Car Insurance Rate Quotes for a BMW M3 in Sacramento

Do you need a better way to compare more affordable car insurance rates in Sacramento, CA? Sacramento drivers have a choice when trying to find affordable BMW M3 insurance. You can either waste hours contacting agents to compare prices or use the internet to get rate quotes. There is a right way and a wrong way to buy car insurance and you need to know the quickest way to get price quotes for a BMW and find the cheapest rates.

The quickest way to compare insurance rates in your area is to take advantage of the fact auto insurance companies participate in online systems to provide you with a free rate quote. All you need to do is give the companies some data including your education level, level of coverage desired, if the car is leased, and an estimate of your credit level. The rating information is sent automatically to multiple different insurance companies and they return quotes very quickly.

To check rates for your BMW M3 now, click here and complete the form.

The companies shown below have been selected to offer free rate quotes in Sacramento, CA. If you want the best cheap auto insurance in CA, it’s highly recommended you get rate quotes from several of them to get the best price comparison.

Car insurance statistics and figures

The information below outlines estimates of insurance rates for BMW M3 models. Having a better understanding of how policy premiums are determined is important for drivers to make smart choices when purchasing an auto insurance policy.

Premium data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and California minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, multi-policy, and claim-free. Premium costs do not factor in your specific Sacramento location which can revise prices substantially.

Raise deductibles and save

One of the most common car insurance questions is how high should the physical damage deductibles be. The rates shown below help summarize the difference in cost when you choose different comp and collision deductibles. The first table uses a $100 physical damage coverage deductible and the second price grid uses a $500 deductible.

Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and California minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, multi-vehicle, and claim-free. Price estimates do not factor in Sacramento location which can revise coverage rates significantly.

Based on the data above, we can derive that using a $100 deductible will cost you roughly $45 more each month or $540 a year across all BMW M3 models than choosing the higher $500 deductible. Due to the fact that you would have to pay $400 more out-of-pocket with a $500 deductible as compared to a $100 deductible, if you tend to have at least 9 months between claim filings, you would come out ahead if you decide on a higher deductible.

An important sidenote is that higher deductibles means you will have to cover more of the damage yourself when you file a claim. That will require enough disposable savings in order to pay more for the deductible.

Cost comparison with and without full coverage

The information below compares BMW M3 insurance premiums with and without physical damage coverage. The data is based on no tickets, no at-fault accidents, $250 deductibles, single status, and no policy discounts are applied.

When to stop buying physical damage coverage

There is no clear-cut rule for dropping full coverage on your policy, but there is a guideline you can use. If the yearly cost of full coverage is more than around 10% of replacement cost minus your deductible, then you may want to consider only buying liability coverage.

For example, let’s say your BMW M3 replacement value is $3,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $2,000 after the deductible is paid. If premiums are more than $200 a year to have full coverage, then you might consider buying liability only.

There are some conditions where buying only liability insurance is not recommended. If you still have a lienholder on your title, you are required to maintain full coverage in order to keep the loan. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should keep full coverage on your policy.

You Can Change Your Insurance Rates

Lots of factors are taken into consideration when you get your auto insurance bill. Some factors are common sense such as your driving history, but some are not quite as obvious such as your marital status or how safe your car is.

• Men pay higher premiums – Over the last 30 years, statistics show females are less aggressive when driving. The data does not necessarily mean that females are better at driving than males. Men and women cause fender benders at a similar rate, but men tend to have higher claims. Men also statistically get ticketed for serious violations such as reckless driving.

  The illustration below compares BMW M3 yearly insurance costs for male and female drivers. The price estimates are based on no violations or accidents, full coverage, $250 deductibles, single status, and no discounts are applied to the premium.

• Policy add-ons can waste money – There are a ton of additional coverages that can add up on your M3 policy. Coverages for vanishing deductibles, high-cost glass coverage, and extra equipment coverage are examples of these. They may seem good when you first buy your policy, but if they’re wasting money think about removing them and cutting costs.
• Do you work long hours in a demanding employer? – Did you know that where you work can have an impact on rates? Careers like fire fighters, airline pilots, and stock brokers are shown to have higher premiums than the average policyholder attributed to intense work situations and lengthy work days. On the flip side, careers such as actors, engineers and homemakers have the lowest average rates.
• Prevent theft and lower premiums – Selecting a car model that has an advanced theft prevention system can save you some money. Advanced theft deterrents such as LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all help stop auto theft and help lower rates.
• Safer the car lower the rate – Vehicles with high crash test scores are cheaper to insure. Highly rated vehicles reduce injuries and better occupant protection translates into fewer and smaller insurance claims which can result in lower premiums. If your BMW is rated at a minimum four stars on Safercar.gov you are probably receiving a discount.

• Bad driving leads to higher premiums – How you drive impacts your car insurance rates tremendously. Only having one speeding ticket can increase the cost of insurance twenty percent or more. Careful drivers pay lower auto insurance prices compared to drivers with tickets. People who have careless tickets such as DUI or willful reckless driving are required to complete a SR-22 to the state department of motor vehicles in order to legally drive.

  The information below demonstrates how citations and at-fault fender-benders influence BMW M3 insurance premiums for different ages of insureds. The costs are based on a single male driver, full physical damage coverage, $1,000 deductibles, and no discounts are applied to the premium.

• High performance vehicles cost more to insure – The type of car you are trying to find cheaper insurance for makes a substantial difference in your car insurance bill. Small economy passenger vehicles normally have pretty low rates, but your final cost has many other factors.

  The chart below assumes a married female driver age 40, full coverage with $500 deductibles, and no discounts or violations. It compares BMW M3 car insurance rates compared to other models that have different performance rating factors.

• BMW M3 insurance loss statistics – Insurance companies use historical loss data when they set coverage costs for each model. Vehicles that the statistics show to have higher losses will cost more for specific coverages.

  The table shown below demonstrates the insurance loss data used by companies for BMW M3 vehicles. For each policy coverage type, the loss probability for all vehicles as a whole is considered to be 100. Values that are under 100 suggest losses that are better than average, while values that are above 100 show a trend for more claims or statistically larger losses.

  
  

  Insurance Loss Ratings for BMW M3 Vehicles

  Vehicle Make and Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  BMW M3 4dr	302		186

  BETTER

  AVERAGE

  WORSE

  Empty fields indicate not enough data collected
  Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Car insurance does more than just protect your car

Even though it’s not necessarily cheap to insure a BMW in Sacramento, buying car insurance is most likely required but also gives you several important benefits.

First, most states have minimum mandated liability insurance limits which means the state requires a specific level of liability insurance coverage in order to drive the car legally. In California these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.

Second, if your BMW M3 has a loan, almost all lenders will require you to have insurance to ensure the loan is repaid in case of a total loss. If you cancel or allow the policy to lapse, the bank or lender will purchase a policy for your BMW at a much higher premium rate and require you to reimburse them for the expensive policy.

Third, car insurance protects your vehicle and your assets. It will also reimburse you for medical bills for not only you but also any passengers injured in an accident. One of the most valuable coverages, liability insurance, also covers all legal expenses up to the policy limit in the event you are sued. If mother nature or an accident damages your car, comprehensive and/or collision insurance will pay to repair the damage.

The benefits of carrying enough insurance outweigh the cost, particularly if you ever have a claim. According to a 2015 survey, the average American driver overpays more than $830 a year so smart consumers compare quotes at every policy renewal to save money.