How to Save on BMW M3 Insurance in San Francisco

Have you finally had enough of not being able to scrape enough together to pay high auto insurance rates every month? You are in the same boat as many other consumers in California.

It goes without saying that insurance companies don’t want their policyholders to compare prices. Consumers who shop around for cheaper price quotes will probably buy a new policy because they have a good chance of finding a cheaper policy. Surprisingly, a recent survey revealed that drivers who routinely compared rates saved approximately $3,500 over four years compared to other drivers who never compared other company’s rates.

If finding low prices for insurance is your ultimate goal, then having some knowledge of the best ways to shop for cheaper coverage can make it simple to find affordable coverage. Lots of car insurance companies contend for your hard-earned dollar, so it’s not easy to compare every insurance company and uncover the absolute best price available on BMW M3 insurance in San Francisco.

It’s a great practice to compare rates once or twice a year since insurance rates are constantly changing. Even if you think you had the best premium rates on BMW M3 insurance in San Francisco a couple years back there may be better deals available now. There is a lot of bad information regarding M3 insurance on the web, but in a few minutes you can learn some solid techniques on how to lower your auto insurance bill.

The majority of larger companies like State Farm and Allstate allow you to get prices for coverage on their websites. Obtaining pricing for BMW M3 insurance in San Francisco is pretty painless because you just enter your coverage preferences into the quote form. When complete, the quote system gets your credit score and driving record and provides a quote based on many factors. Getting online price quotes for BMW M3 insurance in San Francisco simplifies rate comparisons, and it’s very important to get many rate quotes in order to get the most affordable premium.

In order to use this form to compare rates, compare rates now from the companies shown below. If you currently have coverage, we recommend you input coverages and limits just like they are on your policy. This way, you’re receiving a price comparison based on the exact same insurance coverage.

The companies shown below offer comparison quotes in California. If multiple providers are shown, we recommend you visit several of them in order to get a fair rate comparison.

Three reasons insurance is important

Despite the fact that insurance is not cheap in San Francisco, insurance serves a purpose in several ways.

• Just about all states have mandatory liability insurance requirements which means it is punishable by state law to not carry specific minimum amounts of liability protection in order to get the vehicle licensed. 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.
• If your M3 has a loan, it’s guaranteed your bank will have a requirement that you have comprehensive coverage to guarantee payment of the loan. If coverage lapses or is canceled, the lender will be forced to insure your BMW for a lot more money and require you to pay much more than you were paying before.
• Insurance protects not only your BMW M3 but also your assets. Insurance will pay for medical bills that are the result of an accident. As part of your policy, liability insurance will also pay for a defense attorney if you are sued as the result of an accident. If damage is caused by hail or an accident, comprehensive and/or collision insurance will cover the repair costs.

The benefits of insuring your M3 more than offset the price you pay, especially with large liability claims. In a recent study of 1,000 drivers, the average customer is currently overpaying as much as $865 each year so compare quotes from several companies at every policy renewal to ensure rates are competitive.

Insurance data for a BMW M3

The coverage table below showcases estimates of coverage prices for BMW M3 models. Being more informed about how auto insurance policy rates are figured can be valuable when making decisions on the best policy coverages.

Data variables include single female driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and California minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, multi-policy, and safe-driver. Estimates do not factor in garaging location in San Francisco which can alter coverage rates substantially.

Insurance deductibles

When shopping for insurance, a common question is how low should you set your deductibles. The comparison tables below summarize how much more rates are when you choose different policy deductibles. The first set of rates uses a $100 physical damage coverage deductible and the second rate chart uses a $1,000 deductible.

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, multi-vehicle, homeowner, claim-free, and safe-driver. Premium costs do not factor in specific location information which can affect price quotes noticeably.

Using the premium rates above, we can conclude that using a $100 deductible will cost you about $67 more each month or $804 for a full year than choosing the higher $1,000 deductible. Since you would have to pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to average more than 13 months between claim filings, you would come out ahead if you choose a higher deductible. The illustration below shows the way you can make this decision for your own policy.

One important note is that increasing deductibles to save money results in a higher out-of-pocket expense if you have a claim. That will require some funds available in order to pay the deductible for vehicle repair.

Drive safe and save

The information below highlights how speeding tickets and fender-benders drive up BMW M3 auto insurance costs for different categories of driver ages. The rate quotes are based on a single male driver, comp and collision included, $100 deductibles, and no other discounts are factored in.

BMW M3 insurance costs by age and gender

The diagram below shows the difference between BMW M3 car insurance rates for male and female drivers. The price estimates are based on no accidents, no driving violations, full physical damage coverage, $500 deductibles, single status, and no discounts are applied.

Discounts mean cheaper rates for BMW M3 insurance in San Francisco

Some insurance providers don’t list every discount available very clearly, so the list below gives a summary of both the well known as well as the least known discounts you could be receiving when you buy San Francisco auto insurance online.

• Smart Student Discounts – Being a good student can earn a discount of 20% or more. This discount can apply well after school through age 25.
• Multi-line Discount – Larger insurance companies have lower rates if you buy auto and life insurance together.
• Policy Bundle Discount – If you can bundle your homeowners and auto insurance and place coverage with the same company you could save at least 10 to 15 percent or more.
• Discounts for Safe Drivers – Safe drivers can save as much as half off their rates than less cautious drivers.
• Professional Memberships – Joining qualifying employment or professional organizations is a good way to get lower rates when shopping for car insurance.
• More Vehicles More Savings – Buying insurance for several vehicles with the same company may reduce the rate for each vehicle.
• Defensive Driver – Taking time to complete a course teaching defensive driver skills may get you a small discount depending on where you live.
• No Claim Discounts – Claim-free drivers pay less in comparison to policyholders that have many claims.
• Distant College Student Discount – College-age children who are enrolled in higher education away from home and won’t have access to an insured vehicle may qualify for this discount.
• Theft Deterrent Discount – Vehicles that have factory alarm systems and tracking devices can help prevent theft and earn discounts up to 10% off your San Francisco auto insurance quote.

A quick disclaimer, most discount credits are not given to your bottom line cost. Most only reduce specific coverage prices like collision or personal injury protection. So even though you would think adding up those discounts means a free policy, companies wouldn’t make money that way.

The information below compares BMW M3 insurance premiums with and without discounts applied. The rates are based on a female driver, no violations or 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, multi-car, homeowner, safe-driver, marriage, and claim-free discounts applied.

A list of car insurance companies and their offered discounts are shown below.

• Progressive includes discounts for online quote discount, continuous coverage, homeowner, multi-policy, online signing, and good student.
• The Hartford offers premium reductions for vehicle fuel type, air bag, defensive driver, driver training, and anti-theft.
• Mercury Insurance may offer discounts for accident-free, professional/association, location of vehicle, multi-car, low natural disaster claims, and ease of repair.
• GEICO has discounts for daytime running lights, federal employee, multi-policy, seat belt use, and good student.
• AAA may have discounts that include AAA membership discount, multi-car, multi-policy, good driver, anti-theft, good student, and pay-in-full.
• State Farm policyholders can earn discounts including Drive Safe & Save, multiple autos, student away at school, passive restraint, Steer Clear safe driver discount, good student, and defensive driving training.

If you need lower rates, check with each company the best way to save money. Some discounts may not apply to policies in San Francisco. To see companies that offer the discounts shown above in California, click this link.

Can’t I get rate quotes from local San Francisco car insurance agents?

Many drivers just prefer to get advice from a local agent and that can be a great decision Licensed agents are trained to spot inefficiencies and will help you if you have claims. The best thing about comparing insurance prices online is that drivers can save money and get cheap rate quotes and still have an agent to talk to. And buying from small agencies is especially important in San Francisco.

For easy comparison, once you complete this simple form, the quote information is transmitted to local insurance agents who want to provide quotes to get your business. It’s much easier because you don’t need to contact any insurance agencies since rate quotes are delivered straight to your inbox. If you need to compare prices from a specific insurance company, feel free to search and find their rate quote page and submit a quote form there.

If you want a reputable insurance agent or broker, you need to know there are two types of agencies that differ in how they can insure your vehicles. Agents in San Francisco are categorized either exclusive or independent. Both types can properly insure your vehicles, but we need to point out why they differ since it can impact the type of agent you choose.

Independent Agents (or Brokers)

These agents can quote rates with many companies and that is an advantage because they can write policies amongst many companies and potentially find a lower price. If they find a lower price, the business is moved internally and you won’t have to switch agencies. If you need lower rates, we recommend you get several quotes from independent agents for the best price selection.

Shown below is a short list of independent agencies in San Francisco that may be able to give competitive price quotes.

View more agents

Exclusive Insurance Agencies

These type of agents write business for a single company and some examples include AAA, Allstate, State Farm, or Farmers Insurance. They are unable to compare rates from other companies so always compare other rates. They are trained well in insurance sales which helps them sell insurance even at higher premiums.

Shown below is a list of exclusive agents in San Francisco that can give you price quote information.

View more agents

Picking an auto insurance agent requires you to look at more than just a low price. The questions below may impact your decision as well.

• How experienced are they in personal risk management?
• Is vehicle damage repaired with OEM or aftermarket parts?
• Are you getting all the discounts the company offers?
• What insurance company do they write the most business with?
• How much can you save by raising your physical damage deductibles?
• Can they give you a list of client referrals?
• Do they prorate repair cost based on vehicle mileage?

If you get good responses to all your questions in addition to an acceptable price estimate, chances are good that you have found a car insurance agent that is reliable enough to insure your vehicles.

The coverage is in the details

Understanding the coverages of your policy helps when choosing which coverages you need and proper limits and deductibles. Policy terminology can be impossible to understand and even agents have difficulty translating policy wording. Shown next are the usual coverages offered by insurance companies.

Collision coverage – Collision insurance pays for damage to your M3 from colliding with an object or car. You will need to pay your deductible and then insurance will cover the remainder.

Collision coverage pays for claims like backing into a parked car, scraping a guard rail and colliding with another moving vehicle. Paying for collision coverage can be pricey, so consider dropping it from vehicles that are 8 years or older. You can also bump up the deductible on your M3 to get cheaper collision coverage.

UM/UIM Coverage – This protects you and your vehicle when other motorists either are underinsured or have no liability coverage at all. This coverage pays for injuries sustained by your vehicle’s occupants as well as damage to your BMW M3.

Since a lot of drivers only purchase the least amount of liability that is required (which is 15/30/5), their liability coverage can quickly be exhausted. So UM/UIM coverage is very important. Most of the time your uninsured/underinsured motorist coverages are similar to your liability insurance amounts.

Comprehensive or Other Than Collision – This coverage pays for damage that is not covered by collision coverage. You first must pay your deductible and then insurance will cover the rest of the damage.

Comprehensive coverage pays for things like theft, hitting a bird, hitting a deer, rock chips in glass and fire damage. The maximum payout your insurance company will pay is the market value of your vehicle, so if the vehicle is not worth much it’s not worth carrying full coverage.

Medical costs insurance – Coverage for medical payments and/or PIP reimburse you for bills such as EMT expenses, nursing services and dental work. The coverages can be used in conjunction with a health insurance policy or if you lack health insurance entirely. Coverage applies to not only the driver but also the vehicle occupants and also covers getting struck while a pedestrian. PIP is not available in all states and may carry a deductible

Liability insurance – Liability insurance provides protection from damages or injuries you inflict on other’s property or people by causing an accident. It protects you from legal claims by others. It does not cover your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see liability limits of 15/30/5 which stand for a $15,000 limit per person for injuries, a limit of $30,000 in injury protection per accident, and a limit of $5,000 paid for damaged property. Alternatively, you may have a combined limit which combines the three limits into one amount with no separate limits for injury or property damage.

Liability can pay for things like bail bonds, emergency aid, legal defense fees and repair bills for other people’s vehicles. How much liability should you purchase? That is a personal decision, but it’s cheap coverage so purchase as much as you can afford. California requires drivers to carry at least 15/30/5 but you should think about purchasing more coverage.

The illustration below shows why low liability limits may not be adequate.

Don’t give up on cheap premiums

We’ve covered some good ideas how you can lower your BMW M3 insurance car insurance rates in San Francisco. The key concept to understand is the more rate quotes you have, the higher the chance of saving money. Drivers may even discover the best car insurance rates are with a small local company. Regional companies can often insure niche markets at a lower cost compared to the large companies like State Farm or Progressive.

Cheaper BMW M3 insurance in San Francisco can be found from both online companies and from local agencies, so you should be comparing quotes from both to have the best chance of lowering rates. Some companies may not provide internet price quotes and most of the time these small insurance companies only sell coverage through local independent agents.

Steps to finding low-cost rates for BMW M3 insurance in San Francisco

If saving money is your primary concern, then the best way to find discount BMW M3 insurance in San Francisco is to make a habit of comparing prices annually from insurers in California.

1. Spend some time learning about what coverages are included in your policy and the things you can change to drop your rates. Many policy risk factors that cause high rates such as traffic citations, accidents, and a lousy credit rating can be remedied by improving your driving habits or financial responsibility.
2. Compare rates from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can provide rates from one company like GEICO or State Farm, while independent agencies can quote prices for many different companies.
3. Compare the new rate quotes to the price on your current policy to see if switching to a new carrier will save money. If you can save some money and decide to switch, verify that coverage does not lapse between policies.

An essential thing to point out is that you’ll want to make sure you compare the same level of coverage on each quote and and to get prices from as many auto insurance providers as possible. Doing this guarantees an accurate price comparison and a complete price analysis.

For more information, take a look at these articles:

• Older Drivers FAQ (iihs.org)
• Who Has the Cheapest Auto Insurance for Nurses in San Francisco? (FAQ)
• Who Has Cheap Car Insurance Quotes for a Jeep Wrangler in San Francisco? (FAQ)
• What Insurance is Cheapest for Drivers Requiring a SR22 in San Francisco? (FAQ)
• What Insurance is Cheapest for a Jeep Grand Cherokee in San Francisco? (FAQ)
• Higher speed limits cause more fatalities (Insurance Institute for Highway Safety)
• Airbag FAQ (iihs.org)
• Uninsured Motorists: Threats on the Road (Insurance Information Institute)