Car Insurance Rate Quotes for a BMW M3 in Sacramento

Insurance for BMW M3Do 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.

BMW M3 Insurance Rates in Sacramento, CA
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M3 4-Dr Sedan $480 $970 $456 $26 $136 $2,068 $172
M3 CI 2-Dr Coupe $524 $1082 $456 $26 $136 $2,224 $185
M3 2-Dr Convertible $524 $1082 $456 $26 $136 $2,224 $185
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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.

BMW M3 insurance with $100 deductibles
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
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BMW M3 insurance with $500 deductibles
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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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.

How to calculate deductible break even period

Average monthly premium for $100 deductibles: $193
Average monthly premium for $500 deductibles (subtract): – $148
Monthly savings from raising deductible: $45
Difference between deductibles ($500 – $100): $400
Divide difference by monthly savings: $400 / $45
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 9 months

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.

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.