Insurance for MG IM5

[sidious]

I test drove the MG IM5 2 times because the reviews had me second-guessing myself. In the end, I absolutely loved it and booked it at the end of my second drive. It's due to arrive mid-Nov but now that I'm trying to get insurance quotes, a whole new nightmare is unfolding. None of the usual suspects want to insure it due to how new this brand and car are, and uncertainties around parts and repairs. The best quote I was able to get through some company I had never heard of is £4,400 for 2 drivers. For context, I currently pay £1,200 for a similarly priced PHEV.

Has anyone else experienced this and figured out a way around this/found an insurer who'd charge less? Thanks!

 

[rgledhill]

There are already threads on here about insurance - before posting a new one, it's worth having a look through existing threads as your question may already have been answered

 

[rgledhill]

There's also a lengthy thread on insurance in the IM6 area of this forum too, which might be useful.

 

[sidious]

Thank you, @rgledhill
I went through IM5 posts before posting this but completely forgot that IM6ers would also be on the same boat, albeit sitting a bit higher!

 

[MikeJS]

Thank you, @rgledhill
I went through IM5 posts before posting this but completely forgot that IM6ers would also be on the same boat, albeit sitting a bit higher!

Tesco seems the best atm

 

[sidious]

Tesco seems the best atm

Tesco refused to cover my wife, who's had her license for just 1 year.

 

[LenEV2016]

Tesco refused to cover my wife, who's had her license for just 1 year.

There in is the reason does your phev have the same power/performance as your new car? Add that to the fact it's brand new and your wife is a novice driver.

 

[sidious]

I'm buying the standard range model. The PHEV is 225bhp total I think and he new car would be 291bhp, so not a massive difference. They don't even ask what I'm currently driving though, so not sure how they'd compare. My current provider, which is admiral, can but they summarily refuse to cover this car. I guess I'll have to wait it out until closer to delivery.

 

[rgledhill]

There's also a thread in this IM5 section too, in case it helps... Insurance?

 

[olliewebb]

Tesco refused to cover my wife, who's had her license for just 1 year.

This is your issue.

 

[Sloucher]

I'm rather concerned that most (if not all) of the larger insurance companies are either not quoting for the IM5 at all (e.g. my present insurer, Ageas) or are asking astronomic price hikes up from my existing MG4 (i.e. £1500+ for the IM5 100 LR compared to £390 for my MG4 Trophy).
What do they know (or not know) about the IM5 that we don't??

 

[salty]

They probably don't know anything about it, that's the point. So are trying it on. See what they can get away with.

 

[Sloucher]

They probably don't know anything about it, that's the point. So are trying it on. See what they can get away with.

True that. I rang Ageas for a quote and to start with they said it wasn't coming up on their system but when pressed said that I needed a registration number. C'mon, either or please!

 

[olliewebb]

I'm rather concerned that most (if not all) of the larger insurance companies are either not quoting for the IM5 at all (e.g. my present insurer, Ageas) or are asking astronomic price hikes up from my existing MG4 (i.e. £1500+ for the IM5 100 LR compared to £390 for my MG4 Trophy).
What do they know (or not know) about the IM5 that we don't??

Parts availability will be the issue.

 

[salty]

Parts availability will be the issue.

Agree, and obviously unknown repair costs etc. Hence they are just guessing.