Do you want to save money by finding the cheapest BMW M3 insurance in Los Angeles? Trying to find cheaper insurance for a BMW M3 in California can normally be a lot of work, but you can follow these tips to save time.
There is a right way and a wrong way to find auto insurance online and you need to know the proper way to quote coverages for a BMW and obtain the best price possible.
If you have a policy now or need new coverage, you will benefit by learning to reduce premiums without sacrificing coverage. Comparing quotes for the best coverage in Los Angeles is not as difficult as people think. Shoppers only need to know the proper methods to shop their coverage around online from multiple companies.
The companies shown below offer price quotes in California. If several companies are displayed, we recommend you get prices from several of them to get the best price comparison.
Three good reasons to insure your BMW vehicle
Despite the fact that insurance is not cheap in Los Angeles, maintaining insurance is required in California but it also protects you in many ways.
First, most states have minimum liability requirements which means the state requires a specific level of liability coverage in order to be legal. 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, most lenders will have a requirement that you have physical damage coverage to guarantee payment of the loan. If coverage lapses or is canceled, the bank will be required to insure your BMW at a much higher rate and force you to pay for it.
Third, insurance protects your vehicle and your assets. Insurance will pay for all forms of medical expenses that are the result of an accident. Liability coverage, the one required by state law, also covers all legal expenses up to the policy limit if you cause an accident and are sued. If damage is caused by hail or an accident, collision and comprehensive coverages will pay to have it repaired.
The benefits of insuring your M3 more than cancel out the cost, especially with large liability claims. But the average American driver is currently overpaying as much as $700 annually so it’s important to compare rates at every renewal to save money.
Analysis of BMW M3 rates
The premium information shown next covers detailed analysis of coverage prices for BMW M3 models. Being able to understand how rates are calculated can be useful when making smart choices when purchasing an auto insurance policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $384 | $712 | $442 | $26 | $132 | $1,696 | $141 |
| M3 CI 2-Dr Coupe | $420 | $794 | $442 | $26 | $132 | $1,814 | $151 |
| M3 2-Dr Convertible | $420 | $794 | $442 | $26 | $132 | $1,814 | $151 |
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Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and California minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, claim-free, and multi-vehicle. Price information does not factor in specific Los Angeles garaging location which can lower or raise premium rates significantly.
Where to set your deductibles
When buying car insurance, a common question is how low should you set your deductibles. The rates below can help you visualize the premium difference between low and high deductibles. The first rate table uses a $100 deductible and the second price table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $528 | $1054 | $442 | $26 | $132 | $2,207 | $184 |
| M3 CI 2-Dr Coupe | $576 | $1176 | $442 | $26 | $132 | $2,377 | $198 |
| M3 2-Dr Convertible | $576 | $1176 | $442 | $26 | $132 | $2,377 | $198 |
| Get Your Own Customized Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $384 | $712 | $442 | $26 | $132 | $1,696 | $141 |
| M3 CI 2-Dr Coupe | $420 | $794 | $442 | $26 | $132 | $1,814 | $151 |
| M3 2-Dr Convertible | $420 | $794 | $442 | $26 | $132 | $1,814 | $151 |
| Get Your Own Customized Quote Go | |||||||
Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and California minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, homeowner, and multi-vehicle. Rate information does not factor in specific location information which can impact premiums substantially.
Based on this data, using a $100 deductible would cost the average driver about $45 more each month or $540 for a full year across all BMW M3 models than buying the higher $500 deductible. Since you would pay $400 more to file a claim with a $500 deductible as compared to a $100 deductible, if you usually have more than 9 months between claims, you would probably come out ahead by going with a higher deductible.
The chart below demonstrates how choosing different deductibles and can raise or lower BMW M3 insurance costs for each different age category. The prices are based on a single male driver, comp and collision included, and no other discounts are factored in.
Rate difference between full and liability-only coverage
The diagram below visualizes the comparison of BMW M3 yearly insurance costs with full physical damage coverage compared to only buying liability only. The premium estimates are based on no claims or driving violations, $250 deductibles, single status, and no additional discounts are factored in.
Guidelines for eliminating full coverage
There is no exact rule to exclude comp and collision coverage, but there is a guideline you can consider. If the annual cost of your full coverage insurance is more than 10% of the vehicle’s replacement cost less your deductible, then you may need to consider dropping full coverage.
For example, let’s assume your BMW M3 replacement value is $7,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most you would get paid by your company is $6,000 after paying the physical damage deductible. If it’s costing in excess of $600 annually to have full coverage, the it may be a good time to stop paying for full coverage.
There are some scenarios where buying only liability insurance is not financially feasible. If you still owe a portion of the original loan, you must maintain physical damage coverage in order to keep the loan. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should keep full coverage in place.
BMW M3 insurance discounts in Los Angeles
Auto insurance is not inexpensive, but there may be some discounts that you may not know about. Some discounts apply automatically when you complete an application, but less common discounts must be specially asked for prior to getting the savings.
- Drive Safe and Save – Drivers without accidents can save up to 40% or more on their Los Angeles car insurance quote compared to accident prone drivers.
- Pay Early and Save – If paying your policy premium upfront as opposed to paying monthly you may have a lower total premium amount.
- Distant College Student Discount – Any of your kids who are attending college and do not have a car may be able to be covered for less.
- Theft Deterrent System – Vehicles equipped with tracking devices and advanced anti-theft systems have a lower chance of being stolen and qualify for as much as a 10% discount.
- Seat Belt Discounts – Drivers who require all vehicle occupants to wear their seat belts can save 10% or more off the medical payments premium.
- Memberships – Affiliation with qualifying clubs or civic groups could earn you a nice discount on auto insurance.
- Homeowners Savings – Owning your own home or condo can save a few bucks due to the fact that maintaining a home requires personal responsibility.
- Low Mileage Discounts – Low annual miles can earn slightly better rates than normal.
- Discount for Multiple Policies – When you have multiple policies and place coverage with the same company they may give you a discount of at least 10 to 15 percent or more.
You should keep in mind that most discount credits are not given to the entire cost. A few only apply to the price of certain insurance coverages like comp or med pay. So even though they make it sound like you would end up receiving a 100% discount, nobody gets a free ride. Any qualifying discounts will positively reduce your overall bill.
The chart below visualizes the comparison of BMW M3 insurance rates with and without discounts applied. The premiums assume a female driver, a clean driving record, no at-fault accidents, California state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, safe-driver, homeowner, marriage, claim-free, and multi-car discounts applied.
Popular auto insurance companies and some of the discounts can be found below.
- Progressive includes discounts for online quote discount, homeowner, multi-vehicle, continuous coverage, online signing, and multi-policy.
- The Hartford offers discounts for defensive driver, anti-theft, good student, air bag, bundle, driver training, and vehicle fuel type.
- Mercury Insurance has savings for multi-car, multi-policy, annual mileage, ease of repair, location of vehicle, and age of vehicle.
- GEICO may include discounts for multi-policy, daytime running lights, defensive driver, multi-vehicle, anti-lock brakes, and air bags.
- AAA offers premium reductions for multi-car, good student, good driver, education and occupation, and pay-in-full.
- State Farm offers discounts including passive restraint, Drive Safe & Save, good student, student away at school, safe vehicle, anti-theft, and Steer Clear safe driver discount.
It’s a good idea to ask each company or agent which discounts you qualify for. Some credits might not be offered on policies in Los Angeles. To see auto insurance companies that have a full spectrum of discounts in Los Angeles, follow this link.
Auto insurance is available from agents near you
Many people would prefer to have an agent’s advice and that is a personal choice. Good agents can help you build your policy and will help you if you have claims. One of the great benefits of price shopping on the web is that drivers can save money and get lower premium rates and still have an agent to talk to. Supporting small agencies is especially important in Los Angeles.
Once you complete this short form, your information is submitted to insurance agents in Los Angeles that can give you free Los Angeles car insurance quotes for your insurance coverage. There is no reason to search for an agent since rate quotes are delivered to you. If for some reason you want to quote rates from one company in particular, you just need to go to their quote page and complete a quote there.
Different types of auto insurance agents in Los Angeles
When searching for a local Los Angeles insurance agent, you need to know there are two different agency structures and how they differ in how they can insure your vehicles. Agents in Los Angeles are either exclusive agents or independent agents. Both can sell and service auto insurance coverage, but it is important to understand how they differ since it may influence your agent selection.
Independent Insurance Agents
Agents that choose to be independent are not limited to a single company and that is an advantage because they can write policies through many different auto insurance companies and find you cheaper rates. If your premiums go up, they simply move your policy to a different company and you don’t have to do anything. When shopping rates, you should always get insurance quotes from at least one independent agent to get the best comparison. Most independent agents also contract with additional companies that you may not be familiar with that many times have cheaper rates.
Listed below is a partial list of independent insurance agencies in Los Angeles that can possibly get you pricing information.
- JSB Insurance Services, Inc.
1801 S La Cienega Blvd Ste 201 – Los Angeles, CA 90035 – (310) 402-0020 – View Map - InsurAide Insurance Agency, Inc. (IIA)
1081 Westwood Blvd Suite 218 – Los Angeles, CA 90024 – (310) 208-3548 – View Map - Lloyd S. Berkett Insurance Agency, Inc.
11150 W Olympic Blvd # 1100 – Los Angeles, CA 90064 – (310) 857-5757 – View Map
Exclusive Auto Insurance Agents
Agents that elect to be exclusive can only quote rates from one company like Allstate, Farmers Insurance, State Farm, and AAA. They usually cannot provide other company’s prices so keep that in mind. Exclusive agents are trained well on their products and sales techniques which can be an advantage. Consumers frequently buy from exclusive agents primarily because of the brand and the convenience of having all coverages with one company.
Below are exclusive agencies in Los Angeles that can give you price quote information.
- Terza West-Dantzler – State Farm Insurance Agent
875 N Gower St – Los Angeles, CA 90038 – (323) 462-1096 – View Map - Gregory Kim – State Farm Insurance Agent
3580 Wilshire Blvd #130 – Los Angeles, CA 90010 – (213) 365-2071 – View Map - Kirk Farrel – State Farm Insurance Agent
7288 Sunset Blvd #205 – Los Angeles, CA 90046 – (323) 876-6653 – View Map
Selecting an car insurance agent shouldn’t rely on just a cheap quote. The answers to these questions are important, too.
- Do they carry Errors and Omissions coverage?
- Do you need full coverage on every vehicle?
- How long have they worked with personal auto insurance coverage?
- How often do they review policy coverages?
- Who is covered by the car insurance policy?
- In the event of vehicle damage, can you pick the collision repair facility?
Auto insurance can be complex
Always keep in mind that when comparing a policy for your vehicles, there is no single plan that fits everyone. Every situation is different and your auto insurance should be unique as well.
These are some specific questions may help you determine whether or not you might need an agent’s assistance.
- Am I covered if I break a side mirror?
- I have a DUI can I still get coverage?
- What is the rate difference between pleasure use and commuting?
- Can I afford to pay high deductible claims out of pocket?
- Can I use my car for my catering business?
- How can I force my company to pay a claim?
- What is an SR-22 filing?
- If my pet gets injured in an accident are they covered?
- When should I buy a commercial auto policy?
If you don’t know the answers to these questions but a few of them apply then you might want to talk to a licensed insurance agent. To find lower rates from a local agent, simply complete this short form or you can go here for a list of companies in your area. It’s fast, free and can help protect your family.
In conclusion
In this article, we covered a lot of tips how to compare BMW M3 insurance car insurance rates in Los Angeles. It’s most important to understand that the more providers you compare, the better your chances of lowering your premium rates. You may even discover the lowest priced insurance comes from a small mutual company. They may cover specific market segments cheaper as compared to the big name companies such as State Farm, GEICO and Nationwide.
As you quote Los Angeles car insurance, make sure you don’t buy poor coverage just to save money. There are too many instances where an insured cut full coverage only to find out that saving that couple of dollars actually costed them tens of thousands. Your goal should be to buy the best coverage you can find for the lowest price.
Budget-friendly insurance in Los Angeles is available both online as well as from insurance agents, and you need to price shop both to have the best selection. There are still a few companies who may not have rate quotes online and most of the time these small insurance companies work with independent agencies.
More resources
- Five Steps to Filing an Auto Insurance Claim (Insurance Information Institute)
- How Much is Los Angeles Auto Insurance for Drivers with Good Credit? (FAQ)
- How Does Hitting a Deer Impact Insurance Rates? (Allstate)
- How to Avoid Staged Accidents (State Farm)