If you want to save money, the best way to find cheaper quotes for auto insurance rates is to start comparing prices regularly from different companies who sell auto insurance in Jacksonville.
- First, spend some time learning about how auto insurance works and the measures you can control to keep rates down. Many factors that are responsible for high rates such as accidents, traffic violations, and poor credit can be rectified by improving your driving habits or financial responsibility.
- Second, compare rates from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only provide price estimates from a single company like GEICO and State Farm, while independent agencies can quote rates for a wide range of companies. View companies
- Third, compare the quotes to your existing rates to see if you can save by switching companies. If you can save money and buy the policy, ensure coverage does not lapse between policies.
- Fourth, provide notification to your current agent or company of your intention to cancel the current policy and submit a signed application and payment to the new company. Immediately upon receiving it, put the proof of insurance certificate above your visor, in the console, or in the glove compartment.
The key thing to know about shopping around is to make sure you’re comparing the same level of coverage on each quote request and and to get prices from as many car insurance companies as possible. Doing this guarantees a level playing field and a better comparison of the market.
It’s an obvious assumption that insurance companies don’t want you shop around. Consumers who get price quotes annually are likely to move their business because there are good odds of finding discount prices. A survey found that people who compared prices regularly saved as much as $3,400 over four years compared to policyholders who never shopped around for better prices.
If finding budget-friendly auto insurance in Jacksonville is why you’re here, then understanding how to get price quotes and compare insurance premiums can help you succeed in saving money.
Car insurance statistics and figures
The price information below outlines estimates of rate quotes for BMW M3 models. Learning as much as possible about how auto insurance policy rates are established is important for making informed decisions when comparing rate quotes.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $216 | $446 | $400 | $24 | $120 | $1,206 | $101 |
| M3 CI 2-Dr Coupe | $236 | $498 | $400 | $24 | $120 | $1,278 | $107 |
| M3 2-Dr Convertible | $236 | $498 | $400 | $24 | $120 | $1,278 | $107 |
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Table data represents married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Florida minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, claim-free, and safe-driver. Premium costs do not factor in vehicle location which can impact auto insurance rates considerably.
Physical damage deductibles
One of the hardest decisions when shopping for car insurance is where should you set your physical damage deductibles. The following insurance rates help summarize the premium difference between high and low coverage deductibles. The first data table uses a $250 deductible for comprehensive and collision coverage and the second rate chart uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $446 | $834 | $418 | $24 | $124 | $1,871 | $156 |
| M3 CI 2-Dr Coupe | $488 | $930 | $418 | $24 | $124 | $2,009 | $167 |
| M3 2-Dr Convertible | $488 | $930 | $418 | $24 | $124 | $2,009 | $167 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $276 | $524 | $418 | $24 | $124 | $1,366 | $114 |
| M3 CI 2-Dr Coupe | $302 | $586 | $418 | $24 | $124 | $1,454 | $121 |
| M3 2-Dr Convertible | $302 | $586 | $418 | $24 | $124 | $1,454 | $121 |
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Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, safe-driver, and multi-policy. Table data does not factor in specific zip code location which can increase or decrease premium rates noticeably.
Using the data above, we can ascertain that using a $250 deductible will cost you approximately $44 more each month or $528 annually across all BMW M3 models than buying the higher $1,000 deductible. Because you would be required to pay $750 more to settle a claim with a $1,000 deductible as compared to a $250 deductible, if you average at least 17 months between claims, you would more than likely save some money if you choose a higher deductible.
The example below demonstrates how deductible levels and can impact BMW M3 insurance rates for different categories of driver ages. The premiums are based on a married male driver, full physical damage coverage, and no discounts are taken into consideration.
What Determines BMW M3 Insurance Rates?
The best way to find cheaper auto insurance is to take a look at some of the elements that help calculate the level of your policy premiums. When you understand what impacts premium levels, this helps enable you to make changes that could result in lower rates. Many things are part of the calculation when quoting car insurance. A few of the factors are predictable such as traffic violations, but other criteria are less apparent like your continuous coverage or how safe your car is.
Extra coverages can cost a lot – There are a lot of additional extra coverages that can waste your money if you aren’t diligent. Insurance for things like personal injury protection, towing coverage, and additional equipment coverage may be wasting your money. They may sound like good ideas when discussing your needs, but your money might be better spent on other coverage so eliminate them to save money.
More traffic equals higher prices – Choosing to live in less populated areas has definite advantages when insuring your vehicles. People who live in big cities have to deal with much more traffic and much longer commute distances. Fewer drivers and short commutes corresponds to lower accident rates and a lower car theft rate.
Driving citations can increase costs – Only having one speeding ticket or other violation could increase your next policy renewal substantially. Drivers with clean records tend to pay less for car insurance as compared to careless drivers. Drivers who have dangerous violations such as reckless driving or DUI may find that they have to to submit a SR-22 or proof of financial responsibility with their state’s department of motor vehicles in order to keep their license.
The diagram below demonstrates how citations and fender-benders can drive up BMW M3 insurance premiums for different age groups of insureds. The data is based on a single male driver, full coverage, $500 deductibles, and no policy discounts are applied.
Drive fewer miles and save – The more you drive in a year the more it will cost to insure it. The majority of insurers calculate rates partially by how you use the vehicle. Cars that do not get driven very much receive better premium rates than those used for commuting. It’s always a good idea to double check that your auto insurance policy is rated on the proper vehicle usage. Incorrect rating for your M3 may be costing you.
The type of vehicle you drive affects your prices – The type of car you need insurance for makes a huge difference in your rates. Low performance passenger cars generally have the cheapest insurance rates, but your final cost has many other factors.
The data below assumes a single male driver age 50, full coverage with $500 deductibles, and no discounts or violations. The chart compares BMW M3 policy rates compared to other models of vehicles that have different risk factors.
With age comes lower prices – Older, more experienced drivers tend to be more responsible, file fewer claims, and get fewer tickets. Teen drivers have a tendency to be less responsible in a vehicle so auto insurance rates are higher.
The data below assumes a single driver, full coverage with $500 deductibles, and no discounts or violations.
Men are more aggressive – Over the last 30 years, statistics show that females tend to be a little less risky than males. The data does not necessarily mean that females are better drivers. Both genders cause fender benders at a similar rate, but guys have costlier accidents. They also have more aggressive citations like DWI (DUI) or reckless driving.
The example below shows the comparison of BMW M3 yearly insurance costs for male and female drivers. The data is based on a clean driving record, no claims, full coverage, $1,000 deductibles, drivers are not married, and no discounts are applied to the premium.
Loss statistics for a BMW M3 – Companies use claims history to help calculate a profitable premium price. Models that the data determines to have a trend towards higher claim severity or frequency will be charged more to insure.
The table below demonstrates the actual insurance loss data for BMW M3 vehicles. For each coverage category, the statistical loss for all vehicles combined as an average equals 100. Numbers below 100 suggest a positive loss record, while numbers above 100 point to more claims or larger claims.
| Vehicle Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| BMW M3 4dr | 302 | 186 |
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
More quotes mean more auto insurance savings
You just learned a lot of tips how to shop for BMW M3 insurance online. The key concept to understand is the more rate quotes you have, the better likelihood of getting low cost Jacksonville auto insurance quotes. Drivers may even discover the best price on auto insurance is with a small local company. Some small companies may have significantly lower car insurance rates on certain market segments compared to the large companies like State Farm or Progressive.
As you go through the steps to switch your coverage, never reduce coverage to reduce premium. In many cases, drivers have reduced liability limits or collision coverage and discovered at claim time they didn’t have enough coverage. Your goal is to purchase a proper amount of coverage at a price you can afford and still be able to protect your assets.
Additional information
- Airbag FAQ (iihs.org)
- Who Has Cheap Jacksonville Auto Insurance Quotes for a Kia Optima? (FAQ)
- How Much are Auto Insurance Rates for Retired Military in Jacksonville? (FAQ)
- What Car Insurance is Cheapest for a Nissan Altima in Jacksonville? (FAQ)
- State Car Insurance Guides (GEICO)
- Auto Theft Statistics (Insurance Information Institute)
- Insurance losses by make and model (Insurance Institute for Highway Safety)