The Insane Cost Of Insurance On My BMW M240i

[@marchingontogether2571]

it was like watching a seat with a head on it

[@itsjoel]

😂😂😂 definitely wasn’t the best choice of jacket

[@Dropz_RSA]

I can't unsee it.

[@z7olliez7518]

When I first bought my 235i at your age about 3 years ago I was spending roughly £1100 a year on insuring it, that’s since dropped to £780 once I hit 25! Only a few more years and it’ll come flying down bro

[@embakubmotoring]

Continue to be real... And don't be brought down by anyone telling u don't have a real job or u can't afford your cars, keep uploading, keep growing and be happy

[@embakubmotoring]

@@HIOP0 why does it seem to bother you? It’s not your life it’s his isn’t that so?, it is Morons like you that spread stupid negative opinions where it isn’t needed, if u don’t like how he does things or what he does it’s simple don’t watch the videos and spread your nonsensical ideas, get some help, u really need it.

[@danl4252]

I can definitely see what you are saying about postcodes making a massive difference. I recently moved about 1/2 mile a way . Was being quoted £1100 and then moved (same postcode) and went up to £1400. 20 years old and 2 years no claims. It’s crazy. Sorry to hear about the redundancy. Hard times at the moment!

[@factsaroundtheworld123]

I bought a m240i Today, 68 plate, thanks for all the videos, really helpful

[@tenan757]

im insured with diamond too on my e86, them and 'elephant' seem to always be the cheapest among the insurance companies for me!

[@Scuderia2000HD]

I’ve just taken next years insurance out with Diamond, £830 for my M140i at 20 with 2 years no claims. They’re part of the admiral group which seem to be really good for young drivers in performance cars

[@MrNially15]

I’m exactly the same, 20 years old and my M140i costs £1070 to insure with Admiral. Should’ve gone with diamond it seems like ahah

[@Scuderia2000HD]

@@MrNially15 there was about 6 quid difference between admiral and diamond, them and elephant are always quite close in price!

[@MRblondeGames]

Why have I just tried with 3 years no claims 21 year old and got £2300 😔

[@TheGodpharma]

@@MRblondeGames Differences are probably down to where you guys live. I'm in Surrey and just renewed mine (on 240i) for £448 (with full no claims), but then I'm old!

[@a.t.g000]

@@MrNially15 where did you live?

[@andydomanski2876]

I feel for you re the insurance premium, it's tough when you're young. But on the bright side, compared to when I was your age (a very long time ago!) Cars are more attainable now for youngsters, which is probably part of the problem. We had to be content with buying motors for a few hundred quid and the insurance was still ridiculous. One thing I have learnt over the years is that car insurance is very selective regarding the make and model. The Z4 comes up cheap due to it's age and the amount of claims against that model, whereas the M240i is obviously newer, more popular and as a model it probably gets crashed a lot more too. That would explain why the Maserati is fairly cheap to insure. The best advice I can offer you is to move to the countryside, choose your car wisely and grow old, it's worked for me!👍😁

[@calciumdeficient6204]

Bro I'm definitely going to watch ads. At least your living your dream. Keep it up man.

[@the-boring-car-guy]

Banging out great content lately

[@genuine_legend]

Its called paying your dues fella. When i was 23, there is no way i could even think about insuring a car like an M240i. Im in Liverpool like so im not in Thatchers Britain where you are. When you are young you get absolutely battered with insurance. Now im 36 and i'm paying buttons on my M340i Xdrive insurance :D

[@jeremyevans8014]

Not sure if anyone has previously mentioned this but another tip, when insuring your car, is to look for quotes 3 weeks prior to your renewal date. This, according to Martin Lewis, is the best time to get the cheapest quotes.

[@itsjoel]

Yep, very good point. I did change the date a couple of times which affected the insurance pretty drastically

[@Brego66]

Nice being old. 56 yrs, BMW F06 640D GC, 2018, fully comp for £302 for the year. Good old Northern Ireland...

[@davidvillage3420]

First world problems: You're a 23 year old, driving a BMW 240i, living in London. What's the problem? Why would that scenrio ever be cheap? You're clearly loaded and able to afford it, so why should or would we 'weep' at your 'dire situation' ? There are people who have to choose between paying for gas and electricity, or food at the moment. They have my sympathy. A rich kid moaning because his flash car is more expensive to insure than he's like, less so.

[@ChipZilla69]

Jesus Christ. I pay 650 for the same car but I'm 43 and have 18 years no claims

[@ForTN0X]

Hello from Germany. I just wanted to say that the Insurance costs for my Z4 35i (which I brought only a few months ago and you was one reason for that) surprisingly dropped by a lot in 2021! I only payed it once till now and it was at 238€ for a quarter. Then I got a mail from them, saying that the Z4 35i has got a review and thus the costst for a quarter has dropped to 164€!

[@oliversmith4130]

Really interesting one this one 👍🏻 it would be great to see a video where you go through auto trader and give your opinions on options 👍🏻

[@itsjoel]

Thanks mate

[@oddyseus99]

I'm an old man now so my insurance is very cheap. However, I remember when I started on the road on motorbikes my insurance was through the roof. I'd be riding bikes that were worth £500-600 and the insurance rates were more than the value of the bike. The prices are crazy for young people in the UK. The price you have got seems pretty good all things considered.

[@itsjoel]

Yeah, was surprised to be able to get it as cheap as I did, was expecting to have to sell the car to be honest

[@c3bam1]

Insurance companies are ripping people off, they’re taking the piss! Just like the mortgage companies, they’re all taking the piss!!

[@jordankirkbride4612]

I pay 265pm m140i 2019 and im 20 years old. With Admiral too. I came up from a 2019 Seat Leon Cupra

[@JovanKorica1]

good price tbf

[@colingroves335]

WOW 3k plus for insurance, my SLK 350 Cost £290 fully comp with Tesco, i am 55 and been driving for 11 years, i would move back to Surrey :-)

[@Cornwall1888]

I don’t understand how these companies that charge 10 times everyone else make any money. I pay around £350 but the bottom of the list on comparison sites are thousands.

[@bakerloobadboy]

I insure both of my cars on a business policy and like you found that the premium went down with the more mileage I said I drove. I declare 30,000 miles a year but only do about 8k, however the premium is nearly half. Plus anywhere inside the M25 attracts the London profiteering markup. No reason for it other than your insurance company can and will screw you without so much as a thank you.

[@alanmead-kidd2199]

I pay just 225 for my 2004 BMW Z4 2.5 and 245 for my 320D. MY Z4 is on a classic car insurance policy as well because the car is over 15 years old so well worth looking at that but they only insure certain cars that they consider are classic cars. i'm 49 and live in bristol so compared to london and liverpool its cheap as chips as they say here I've over 10 years no claims on my 320D and 3 years on the Z4 as its a second car which i've only had for 3 years now so i'm well happy paying under 500 for two great cars

[@carllynch8798]

Bloody hell ! I pay £300 each for both my cars in London Audi RS4 and Renaultsport R26 BUT I did pay £3500 for my B5 RS4 in my first year of ownership 14 years ago which dropped by half after the next insurance year.

[@andystreet4022]

I'm paying £75 per month in total, to drive an A7 and a Z4, both 2016. Area, age and agreed mileage are king when it comes to affordability. I know it's costing you a fortune to drive your dream but full respect, at least you're paying for the privilege.

[@dasstig5274]

Uk Insurance is an absolute racket. I was paying 900 quid to insure an old 330CI in London. Admiral charges you to even make tiny policy detail changes..

[@the-boring-car-guy]

It's really bad here

[@marso70]

Sorry to hear about you being made redundant that's proper shit! However hopefully this will cheer you up. I'm 50 and have full NCB and I'm still paying £800 a year on my 2013 F30 330d M Sport, but I'm in a Liverpool post code, which in this current climate is considered the bad lands

[@Beardchanics]

At 40 with 2 years ncb I pay £1.1K for 2017 Audi S3 (8k miles / year) & £370 for 94 corvette (3k miles / year)

[@faris6458]

Am thinking about getting this car now I just turned 25 and living in Nottingham if its around 800 a year am happy abou that.

[@oswig1768]

I have a 2018 M240i and pay £670 a year with Admiral Platinum and i’m 27.

[@cameronjenkins4652]

I just got a m240i and it's £700 for me. I'm 21. The car I had previously was a 230i 2.0 litre and it was £1,000. It seemed to slip under the radar. And that's £700 with admiral

[@LawrenceTimme]

Wow that is pretty brutal increase 😅😅 for the first year I had my ford Mondeo it was £3500, for the first year I had an Impreza sti it was only £1400. Makes no sense.

[@Buck3366]

The joys of getting older. £300 ish a year quote after £255 GTI PP. Downside is I smell of piss and biscuits and I forget things.......... oh and I forget things 😄 My most expensive quote on Go Compare? £13,000!!! Please do an online quote and tell us your most expensive quote Joel 😀

[@stevealexander6928]

Yup im old aswell lol , just about touching £400 with all bells and wistles....

[@CheapskateMotorsports]

Oh man, a few years ago when I passed my test out of curiosity I looked up how much it would be if I insured a Prius at the age of 20. The cheapest quote was £10k and the most expensive £25k... Lucky I really hate the Prius because I obviously didn't fall for that. I just went to motorbikes for a few years and now at the age of 24, I have a 600cc sportsbike for £600 a year and a Volvo S60 for £1500 per year. Life sucks for anyone subjected to the London Tax™

[@nathangregory_]

I don't know what it's like in the UK but in America, once you hit 25 the insurance starts to drop. Then you need to figure out the mileage you drive each year, where you live, (Which you have already covered) driving record. I found if you fib a tiny bit on the mileage you drive each year you will get a reduction. Also, what's your coverage, and most importantly what is your co-pay. That will factor in BIG time. Also, I'm very sorry to hear that you became redundant in your job or career. That sucks and no one should experience that. But there is a silver lining. Change. That's a constant you can count on. So what may seem like a "Downtime" right now will turn 180% later on in your life. Just keep a stiff upper lip and some good 'ole military barring and you'll get by. I promise you that. Why?? Been there done that many times over in my lifetime.

[@prontopac]

Six points for speeding, 23 years old, living near a metropolitan city like London, and driving a 'M' BMW. Not a good recipe for reasonable insurance rates. I got nothin' for ya.

[@flanker6212]

3.4L 987 Boxster with 6000 miles a year at only £70 quid a month in Ireland, pretty insane. Older Porsches are extremely cheap to insure!

[@itsjoel]

Ooooh. I do love a 987 Boxster!

[@Duddersuk7.]

I’m 20 and just got an 69 plate M240i and paying just shy of 3k a year

[@Evolve_windows]

My 240 costs about 300 quid to insure with a tracker my x5m is about that too lol nice area you see not like Baghdad 😂

[@itsjoel]

Yeah, unfortunately I’m currently living in Aleppo

[@jamiefulton918]

My girlfriend lives less than a mile from my house and was quoted £400 more compared to my address. 2015 220d. Postcode can make a stupid difference - even in a reasonably safe area!

[@itsjoel]

It’s mad!

[@siinternational7463]

Hi mate ...I pay ..230 for my 05 z4 ...in limp mode at mo gutted ..sumert to do with vanos fault...gutted been told there known for it ...good yo see you joel

[@TimChump]

I pay just over £400 a year fully comp. on my M2 Yeh I’m old 😞

[@fixanddrive]

How come there is such a difference?

[@derekporter66]

650 a year . 32. 11 year claims. Stage 2.

[@nickparks262]

No claims discount can only apply to one car per person....

[@phillipchandler8862]

Sorry to hear about redundancy. Best of luck for future. Have you tried Adrian Flux insurance?

[@sportzntouring]

Reducing the mileage reduced the premium?!?! Very interesting!! I guess it's something to do with it increasing your experience?

[@itsjoel]

To be honest, I don’t think there’s any logic to it. I didn’t mention it, but adding my 6 points brought the cost down by £50

[@Buck3366]

There are tips and tricks. Higher excess, lower the annual mileage, use the car out of peak times, garage parking or in some odd cases declare street parking ( apparently confuses would be house break car thieves who go for keys) add an older driver as a second driver ( not main aka fronting). Getting married and having kids can also lower it but I’d say never ever do that to save a tenner 🤣

[@j.f.4765]

Im 20 and 1 year ncb. I should have 3 but kept changing insurance. And I have a m140i for 3k. 😭

[@koolkat969]

You can change insurance companies every year and carry your no claims with you.

[@j.f.4765]

@@koolkat969 can you? From my experience ive never been able to do that. Switching cars yes but not companies..

[@koolkat969]

@@j.f.4765 Basically when you insure your car for the year and your insurance is about to run out, shop around for a better quote for the following year. If you find a better quote elsewhere, simply ask your current insurance coy for your proof of no claims which they will email to you. Forward this proof of no claims to the new insurance coy and it gets carried on to the next, etc. That's how you build it up (provided you haven't made any claims for an accident which could reduce it obviously). To protect your no claims bonus being reduced by an accident claim you may have to make, simply have it protected for an additional small fee whenever you take out a new insurance for the year. Hope it makes sense.

[@j.f.4765]

@@koolkat969 yeah got that. But i meant I changed insurance without even getting my ncb as it has to be over 10 months to get 1 year ncb. 👌

[@koolkat969]

@@j.f.4765 Ok....I see what you mean. A bit unfair but that's the way the system is unfortunately. Maybe keep you cars for longer then. Lol

[@tamir.h.4235]

hey Joel what do u think about a 2009 BMW 328i with 72k miles for 9k very clean? should I get it as a fun first car?

[@thirtysixtothirtynine9657]

I pay Pounds 320/yr. ($560 CAD) for my Benz. Age has it's benefits.

[@SM347YT]

How?! I’m 22 and own an M240i and only pay £1100 for insurance. Great car though pal

[@FelixIsMyName]

When I first got my Z4M it was £1000 ish , now I pay £388 a year on the 135i. When I moved from Oxford to Hereford, it went up which shocked me! I feel your pain dude. Can you put your Z4 on classic insurance?

[@itsjoel]

Yeah might look into Classic insurance for the Z4

[@FelixIsMyName]

@@itsjoel Lancaster Insurance is the best place to go for it mate. I used it with my Alpina C2 and it's dramatically cheaper.

[@chrise7058]

Never mind Joel. Think how much you are saving by staying with your folks !

[@itsjoel]

Exactly. I’m very lucky to be able to do that

[@timberling]

Is this one of the reasons why your cars in the UK seem to be cheaper? For example cant get a z4 for under 9000 eur (2013, 2.5i, 170.000 km) whereas yours was like 3500 gbp! That would even it out a bit i guess?

[@macstone9719]

Wow! I only pay 60 Euros per month for my Z4 3.0 in Germany. My condolescence :-/

[@nvrlt]

How old are you? I pay 1200€ a year for mine here in Munich and im 18

[@macstone9719]

@@nvrlt 57, aber das liegt auch an München. Ich lebe nördlich von Hamburg auf dem Land, da ist die Einstufung besser als in großen Städten. Bevor ich 3 Autos angemeldet hatte (und ein kleiner verschuldeter Unfall), waren es sogar nur 37 Euro im Monat. Das waren 40% Schadenfreiheitsklasse. Bei Verti versichert.

[@tomosjohn230]

I don't own a 240i but own a fiesta ST and pay £500 a year, I've heard some real horror stories of people in London paying 5k to insure a fiesta 😂

[@itsjoel]

Yeah that doesn’t surprise me to be honest!

[@jamesbedford5605]

I paid £1200 for an m240 at 20 last year

[@mattyrab3477]

Wait till your a old bugger like me you can insure a GTR for under a grand

[@tman1108]

Have you bought this car outright or is it on a PCP? And are you allowed to do mods with a car thats on a PCP?

[@itsjoel]

I own the car :)

[@genuine_legend]

6 points, and there is the small print :D

[@W00LFY100]

Isn't Diamond a trading name of Admiral 🤔

[@itsjoel]

Yeah they are, which makes things even more strange

[@coaldust01]

Why did the pops move to London. I guess it must be work related, cause I'd pick Hampshire anyday over living in London lol.

[@jonelson1983]

It's a painful figure, but with 6 points, your age, type/make of car, a KZbin role involving enthusiastic driving & the new address, not really that much of a surprise.

[@GadgetMart]

Running costs are a major consideration when I buy a car. I’ve seen lads at work just ignore them and buy what they want. They laugh at me in my sensible cars, it’s like watching lemmings run off a cliff financially. Some even resort to less legal means of income. I’m sorry to hear about your job Joel (we are living in difficult times).

[@MC-ez6lq]

I need to get insurance for mine within the next few days lol p

[@itsjoel]

Good luck! 🙃

[@posniknelb6114]

Those costs are an absolute discrace m8.Hopefully after your 25 they will come down a fair bit more.I bet you was'nt sleeping very well worrying about that.

[@itsjoel]

There definitely were a few sleepless nights!

[@posniknelb6114]

Glad you sorted something a bit more manageable.Watch out for those pesky bloody speed cameras m8😉👍👍

[@alunrees3056]

Salty! Sorry to hear you’ve been made redundant.

[@bimmercodetutorials5975]

🔥🔥

[@jamesh1124]

As your car generates your KZbin income. Does that mean you can deduct tax?

[@jamesh1124]

@@HIOP0 I meant the income from KZbin.

[@jamesh1124]

@@HIOP0 This is a legitimate source. My question still stands

[@jamesh1124]

@@HIOP0 I don’t see how you’ve come to the conclusion of ‘no income’. I’m asking a very simple question, not to you I might add, as to what is tax deductible in relation to a car which is used to generate an income though KZbin.

[@itsjoel]

Hi buddy, ignore this complete bellend! Yes, the car should be tax deductible, currently working with an accountant on things

[@jamesh1124]

@@itsjoel thanks Joel that’s great 👍🏻 wins all round hopefully

[@tejbz999]

Do you regret buying the m240i mate you seem bored of it

[@itsjoel]

I think it definitely needs some mods to make it more exciting

[@tejbz999]

@@itsjoel appreciate it mate think I'll go for the M2

[@sportshatch]

Z3 2.8 in central Scotland fully comp. £130.

[@kevinlambo4310]

Shit I thought 600 was steep

[@mursalinhossain6665]

Haha you’re lucky Im paying £510 a month for my 218i

[@itsjoel]

That’s ridiculous

[@mpc007]

Then again apparently you as a 23 yo were able to get an M240 in the first place, which would be outrageous in the Netherlands with our car prices and taxes. Insurance isnt as bad tho. Seems all places have their benefits ;)

[@BorderlessTrio]

Let me summarise this for you guys. "I'm young and bought a performance car and the insurance is expensive and I want to act surprised" Not one of your best videos Joel. 🤦‍♂️

[@itsjoel]

Thanks for your input buddy, not really how I see it - I’m really not that naive. The “surprise” was more in the increase in insurance cost because of a change of address, something I did see coming, yet not quite to the extent it did! Appreciate it’s not the most entertaining for everyone, but appreciate your feedback.

[@BorderlessTrio]

@@itsjoel Have you never moved before? I wasn't trying to be a dick, I enjoy your videos most of the time but felt this one missed the mark. Insurance is a fragile thing, when I became a driving instructor, the premium on my PERSONAL car, not my school car, doubled. Try figuring that one out. As a more qualified professional driver my insurance is more Vs when I was doing accountancy.

[@SChapps]

Insurance is just a joke. I'm 23, live in a quiet village with not many houses, down a private road and my car gets parked hidden around the back of the house. Yet I've seen new drivers at 17/18 who live in big towns have cheaper insurance than me for the same car (Abarth 500). It's not a crazy price for me but it should definitely be cheaper, Lloyds are shite and wouldn't insure me for mods as well so I'll be changing company for sure

[@Imac0728]

Holy cow, does your a 15k sub KZbin channel pull in enough for you to even break even on a £4500 bill?? It’s a cool car man but Jesus what’s it cost you as a % of total income?

[@itsjoel]

It’s definitely a stress financially yes!

[@garylawton230]

The Maserati would have cost you much more in maintenance! ;-0 PS. If only every STG subscriber would subscribe to you too! ;)

[@tonycooper4141]

Don't cripple yourself with car debts. Go study at the University of Banger-nomics. Thank me later...

[@tonycooper4141]

@Ari Awan You mean 'afford' as in, getting into debt?

[@itsjoel]

I own the M240i outright 👍🏻

[@tonycooper4141]

@Ari Awan Anyone going to college these days is (an idiot) and going into debt. Unless You Tube or his rich parents pay for his 'lifestyle' of course, he's going into debt.

[@itsjoel]

I didn’t go to college! Went straight into work

[@itsjoel]

And my parents both work for the church and are absolutely not rich 🙄😅