[RS61]

Anyone here in the UK and getting their insurance renewed?

I've got a 2021 M5 Comp, worth about £60k. It's got a JB4 and a M Performance Suspension, both declared. Only driver, 8 years no claims, 40 years old, London.

Used to cost me about £1k-£2k to insure. Premium for this year is £5k.

Just checked a few comparison sites and even for a standard unmodified one, the cheapest premium they're coming out with is £4k. Is everyone seeing the same - is that just the cost of insuring an M5 these days?

[SenorFunkyPants]

I thought mine going up from £680 to £1100 was bad enough!

[F30Andy]

Originally Posted by RS61

Anyone here in the UK and getting their insurance renewed?

I've got a 2021 M5 Comp, worth about £60k. It's got a JB4 and a M Performance Suspension, both declared. Only driver, 8 years no claims, 40 years old, London.

Used to cost me about £1k-£2k to insure. Premium for this year is £5k.

Just checked a few comparison sites and even for a standard unmodified one, the cheapest premium they're coming out with is £4k. Is everyone seeing the same - is that just the cost of insuring an M5 these days?

What part of London are you in?

[NoMods]

purely guessing here, that living in London would be the majority of the cost? how is the crime there?

[jm490]

Im having a hard time understanding how a 2021 M5 comp is worth 60k unless it had over 60k miles. unless I missed car values plummet recently

[Bestle]

I've just renewed mine with Admiral and managed to get it for £1300 with all mods declared. I'm in my early 30s, in the midlands and the car is garaged.

I suspect the mods and location will be your biggest contributors, having any mods at all rules out 90% of insurers completely.

[RS61]

Ok thank you, sounds like it's something very specific about where I live in that case. To be fair a car got stolen literally next door a few weeks ago. And I have to keep it on the street.

[DavidXJ]

Certainly this is a common pattern in terms of rises: every company right now is passing on the inflation-driven cost of labour and parts to customers' premiums, irrespective of whether they themselves claim. (And no claims discounts seem to be making hardly a difference, if they're overridden by postcode liability etc.) Mine went up 200 quid to just under a grand, and I felt lucky, given the wider context.

It's also clear that EVs are rapidly driving up premiums across the board: more costly and complex to repair; more courtesy cars needed for longer. Anyway, let's hope the price surges have reached their peak--as some predict they will this last quarter. But meanwhile, unfortunately in the OP's case, location is now also factored in. Call it another excuse to hike premiums; but any signal of risk nowadays triggers inflated quotes.

For those with mods, btw, Adrian Flux might be a good alternative.

[smbsocal]

I love my M5 but I hate the insurance cost, even in the US it is very expensive.

[jnotrom711]

Originally Posted by jm490

Im having a hard time understanding how a 2021 M5 comp is worth 60k unless it had over 60k miles. unless I missed car values plummet recently

Agreed, even with 60k miles a 2021 would be worth more than 60K, probably more like 70-75,000.00 would be my guess.

My insurance in the states for a 2019 Comp is about 125.00/ month with full coverage on everything and higher than average limits and lower than average deductible. I could probably get it down below 100/ month if I wanted a higher deductible and lower coverage limits.

crazy

[JRF90]

Originally Posted by RS61

Anyone here in the UK and getting their insurance renewed?

I've got a 2021 M5 Comp, worth about £60k. It's got a JB4 and a M Performance Suspension, both declared. Only driver, 8 years no claims, 40 years old, London.

Used to cost me about £1k-£2k to insure. Premium for this year is £5k.

Just checked a few comparison sites and even for a standard unmodified one, the cheapest premium they're coming out with is £4k. Is everyone seeing the same - is that just the cost of insuring an M5 these days?

I’m seeing the same. In south east London which doesn’t help. Not looking forward to renewal time next year. Current quotes are landing at GBP 4/5k.

[RS61]

Originally Posted by JRF90

I’m seeing the same. In south east London which doesn’t help. Not looking forward to renewal time next year. Current quotes are landing at GBP 4/5k.

Ah damn, I was hoping it was some sort of database error which would get cleared up next year. If you're also seeing the same level of quote then it's a London situation, and they must be getting stolen all over.

[thebigben]

Try insurance from BMW itself (Underwritten by Wrisk)

I've only been driving in the UK for a year so almost nobody wants to insure me with that NCD (and parking on a driveway instead of in a garage) but I only pay 3k a year which is about half the other options. It'll require a tracker but that's a small price to pay for the discount!

[MackSea70]

I’m sure no consolation or surprise. Rates in the US are on the rise too.

Clean record no accidents, good coverage. Mine went up 200 per six months this renewal and the same amount last renewal.

So in year I’ve seen my annual insurance cost go from about 1,250 to 1,8xx all while the car has depreciated.

[bikeboy16]

I live in the UK, rural part of Devon. I'm in my 50s, full no claims, and no penalty points, my insurance has jumped from £440 in October to my new renewal now in December of £1300 !!
They are taking the p***.
I can see why people don't bother insuring and take the pitiful fine if they get caught.