It's hard to believe, but over 70% of consumers have remained with the same auto insurance company for at least the last four years, and 38% of customers have never shopped around. Consumers in Santa Ana could save an average of roughly $500 each year just by comparing rates, but they just don't understand the big savings they would realize if they switch to a new company.
If you want to find the absolute lowest rates, then the best way to get affordable BMW M6 insurance is to make a habit of comparing prices annually from companies that sell auto insurance in Santa Ana. Rates can be compared by following these steps.
First, learn about how car insurance works and the modifications you can make to prevent expensive coverage. Many risk factors that are responsible for high rates such as traffic violations, accidents, and an imperfect credit rating can be controlled by being financially responsible and driving safely. Keep reading for information to get low prices and earn a bigger discount.
Second, compare prices from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only give rate quotes from a single company like GEICO or Allstate, while independent agencies can quote prices from multiple insurance companies.
Third, compare the new rates to your existing policy to see if you can save by switching companies. If you find a lower rate and make a switch, verify that coverage does not lapse between policies.
Fourth, give notification to your agent or company of your decision to cancel the current policy and submit a down payment along with a completed application to the new insurer. Don't forget to place your new proof of insurance paperwork in your glove compartment.
A crucial key to this process is that you'll want to compare similar limits and deductibles on every quote and and to get rates from as many carriers as you can. This provides a fair rate comparison and the most accurate and complete price analysis.
You Can Change Your Insurance Rates
A large part of saving on auto insurance is knowing some of the factors that play a part in calculating your premiums. When consumers understand what determines premiums, this allows you to make educated decisions that can earn you lower premium levels. Lots of factors are part of the calculation when you get a price on insurance. Some factors are common sense like a motor vehicle report, but other factors are more transparent like your vehicle usage and annual miles driven.
Job impacts prices - Did you know your auto insurance rates can be affected by your occupation? Occupational choices like fire fighters, architects, and stock brokers tend to pay higher premiums than the average policyholder in part from high stress levels and long work days. On the other hand, professions such as professors, historians and retirees get better rates.
Safer cars mean better prices - Cars with five star safety ratings get lower rates. The safest vehicles reduce injuries and any reduction in injury severity translates into savings for insurance companies and cheaper rates on your policy.
Theft deterrents save - Buying a car that has a built-in theft deterrent system can get you a discount on your auto insurance. Theft prevention features like OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all aid in stopping your vehicle from being stolen.
Women tend to take less risk - Statistics demonstrate that females take fewer risks when driving. It does not mean men are worse drivers. They both cause accidents in similar numbers, but males cause more damage and cost insurance companies more money. Not only that, but men also get more serious tickets such as DWI and reckless driving.
The diagram below shows the comparison of BMW M6 car insurance rates for male and female drivers. Data assumes no claims or driving citations, comprehensive and collision coverage, $250 deductibles, single status, and no other discounts are factored in.
BMW M6 claim statistics - Insurers factor in historical loss data in order to profitably underwrite each model. Vehicles that the data determines to have increased losses will have higher rates for specific coverages. The next table illustrates the historical insurance loss data for BMW M6 vehicles.
For each insurance policy coverage type, the claim amount for all vehicles compiled together is set at 100. Values that are under 100 imply a favorable loss record, while numbers above 100 indicate more frequent claims or a tendency for claims to be larger.
| Vehicle 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: Insurance Institute for Highway Safety for 2013-2015 Model Years
Insurance statistics for a BMW M6
The table shown below highlights estimates of prices for BMW M6 models. Knowing how insurance policy premiums are figured can be of help when making informed decisions when shopping around for a new policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M6 2-Dr Coupe | $378 | $934 | $354 | $20 | $106 | $1,792 | $149 |
| M6 2-Dr Convertible | $406 | $866 | $520 | $30 | $156 | $1,978 | $165 |
| Get Your Own Custom Quote Go | |||||||
Table data assumes married female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and California minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, homeowner, and claim-free. Price information does not factor in specific location information which can influence premiums considerably.
Policy deductible comparison
When comparing insurance rates, the most common question is which deductibles should you choose. The following tables show the cost difference when you select higher and lower physical damage deductibles. The first table uses a $250 comprehensive and collision deductible and the second price chart uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M6 2-Dr Coupe | $606 | $1396 | $376 | $22 | $112 | $2,537 | $211 |
| M6 2-Dr Convertible | $648 | $1294 | $552 | $32 | $166 | $2,717 | $226 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M6 2-Dr Coupe | $374 | $878 | $376 | $22 | $112 | $1,762 | $147 |
| M6 2-Dr Convertible | $400 | $814 | $552 | $32 | $166 | $1,964 | $164 |
| 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 homeowner, multi-policy, safe-driver, claim-free, and multi-vehicle. Premium amounts do not factor in the specific area where the vehicle is garaged which can alter price quotes considerably.
Using the premium rates above, we can conclude that using a $250 deductible costs an average of $63 more each month or $756 for a full year across all BMW M6 models than requesting the higher $1,000 deductible. Because you would pay $750 more if you file a claim with a $1,000 deductible as compared to a $250 deductible, if you average at a minimum 12 months between claims, you would probably save some money by going with a higher deductible.
The illustration below highlights how deductible choice and can impact BMW M6 insurance costs for each different age group. The costs are based on a married male driver, full coverage, and no discounts are applied to the premium.
Impact of speeding/accidents on Santa Ana insurance rates
The illustration below highlights how speeding tickets and accidents raise BMW M6 insurance costs for different insured age categories. The rate quotes are based on a married female driver, full physical damage coverage, $100 deductibles, and no discounts are taken into consideration.
Difference between liability only and full coverage rates
The example below illustrates the comparison of BMW M6 insurance prices with and without full coverage. The price estimates are based on no claims or driving violations, $100 deductibles, drivers are not married, and no other discounts are factored in.
When to switch to liability coverage only
There is no definitive formula of when to eliminate comprehensive and collision coverage on your policy, but there is a general school of thought. If the annual cost of your full coverage insurance is about 10% or more 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 M6 claim settlement value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most your company would pay you is $7,000 after paying your deductible. If you are currently paying more than $700 a year for comprehensive and collision coverage, then it's probably a good time to buy liability coverage only.
There are some conditions where dropping full coverage is not recommended. If you still owe money on your vehicle, you have to carry full 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 not eliminate full coverage.
Cheaper rates with these discounts
Some insurance providers don't list all available discounts in an easy-to-find place, so we researched a few of the more common in addition to some of the lesser obvious credits available to lower your premiums when you buy Santa Ana car insurance online.
- Renewal Discounts - A few companies offer discounts for renewing your policy before your current M6 insurance policy expires. It could save around 10% when you buy Santa Ana car insurance online.
- Air Bags and Passive Restraints - Vehicles equipped with air bags may get savings of 20% or more.
- Driver's Education for Students - Require your teen driver to participate in a local driver's education class if offered at their school.
- Good Grades Discount - Performing well in school can be rewarded with saving of up to 25%. This discount can apply up to age 25.
- Multiple Policy Discount - If you can combine your homeowners and auto policy with the same insurance company you may save up to 20% and get you inexpensive BMW M6 insurance in Santa Ana.
- Home Ownership Discount - Owning a house in Santa Ana can save a few bucks since owning and maintaining a home means you have a higher level of financial diligence.
- Auto/Life Discount - Some insurance carriers give lower rates if you buy some life insurance too.
- Buy New and Save - Adding a new car to your policy may earn a small discount compared to insuring an older model.
You can save money using discounts, but most discount credits are not given to the entire policy premium. Most only reduce individual premiums such as physical damage coverage or medical payments. So despite the fact that it appears it's possible to get free car insurance, that's just not realistic.
The diagram below illustrates the comparison of BMW M6 car insurance costs with and without policy discounts. The premiums are based on a male driver, no violations or claims, California state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, multi-car, safe-driver, claim-free, marriage, and multi-policy discounts applied.
Some of the larger companies who might offer some of the above discounts include:
When comparing rates, check with every insurance company to apply every possible discount. Some discounts listed above may not be offered in Santa Ana.
Cheaper car insurance premiums are out there
We've covered many tips how you can lower your BMW M6 insurance premium rates in Santa Ana. The key thing to remember is the more rate quotes you have, the better your chances of lowering your prices. Drivers may even discover the biggest savings come from some of the lesser-known companies.
Discount BMW M6 insurance in Santa Ana is possible on the web in addition to many Santa Ana insurance agents, and you need to price shop both to have the best selection. Some insurance companies may not provide online rate quotes and these smaller companies only sell coverage through independent agencies.
Drivers switch companies for any number of reasons including questionable increases in premium, policy cancellation, extreme rates for teen drivers or even not issuing a premium refund. Whatever your reason, choosing a new insurance company can be easier than you think.
For more information, take a look at the following helpful articles:
- Distracted Driving (Insurance Information Institute)
- Who Has Affordable Auto Insurance for Drivers Under 21 in Santa Ana? (FAQ)
- What Car Insurance is Cheapest for Inexperienced Drivers in Santa Ana? (FAQ)
- What Car Insurance is Cheapest for Immigrants in Santa Ana? (FAQ)
- Who Has Cheap Auto Insurance for Unemployed Drivers in Santa Ana? (FAQ)
- What Auto Insurance is Cheapest for 4x4 Vehicles in Santa Ana? (FAQ)
- Who Has Affordable Santa Ana Auto Insurance for Business Use? (FAQ)
- Auto Insurance FAQ (Farmers Insurance)
- Older Drivers FAQ (iihs.org)
- Auto Insurance Basics (Insurance Information Institute)
- Higher speed limits cause more fatalities (Insurance Institute for Highway Safety)