Unusual insurance quote but in a good way!

Heres Johnny

Right so does this sound right? I drive a 2014 BMW 530D and my insurance costs me about 800 I forget the exact figure. I've plenty of driving experience and no claims etc...so that's all fine.

Girlfriend looking to buy a car for first time and she's getting extraordinarily high quotes as I knew she would, 3k+ on the Like a of a Yaris etc. No driving history except a year on parents policy which I doubt counts for much, she is 24 years old and has a provisional licence.

She will drive very little and I think her spending 10k on a car which will lose all it's value and pay 3k a year on insurance for a few years when 90% of the time she will want to drive my car is free. So I put her details into the site I bought my insurance through and it's giving a quote of 500 above the cost of insuring me alone, 1300 for a full year.

I just did it for the laugh but now it's becoming a real option

2 obvious issues from my point of view is the size of the car and the power (but she can drive pretty well) and the fact she can't drive unaccompanied until passing test but how the hell have the insurance company only priced this at 500 quid? I'm an actuary (but on life insurance/pensions side) so know the craic and I've double checked all details and they're right.
It's just it's a bank holiday and I can't ring to add her to policy.

Strange goings on. The car is a 155mph 250bhp and can insure her for 500 quid??

brightspark

What will happen to your premium if she is unfortunate to make a claim?

Realistically a high claim could result even if she was driving a mini.

Both of you will be looking at high premiums if either of you make a claim.

Wildly Boaring

Heres Johnny wrote: »

Right so does this sound right? I drive a 2014 BMW 530D and my insurance costs me about 800 I forget the exact figure. I've plenty of driving experience and no claims etc...so that's all fine.

Girlfriend looking to buy a car for first time and she's getting extraordinarily high quotes as I knew she would, 3k+ on the Like a of a Yaris etc. No driving history except a year on parents policy which I doubt counts for much, she is 24 years old and has a provisional licence.

She will drive very little and I think her spending 10k on a car which will lose all it's value and pay 3k a year on insurance for a few years when 90% of the time she will want to drive my car is free. So I put her details into the site I bought my insurance through and it's giving a quote of 500 above the cost of insuring me alone, 1300 for a full year.

I just did it for the laugh but now it's becoming a real option

2 obvious issues from my point of view is the size of the car and the power (but she can drive pretty well) and the fact she can't drive unaccompanied until passing test but how the hell have the insurance company only priced this at 500 quid? I'm an actuary (but on life insurance/pensions side) so know the craic and I've double checked all details and they're right.
It's just it's a bank holiday and I can't ring to add her to policy.

Strange goings on. The car is a 155mph 250bhp and can insure her for 500 quid??

Only one person can drive the car st the time?
Does seem low to add. But I know my wife was nothing to add to my last 330. She only had 1 or 2 years NCB back then.

Heres Johnny

brightspark wrote: »

What will happen to your premium if she is unfortunate to make a claim?

Realistically a high claim could result even if she was driving a mini.

Both of you will be looking at high premiums if either of you make a claim.

Fair point but that's just the nature of driving and insurance. Just never thought this would be a viable option and when I said to her a few weeks ago I'd put her on my policy instead we both kinda laughed and I never even checked until today.
But it seems an annual bill for her of about 8k to drive her own car once or twice a week could be cut down to just a few hundred.
If the insurance company classify her as a low risk then I might too and allow her drive my pride and joy!

Heres Johnny

Wildly Boaring wrote: »

Heres Johnny wrote: »

Right so does this sound right? I drive a 2014 BMW 530D and my insurance costs me about 800 I forget the exact figure. I've plenty of driving experience and no claims etc...so that's all fine.

Girlfriend looking to buy a car for first time and she's getting extraordinarily high quotes as I knew she would, 3k+ on the Like a of a Yaris etc. No driving history except a year on parents policy which I doubt counts for much, she is 24 years old and has a provisional licence.

She will drive very little and I think her spending 10k on a car which will lose all it's value and pay 3k a year on insurance for a few years when 90% of the time she will want to drive my car is free. So I put her details into the site I bought my insurance through and it's giving a quote of 500 above the cost of insuring me alone, 1300 for a full year.

I just did it for the laugh but now it's becoming a real option

2 obvious issues from my point of view is the size of the car and the power (but she can drive pretty well) and the fact she can't drive unaccompanied until passing test but how the hell have the insurance company only priced this at 500 quid? I'm an actuary (but on life insurance/pensions side) so know the craic and I've double checked all details and they're right.
It's just it's a bank holiday and I can't ring to add her to policy.

Strange goings on. The car is a 155mph 250bhp and can insure her for 500 quid??

Only one person can drive the car st the time?
Does seem low to add. But I know my wife was nothing to add to my last 330. She only had 1 or 2 years NCB back then.

Maybe. I'd say the algorithms don't flag any chance of fronting like I thought they might. I'm over 30 and have max no claims, no points etc and I suppose they see it unlikely a 2014 530d is really for a 24 year old novice driver on a provisional.
I wonder is it the provisional actually meaning she won't be driving on her own keeping price down? I'll requote with her as a full licence holder and see what happens.
Just to be clear I ran a quote for new business not an extension to my own existing policy but it's same company and the price for me alone is much the same too.

Heres Johnny

She's actually free if I put her in as passing her test.

brightspark

Heres Johnny wrote: »

If the insurance company classify her as a low risk then I might too and allow her drive my pride and joy!

It's the other way around, they think you have classified her as a low enough risk, as it is your policy that will increase afterwards.

There is also the fact that she isn't accruing her own no claims bonus, but given that she is still only on a learner permit it probably isn't going to result in lower premiums for a while anyway.
You are also cannot let her drive unaccompanied. I think the law was eventually passed just last week!

https://www.irishexaminer.com/ireland/prison-term-2k-fine-if-learners-drive-your-car-unaccompanied-467120.html

ANXIOUS

That's not an unusual type scenario, what she is in effect doing is just kicking the can down the road she'll eventually need her own car and will then be hit with the high premium.

Heres Johnny

No I wouldn't let her drive alone until passing test as much for her own sake as the law I don't want her in trouble. I'd probably take the chance myself if in that situation but not with her. She'll have to do her lessons and test in a manual too, the 530 is automatic.
Anyway great result and I'm just in shock I've gotten something favourable from a motor insurer for once.

limnam

My insurance gets cheaper when I add the missus.

brightspark

I actually reduced my own premium last year by adding my sister (who lives in a different county) to the policy, (I got her to drive a few meters ;-) )

Another sister would have been saved me even more based on her occupation, however she had a claim on her policy a few years ago.

mgbgt1978

The unusual quote you are getting is simply because the 530 is relatively rare and hasn't built up a 'profile' with insurers.
Try herself (or even yourself) on a 520d and see what happens....;).


My own son had a 530d insured at 22 years old for €780.
At 24 he had a 535d insured for €805.
At both times the same Insurers told him they could not cover him on a 520d until he was 25.