Azarathal Posted September 25, 2013 Report Share Posted September 25, 2013 Hey guys, posting this separate to the car thread so it won't get lost. As some of you probably know I'm set on getting a mk2 mr2 (probably rev 3+), the problem I'm having though is that they're near impossible to find a reasonably priced mr2 without some sort of modification an rather than pay out to return the car to an unmolested state i'd rather just insure it as is so Im not without a car for however long. Insurance on an mr2 uk spec - £1200, import n/a - £1000 and an import tubby is £1200. Add any modification (exhaust, alloys, even just wider tyres) and it jumps to £3-4000 on any of the specs. A "specialist" in young peoples modified insurance quoted me £5000. I was planning on modifying the car anyway when I turn 21 as the premiums will drop or so I've been told but does anyone know of any company's or brokers that would be reasonably priced for now? I'm looking to spend about £1500 on insurance tops. I'm gunna put the instance on a 0% finance for 12months credit card which means I still only pay about £12-1500 rather than £2500+ pay monthly, any ideas on the best credit card for me? I'm 20 (21 in jan), no credit history good or bad and in full time work. Cheers to anyone that bothered reading my wall of text Quote Link to comment Share on other sites More sharing options...
Muel Posted September 25, 2013 Report Share Posted September 25, 2013 Could just live within your means and drive something you can actually afford? Quote Link to comment Share on other sites More sharing options...
J.KYDD Posted September 25, 2013 Report Share Posted September 25, 2013 How old are you? Quote Link to comment Share on other sites More sharing options...
JD™ Posted September 25, 2013 Report Share Posted September 25, 2013 Muel in "logically correct but completely boring statement about money" shocker I take it you're doing all your insurance quotes on the phone? It's really the only way to get a decent price. It's tedious, it's boring, but it works. Have you added other drivers? Obviously don't put your Mum as the main driver (because that's fraud) but often just adding parents onto the policy as named drivers can bring it down a bit. Quote Link to comment Share on other sites More sharing options...
Tony Harrison Posted September 25, 2013 Report Share Posted September 25, 2013 My advice would be don't even get the credit card, because you will regret it later. Specifically when the car breaks, you put more and more money into it, want other things but have this card to pay off. I had credit cards at your age, and later a loan, and it just became a total headache. The only good thing is that I learned that the best way is to buy something when you have the money. My credit card limit is £10k, and I don't even feel slightly tempted to go and buy the motorbike I want. Quote Link to comment Share on other sites More sharing options...
dann2707 Posted September 25, 2013 Report Share Posted September 25, 2013 I don't agree that phoning places gives you the best prices at all, well it hasn't for me. Confused.com always gives me the cheapest quotes, add your parents to the policy as named drivers! Could you borrow the money from your parents and pay it off to them every month like a credit card but with kinder people? Quote Link to comment Share on other sites More sharing options...
Julesfoxx Posted September 25, 2013 Report Share Posted September 25, 2013 You age will be a bit of a problem with no real credit history youll find it hard to get someone to lend to you, sign up to credit experian 30 day trial and check your report and they will match you to a lender if you really wanna but get yourself registered on the electoral role as it boosts credit rating, your credit history will be most likely just be fair on the rating and most places will only give you a small amount to start of with thats just from experience, if you want it that bad then just save up slowly mate Quote Link to comment Share on other sites More sharing options...
shercofray Posted September 25, 2013 Report Share Posted September 25, 2013 I'm gunna put the instance on a 0% finance for 12months credit card which means I still only pay about £12-1500 rather than £2500+ pay monthly, any ideas on the best credit card for me? I'm 20 (21 in jan), no credit history good or bad and in full time work. I got my credit card at 18 and HSBC would only give me a £500 limit and that's after the assistant rang head office. So you may struggle to get a 0% with that limit. Someone WILL lend to you but it will probably work out as expensive as paying the insurance monthly. Quote Link to comment Share on other sites More sharing options...
Luke Rainbird Posted September 25, 2013 Report Share Posted September 25, 2013 I don't agree that phoning places gives you the best prices at all, well it hasn't for me. Confused.com always gives me the cheapest quotes, add your parents to the policy as named drivers! Could you borrow the money from your parents and pay it off to them every month like a credit card but with kinder people? By all means use a comparison site to get a ballpark and idea of who to try, but then use those references and make the calls. Far and away the best way to get the lowest quotes from the mainstream insurance companies, and once you have those call the specialists Quote Link to comment Share on other sites More sharing options...
dann2707 Posted September 25, 2013 Report Share Posted September 25, 2013 Everytime I tried that they just told me that's the lowest they can do regardless still happy with my premium though! Quote Link to comment Share on other sites More sharing options...
Luke Rainbird Posted September 25, 2013 Report Share Posted September 25, 2013 You need to get working on your sexy voice and take a few charm lessons, boy Quote Link to comment Share on other sites More sharing options...
Azarathal Posted September 25, 2013 Author Report Share Posted September 25, 2013 Muel I'm paying my current insurance monthly so if I can paying it off a credit card works out cheaper (current car is £1200 pay monthly) and it'd half the cost of the mr2's insurance. The credit card is purely for cheaper insurance, might get my dad to take the card out for me. I can afford the car but not the insurance up front so telling me the credit card is a bad decision when it saves me money over my current car is bad advice. I have my dad as a named driver (35years without a claim) and 1years no claims with me holding my lisence for 3years in nov. I basically only want help choosing a credit card or whether I'd actually get one that'd allow £1500 in a single transaction with my age and also help with insurance, do I suck it up and find a completely stock car? How do these thousands of young drivers with aftermarket exhausts, alloys etc claim on their insurance if they haven't declared mods? Could I just pull the "those wheels and the exhaust came on the car so how do I know it's not standard" method if I need to claim? Quote Link to comment Share on other sites More sharing options...
Julesfoxx Posted September 25, 2013 Report Share Posted September 25, 2013 Muel I'm paying my current insurance monthly so if I can paying it off a credit card works out cheaper (current car is £1200 pay monthly) and it'd half the cost of the mr2's insurance. The credit card is purely for cheaper insurance, might get my dad to take the card out for me. I can afford the car but not the insurance up front so telling me the credit card is a bad decision when it saves me money over my current car is bad advice. I have my dad as a named driver (35years without a claim) and 1years no claims with me holding my lisence for 3years in nov. I basically only want help choosing a credit card or whether I'd actually get one that'd allow £1500 in a single transaction with my age and also help with insurance, do I suck it up and find a completely stock car? How do these thousands of young drivers with aftermarket exhausts, alloys etc claim on their insurance if they haven't declared mods? Could I just pull the "those wheels and the exhaust came on the car so how do I know it's not standard" method if I need to claim? If the person hasnt declared them on there insurence then you might get away with it but i doubt insurance company will fall for that and just say its up to you (terms and conditions clauses of contract blah blah blah) they are very good at trying to not pay out so i wouldn't advise it as its up to you as the owner to make sure your car is legal and everything is declared, most my friends just keep there old parts and pop them back on and then claim, if it works out cheaper by all means go for it like just go for the sensible option over all you got plenty of time to own one and may be cheaper in a years time or so. Good luck, i still rate you go on credit experian and get matched up Quote Link to comment Share on other sites More sharing options...
GavLawson Posted September 25, 2013 Report Share Posted September 25, 2013 With no credit history at 20 I think you will struggle to get a credit card with a limit of 1500 nevermind 0% for 12 months. You should look for an mr2 which has aftermarket parts but also has the standard ones then you can make it standard until you can afford to insure it. To be honest though while mr2's are nice cars they're not the only thing out there. It would be much more sensible to buy something with lower insurance costs but equally as fun. Mx5? Quote Link to comment Share on other sites More sharing options...
Azarathal Posted September 25, 2013 Author Report Share Posted September 25, 2013 Love the look of the mr2, it's space, comfortable as fook an can get them with 70k miles, no rust and turbo for £1.5-2k with insurance a little over a grand without mods. I'll look at the credit report later cheers for that No ideas for cheaper insurance with mods at my age? Quote Link to comment Share on other sites More sharing options...
Azarathal Posted September 26, 2013 Author Report Share Posted September 26, 2013 So I asked an insurer about why they bump up the premium by about £3k for non performance enhancing modifications (after market alloys, head units etc) classing it as "making it more nickable" when doing the same mods and car in my dads name doesn't increase the premium when in reality it it's theft they're worried about it should. The answer? "it is how it is". So now I know the making it nickable argument is total bollocks I'm gunna try haggle some independent brokers Quote Link to comment Share on other sites More sharing options...
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