It takes a few minutes, but the best way to get budget BMW M3 insurance is to start comparing prices regularly from insurers who sell insurance in Irvine.
- It will benefit you to learn about coverages and the modifications you can make to keep rates down. Many factors that result in higher prices such as distracted driving and a poor credit score can be remedied by making lifestyle changes or driving safer. This article gives more ideas to help prevent costly coverage and get discounts that may be available to you.
- Compare prices from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only quote rates from a single company like GEICO and State Farm, while independent agencies can quote prices for a wide range of insurance providers.
- Compare the new rate quotes to your current policy premium to determine if switching companies saves money. If you find a better price and switch companies, make sure there is no coverage gap between policies.
- Give notification to your agent or company to cancel your current policy. Submit any necessary down payment along with the completed application to the new company. As soon as you can, safely store the proof of insurance paperwork with your registration paperwork.
A good tip to remember is to make sure you enter identical limits and deductibles on every quote request and and to get rates from all possible companies. Doing this guarantees the most accurate price comparison and a complete rate analysis.
It’s a fact that insurance companies don’t want policyholders to shop around. Insureds who get comparison quotes at least once a year will probably switch auto insurance companies because there is a good probability of finding a more affordable policy. A recent study showed that consumers who compared price quotes annually saved approximately $3,400 over four years compared to people who never shopped around.
If finding budget-friendly rates on insurance is your objective, knowing how to shop and compare coverage rates can make it easier to shop your coverage around.
If you already have coverage or are looking for a new policy, you can use these techniques to buy cheaper car insurance and possibly find even better coverage. Quoting and comparing rates for affordable car insurance policy in Irvine is not as difficult as people think. Consumers just need to understand how to quote multiple rates from multiple carriers.
Low Cost companies for BMW M3 insurance in California
The following companies are our best choices to provide price comparisons in Irvine, CA. To buy cheap car insurance in California, we recommend you compare several of them to find the most competitive auto insurance rates.
Coverage information
The table below covers different coverage costs for BMW M3 models. Being more informed about how auto insurance policy rates are determined can help drivers make decisions on the best policy coverages.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $252 | $572 | $500 | $30 | $150 | $1,504 | $125 |
| M3 CI 2-Dr Coupe | $274 | $638 | $500 | $30 | $150 | $1,592 | $133 |
| M3 2-Dr Convertible | $274 | $638 | $500 | $30 | $150 | $1,592 | $133 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and California minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, homeowner, and safe-driver. Estimates do not factor in specific Irvine garaging location which can lower or raise prices noticeably.
Physical damage deductible comparison
One of the most common insurance questions is how low should you set your deductibles. The rates below can help illustrate the difference in cost when you select higher and lower deductibles. The first rate comparisons uses a $250 deductible and the second rate chart uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $474 | $882 | $442 | $26 | $132 | $1,981 | $165 |
| M3 CI 2-Dr Coupe | $518 | $986 | $442 | $26 | $132 | $2,129 | $177 |
| M3 2-Dr Convertible | $518 | $986 | $442 | $26 | $132 | $2,129 | $177 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $292 | $556 | $442 | $26 | $132 | $1,448 | $121 |
| M3 CI 2-Dr Coupe | $320 | $620 | $442 | $26 | $132 | $1,540 | $128 |
| M3 2-Dr Convertible | $320 | $620 | $442 | $26 | $132 | $1,540 | $128 |
| Get Your Own Custom Quote Go | |||||||
Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and California minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, claim-free, and multi-policy. Estimates do not factor in vehicle garaging location which can impact price quotes greatly.
Using the data above, we can ascertain that using a $250 deductible will cost in the ballpark of $47 more each month or $564 a year than selecting the higher $1,000 deductible. Due to the fact that you would have to pay $750 more out of your own pocket with a $1,000 deductible as compared to a $250 deductible, if you have at a minimum 16 months between claims, you would probably save some money if you opt for a higher deductible. Below is a better example of how you can make your own decision.
| Average monthly premium for $250 deductibles: | $173 |
| Average monthly premium for $1,000 deductibles (subtract): | – $126 |
| Monthly savings from raising deductible: | $47 |
| Difference between deductibles ($1,000 – $250): | $750 |
| Divide difference by monthly savings: | $750 / $47 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 16 months |
An important thing to remember is that raising deductibles results in having to pay to pay more out-of-pocket when you have a physical damage claim. That will force you to have some extra savings in order to pay more to get your vehicle repaired.
The information below demonstrates how choosing different deductibles and can raise or lower BMW M3 insurance costs for each different age category. The data assumes a single male driver, full physical damage coverage, and no discounts are applied to the premium.
BMW M3 full coverage rates compared to liability only
The example below shows the comparison of BMW M3 yearly insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in California. The prices are based on no tickets, no at-fault accidents, $500 deductibles, drivers are not married, and no discounts are applied.
Guidelines for eliminating full coverage
There isn’t a written rule to stop paying for physical damage coverage on your policy, but there is a general convention. If the yearly cost for physical damage coverage is more than 10% of any settlement you would receive from your insurance company, then it could be time to drop full coverage.
For example, let’s pretend your BMW M3 replacement cost is $3,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most you would get paid by your company is $2,000 after paying your deductible. If premium cost is more than $200 a year to have full coverage, then it might be time to consider dropping full coverage.
There are some situations where buying only liability insurance is not financially feasible. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage in order to prevent your loan from defaulting. Also, if you cannot afford to purchase a different vehicle if your current one is totaled, you should keep full coverage in place.
Take policy discounts and save on BMW M3 insurance in Irvine
The cost of insuring your cars can be expensive, but you might be missing out on some discounts to reduce the price significantly. Some of these discounts will be visible at the time of purchase, but a few need to be asked about before you get the savings.
- No Claim Discounts – Insureds with no claims or accidents get the best car insurance rates in comparison with policyholders that have many claims.
- Defensive Driver – Successfully completing a course in driver safety could earn you a small percentage discount if you qualify.
- ABS Brakes – Vehicles with anti-lock braking systems can avoid accidents and will save you 10% or more on M3 insurance in Irvine.
- Organization Discounts – Belonging to certain professional organizations could qualify you for a break when shopping for car insurance.
- Save with More Vehicles Insured – Buying a policy with multiple vehicles with one company qualifies for this discount.
- Home Ownership Discount – Just being a homeowner can get you a discount due to the fact that maintaining a home is proof that your finances are in order.
- Renewal Discounts – Some companies give discounts for switching to them prior to your current M3 insurance policy expiring. It could save around 10% when you buy Irvine car insurance online.
- Passive Restraints and Air Bags – Options like air bags may get savings up to 30%.
- Theft Deterrent – Vehicles that have factory alarm systems and tracking devices are stolen with less frequency and that can save you a little bit as well.
Please keep in mind that most discount credits are not given to the overall cost of the policy. Most only cut the price of certain insurance coverages like comp or med pay. Despite the fact that it seems like all those discounts means the company will pay you, companies wouldn’t make money that way.
The information below visualizes the comparison of BMW M3 auto insurance costs with and without discounts applied to the policy rates. The rate quotes are based on a male driver, a clean driving record, no at-fault accidents, California state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, homeowner, multi-car, claim-free, marriage, and safe-driver discounts applied.
Popular car insurance companies and a partial list of their discounts are:
- State Farm has savings for passive restraint, Steer Clear safe driver discount, student away at school, driver’s education, Drive Safe & Save, and defensive driving training.
- Farmers Insurance may include discounts for distant student, alternative fuel, youthful driver, pay in full, multi-car, and good student.
- GEICO includes discounts for federal employee, anti-lock brakes, multi-policy, daytime running lights, five-year accident-free, seat belt use, and military active duty.
- American Family offers premium reductions for multi-vehicle, TimeAway discount, defensive driver, good driver, and good student.
- Nationwide may have discounts that include multi-policy, defensive driving, accident-free, business or organization, family plan, Farm Bureau membership, and easy pay.
- Progressive offers discounts for homeowner, multi-vehicle, online signing, online quote discount, and good student.
If you are trying to find low cost Irvine car insurance quotes, ask each insurance company which discounts they offer. Some discounts listed above may not apply to policies in your area. To locate insurance companies with significant discounts in California, click here to view.
Smart Consumers Can Save Money
Many factors are taken into consideration when premium rates are determined. Some of the criteria are obvious like an MVR report, although others are less obvious like your continuous coverage or how financially stable you are. One of the most helpful ways to save on car insurance is to to have a grasp of a few of the rating criteria that come into play when calculating the rates you pay for car insurance. If you have some idea of what impacts premium levels, this empowers consumers to make smart changes that may result in cheaper rates.
The following are some of the factors used by companies to determine your rate level.
Avoid tickets and save – Only having one speeding ticket can increase rates forty percent or more. Drivers with clean records pay less for auto insurance compared to bad drivers. Drivers who have gotten license-revoking tickets like reckless driving or DUI may be required to file a proof of financial responsibility form (SR-22) with their state’s licensing department in order to drive a vehicle legally.
The information below demonstrates how speeding tickets and accident claims raise BMW M3 insurance premiums for different age groups of insureds. The data is based on a single male driver, comprehensive and collision coverage, $250 deductibles, and no discounts are applied.
Being married can save on car insurance – Having a significant other can actually save you money when buying car insurance. Having a spouse translates into being more mature and it’s proven that married drivers get in fewer accidents.
Incidental coverages can add up – Insurance policies have a lot of extra bells and whistles that you can get tricked into buying on your car insurance policy. Insurance for replacement cost coverage, high-cost glass coverage, and term life insurance may be wasting your money. These coverages may sound good when you first buy your policy, but if you’ve never needed them in the past eliminate them to save money.
Insurance companies don’t like frequent insurance claims – If you file a lot of claims you shouldn’t be surprised to get higher premiums or even policy non-renewal. Auto insurance companies in California provide the best rates to drivers who file claims infrequently. Your car insurance is intended to be relied upon for more catastrophic claims.
Excellent credit scores equal low costs – A driver’s credit score factor in determining premium rates. If your credit rating is low, you could be paying less to insure your BMW M3 by repairing your credit. Drivers who have high credit ratings tend to be less risk to insure than drivers with poor credit scores.
Never let your car insurance policy lapse – Letting your insurance expire will be a quick way to increase your renewal premiums. In addition to paying higher rates, not being able to provide proof of insurance could result in a license revocation or jail time.
Fast cars cost more to insure – The make and model of the vehicle you are buying insurance for makes a huge difference in your auto insurance rates. Smaller low performance passenger models usually have the lowest rates, but that’s not the only thing that factors into the final price.
The next chart uses these variables: single female driver age 20, full coverage with $1000 deductibles, and no discounts or violations. It illustrates BMW M3 rates compared to other makes and models that have different performance risks.
Loss statistics for a BMW M3 – Insurers use data from past claims to help calculate premium prices. Models that are shown to have high amounts or severity of claims will be charged more to insure.
The table below shows the insurance loss data for BMW M3 vehicles. For each policy coverage type, the loss probability for all vehicles combined as an average is equal to 100. Percentage numbers below 100 imply a favorable loss record, while values over 100 indicate more frequent losses or larger claims.
| Specific BMW Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| BMW M3 4dr | 302 | 186 |
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Do I need special coverages?
When choosing the right insurance coverage for your vehicles, there isn’t really a best way to insure your cars. Everyone’s needs are different and your car insurance should unique, too.
These are some specific questions could help you determine whether or not you might need professional guidance.
- Why am I required to buy liability insurance?
- Which companies will insure me after a DUI?
- What is the difference between comprehensive and collision coverage?
- Does my policy cover my teen driver if they drive my company car?
- Will I be non-renewed for getting a DUI or other conviction?
- What is the difference between personal and commercial auto insurance policies?
If you don’t know the answers to these questions, then you may want to think about talking to an agent. If you don’t have a local agent, simply complete this short form or click here for a list of car insurance companies in your area. It’s fast, free and can provide invaluable advice.
Local neighborhood agents and auto insurance
Some people prefer to visit with an insurance agent and doing so can bring peace of mind Most agents can point out coverage gaps and help you file claims. An additional benefit of getting online price quotes is the fact that you can find better rates and also buy local. Buying from neighborhood agents is important especially in Irvine.
Once you complete this simple form, the coverage information is emailed to local insurance agents in Irvine who can give free rate quotes for your insurance coverage. It’s much easier because you don’t need to visit any agencies because quoted prices will be sent to you instantly. In the event you want to get a price quote from one company in particular, you can always search and find their rate quote page and fill out the quote form the provide.
Picking the best provider is decision based upon more than just the bottom line cost. Ask your prospective agent these questions:
- If you are a high risk driver, do they have special markets for your coverage?
- Do they have advanced training designations such as CPCU, AAI, AIC, or CIC?
- Are all drivers listed on the coverage quote?
- What are the financial ratings for the companies they represent?
- How often do they review policy coverages?
- Does the agency have a current Errors and Omissions policy?
How to find a good California car insurance company
Ending up with the best auto insurance company can be challenging considering how many choices drivers have in Irvine. The ranking information shown next could help you select which car insurance companies to look at when comparing rate quotes.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 98 | 100 | 100 | 94% | A++ | 98.6 |
| American Family | 98 | 89 | 100 | 86% | A | 95.4 |
| AAA of Southern California | 91 | 94 | 97 | 92% | A+ | 94.1 |
| State Farm | 88 | 93 | 96 | 90% | A++ | 92.4 |
| The Hartford | 94 | 92 | 90 | 89% | A+ | 91.7 |
| AAA Insurance | 88 | 89 | 95 | 91% | A | 91.2 |
| GEICO | 84 | 93 | 93 | 89% | A++ | 90.3 |
| The General | 89 | 91 | 89 | 88% | A- | 90 |
| Titan Insurance | 90 | 87 | 91 | 95% | A+ | 89.6 |
| Progressive | 84 | 91 | 93 | 87% | A+ | 89.5 |
| Mercury Insurance | 88 | 91 | 90 | 85% | A+ | 89.4 |
| Allstate | 85 | 90 | 92 | 88% | A+ | 89.3 |
| Nationwide | 87 | 88 | 84 | 90% | A+ | 88.7 |
| Liberty Mutual | 84 | 87 | 93 | 88% | A | 88.5 |
| 21st Century | 85 | 86 | 87 | 88% | A | 86.7 |
| Esurance | 85 | 80 | 95 | 87% | A+ | 85.9 |
| Safeco | 85 | 85 | 85 | 86% | A | 85.8 |
| Travelers | 80 | 87 | 87 | 83% | A++ | 85.2 |
| Farmers Insurance | 78 | 87 | 88 | 79% | A | 84.3 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
How much can you save?
While you’re price shopping online, never buy lower coverage limits just to save a few bucks. There are many occasions where someone dropped comprehensive coverage or liability limits and learned later they didn’t purchase enough coverage. Your goal should be to get the best coverage possible at the lowest possible cost while still protecting your assets.
Budget-conscious BMW M3 insurance can be found on the web in addition to many Irvine insurance agents, and you should be comparing both to get a complete price analysis. Some insurance providers do not offer online rate quotes and many times these regional carriers only sell coverage through local independent agents.
For more information, link through to these articles:
- Top Signs Your Brakes are Giving Out (State Farm)
- Who Has Cheap Car Insurance Rates for a Honda CR-V in Irvine? (FAQ)
- Who Has the Cheapest Car Insurance Quotes for 16 Year Olds in Irvine? (FAQ)
- What does Personal Injury Protection (PIP) Cover? (Allstate)
- Honda warning system reduces insurance claims (Insurance Institute for Highway Safety)
- Cellphones, Texting and Driving (iihs.org)
- New head restraint design cuts injuries (Insurance Institute for Highway Safety)