I can’t think of anyone who loves paying for car insurance, especially when the cost is too high.
Inconceivable but true, a large majority of drivers have stayed with the same insurance company for over three years, and almost half have never quoted rates to find cheap coverage. American consumers could save themselves roughly $860 a year by just comparing rate quotes, but they assume it’s a waste of time to find cheap rates by getting comparison quotes. Numerous insurers battle to insure your vehicles, and it can be difficult to compare rates and uncover the absolute lowest cost out there.
If you have a policy now or just want to reduce your rates, follow these tips to lower your rates and still have adequate protection. Finding the cheapest insurance coverage in Chicago seems hard but is not really that difficult. Comparison shoppers just have to learn the proper way to compare rates on the web.
Companies offering BMW M6 insurance in Chicago
The companies shown below can provide free rate quotes in Chicago, IL. If several companies are displayed, we suggest you visit as many as you can to get the best price comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|M6 2-Dr Coupe||$200||$478||$228||$14||$68||$988||$82|
|M6 2-Dr Convertible||$216||$442||$336||$20||$100||$1,114||$93|
|Get Your Own Custom Quote Go|
Premium data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, claim-free, and safe-driver. Prices do not factor in garaging location in Chicago which can revise premiums substantially.
Cost difference between full coverage and liability
The information below shows the comparison of BMW M6 auto insurance costs with full coverage compared to only the Illinois minimum liability coverage. Data assumes no claims or driving violations, $100 deductibles, married male driver, and no discounts are factored in.
Deciding between full coverage and liability only
There is no definitive rule of when to phase out comp and collision coverage, but there is a general guideline. If the yearly cost for physical damage coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then you might consider buying liability only.
For example, let’s assume your BMW M6 book value is $5,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, you would only receive $4,000 after you pay the deductible. If premiums are more than $400 a year for your policy with full coverage, then it might be time to buy liability only.
There are a few situations where removing full coverage is not a good idea. If you haven’t paid off your loan, you have to keep full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle if your current one is totaled, you should not buy liability only.
Auto insurance deductibles
The example below demonstrates how deductibles and can change BMW M6 insurance premiums for different age groups. The information is based on a married female driver, full coverage, and no discounts are taken into consideration.
Gender-based auto insurance rates
The illustration below compares BMW M6 yearly insurance costs for male and female drivers. The prices are based on no tickets, no at-fault accidents, comprehensive and collision coverage, $500 deductibles, drivers are not married, and no other discounts are factored in.
Earn discounts on Chicago car insurance
Car insurance is easily one of your largest bills, but you may be missing some discounts that could help you make your next renewal payment. Some of these discounts will be visible at the time of quoting, but some must be specifically requested prior to receiving the credit.
- Accident Forgiveness Coverage – Not a discount per se, but companies like GEICO and Allstate will let one accident slide before raising your premiums if your claims history is clear before the accident.
- Discounts for Safe Drivers – Accident-free drivers may receive a discount up to 45% than drivers with accidents.
- Good Grades Discount – This discount can be rewarded with saving of up to 25%. Many companies even apply the discount to college students until age 25.
- Chicago Homeowners Pay Less – Simply owning a home may trigger a policy discount on car insurance because it demonstrates responsibility.
- Save with a New Car – Insuring a new M6 is cheaper since new vehicles have better safety ratings.
- Discount for Low Mileage – Fewer annual miles on your BMW could be rewarded with better prices on cars that stay parked.
- E-sign Discounts – A few companies will give you a small discount shop Chicago auto insurance digitally online.
- Discount for Multiple Policies – If you insure your home and vehicles and place coverage with the same company you may save as much as 10 to 15 percent.
Please keep in mind that some of the credits will not apply to all coverage premiums. The majority will only reduce the price of certain insurance coverages like comp or med pay. So even though you would think you would end up receiving a 100% discount, companies don’t profit that way.
Companies and some of their more popular discounts are included below.
- State Farm may have discounts that include good student, defensive driving training, Drive Safe & Save, driver’s education, multiple policy, and anti-theft.
- GEICO offers premium reductions for federal employee, military active duty, membership and employees, driver training, anti-lock brakes, air bags, and defensive driver.
- Allstate has savings for eSmart discount, passive restraint, auto/life discount, premier plus, early signing, EZ pay plan discount, and good payer.
- SAFECO has discounts for multi-car, teen safe driver, anti-lock brakes, bundle discounts, safe driver, accident prevention training, and homeowner.
- Farm Bureau may include discounts for youthful driver, multi-policy, 55 and retired, good student, safe driver, and renewal discount.
- Progressive discounts include multi-vehicle, good student, online quote discount, continuous coverage, online signing, multi-policy, and homeowner.
- AAA offers discounts for anti-theft, education and occupation, good driver, multi-car, AAA membership discount, and pay-in-full.
When getting a coverage quote, ask every insurance company which discounts you may be entitled to. Depending on the company, some discounts might not be offered on policies in Chicago. To locate insurance companies with significant discounts in Chicago, click here.
BMW M6 Insurance Prices Can Be Reduced
A large part of saving on car insurance is knowing some of the factors that aid in calculating the level of your policy premiums. If you understand what influences your rates, this allows you to make educated decisions that may result in cheaper rates.
- Lower rates for cars with good safety ratings – Cars with high safety ratings tend to be cheaper to insure. Safe vehicles reduce the chance of injuries and fewer serious injuries means your insurance company pays less and thus lower rates. If your BMW M6 scored at minimum four stars on Safercar.gov or an “acceptable” rating on iihs.org it may cost less to insure.
- Costs impacted by vehicle usage – The more you drive your BMW every year the more you will pay for car insurance. Most companies charge rates based upon how you use the vehicle. Autos used primarily for pleasure use qualify for better rates than cars that get driven a lot. Verify your car insurance coverage is showing the correct driver usage, because improper ratings can cost you money. An incorrectly rated M6 is just wasting money.
- Inexpensive frequent claims are not good – If you are the type of insured that files lots of claims you can definitely plan on much higher rates or policy non-renewal. Auto insurance companies in Illinois provide the best rates to people who do not rely on their insurance for small claims. Insurance coverage is designed for larger claims.
- Getting married can save you money – Having a significant other may earn you lower rates when shopping for car insurance. Having a spouse demonstrates that you tend to be more mature and it’s statistically proven that married drivers tend to file fewer claims.
- BMW M6 statistical loss data – Car insurance companies study historical loss data as a way to help calculate a profitable premium price. Models that are shown to have high amounts or severity of claims will have a higher premium rate. The table below shows the historical loss data for BMW M6 vehicles.
For each coverage category, the statistical loss for all vehicles combined as an average is represented as 100. Percentages below 100 imply a favorable loss record, while values that are above 100 indicate higher probability of having a loss or a tendency for claims to be larger.
Car Insurance Loss Data for BMW M6 Models
Vehicle 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
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Do I need an agent?
A small number of people would rather buy from a local agent and there is nothing wrong with that. Professional agents can help you choose the best coverages and help in the event of a claim. The biggest benefit of getting online price quotes is you may find cheap auto insurance rates and also buy local.
To help locate an agent, after submitting this form (opens in new window), your insurance coverage information is emailed to participating agents in Chicago who will gladly provide quotes for your insurance coverage. There is no need to search for any insurance agencies due to the fact that quote results will go to your email. If for some reason you want to get a price quote from a specific insurance company, you just need to go to their quote page and complete a quote there.
Selecting an provider is decision based upon more than just a low price. Below are some questions you should ask.
- Are they primarily personal or commercial lines agents in Chicago?
- Is there a 24/7 contact number?
- Does the agent help file claims?
- Are they in the agency full-time?
- Is there a Errors and Omissions policy in force?
- Do you have coverage for a rental car if your vehicle is in the repair shop?
Two different types of auto insurance agents
When searching for a local agent, it’s helpful to know the different types of agencies that you can choose from. Insurance agencies in Chicago are categorized either independent or exclusive depending on the company they work for. Either one can properly insure your vehicles, but it is a good idea to know the differences because it can impact the selection process.
Agents that elect to be exclusive can only provide one company’s prices and some examples include Farmers Insurance, American Family, State Farm and Allstate. Exclusive agencies are unable to compare other company’s rates so it’s a take it or leave it situation. They receive extensive training on their company’s products which helps them sell insurance even at higher premiums.
Below are Chicago exclusive insurance agents who can help you get comparison quotes.
Glenda Tolentino-Moser – State Farm Insurance Agent
2015 W Montrose Ave – Chicago, IL 60618 – (773) 549-3300 – View Map
Independent Agents (or Brokers)
Agents that elect to be independent often have affiliation with several companies so they have the ability to put coverage with any number of different companies and find you the best rates. If your premiums go up, they simply move your policy to a different company which makes it simple for you.
If you need lower rates, you will want to include rate quotes from at a minimum one independent agency in order to have the best price comparison.
Listed below is a short list of independent agents in Chicago willing to provide price quote information.
Keep this in mind when shopping around
When shopping online for insurance, you should never buy poor coverage just to save money. There are too many instances where an insured dropped collision coverage only to find out they didn’t purchase enough coverage. Your focus should be to purchase a proper amount of coverage at an affordable rate and still be able to protect your assets.
In this article, we covered many tips how you can save on BMW M6 insurance in Chicago. It’s most important to understand that the more quotes you get, the higher the chance of saving money. You may even be surprised to find that the lowest rates come from some of the lesser-known companies. Some small companies can often provide lower car insurance rates in certain areas than the large multi-state companies such as Progressive and GEICO.
The cheapest BMW M6 insurance in Chicago can be sourced both online as well as from insurance agents, and you should compare rates from both to have the best rate selection. There are still a few companies who don’t offer price quotes online and usually these smaller providers only sell through independent agents.
To read more, feel free to visit the following helpful articles:
- Auto Insurance Learning Center (State Farm)
- Who Has Cheap Auto Insurance for College Students in Chicago? (FAQ)
- Who Has Cheap Auto Insurance for Teenage Females in Chicago? (FAQ)
- What Car Insurance is Cheapest for a School Permit in Chicago? (FAQ)
- Medical Payments Coverage (Liberty Mutual)
- Prepare your Teens for Safe Driving (InsureUonline.org)
- Understanding Car Crashes Video (iihs.org)