We don’t have to tell you that car insurance companies don’t want you comparing rates. Consumers who get price quotes annually are very likely to switch companies because of the good chance of finding good coverage at a lower price. Remarkably, a study showed that drivers who regularly compared price quotes saved an average of $72 a month compared to those who never compared rates.
If finding the most affordable insurance in Riverside is your ultimate target, then knowing how to quote prices and compare insurance can make it simple to find affordable coverage.
To save the most money, the best way to find cheaper BMW M3 insurance in Riverside is to compare prices annually from insurers who provide auto insurance in California. Rates can be compared by following these guidelines.
- Gain an understanding of policy coverages and the steps you can take to lower rates. Many rating criteria that result in higher rates like at-fault accidents, careless driving, and a negative credit score can be controlled by paying attention to minor details.
- Get rate quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only give prices from one company like GEICO or State Farm, while agents who are independent can quote prices for many different companies.
- Compare the quotes to your existing rates to determine if you can save on M3 insurance. If you can save some money, ensure coverage does not lapse between policies.
- Notify your agent or company of your intention to cancel your current policy and submit a down payment and signed policy application for your new coverage. Make sure you put the proof of insurance certificate somewhere easily accessible.
One bit of advice is to make sure you enter identical limits and deductibles on every price quote and and to get rate quotes from as many companies as you can. Doing this guarantees a fair rate comparison and plenty of rates choose from.
Lower Insurance Rates with These Tips
Smart consumers have a good feel for the rating factors that aid in calculating your insurance rates. When you understand what influences your rates, this empowers consumers to make smart changes that may reward you with lower premium levels. Many factors are used in the calculation when quoting car insurance. A few of the factors are predictable such as your driving history, but others are more obscure like your continuous coverage or your financial responsibility.
The following are some of the most rate-impacting factors that factor into your premiums.
Drive lots and pay more – The higher the miles on your BMW in a year the more you’ll pay to insure it. Almost all companies charge rates based on their usage. Cars and trucks that have low annual miles can get a lower rate than those that get driven frequently. It’s always a good idea to double check that your declarations sheet states how each vehicle is driven. Improper usage on your M3 can cost quite a bit.
Why do you need liability protection? – Liability insurance will afford coverage when a court rules you are at fault for damages caused by your negligence. Your policy’s liability insurance provides for a legal defense which can be incredibly expensive. It is affordable coverage when compared to the cost of physical damage coverage, so do not cut corners here.
Younger drivers pay higher rates – Inexperience drivers are statistically shown to be less responsible when at the wheel of a vehicle therefore insurance rates are much higher. Parents adding a beginning driver onto your insurance can increase premiums substantially. Older, more experienced drivers are more cautious drivers, cause fewer claims and accidents, and get fewer tickets.
The chart below uses these assumptions: single driver, full coverage with $100 deductibles, and no discounts or violations.
Excellent credit saves on insurance – Having a good credit rating is likely to be a major factor in your rate calculation. Insureds that have good credit tend to be less risk to insure as compared to drivers with bad credit. If your credit score is low, you may save money insuring your BMW M3 if you improve your credit rating.
Prevent theft and reduce rates – Driving a car with an alarm system can help lower your premiums. Systems that thwart thieves like OnStar, LoJack tracking, and tamper alarms all hinder auto theft.
Stress out and pay more – Did you know your insurance rates can be affected by your occupation? Occupational choices like doctors, police officers, and stock brokers have higher rates than the rest of us due to high stress levels and lengthy work days. Conversely, jobs like actors, athletes and homemakers pay lower than average rates.
BMW M3 insurance loss statistics – Companies use statistical claims data when they calculate premium rates for each model. Models that the statistics show to have a trend towards higher claim severity or frequency will cost more for coverage.
The next table illustrates the insurance loss data used by companies for BMW M3 vehicles. For each coverage category, the claim probability for all vehicles, regardless of manufacturer or model, equals 100. Values that are under 100 suggest a better than average loss history, while values that are above 100 point to more claims or a tendency for losses to be larger than average.
|Vehicle Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|BMW M3 4dr||302||186|
Empty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
Rates and other information
The table shown below outlines detailed analysis of prices for BMW M3 models. Understanding how policy premiums are calculated can benefit drivers when making informed coverage decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|M3 4-Dr Sedan||$252||$544||$464||$28||$138||$1,426||$119|
|M3 CI 2-Dr Coupe||$274||$608||$464||$28||$138||$1,512||$126|
|M3 2-Dr Convertible||$274||$608||$464||$28||$138||$1,512||$126|
|Get Your Own Custom Quote Go|
Table data represents married female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and California minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, multi-vehicle, and homeowner. Rate quotes do not factor in specific location which can influence price quotes noticeably.
The chart below highlights how deductible selection and can influence BMW M3 premium costs for different ages of insureds. The data is based on a married male driver, comprehensive and collision coverage, and no additional discounts are factored in.
Gender-based car insurance rates in Riverside
The information below illustrates the difference between BMW M3 premium costs for male and female drivers. The price estimates are based on no claims or violations, comprehensive and collision coverage, $250 deductibles, single marital status, and no discounts are taken into consideration.
Take policy discounts and save on BMW M3 insurance in Riverside
Insurance is not cheap nor is it fun to buy but there could be significant discounts that you may not know about. Larger premium reductions will be automatically applied when you quote, but a few must be asked for before you get the savings.
- Discounts for Federal Employees – Active or retired federal employment may qualify for a discount when you quote Riverside auto insurance with a few insurance companies.
- Multiple Vehicles – Buying coverage for multiple vehicles on the same insurance policy qualifies for this discount.
- Telematics Data Discounts – Insureds that choose to allow their company to study where and when they drive by using a small device installed in their vehicle such as State Farm’s In-Drive may see discounts as long as the data is positive.
- Auto/Home Discount – If you can combine your homeowners and auto policy with one company you may earn over 10 percent off each policy depending on the company.
- Seat Belt Discounts – Using a seat belt and requiring all passengers to use their safety belts can save up to 15% off the personal injury premium cost.
Don’t be shocked that many deductions do not apply to the entire cost. Most cut the cost of specific coverages such as comprehensive or collision. So even though you would think you would end up receiving a 100% discount, you won’t be that lucky.
The diagram below visualizes the comparison of BMW M3 insurance costs with and without discounts applied to the policy premium. The information is based on a female driver, no claims, a clean driving record, California state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, multi-car, multi-policy, marriage, safe-driver, and homeowner discounts applied.
Some of the insurance companies that possibly offer these benefits possibly include:
If you need lower rates, check with each company or agent how you can save money. A few discounts might not be available to policyholders in Riverside. If you would like to see a list of insurance companies that offer multiple discounts in California, click here to view.
The best rates come from being thorough
Drivers change insurance companies for many reasons like unfair underwriting practices, poor customer service, not issuing a premium refund and even delays in responding to claim requests. It doesn’t matter what your reason, choosing a new insurance company is not as hard as you think.
As you prepare to switch companies, never buy less coverage just to save a little money. There are many occasions where someone dropped comprehensive coverage or liability limits and discovered at claim time that the savings was not a smart move. Your focus should be to get the best coverage possible at a price you can afford while not skimping on critical coverages.
We covered a lot of techniques to compare BMW M3 insurance rates in Riverside. The key concept to understand is the more times you quote, the better chance you’ll have of finding affordable BMW M3 insurance quotes. You may even discover the best price on auto insurance is with some of the lesser-known companies.
Much more information about auto insurance in California is located at these links:
- What is Covered by GAP Insurance? (Allstate)
- What Insurance is Cheapest for Electric Cars in Riverside? (FAQ)
- Who Has Affordable Car Insurance for 17 Year Olds in Riverside? (FAQ)
- How Much Auto Coverage do I Need? (Insurance Information Institute)
- Automakers compete to add autobraking (Insurance Institute for Highway Safety)
- What is a Telematics Device? (Allstate)