It’s shocking but the vast majority of auto insurance customers kept buying from the same company for at least the last four years, and roughly 40% of drivers have never compared rate quotes at all. Consumers in Honolulu could save an average of about $356 each year just by shopping around, but they don’t believe the benefits if they moved their coverage to a different company.
Really, the only way to get affordable BMW M6 insurance is to compare prices at least once a year from insurance carriers who sell auto insurance in Honolulu.
- Take a little time to learn about how insurance works and the changes you can make to drop your rates. Many rating factors that increase rates such as traffic violations, accidents, and a less-than-favorable credit score can be controlled by being financially responsible and driving safely. Later in this article we will cover the details to help prevent high rates and find possible discounts that are available.
- Obtain price quotes from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only give rate quotes from one company like Progressive or State Farm, while agents who are independent can provide price quotes from multiple companies.
- Compare the quotes to your existing coverage to see if a cheaper price is available in Honolulu. If you can save money and make a switch, ensure coverage does not lapse between policies.
- Notify your company or agent to cancel the current policy. Submit a down payment along with a signed application for the new policy. Once the paperwork is finalized, place your new certificate of insurance somewhere easily accessible.
A tip to remember is that you’ll want to compare the same level of coverage on each price quote and and to analyze as many auto insurance providers as possible. This helps ensure a fair rate comparison and a complete price analysis.
Affordable companies for BMW M6 insurance
The companies shown below offer quotes in Honolulu, HI. If multiple companies are listed, we recommend you visit as many as you can in order to get a fair rate comparison.
BMW M6 coverage analysis
The rate table shown below showcases estimates of insurance prices for BMW M6 models. Learning as much as possible about how insurance premiums are determined can aid in making smart choices when comparing insurance rates.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|M6 2-Dr Coupe||$352||$820||$230||$14||$68||$1,484||$124|
|M6 2-Dr Convertible||$378||$760||$338||$20||$102||$1,598||$133|
|Get Your Own Custom Quote Go|
Prices above based on married female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Hawaii minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, homeowner, and multi-vehicle. Rates do not factor in specific location which can influence auto insurance rates considerably.
Violations and accidents raise rates
The information below highlights how speeding tickets and at-fault accidents increase BMW M6 insurance prices for different age groups of insureds. The costs are based on a married female driver, comprehensive and collision coverage, $1,000 deductibles, and no policy discounts are applied.
BMW M6 full coverage rates compared to liability only
The diagram below shows the comparison of BMW M6 insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Hawaii. The rates are based on no accidents or driving violations, $100 deductibles, marital status is single, and no additional discounts are factored in.
When to buy liability coverage only
There is no exact rule for phasing out physical damage coverage, but there is a broad guideline. If the yearly cost of comp and collision coverage is 10% or more of the vehicle’s replacement cost less your deductible, then you may need to consider dropping full coverage.
For example, let’s say your BMW M6 replacement cost is $4,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, you would only receive $3,000 after you pay the deductible. If premiums are more than $300 annually for full coverage, then you might want to think about dropping full coverage.
There are a few situations where buying only liability insurance is not a good plan. If you have an outstanding loan on your vehicle, you have to carry full coverage in order to prevent your loan from defaulting. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should not buy liability only.
Discounts can help lower premiums on BMW M6 insurance in Honolulu
Not many people think insurance is cheap, but companies offer discounts to cut the cost considerably. Many discounts should be triggered at the time you complete a quote, but lesser-known reductions have to be inquired about before you will receive the discount.
- Life Insurance Discount – If the company offers life insurance, you could get a break if you buy auto and life insurance together.
- Discounts for Good Drivers – Drivers without accidents can get discounts for up to 45% lower rates than drivers with accident claims.
- Smart Student Discounts – Getting good grades can get you a discount of up to 25%. Earning this discount can benefit you well after school through age 25.
- Accident Forgiveness Coverage – Not a discount per se, but some companies like State Farm and GEICO will turn a blind eye to one accident without getting socked with a rate hike with the catch being you have to be claim-free for a certain period of time.
- Club Memberships – Joining a civic or occupational organization in Honolulu may earn a discount on your bill.
- Renewal Discounts – Some insurance companies provide a discount for renewing your policy before your current expiration date. You can save around 10% with this discount.
- Multi-car Discount – Insuring primary and secondary vehicles with the same auto insurance company qualifies for this discount.
- Fewer Miles Equal More Savings – Fewer annual miles on your BMW can qualify you for discounted premium rates on garaged vehicles.
- Drivers Ed for Students – Have your child take driver’s ed class in high school.
Discounts save money, but please remember that some of the credits will not apply to the whole policy. Most only reduce specific coverage prices like collision or personal injury protection. Just because it seems like adding up those discounts means a free policy, it’s just not the way it works.
The information below shows the difference between BMW M6 auto insurance costs with and without discounts being applied to the rates. The information is based on a female driver, a clean driving record, no at-fault accidents, Hawaii state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, marriage, multi-car, safe-driver, multi-policy, and claim-free discounts applied.
To view providers that offer the discounts shown above in Honolulu, follow this link.
Insurance quotes from local neighborhood Honolulu car insurance agents
Some people still prefer to get advice from a local agent and that is a smart decision A good thing about comparing rates online is you may find lower car insurance rates and still have a local agent.
By using this short form, your insurance coverage information is immediately sent to local insurance agents in Honolulu who will give competitive quotes for your insurance coverage. It makes it easy because there is no need to find an agent as quotes are delivered directly to you. You can find lower rates and a licensed agent to work with. If for some reason you want to quote rates from one company in particular, you just need to navigate to their website to submit a rate quote request.
Finding a good provider needs to be determined by more than just the bottom line cost. These are some questions you should get answers to.
- Is there any savings for paying the full premium?
- Is the coverage adequate for your vehicle?
- Is there a local claims center in Honolulu?
- Do they have a Better Business Bureau rating in Honolulu?
- What insurance companies do they recommend if they are an independent agent?
- Is auto insurance their primary focus in Honolulu?
- Is vehicle damage repaired with OEM or aftermarket parts?
- How long has their agency been open in Honolulu?
Do you need an independent or exclusive auto insurance agent?
If you want a reputable agency, you must know there are a couple types of agencies that differ in how they can insure your vehicles. Insurance agencies in Honolulu can either be exclusive or independent (non-exclusive).
Exclusive Insurance Agencies
Agents that choose to be exclusive can only place business with one company and examples are Farmers Insurance, State Farm, or Allstate. They are unable to provide prices from multiple companies so they are skilled at selling on more than just price. Exclusive insurance agents receive a lot of sales training on sales techniques which helps them sell on service rather than price. Some consumers prefer to purchase coverage from exclusives primarily because of the brand rather than having low rates.
The following are Honolulu exclusive insurance agencies that are able to give comparison quotes.
- Jef Saragena – State Farm Insurance Agent
677 Ala Moana Blvd Ste 310 – Honolulu, HI 96813 – (808) 951-0866 – View Map
- U’ilani Hawelu – State Farm Insurance Agent
1960 Kapiolani Blvd Ste 208 – Honolulu, HI 96826 – (808) 955-9090 – View Map
- Tina Tay – State Farm Insurance Agent
3615 Harding Ave Ste 303 – Honolulu, HI 96816 – (808) 394-5433 – View Map
Independent Insurance Agents
These agents do not work for one specific company and that enables them to quote your coverage through many companies and help determine which has the cheapest rates. If premiums increase, they simply switch companies in-house and you don’t have to find a new agent.
When comparing rates, you will want to get several quotes from a couple of independent agencies so that you can do a thorough price comparison. Most independent agents also contract with small regional insurance companies that may provide cheaper insurance rates.
Shown below are Honolulu independent insurance agents willing to provide price quote information.
- Insurance Associates, Inc.
800 Bethel St # 200 – Honolulu, HI 96813 – (808) 538-6938 – View Map
- Cavanah Associates, Inc.
1100 Alakea St #2600 – Honolulu, HI 96813 – (808) 537-1970 – View Map
- Royal State National Insurance Company
819 S Beretania St – Honolulu, HI 96813 – (808) 539-1600 – View Map
After you get positive feedback to any questions you may have and an affordable coverage quote, you may have just found an insurance agency that is reliable enough to provide insurance coverage.
Auto insurance 101
Knowing the specifics of car insurance aids in choosing appropriate coverage and proper limits and deductibles. Policy terminology can be ambiguous and reading a policy is terribly boring.
Collision – Collision coverage pays for damage to your M6 resulting from a collision with another vehicle or an object, but not an animal. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision coverage pays for claims such as sideswiping another vehicle, hitting a mailbox, crashing into a ditch, sustaining damage from a pot hole and scraping a guard rail. Collision coverage makes up a good portion of your premium, so consider dropping it from lower value vehicles. It’s also possible to increase the deductible on your M6 to get cheaper collision coverage.
Auto liability – Liability insurance can cover damage or injury you incur to people or other property. It protects you from legal claims by others. Liability doesn’t cover damage sustained by your vehicle in an accident.
Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have limits of 20/40/10 which stand for a limit of $20,000 per injured person, a limit of $40,000 in injury protection per accident, and a total limit of $10,000 for damage to vehicles and property.
Liability can pay for things such as pain and suffering, medical services and medical expenses. How much coverage you buy is a personal decision, but buy as high a limit as you can afford. Hawaii state minimum liability requirements are 20/40/10 but you should consider buying more liability than the minimum.
The illustration below demonstrates why low liability limits may not be adequate.
Comprehensive (Other than Collision) – This coverage will pay to fix damage from a wide range of events other than collision. You first have to pay a deductible then your comprehensive coverage will pay.
Comprehensive insurance covers claims like a broken windshield, rock chips in glass, a tree branch falling on your vehicle and theft. The highest amount you can receive from a comprehensive claim is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.
Medical expense insurance – Coverage for medical payments and/or PIP provide coverage for immediate expenses like funeral costs, rehabilitation expenses, hospital visits, prosthetic devices and nursing services. The coverages can be utilized in addition to your health insurance program or if you do not have health coverage. Medical payments and PIP cover not only the driver but also the vehicle occupants as well as any family member struck as a pedestrian. PIP is not universally available but it provides additional coverages not offered by medical payments coverage
Protection from uninsured/underinsured drivers – This coverage protects you and your vehicle from other motorists when they are uninsured or don’t have enough coverage. Covered claims include medical payments for you and your occupants and also any damage incurred to your BMW M6.
Due to the fact that many Hawaii drivers only carry the minimum required liability limits (20/40/10), it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is very important.
Ratings for Hawaii car insurance companies
Choosing a high-quality insurer can be rather challenging considering how many choices drivers have in Hawaii. The ranking information in the next section can help you analyze which insurers you want to consider when comparing rates.
Top 10 Honolulu Car Insurance Companies Ranked by Claims Service
- State Farm
- AAA Insurance
- Liberty Mutual
- The Hartford
- Farmers Insurance
More quotes mean more insurance savings
Consumers leave their current company for any number of reasons including delays in responding to claim requests, denial of a claim, policy cancellation and even an unsatisfactory settlement offer. It doesn’t matter what your reason, finding a new company is not as difficult as it may seem.
Budget-friendly insurance in Honolulu can be bought from both online companies as well as from insurance agents, so get free Honolulu auto insurance quotes from both of them to have the best selection. Some insurance companies do not offer internet price quotes and these regional insurance providers sell through independent insurance agencies.
In this article, we covered a lot of information how to find affordable BMW M6 insurance in Honolulu. The key thing to remember is the more providers you compare, the higher your chance of finding affordable Honolulu auto insurance quotes. You may even be surprised to find that the most savings is with some of the lesser-known companies.
Even more information is available at these sites:
- Eight Auto Insurance Myths (Insurance Information Institute)
- How Much are Honolulu Car Insurance Rates for Nurses? (FAQ)
- Who Has Affordable Honolulu Auto Insurance for a Jeep Wrangler? (FAQ)
- Who Has the Cheapest Car Insurance Rates for Police Officers in Honolulu? (FAQ)
- Who Has Affordable Car Insurance for Low Mileage Drivers in Honolulu? (FAQ)
- Who Has Cheap Car Insurance Quotes for 4×4 Vehicles in Honolulu? (FAQ)
- New vehicle ratings focus on headlights (Insurance Institute for Highway Safety)
- Auto Insurance FAQ (Farmers Insurance)