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      09-20-2019, 06:10 PM   #1
Lostindumplings
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BMW M2 Competition Insurance

Finally pulled the trigger and paid a deposit for the M2

Now for the "fun" part - insurance.

Who do you use and what are you paying?

Male, 38, inner city Melbourne

I drive about 6-7k km p.a. (might increase now with the new car)

Cheers
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      09-22-2019, 07:54 PM   #2
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Shannon's insurance do limited usage but aren't cheap
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      09-23-2019, 12:24 AM   #3
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RACV.

Charlie Battisiti is an approved repairer so no need to pay for choice of repairer. God forbid you need it.
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      09-24-2019, 02:23 AM   #4
Lostindumplings
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Quote:
Originally Posted by Aust350z View Post
RACV.

Charlie Battisiti is an approved repairer so no need to pay for choice of repairer. God forbid you need it.
RACV quote was about $1300 more than Bingle and Budget Direct...

I think BD with any repairer extra is a pretty well priced option?
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      09-25-2019, 08:34 PM   #5
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RACV was cheapest for me
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      10-01-2019, 06:34 AM   #6
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RACV was cheapest for me as well. $1700 full cover although i am older with rating one
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      10-19-2019, 02:28 AM   #7
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$972 for the Budget Direct renewal which was of course slightly more than when I insured it new last October.
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      12-06-2019, 06:45 PM   #8
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Hi guys,

Recently joined this forum. I haven't bought the car yet. Looked into the insurance and Youi wanted $3,600 (Melbourne, older driver with rating 1).

If I get the car, I will get a quote from RACV.

Meanwhile, any other insurance companies folks here recommend?
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      12-06-2019, 08:50 PM   #9
Duke Silver
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Quote:
Originally Posted by Hithere View Post
Hi guys,

Recently joined this forum. I haven't bought the car yet. Looked into the insurance and Youi wanted $3,600 (Melbourne, older driver with rating 1).

If I get the car, I will get a quote from RACV.

Meanwhile, any other insurance companies folks here recommend?
Youi is generally a waste of time. You fill in the online quote and they won't give you a price until you answer more questions over the phone and at the end of it the price is sky high because they don't want to insure our cars.

I ended up going through a broker, and I feel like it's a fair price based on the product offering. But mine is for a non comp model.
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      12-08-2019, 02:24 AM   #10
///Driver
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Quote:
Originally Posted by Duke Silver View Post
Youi is generally a waste of time. You fill in the online quote and they won't give you a price until you answer more questions over the phone and at the end of it the price is sky high because they don't want to insure our cars.

I ended up going through a broker, and I feel like it's a fair price based on the product offering. But mine is for a non comp model.
Thanks for your reply Duke. Yes, some insurance companies don't want to cover certain types of cars.

Aside from RACV, any other insurance company you or others are happy to recommend? I would be looking for someone who offers: agreed value & market value, 2 years replacement of new for old, and most importantly, my choice of repairer.

Last edited by ///Driver; 03-04-2020 at 04:08 PM..
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      12-08-2019, 03:54 AM   #11
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Hi I am NRMA . $997 - agreed value $115k, choice repair, windscreen and no claim protection. Rating 1, I ve been a roadside member 25 + years and have a couple policies so maybe 20 pct less.

Go online with NRMA - good exp. Its easy to get a quote in a couple of mins unlike Youi and Shannons both offering a hopeless customer experience.
Good luck.
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      12-08-2019, 03:53 PM   #12
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Quote:
Originally Posted by Hithere View Post
Thanks for your reply Duke. Yes, some insurance companies don't want to cover certain types of cars.

Aside from RACV, any other insurance company you others are happy to recommend? I would be looking for someone who offers: agreed value & market value, 2 years replacement of new for old, and most importantly, my choice of repairer.
LSV (Lumly Special Vehicles) has been my insurer for the last 7 years. Had a Lotus Exige, a Cayman a 135i and now the M2. Choice of repairer, option for agreed value, and reasonable premium / excess, which I bump up to reduce the premium.

Importantly, I've actually tested their claims service when the 135i's bonnet was dented. No quibbles, and seemingly no penalty at the following years renewal
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      12-10-2019, 07:14 AM   #13
///Driver
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Thank you Muncher and OzWoz for your input. Keep those insure recommendations coming in please. It might even benefit others who might come across this thread at a later date.
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      12-28-2019, 05:26 AM   #14
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Quote:
Originally Posted by Muncher View Post
Hi I am NRMA . $997 - agreed value $115k, choice repair, windscreen and no claim protection. Rating 1, I ve been a roadside member 25 + years and have a couple policies so maybe 20 pct less..
I am also with NRMA atm.
The quote was $2700 for my new M2C.
I am living in a well established suburb in north west. My golf R was $780. I wonder how the M2 is more than 3 times more expensive..
So far budget direct seems the cheapest one.
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      05-19-2020, 06:43 PM   #15
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Same here, well over 2k for my quote with NRMA - that's after 10 years, Rating 1, >40 and two other cars plus H/C with them. My Golf R wagon is also around $750.-

It's good though, prompting me to look at moving my policies, got a quote through my professional college and it's $1104 with Bingle incl. New for Old and windscreen... Won't have the car until late this year so I will keep shopping.

Interestingly - Budget direct wouldn't quote me insurance ?!? Due to their underwriting criteria, very weird.
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      05-20-2020, 02:45 AM   #16
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I've also had trouble with a few companies not providing an online quote for an M2C. GIO (or any other Suncorp group), Budget or Allianz wouldn't do an online quote, but I'm assuming they might over the phone.

Haven't tried Shannon's yet as I don't when when my car will arrive either, but RACV quote was $2.1k.
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      05-20-2020, 02:58 AM   #17
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Hmm I should also start doing my research for insurance for the M2C as well. Previously always used BMW Insurance (Allianz) but I have a feeling a cheaper deal can be had elsewhere.

Let me know what you find Superdaws and I'll PM you if I find something good!
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      05-21-2020, 03:40 AM   #18
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Cheapest I could get 2 years ago when new was $2200 with rating one and no accident history over 40. Called 8 companies and only 4 would price and a huge range up to $4k. Almost 12 months ago that came down to $1600 with RACV Victoria. Its random, hopefully you get one low outlier.
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      05-31-2020, 07:23 PM   #19
///Driver
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Here are the comprehensive insurance quotes (rounded off) I have received in May 2020 for the M2 Competition for a 40+ Rating 1 Driver in Melbourne.

Budget Direct $1,350 (Excess $1,000, Market Value, Budget Direct Repairer).

Budget Direct $1,800 (Excess $1,000, Additional $600 Excess for Non-Nominated Drivers, Agreed Value of $110K, Choice of Repairer, Driver 40+ Age Restriction).

Shannons $1,950 (Excess $1,100, Agreed Value $110K, Restricted to Nominated Drivers Only, Unlimited Usage (Days/Mileage), Choice of Repairer). If you drive less than 2 days per week, lower premium options available.

RACV $2,300 (Excess $1,000, Agreed Value $110K, Choice of Repairer).

QBE Insurance $3,900 (Excess of $1,300, Agreed value of $110K).

NRMA - Don't Insure Victorians

If you are in a similar situation, hopefully, this post can save you some time.

Last edited by ///Driver; Yesterday at 05:22 AM..
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