Truthfully, the best way to find discount BMW M6 insurance in Memphis is to start doing a yearly price comparison from insurers who sell insurance in Tennessee.
- Take a few minutes and learn about how companies set rates and the things you can control to prevent expensive coverage. Many rating criteria that cause rate increases such as distracted driving and bad credit can be controlled by being financially responsible and driving safely. Keep reading for tips to get lower rates and find discounts that may have been missed.
- Compare rates from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only give rate quotes from a single company like Progressive or Allstate, while independent agents can provide rate quotes for a wide range of insurance providers.
- Compare the new quotes to the price on your current policy and see if you can save money. If you find a lower rate quote and make a switch, make sure there is no coverage gap between policies.
- Provide notification to your current company to cancel your current policy and submit payment along with a signed and completed policy application to the new company. Once coverage is bound, place your new proof of insurance certificate in your vehicle.
One tip to remember is to try to compare the same physical damage deductibles and liability limits on each quote and and to get quotes from as many carriers as you can. This ensures the most accurate price comparison and the most accurate and complete price analysis.
Statistics show that a large majority of auto insurance policyholders kept buying from the same company for well over three years, and virtually 40% of consumers have never quoted auto insurance rates at all. Consumers in Memphis could cut their rates by 35% a year by just comparing rate quotes, but they don’t believe how much they could save if they swap their current policy for a cheaper one.
It’s important to know that comparing all the rates in your area increases your odds of finding better pricing.
The providers in the list below can provide comparison quotes in Memphis, TN. If multiple companies are listed, we suggest you visit several of them in order to find the most competitive rates.
Companies offer many types of discounts on BMW M6 insurance in Memphis
Not too many consumers would say insurance is affordable, but you may find discounts that can dramatically reduce your bill. Most are applied at the time you complete a quote, but some discounts are required to be asked about in order for you to get them.
- Accident Waiver – This isn’t a discount exactly, but some insurance companies will turn a blind eye to one accident before they charge you more for coverage if you are claim-free prior to being involved in the accident.
- Discount for Home Ownership – Owning a home in Memphis can earn you a little savings since owning and maintaining a home demonstrates responsibility.
- Paperless Signup – Some companies will discount your bill up to fifty bucks shop Memphis car insurance online.
- Discount for Multiple Policies – If you insure your home and vehicles and insure them both with the same insurance company you could get a discount of approximately 10% to 15%.
- Anti-lock Brake Discount – Cars and trucks that have steering control and anti-lock brakes can stop better under adverse conditions so companies give up to a 10% discount.
- Discounts for Multiple Vehicles – Buying coverage for all your vehicles on the same insurance policy qualifies for this discount.
- Switch and Save Discount – Select companies give a discount for renewing your policy early. Ten percent is about the average savings.
A little disclaimer on discounts, some credits don’t apply to your bottom line cost. Some only apply to the cost of specific coverages such as physical damage coverage or medical payments. Even though it appears adding up those discounts means a free policy, companies wouldn’t make money that way.
The example below illustrates the difference between BMW M6 insurance premiums with and without some available policy discounts. The premiums are based on a female driver, a clean driving record, no at-fault accidents, Tennessee state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, multi-car, multi-policy, claim-free, safe-driver, and marriage discounts applied.
Insurance companies that may offer policyholders these discounts include:
Before you buy a policy, ask each company which credits you are entitled to. All car insurance discounts might not be available to policyholders in every state. For a list of insurers that have a full spectrum of discounts in Tennessee, click here.
BMW M6 insurance rates and statistics
The coverage information below covers detailed analysis of prices for BMW M6 models. Being more informed about how insurance premiums are calculated is important for making smart choices when buying a policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|M6 2-Dr Coupe||$388||$1048||$298||$18||$88||$1,840||$153|
|M6 2-Dr Convertible||$416||$972||$436||$26||$130||$1,980||$165|
|Get Your Own Custom Quote Go|
Table data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, claim-free, multi-policy, safe-driver, and homeowner. Price estimates do not factor in zip code location which can modify auto insurance rates substantially.
The chart below shows how different deductible levels and can influence BMW M6 annual premium costs for each different age group. The costs are based on a single female driver, full coverage, and no discounts are taken into consideration.
Cost difference between full coverage and liability
The chart below shows the comparison of BMW M6 car insurance rates with full physical damage coverage compared to only buying liability only. The information is based on no driving violations, no at-fault accidents, $1,000 deductibles, single status, and no discounts are applied.
When to switch to liability coverage only
There is no set rule to stop paying for physical damage insurance, but there is a guideline you can use. If the yearly cost for physical damage coverage is 10% or more of the replacement cost minus the deductible, then it could be time to drop full coverage.
For example, let’s assume your BMW M6 claim settlement value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, you would only receive $6,000 after you pay the deductible. If you are currently paying more than $600 a year for full coverage, then you might consider buying liability only.
There are a few situations where only buying liability is not financially feasible. If you still owe a portion of the original loan, you have to carry full coverage to protect the lienholder’s interest in the vehicle. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should not buy liability only.
Insurance agent or online?
Certain consumers would rather go talk to an agent and that is just fine! One of the benefits of comparing insurance online is that you can find lower rates and still have an agent to talk to. And providing support for local agencies is especially important in Memphis.
Once you complete this quick form, the coverage information gets sent to local insurance agents in Memphis who will give you bids and help you find cheaper coverage. It makes it easy because there is no need to drive around due to the fact that quote results will go to the email address you provide. You’ll get the best rates without requiring a lot of work. 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.
If you want local Memphis agents, it’s helpful to know the different agency structures and how they differ in how they can insure your vehicles. Agents in Memphis can be categorized as either independent agents or exclusive agents.
Independent Agents (or Brokers)
Agents that elect to be independent are not required to write business for one company so as a result can place your coverage with lots of companies and get you the best rates possible. If your agent finds better pricing, the business is moved internally and the insured can keep the same agent.
If you are comparing rate quotes, you definitely need to get several quotes from at least one independent agent for maximum quote selection. A lot of them also have access to companies you’ve never heard of which can save you money.
Below are independent agents in Memphis that can possibly get you rate quotes.
- Nationwide Insurance: Clarence Mosley Jr
4132 Elvis Presley Blvd – Memphis, TN 38116 – (901) 346-2550 – View Map
- Nationwide Insurance: Tri-State Insurance Agency Inc
5545 Murray Ave Ste 107 – Memphis, TN 38119 – (901) 767-3379 – View Map
- Nationwide Insurance: The James Agency LLC
4778 Summer Ave Ste 1 – Memphis, TN 38122 – (901) 266-5507 – View Map
Exclusive Insurance Agents
These type of agents have only one company to place business with such as Farmers Insurance, American Family, State Farm and Allstate. Exclusive agents cannot compare rates from other companies so always compare other rates. They are well trained on their company’s products which helps them sell on service rather than price. Consumers often use the same exclusive agent primarily because of the prominent brand name and the convenience of having a single billing for all their coverages.
Listed below is a list of exclusive agents in Memphis that are able to give price quote information.
- Michelle L Wilson – State Farm Insurance Agent
5384 Poplar Ave Ste 439 – Memphis, TN 38119 – (901) 590-1922 – View Map
- Allstate Insurance: Don Rogers
5812 Winchester Rd – Memphis, TN 38115 – (901) 794-3771 – View Map
- Parker Rhett – State Farm Insurance Agent
4515 Poplar Ave #416 – Memphis, TN 38117 – (901) 680-7400 – View Map
Finding the right auto insurance agent should depend on more than just a cheap quote. Agents should be asked these questions:
- Is the agent and/or agency licensed to do business in Tennessee?
- Are they primarily personal or commercial lines agents in Memphis?
- Can you choose the body shop in case repairs are needed?
- Is the coverage adequate for your vehicle?
- Will the company cover a rental car if your car is getting fixed?
- If independent agents, which companies do they recommend?
Insurance Price Influencing Factors
When buying car insurance it’s important to understand a few of the rating criteria that aid in calculating the level of your policy premiums. When you know what positively or negatively determines base rates, this allows you to make educated decisions that can earn you lower car insurance prices. Lots of factors are taken into consideration when you quote your car insurance policy. Some factors are common sense like an MVR report, but other factors are more transparent such as your credit history or how safe your car is.
Shown below are some of the major factors utilized by car insurance companies to help set prices.
Careless drivers pay higher premiums – Having a clean driving record has a huge affect on how much you pay. Drivers with clean records get better prices as compared to careless drivers. Even one speeding ticket can increase the cost of insurance by as much as twenty percent. Drivers who have gotten dangerous violations like DUI, reckless driving or excessive speeding may face state-mandated requirements to prove financial responsibility with their state DMV in order to drive a vehicle legally.
The information below shows how speeding tickets and accident claims can affect BMW M6 annual premium costs for different categories of driver ages. The information is based on a single female driver, full physical damage coverage, $100 deductibles, and no discounts are factored in.
- Adjust coverage deductibles and save – Physical damage protection, also called comprehensive and collision insurance, protects your BMW from damage. Some instances where coverage would apply are collision with another vehicle, hail damage, and having your car stolen. Your deductibles are the amount of money you are willing to pay out-of-pocket before a claim is paid by your company. The more money you’re willing to pay, the lower your rates will be.
- Combine policies to earn discounts – Most larger car insurance companies will give a discount to insureds that buy multiple policies, otherwise known as a multi-policy discount. Even though this discount sounds good, you still need to compare other company rates to help guarantee you have the best rates.
Youthful drivers cost more – Teen drivers in Tennessee have a tendency to be inattentive and easily distracted with other occupants in the car and because of this, their car insurance rates are much higher. Older, more experienced drivers are proven to be safer behind the wheel, cost insurance companies less in claims, and are generally more financially stable.
The next chart uses these assumptions: single driver, full coverage with $250 deductibles, and no discounts or violations.
Insurance loss statistics a BMW M6 – Insurers take into consideration historical loss data for every vehicle when they file their rates in each state. Vehicles that are shown to have a trend towards higher claims will have a higher premium rate.
The data below shows the compiled insurance loss statistics for BMW M6 vehicles. For each coverage category, the claim amount for all vehicles, as an average, is a value of 100. Values that are below 100 suggest losses that are better than average, while values over 100 indicate a higher chance of having a claim or an increased probability of a larger loss.
BMW M6 Insurance Claim Statistics Vehicle 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 Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Insuring your vehicle just makes sense
Even though it can be expensive, buying insurance is most likely required but also gives you several important benefits.
- Most states have mandatory insurance requirements which means state laws require a minimum amount of liability insurance coverage in order to drive the car. In Tennessee 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 your vehicle has a lienholder, almost every bank will make it a condition of the loan that you buy insurance to guarantee their interest in the vehicle. If coverage lapses or is canceled, the lender may have to buy a policy to insure your BMW at a more expensive rate and make you pay for it.
- Insurance safeguards both your assets and your car. It also can pay for medical transport and hospital expenses for both you and anyone you injure as the result of an accident. As part of your policy, liability insurance also pays for attorney fees and expenses if you are sued as the result of your driving. If you have damage to your BMW as the result of the weather or an accident, your insurance policy will pay to have it repaired.
The benefits of carrying enough insurance outweigh the cost, specifically if you ever have a liability claim. According to a 2015 survey, the average American driver is wasting up to $865 each year so shop around once a year at a minimum to make sure the price is not too high.
Compare auto insurance rates regularly to save
People who switch companies do it for a number of reasons such as policy non-renewal, policy cancellation, lack of trust in their agent or not issuing a premium refund. No matter why you want to switch, choosing a new company is pretty simple and you could end up saving a buck or two.
Throughout this article, we presented many ways to shop for BMW M6 insurance online. It’s most important to understand that the more price quotes you have, the better likelihood of getting low cost Memphis car insurance quotes. Drivers may even discover the biggest savings come from the smaller companies.
Budget-conscious BMW M6 insurance can be purchased online and also from your neighborhood Memphis agents, so you need to shop Memphis car insurance with both to have the best rate selection. Some insurance companies do not provide the ability to get a quote online and these small insurance companies only sell coverage through independent agencies.
To learn more, feel free to browse the articles below:
- Your Car has been Stolen: Now What? (Allstate)
- How Much are Auto Insurance Rates for a Ford Escape in Memphis? (FAQ)
- What Insurance is Cheapest for Inexperienced Drivers in Memphis? (FAQ)
- What Car Insurance is Cheapest for Infrequent Drivers in Memphis? (FAQ)
- Who Has Cheap Memphis Car Insurance Rates for Nurses? (FAQ)
- Self-driving cars won’t replace humans (Insurance Institute for Highway Safety)
- Hybrid vehicles cost insurers more (Insurance Institute for Highway Safety)