Car insurance for your MINI

Whether you’re the owner of one of the original MINI cars from the British Motor Corporation or the owner of one of the latest models from BMW, you’ll have one thing in common – you’ll want cheap car insurance.

Nobody likes to pay over the odds to insure their vehicle and so here we look at ways to save whether you own a new or classic MINI.

How much does it cost to insure a MINI?

No matter what MINI you drive, there is no set price for car insurance because companies use different methods to establish premiums. Most providers take into account your personal circumstances, your driving history, your annual mileage and your address in addition to the vehicle you drive. This means that even if you and your next door neighbour own the same model you could still face radically different premiums.

However, as the vehicle you drive also influences your premiums its worth looking into how the MINI model you own will affect how much you pay for insurance. The Association of British Insurers has a database that ranks models into groups from 1-50 (previously 1-20) with those in the lowest groups typically earning the cheapest premiums. This takes into account the repair/replacement costs of the vehicle, its security features, its engine size, how much parts cost to replace and more.

There can be substantial differences between models. For example, a MINI One built from 2001-2006 with a 1598cc engine ranks into group 15 on the new group rating system and is one of the cheapest MINI models to insure. By contrast, the MINI Cooper S Works Convertible built from 2007-2009 pays the price for being a sportier car even though it has the same engine capacity at 1598cc because it is ranked in group 36.

As a general rule of thumb, older cars and those with smaller engine capacities qualify for cheaper premiums. This is because they cost less to repair/replace and are less likely to be driven at fast speeds. It’s also best to stick to a standard – non-sporty – specification and to avoid modifying a car, as modifications add to the vehicle’s value and push up its repair/replacement costs.

Where should you insure your MINI?

As insurers assess premiums in different ways there can often be substantial differences in the quotes you receive from one provider compared to another. As such you should take as wide an overview of the market as possible before determining the best deal for you. To save time assessing premiums, use a comparison website – the leading websites can compare deals from around 120 companies. Just remember that the cheapest quote is always listed first and you should still examine other options to ensure you’re receiving the level of cover you require too.

If you own one of the earlier MINI models from the British Motor Corporation then you may also qualify for classic car insurance. Generally, cars that were built pre-1975 are considered classics, although some later MINI models may also qualify for these specialist deals as some vehicles as little as five years old can be classed as ‘cherished’ models.

If your vehicle qualifies for classic car insurance, then it’s well worth investigating what these specialist insurers have to offer – they may have unique features that are not available elsewhere. Some of the features available may include:

- Agreed valuations: Normally when a vehicle is written off or stolen it is subject to a market valuation, which could potentially leave your vehicle under-valued. However, with an agreed valuation you know from the outset what your MINI is worth and so you know exactly what pay-off you will receive in these circumstances.

- Laid up cover: As many MINI enthusiasts like to remodel old vehicles, they may wish to look for laid-up cover. This offers basic protection against theft and mishaps while the vehicle is off the road.

- Mileage discounts: If you drive your MINI infrequently, perhaps only for special social events, then consider a mileage cap which could reduce your premiums.

- Owners’ club discounts: Some classic car insurers offer discounts to MINI owners that are members of recognised owners’ or manufacturers’ clubs.

- Rally cover: If you plan to enter your MINI into an event such as a rally, track race or hill climb, look for specific cover.

Just remember that while classic car insurance policies may offer unique features you should still compare them alongside deals from conventional insurance companies to ensure you’re receiving value for money.

Other ways to save on car insurance for your MINI

Here are some additional tips to help you save on your premiums:

- Boost security: Consult your insurer about alarms, immobilisers and tracking devices. Installing approved devices reduces the risk of theft and could earn discounts.

- Drive safely: By avoiding claims you could build up a no-claims bonus which could reduce premiums by as much as 60 per cent after four or more years.

- Increase excess: Consider agreeing to a higher voluntary excess to lower premiums – but keep it at a level you can comfortably afford.

- Park safely: By parking your MINI in a locked garage overnight you can reduce the risk of theft and cut premiums.

- Pay annually: If you have the cash to pay insurance premiums upfront then do so, as this can avoid monthly interest charges.