It’s well known that auto insurance companies don’t want policyholders to compare prices from other companies. People who shop around for better prices will presumably switch to a new company because the odds are good of getting low-cost coverage. A recent survey discovered that people who made a habit of comparing rate quotes saved about $70 a month compared to other drivers who never compared rates.
If finding the lowest rates on BMW M6 insurance in Long Beach is the reason you’re here, knowing how to quote prices and compare cheaper coverage can make it easier to find better rates.
To save the most money, the best way to save on BMW M6 insurance is to compare prices annually from insurers in Long Beach.
- It will benefit you to learn about coverages and the measures you can take to lower rates. Many things that result in higher prices like multiple speeding tickets and an unacceptable credit score can be improved by making minor changes to your lifestyle.
- Request rate estimates from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only give prices from one company like GEICO and State Farm, while independent agents can quote prices from multiple insurance companies.
- Compare the new quotes to your existing coverage and see if there is a cheaper rate in Long Beach. If you can save money and buy the policy, make sure coverage does not lapse between policies.
- Notify your company or agent to cancel your current car insurance policy and submit the required down payment along with the signed application for your new policy. Make sure you put the certificate verifying coverage in an easily accessible location.
One key aspect of rate comparisons is to try to use identical coverages on every price quote and and to get price quotes from every company you can. This helps ensure an accurate price comparison and a thorough selection of prices.
BMW M6 Insurance Cost Factors
Lots of factors are part of the calculation when you quote your car insurance policy. Some are obvious such as your driving history, but some are less obvious such as your credit history or your financial responsibility.
The factors shown below are just a few of the factors that factor into rates.
The more you drive the more you pay – The higher the miles on your BMW annually the higher your rate. A lot of insurance companies charge to insure your cars based on their usage. Cars and trucks that do not get driven very much receive lower rates than cars that get driven a lot. Ask your agent if your auto insurance policy shows the right rating data, because improper ratings can cost you money. Having the wrong rating on your M6 can result in significantly higher rates.
Responsible credit saves on auto insurance – An insured’s credit score is a large factor in determining your rates. If your credit score is low, you could save money insuring your BMW M6 by taking the time to improve your credit score. People with excellent credit scores tend to file fewer claims than drivers who have poor credit.
Stress out and pay more – Jobs like military generals, social workers, and stock brokers usually pay the highest rates in part from intense work-related stress and lots of time spent away from family. On the other hand, jobs such as actors, engineers and homemakers have lower than average premiums.
Stay claim-free and save – If you file a lot of claims you can expect either higher rates or even cancellation. Car insurance companies in California provide most affordable rates to people who file claims infrequently. Auto insurance is designed for more catastrophic claims.
Pay lower prices if you’re married – Having a spouse can get you a discount when shopping for auto insurance. Marriage usually means you are more responsible and it’s statistically proven that married couples file fewer claims.
Bundling policies can get discounts – Lots of insurers afford discounts for people that have more than one policy. It’s known as a multi-policy discount. Even with this discount applied, it’s always a smart idea to shop around to guarantee you are still saving the most.
High premiums for teenage drivers – Drivers with little experience tend to be inattentive when at the wheel of a vehicle and because of this, their auto insurance rates are much higher. Adding a youthful driver onto a policy will cause a huge premium hike. Older insureds are viewed as being more responsible, statistically cause fewer accidents, and are safer drivers.
The following data assumes a single driver, full coverage with $250 deductibles, and no discounts or violations.
Insurance losses for a BMW M6 – Insurance companies use past loss statistics for each vehicle when they calculate premium rates for each model. Vehicles that the data determines to have higher losses will have higher rates. The information below illustrates the insurance loss data used by companies for BMW M6 vehicles.
For each type of coverage, the statistical loss for all vehicles averaged together is set at 100. Numbers that are below 100 are indicative of better than average losses, while percentage numbers above 100 point to more claims or statistically larger claims.
| Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| BMW M6 2dr | 387 | 339 | ||||
| BMW M6 4dr | 288 | 439 | ||||
| BMW M6 Convertible | 349 | 512 |
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Rates and other information
The table below highlights detailed analysis of coverage costs for BMW M6 models. Having a good grasp of how car insurance prices are determined can aid in making smart choices when purchasing an insurance policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M6 2-Dr Coupe | $322 | $860 | $394 | $24 | $118 | $1,718 | $143 |
| M6 2-Dr Convertible | $344 | $798 | $580 | $34 | $174 | $1,930 | $161 |
| Get Your Own Custom Quote Go | |||||||
Premium data assumes married female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and California minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, claim-free, and multi-vehicle. Rates do not factor in vehicle garaging location which can lower or raise insurance rates greatly.
Policy deductible comparison
When comparing insurance rates, the most common question is the level to set your comp and collision deductibles. The figures shown below can help you understand the rate differences when you choose different physical damage coverage deductibles. The first table uses a $100 deductible and the second set of prices uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M6 2-Dr Coupe | $674 | $1666 | $376 | $22 | $112 | $2,875 | $240 |
| M6 2-Dr Convertible | $722 | $1544 | $552 | $32 | $166 | $3,041 | $253 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M6 2-Dr Coupe | $492 | $1126 | $376 | $22 | $112 | $2,128 | $177 |
| M6 2-Dr Convertible | $528 | $1042 | $552 | $32 | $166 | $2,320 | $193 |
| Get Your Own Custom Quote Go | |||||||
Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and California minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, homeowner, and multi-vehicle. Price estimates do not factor in zip code location which can revise premiums considerably.
Based on this data, we can arrive at the conclusion that using a $100 deductible would cost the average driver about $62 more each month or $744 every year averaged for all M6 models than buying the higher $500 deductible. Due to the fact that you would have to pay $400 more if you file a claim with a $500 deductible as compared to a $100 deductible, if you go at least 6 months between claim filings, you would probably come out ahead if you choose a higher deductible.
Impact of careless driving on insurance rates
The illustration below illustrates how violations and at-fault accidents can impact BMW M6 insurance prices for different ages of insureds. The information is based on a married male driver, full coverage, $500 deductibles, and no other discounts are factored in.
Full coverage versus liability only rates
The example below compares BMW M6 car insurance costs with and without physical damage coverage. The data assumes no accidents, no driving violations, $1,000 deductibles, drivers are single, and no discounts are factored in.
Should you pay for full coverage or liability only?
There is no clear-cut formula to stop buying comp and collision coverage, but there is a broad guideline. If the yearly cost of full coverage is about 10% or more of the replacement cost minus the deductible, then you might consider buying liability only.
For example, let’s pretend your BMW M6 replacement value is $5,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, you would only receive $4,000 after you pay the deductible. If it’s costing in excess of $400 annually for physical damage coverage, then it may be the right time to buy liability only.
There are some circumstances where only buying liability is not recommended. If you haven’t satisfied your loan, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should not buy liability only.
Lower rates by qualifying for discounts
Insuring your vehicles can cost a lot, but you might already qualify for some discounts that many consumers don’t even know exist. Larger premium reductions will be automatically applied when you quote, but some discounts are required to be asked for prior to receiving the credit. If you check and find you aren’t receiving every discount available, you’re just leaving money on the table.
- Multiple Vehicles – Purchasing coverage when you have multiple cars or trucks on one policy can reduce the rates for all insured vehicles.
- Distant Student Discount – Children who are enrolled in higher education away from home and do not have access to a covered vehicle may qualify for this discount.
- Telematics Data – Insureds who allow their company to look at driving manner by using a telematic data system like Drivewise from Allstate or In-Drive from State Farm could save a few bucks if they have good driving habits.
- Accident-Free Discounts – Long Beach drivers who stay claim-free can earn big discounts when compared to drivers with a long claim history.
- Air Bags and Passive Restraints – Factory air bags or automatic seat belts can qualify for discounts of 25 to 30%.
As a disclaimer on discounts, most discount credits are not given to all coverage premiums. Some only reduce the price of certain insurance coverages like liability, collision or medical payments. Even though it appears you would end up receiving a 100% discount, you’re out of luck.
The information below shows the comparison of BMW M6 annual premium costs with and without discounts applied to the rates. The premium estimates are based on a female driver, a clean driving record, no at-fault accidents, California state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, homeowner, safe-driver, claim-free, multi-car, and marriage discounts applied.
Some companies that may have many of the previously listed discounts possibly include:
When getting a coverage quote, ask every prospective company which credits you are entitled to. Some discounts might not be offered on policies in Long Beach. To see a list of insurance companies offering auto insurance discounts in California, click here.
One last thing to lower rates
Budget-conscious BMW M6 insurance can be sourced both online in addition to many Long Beach insurance agents, so get free Long Beach car insurance quotes from both of them to have the best selection. Some car insurance companies do not provide the ability to get quotes online and usually these small, regional companies work with independent insurance agents.
You just learned many tips how you can find lower-cost BMW M6 insurance in Long Beach. The most important thing to understand is the more rate quotes you have, the better your chances of lowering your premium rates. Consumers may even find the lowest auto insurance rates come from the smaller companies.
As you go through the steps to switch your coverage, do not buy lower coverage limits just to save a few bucks. In too many instances, an insured cut collision coverage and learned later that it was a big mistake. Your goal should be to get the best coverage possible for the lowest cost and still be able to protect your assets.
Helpful articles
- Hybrid vehicles cost insurers more (Insurance Institute for Highway Safety)
- Who Has the Cheapest Car Insurance for 19 Year Olds in Long Beach? (FAQ)
- Who Has Affordable Auto Insurance Quotes for Teenagers in Long Beach? (FAQ)
- What Insurance is Cheapest for Teenage Males in Long Beach? (FAQ)
- How Much are Long Beach Car Insurance Rates for a Company Car? (FAQ)
- Who Has Affordable Car Insurance Quotes for Uninsured Drivers in Long Beach? (FAQ)
- Teen Driver Statistics (Insurance Information Institute)
- Understanding Limits and Deductibles (Allstate)