
 
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On November 13, 2008 your Experian Credit Score was ***.

Listen, Im about as clueless as you get when it comes to loans but my credit report is telling me that I have a credit score.And right now I am viewing it :p
 
OllyM said:
Those checks don't affect your credit standing so no idea who told you that, but it's rubbish :p
Click to expand...

if they show up on the credit report then yes they do. more than 3 checks in either 3 or 6 months will get new lenders / credit alarm bells ringing.

and yes you can view your credit score with either experian or equifax if you sign up to their services.
 
I insured my 330i through Halifax (which I found through moneysupermarket) and they are really really cheap compared to everyone else. Might be worth a try.
 
TomO said:
if they show up on the credit report then yes they do. more than 3 checks in either 3 or 6 months will get new lenders / credit alarm bells ringing.

and yes you can view your credit score with either experian or equifax if you sign up to their services.
Click to expand...

They are usually unrecorded enquiries that don't affect your credit standing.

Those 'credit scores' are worthless - lenders do not use them and they are just a way of the companies making money. Lenders look at your credit report and judge it on their own criteria, not on a number Equifax or Experian have generated.
 
Elephant/Admiral? Bit of a long shot I know.

Just realised you're from Watford - never seen that car about though!
 
Highways insurance
Click to expand...

On a side note, tell your housemate to get off them as quickly as possible, they've got a very bad reputation in the car community. There is a thread on Mazda Rotary Club that basically lists the lies they tried to pull to get out of settling a claim. (including, finding him on said forum and gathering 'evidence' that he 'races' his car)
 
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OllyM said:
They are usually unrecorded enquiries that don't affect your credit standing.

Those 'credit scores' are worthless - lenders do not use them and they are just a way of the companies making money. Lenders look at your credit report and judge it on their own criteria, not on a number Equifax or Experian have generated.
Click to expand...

Congratulations on reading my post. I did already say that most only showed up as unrecorded enquiries. The checks from direct line were recorded and will go on anybody's credit report. Get 3of these in 3 months and it WILL (regardless of what you think) affect your chances of borrowing money.
Too many searches will go against you even if they don't use experian and use their own scoring system. So I don't really know what your on about.
 
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