Car insurance. Why is it soooo High.

[NewMammaOfOne]

I passed my test one the 19th December 2018 received my licence on the 1st January 2019.
I drove a 2019 plate Mercedes for a year on Motability, I'm now looking at getting a car it's a 2015 plate bmw and it's saying £1950 a year. I don't understand why it's so high!

What can I do to lower it?

Key risk factors for insurance:

Age
Experience
Type of driving undertaken
Value/power of car and cost of parts
Occupation

BMWs tend to be powerful and expensive to fix. You have very little driving experience. How many miles a year do you anticipate? Too little (below about 8k) will increase cost, as will more than average (around 12k).
What do you do for a living?
How old are you?

Can you share the risk by adding another (more experienced) driver?

Also to add to the above comment your address.

My car would be £200 less a year if I lived at my dads house. He lives in the next village 10 mins away from me

What age are you? The factors noted above in the previous comment are correct, insurance is also increasing for a number of other factors, such as fraudulent claims. Injury claims are costing a lot more money now - there's payment for the injury, ongoing physio etc. The way that interest is calculated for injury claims has changed too (the Ogden factor). Basically, significant injuries would have a calculated payment based on the injured party's likely support needs in the future, to reach a total sum to be paid. However, care has improved and people are outliving their predicted lifespans, even with significant injuries, and they can't be left with no support, so the awards have had to be increased, and insurance companies are reflecting this in their rates.

Things to consider;
Fully comp or tpft (always choose comp).

Are you commuting? This increases premium.

Excess, the higher the excess the less it will be but you have to be able to afford that excess if anything happens.

Drivers, adding experienced drivers will bring the cost down.

Do you need legal costs, breakdown cover? Depending on your bank account you can get these through bank.

Type of car and value.

Experience, you don’t have many years so it’s always high until NCB is achieved.

Choose a cheaper car

You have a posh car and have only been driving for 2 years.

Home address also makes a difference.

You’re considered a new driver.

Cheaper car

someone else as a named driver, I saved my then boyfriend £700 when he put me on

the mileage you have put down

I was £900 for insurance for my first car, think it only dropped to £800 odd the next year.

Why not just get a less high powered etc car?

Would they reduce the cost if you had a black box/dash camera?

Is that the best quote via a comparison site or what your current insurers say?

What's the insurance group of the car? Also you're an inexperienced driver. Are you also under 25? Did you get any NCB by having a Motorbility car, or is it a group policy?

It's usually the case that you have to suck it up for the first year, not claim and then it should be much cheaper in the second year.

But a quite new BMW sounds like it will be quite expensive to insure. Can you get a very small car? Some are the lowest group so should be much cheaper.

My insurers flat out refused to put my DH on a bog standard BMW car when he passed his test in his 30s - they basically said a BMW was not a new driver/inexperienced driver car

Are they still rear wheel drive? Could that be it? Handles differently as well as being more powerful that what learners are usually used to?

I had a few years not driving because I lived in a city. When I started looking to get a car again I noticed that the quotes were higher for cars that were just a few years old compared to new cars. A basic 6 year old Vauxhall Corsa cost 5 times more to insure than the brand new Skoda Citigo I ended up taking out on PCP. 3rd party, fire and theft was also often more expensive than fully comp.

I have no ideas of the how's or why's but it was worth spending a couple of weeks crunching figures to work out that it was cheaper to get a new car on finance than buy an older one with cash.

Skoda Citigos are group 1 insurance.

Vauxhall Corsas are likely to be a lot higher, as are the typical boy racer's favourite.

So while insurance companies are no longer allowed to charge male drivers more for insurance, they can get more money out of them, by charging more for the cars they typically drive. Sexist obviously, but they have decades worth of data that tells them that the drivers that are likely to cost them more are young and male.

OP, you can get accurate insurance quotes using the car registration plates of cars advertised on Autotrader or dealers websites.

How old are you- my dd is paying £1200 with a black box. Straight from passing but an older car

@BarbaraofSeville

Skoda Citigos are group 1 insurance.

Vauxhall Corsas are likely to be a lot higher, as are the typical boy racer's favourite.

So while insurance companies are no longer allowed to charge male drivers more for insurance, they can get more money out of them, by charging more for the cars they typically drive. Sexist obviously, but they have decades worth of data that tells them that the drivers that are likely to cost them more are young and male.

OP, you can get accurate insurance quotes using the car registration plates of cars advertised on Autotrader or dealers websites.

Is that true @BarbaraofSeville ?! I currently drive a 2016 Corsa and when DS passes (aged 17), he will be sharing my car. Is it better for us to buy him a diff one? I had no idea it would be higher than other cars due to what it is. To me it's just a basic cheap car!