Do you want to stop overpaying and find lower-priced BMW M6 insurance in Houston? Feeling guilty for buying an underperforming, overpriced car insurance policy? Say no more because there are lots of people in the same boat.
Statistics show that about 70% of customers have stayed with the same insurance company for well over three years, and just under half have never taken the time to shop around. American insurance shoppers could save as much as $859 each year, but they just don’t understand how easy it is to compare rates online.
Insurance companies such as Allstate and Progressive all claim big savings with TV and radio ads and consumers find it hard to ignore the flying pigs and cute green geckos and find the best price available.
It’s important to check car insurance prices at least once a year because insurance prices are adjusted regularly by insurance companies. If you had the lowest rate on BMW M6 insurance in Houston a few years ago there may be better deals available now. Ignore everything you know about car insurance because you’re about to learn the tricks you need to know to lower your annual insurance bill.
If you are paying for car insurance now, you will definitely be able to get lower rates using the ideas presented in this article. Buying the cheapest insurance in Houston can be made easier if you know where to look. Nevertheless, Texas consumers benefit from understanding the methods companies use to determine premium rates and apply this information to your search.
How do Insurance Companies Determine BMW M6 Insurance Prices?
Many different elements are part of the calculation when you quote your car insurance policy. Most are fairly basic such as your driving record, but some are not as apparent such as whether you are married or your vehicle rating. When buying car insurance it’s important to understand the rating factors that come into play when calculating the level of your policy premiums. If you have a feel for what impacts premium levels, this enables you to make decisions that may reward you with lower rates.
The following are a few of the “ingredients” used by companies to determine premiums.
- Where you call home factors in – Residing in less populated areas of the country may provide you with better prices when buying car insurance. Residents of big cities have more auto accidents and longer commute times. Less people living in that area translates into fewer accident claims and also fewer theft and vandalism claims.
- The higher your credit history the lower your premiums – An insured’s credit score will be a significant factor in your rate calculation. Drivers who have excellent credit scores tend to be better drivers and file fewer claims than drivers with worse credit. Therefore, if your credit history can use some improvement, you could potentially save money when insuring your BMW M6 by improving your credit score.
- Fast cars cost more to insure – The performance level of the car you are trying to find cheaper insurance for makes a huge difference in determining your rates. Because the BMW M6 is considered a luxury sports car, insurance will be up to twice as much when compared to the average rates in Houston. Lower performance four cylinder passenger cars usually have the lowest rates, but there are many factors that impact the final cost.
- Car insurance lapses lead to higher prices – Letting your insurance expire is a guaranteed way to drive up your policy premiums. Not only will you pay higher rates, failure to provide proof of insurance will get you fines and jail time.
- Raise deductibles and save – Physical damage deductibles define how much you are willing to pay if you file a covered claim. Insurance for physical damage to your car, also called ‘full coverage’, covers damage that occurs to your car. Some coverage claims could be colliding with a stationary object, fire damage, and damage from wind. The more expense you are required to pay out-of-pocket, the better rate you will receive.
- Premiums can be impacted by your vocation – Careers such as lawyers, architects and accountants have higher premium rates because of intense work situations and long work days. On the other hand, jobs like professors, engineers and homemakers have lower than average premiums.
- Claims statistics for a BMW M6 – Insurance companies include the past claim history for a vehicle when they calculate premium prices for each model. Models that statistically have increased losses will have increased rates.
The table below shows the loss history for BMW M6 vehicles. For each insurance policy coverage type, the loss probability for all vehicles averaged together is equal to 100. Values that are 100 or less imply a favorable loss record, while percentages above 100 indicate a higher chance of having a claim or statistically larger losses.
BMW M6 Insurance Loss Statistics
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
Statistics from IIHS.org for 2013-2015 Model Years
When price shopping your coverage, comparing more quotes increases your odds of finding better pricing. Some regional insurers cannot provide online rate quotes, so it’s important to compare quotes on coverage from those companies, too.
The car insurance companies shown below can provide quotes in Texas. If the list has multiple companies, we suggest you visit several of them to find the lowest car insurance rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M6 2-Dr Coupe | $424 | $970 | $324 | $20 | $96 | $1,834 | $153 |
| M6 2-Dr Convertible | $536 | $1370 | $538 | $32 | $162 | $2,638 | $220 |
| Get Your Own Custom Quote Go | |||||||
Data variables include single male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Texas minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, safe-driver, and claim-free. Premium costs do not factor in zip code location which can affect price quotes significantly.
How accidents and violations affect rates
The diagram below illustrates how speeding tickets and at-fault claims can affect BMW M6 car insurance rates for different age groups of insureds. The prices are based on a married male driver, comprehensive and collision coverage, $500 deductibles, and no discounts are applied.
Males versus Females
The diagram below shows the comparison of BMW M6 insurance costs for male and female drivers. Data assumes no claims or violations, full physical damage coverage, $1,000 deductibles, drivers are single, and no discounts are applied to the premium.
Deductible analysis
When comparing auto insurance rates, the most common question is which deductibles should you choose. The comparisons below determine the price difference between high and low policy deductibles. The first rate quote example uses a $250 deductible and the second rate chart uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M6 2-Dr Coupe | $522 | $1204 | $324 | $20 | $96 | $2,191 | $183 |
| M6 2-Dr Convertible | $560 | $1116 | $476 | $28 | $142 | $2,347 | $196 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M6 2-Dr Coupe | $424 | $970 | $324 | $20 | $96 | $1,834 | $153 |
| M6 2-Dr Convertible | $454 | $900 | $476 | $28 | $142 | $2,000 | $167 |
| Get Your Own Custom Quote Go | |||||||
Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, homeowner, and claim-free. Information does not factor in zip code location which can impact premium rates significantly.
Based on the data above, we can derive that using a $250 deductible costs about $30 more each month or $360 a year than requesting the higher $500 deductible. Due to the fact that you would have to pay $250 more if you file a claim with a $500 deductible as compared to a $250 deductible, if you tend to go at a minimum 8 months between claim filings, you would save more money by selecting a higher deductible.
But the ad said I’d save 15% in 15 minutes!
Companies like Allstate and Progressive seem to constantly run television, radio, and online ads. They all seem to try to convey promises about how much you will save if you just switch to them. It sounds good, but how can they all charge less that you’re paying now? This is the way they can do it.
Most companies look for specific characteristics for the right customer they prefer to insure. An example of a desirable insured could possibly be over age 30, has no driving citations, and does not commute to work. A customer who fits those characteristics will most likely get cheap premium rates and will also save money with a new company.
Potential customers who don’t meet those standards will get a higher premium and this can result in business going elsewhere. If you listen to the ad wording, they say “people that switch” not “everyone that quotes” can get the lowest rates when switching. That’s the way companies can truthfully make claims that they all have the best rates. Because of the profiling, drivers must do a rate comparison at every renewal. It is just not possible to predict the company that will have the lowest prices for your situation.
Car insurance is not optional in Texas
Despite the high cost of buying insurance for a BMW M6 in Houston, insurance is most likely required but also gives you several important benefits.
- Just about all states have minimum liability requirements which means you are required to buy a specific minimum amount of liability insurance coverage in order to drive the car. In Texas these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If you have a lien on your M6, it’s most likely the lender will require that you have full coverage to ensure loan repayment if the vehicle is totalled. If you do not pay your insurance premiums, the lender may insure your BMW for a much higher rate and make you pay for the much more expensive policy.
- Insurance safeguards both your vehicle and your personal assets. It also can pay for medical transport and hospital expenses that are the result of an accident. Liability coverage also pays expenses related to your legal defense if you are sued as the result of your driving. If you have damage to your BMW as the result of the weather or an accident, collision and comprehensive (also known as other-than-collision) coverage will cover the repair costs.
The benefits of carrying enough insurance outweigh the cost, especially if you ever need it. According to a survey of 1,000 drivers, the average driver is overpaying more than $825 a year so it’s important to compare rates at least once a year to make sure the price is not too high.
Lower rate quotes by taking advantage of discounts
Some companies don’t list all available discounts very well, so the list below details both the well known in addition to some of the lesser obvious credits that may apply to you.
- Military Deployment Discount – Having a deployed family member could trigger a small discount.
- Cautious Driver Discounts – Safe drivers may receive a discount up to 45% than their less cautious counterparts.
- ABS Braking Discount – Cars that have steering control and anti-lock brakes can avoid accidents and the ABS can save up to 10%.
- One Accident Forgiven – This isn’t a discount exactly, but a few companies such as Allstate and Progressive will allow you to have one accident without getting socked with a rate hike so long as you are claim-free prior to the accident.
- Accident-Free Discounts – Claim-free drivers pay less as opposed to drivers with a long claim history.
- Discount for Good Grades – Getting good grades may save you up to 25%. Most companies allow this discount up until you turn 25.
- Theft Deterrent Discount – Cars and trucks with anti-theft systems prevent vehicle theft and therefore earn up to a 10% discount.
Drivers should understand that most discount credits are not given to your bottom line cost. Most only apply to specific coverage prices like liability and collision coverage. So when it seems like it’s possible to get free car insurance, you’re out of luck. Any qualifying discounts will lower the amount you pay for coverage.
Some companies that may offer these discounts may include but are not limited to:
Before you buy a policy, ask every prospective company which discounts can lower your rates. Some discounts listed above might not be offered in your area. If you would like to see a list of companies that can offer you the previously mentioned discounts in Houston, click this link.
Exclusive versus independent insurance agents
A small number of people would rather go talk to an agent and we recommend doing that A good thing about getting online price quotes is that drivers can save money and get lower rates and still have a local agent.
After completing this short form, your information is sent to local insurance agents that give free quotes to get your business. You won’t need to search for an agent because quoted prices will be sent to your email. You can find the lowest rates without a big time investment. If you have a need to get a comparison quote for a specific company, feel free to navigate to their website and fill out the quote form the provide.
Selecting an provider requires you to look at more than just the quoted price. A good agent in Houston will have answers to these questions.
- Is vehicle mileage a factor when determining depreciation for repairs?
- What will you get paid if your car is a total loss? How is that amount determined?
- Are there any hidden costs in their price quote and does it include driving and credit history?
- Can they help ensure a fair claim settlement?
- Has the agent ever had any license suspensions?
- When do they do policy reviews?
- What insurance companies do they recommend if they are an independent agent?
Pick the best auto insurance agent in Houston for you
When looking for a reliable insurance agent, you must know there are a couple different types of agencies and how they differ in how they quote coverages. Agents in Houston can be classified as either independent agents or exclusive agents depending on their employer.
Exclusive Agents
Exclusive agencies can only write with one company and some examples include Allstate, Farmers Insurance or State Farm. Exclusive agents are unable to provide other company’s prices so keep that in mind. Exclusive agents receive a lot of sales training in insurance sales and that can be a competitive advantage.
Below is a short list of exclusive agents in Houston that can give you comparison quotes.
Donald Malveaux – State Farm Insurance Agent
12001 Richmond Ave #6 – Houston, TX 77082 – (281) 679-7155 – View Map
Anna Santa Ana – State Farm Insurance Agent
7710 Cherry Park Dr d – Houston, TX 77095 – (281) 550-0333 – View Map
Diego Martinez – State Farm Insurance Agent
2575 S Dairy Ashford Rd m – Houston, TX 77077 – (281) 496-5330 – View Map
Independent Insurance Agencies
Agents that elect to be independent do not have single company limitations and that gives them the ability to insure with an assortment of companies and find the cheapest rate. To move your coverage to a new company, the agent simply finds a different carrier and you don’t have to find a new agent. If you are trying to find cheaper rates, we recommend you compare quotes from a few independent agents to have the most options to choose from.
Below is a list of independent agents in Houston who can help you get comparison quotes.
Suzanne Brown Agency-Insurance
11999 Katy Fwy #635 – Houston, TX 77079 – (281) 558-2210 – View Map
Jason Jimenez Insurance Agency
8323 Southwest Fwy #390 – Houston, TX 77074 – (713) 270-0073 – View Map
Hotchkiss Insurance Agency
13430 Northwest Fwy #600 – Houston, TX 77040 – (713) 956-9800 – View Map
You are unique and your car insurance should be too
When quoting and choosing the best car insurance coverage, there really is not a perfect coverage plan. Everyone’s needs are different.
For instance, these questions could help you determine whether or not you may require specific advice.
- Is my vehicle covered by my employer’s policy when using it for work?
- Is motorclub coverage worth it?
- Is my nanny covered when driving my vehicle?
- Which companies will insure high-risk drivers?
- What can I do if my company denied a claim?
- Can I get a multi-policy discount for packaging my home and auto coverage?
If you don’t know the answers to these questions, then you may want to think about talking to a licensed insurance agent. If you want to speak to an agent in your area, take a second and complete this form.
More comparisons equals affordable rates
As you prepare to switch companies, it’s very important that you do not sacrifice coverage to reduce premiums. There have been many situations where consumers will sacrifice uninsured motorist or liability limits only to find out that it was a big mistake. The goal is to purchase a proper amount of coverage at an affordable rate while not skimping on critical coverages.
Insureds leave their current company for many reasons like extreme rates for teen drivers, policy non-renewal, high prices and even questionable increases in premium. No matter why you want to switch, choosing a new insurance company is not as difficult as it may seem.
The cheapest BMW M6 insurance in Houston can be sourced online and from local insurance agents, and you should be comparing both to have the best selection. Some companies may not provide price quotes online and many times these smaller companies work with independent agents.
Even more information is available by following these links:
- Preventing Carjacking and Theft (Insurance Information Institute)
- How Much is Auto Insurance for a Learners Permit in Houston? (FAQ)
- What is the Cheapest Auto Insurance in Houston, TX? (FAQ)
- Who Has the Cheapest Houston Auto Insurance Quotes for a Dodge Ram? (FAQ)
- Who Has Affordable Auto Insurance for a Dodge Grand Caravan in Houston? (FAQ)
- Who Has Cheap Auto Insurance Rates for Safe Drivers in Houston? (FAQ)
- What Auto Insurance is Cheapest for Uber Drivers in Houston? (FAQ)
- Who Has the Cheapest Houston Auto Insurance for a Nissan Altima? (FAQ)
- Eight Auto Insurance Myths (Insurance Information Institute)
- Auto Insurance FAQ (Farmers Insurance)
- Collision Insurance Coverage (Nationwide)
- Warning systems don’t curb driver distraction (Insurance Institute for Highway Safety)