Are you kicking yourself for buying an overpriced insurance policy? Believe me when I say many Aurora consumers feel financially strained by their insurance policy.
Astonishing but true, most consumers kept their policy with the same company for at least the last four years, and approximately 40% of consumers have never compared insurance rates at all. Colorado drivers can save hundreds of dollars each year, but they just don’t understand the amount of savings they would get if they switched.
Consumers have multiple insurance companies to choose from, and even though it’s nice to have multiple companies, it makes it harder to compare rates and cut insurance costs.
It’s a good habit to compare prices periodically due to the fact that insurance rates trend upward over time. Just because you had the best premium rates on BMW M6 insurance in Aurora a couple years back there may be better deals available now. There are a lot of ways to save on M6 insurance on the web, but you can learn some guaranteed methods to put money back in your pocket.
The quickest method to get rate comparisons for BMW M6 insurance in Aurora is to take advantage of the fact auto insurance companies pay for the opportunity to give free rates quotes. All consumers are required to do is give them rating details like driver ages, deductibles desired, what your job is, and any included safety features. The rating information is automatically sent to many highly-rated insurers and they provide comparison quotes instantly.
To start a quote now, click here and complete the form.
The companies in the list below are ready to provide price quotes in Aurora, CO. To find the best auto insurance in CO, we recommend you click on several of them to get a more complete price comparison.
BMW M6 insurance analysis
The information shown next covers a range of prices for BMW M6 models. Learning more about how rates are determined can be valuable when making informed coverage decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|M6 2-Dr Coupe||$228||$580||$280||$16||$84||$1,188||$99|
|M6 2-Dr Convertible||$246||$536||$412||$24||$124||$1,342||$112|
|Get Your Own Custom Quote Go|
Data based on married female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, multi-vehicle, and safe-driver. Table data does not factor in specific zip code location which can revise price quotes greatly.
Impact of citations and accidents on Aurora insurance rates
The illustration below demonstrates how citations and accident claims influence BMW M6 premium costs for different age groups of insureds. The price estimates are based on a married female driver, full coverage, $100 deductibles, and no discounts are applied.
Cost comparison with and without full coverage
The information below shows the difference between BMW M6 annual premium costs with and without physical damage coverage. The information is based on a clean driving record, no claims, $1,000 deductibles, marital status is single, and no discounts are factored in.
Deciding between full coverage and liability only
There isn’t a steadfast formula for dropping physical damage insurance, but there is a general school of thought. If the yearly cost for physical damage coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then it may be the right time to buy liability only.
For example, let’s pretend your BMW M6 replacement cost is $8,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company will settle for is $7,000 after the policy deductible has been paid. If premium cost is more than $700 annually for full coverage, then you might consider buying liability only.
There are a few situations where dropping physical damage coverage is not a good plan. If you haven’t paid off your loan, you are required to maintain full coverage in order to prevent your loan from defaulting. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should keep full coverage in place.
How Insurers Calculate BMW M6 Insurance Rates
Many factors are taken into consideration when premium rates are determined. Some are obvious like your driving record, but other criteria are less obvious such as your credit history or your commute time.
- Poor credit decisions can cost you – Your credit score can be an important factor in calculating your premium rate. If your credit score can use some improvement, you may save money insuring your BMW M6 by spending a little time repairing your credit. Drivers who have high credit ratings tend to be less risk to insure than drivers with lower credit ratings.
- Vehicle theft costs us all – Owning a car that has a built-in theft deterrent system can get you a discount on your car insurance. Anti-theft features like vehicle immobilizer systems, OnStar, and tracking devices like LoJack all help prevent car theft.
Females tend to cost less – Over the last 50 years, statistics have shown women are more cautious behind the wheel. The data does not necessarily mean that females are better drivers. They both are in accidents in similar percentages, but males cause more damage. Men also tend to get ticketed for serious violations like reckless driving and DUI.
The information below illustrates the difference between BMW M6 auto insurance rates for male and female drivers. The premium estimates are based on no tickets, no at-fault accidents, full physical damage coverage, $1,000 deductibles, single status, and no additional discounts are factored in.
- Filing claims can cost you more – If you are a frequent claim filer, you can pretty much guarantee higher premiums or even policy non-renewal. Car insurance companies in Colorado give the best rates to drivers who only file infrequent claims. Insurance coverage is designed for the bigger claims that can’t be paid out-of-pocket.
Insurance loss data for a BMW M6 – Companies use data from past claims when they file their rates in each state. Models that historically have high amounts or severity of claims will be charged more to insure.
The table below outlines the compiled insurance loss statistics for BMW M6 vehicles. For each insurance policy coverage type, the statistical loss for all vehicles, regardless of manufacturer or model, is represented as 100. Numbers that are below 100 mean the vehicle has better than average losses, while values over 100 point to more claims or tendency to have larger claims.
BMW M6 Insurance Loss Statistics 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 512BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
Why you need insurance for your vehicle
Despite the potentially high cost of BMW M6 insurance, maintaining insurance serves a purpose in several ways.
- Most states have minimum mandated liability insurance limits which means you are required to buy a specific level of liability protection in order to license the vehicle. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you have a loan on your vehicle, most lenders will have a requirement that you buy insurance to guarantee payment of the loan. If you let the policy lapse, the lender will be forced to insure your BMW for a lot more money and require you to reimburse them the higher price.
- Insurance protects both your BMW and your assets. It will also pay for medical bills for you, your passengers, and anyone else injured in an accident. As part of your policy, liability insurance also covers legal expenses if you are sued as the result of your driving. If damage is caused by hail or an accident, collision and comprehensive coverages will pay to have it repaired.
The benefits of insuring your car outweigh the cost, particularly when you have a large claim. But the average American driver is wasting up to $869 every year so compare rate quotes at least once a year to make sure the price is not too high.