No one likes having to buy car insurance, particularly when they could lower their rates if they shopped around.
It’s safe to assume that car insurance companies don’t want you comparing rates. Consumers who perform rate comparisons will presumably move their business because of the good chance of finding a lower rate. A recent survey revealed that drivers who regularly compared rates saved over $3,450 over four years compared to those who didn’t regularly shop around.
If finding the best price on auto insurance in Honolulu is your ultimate goal, then learning about how to shop and compare insurance premiums can make it easier for you to save money.
Due to the fact that there are so many insurance providers from which to choose, it can be difficult for drivers to choose a lower cost car insurance provider.
Lower Your Honolulu Insurance Premiums
Part of the auto insurance buying process is learning some of the things that aid in calculating the level of your policy premiums. If you know what determines premiums, this allows you to make educated decisions that may result in cheaper rates.
The items below are a few of the “ingredients” companies use to determine your prices.
- Your employer is a factor – Careers such as fire fighters, executives, and dentists generally have higher premium rates attributed to stressful work requirements and lots of time spent away from family. Other occupations like farmers, engineers and homemakers receive lower rates.
Does auto insurance cost less for gals? – Over time, data shows that females tend to be a little less risky than males. However, this does not mean females are better drivers. Men and women tend to get into at-fault accidents at about the same rate, but males tend to have more serious accidents. Not only are claims higher, but men get higher numbers of serious violations such as DWI and reckless driving.
The illustration below visualizes the comparison of BMW M3 insurance costs for male and female drivers. The data is based on no accidents, no driving violations, comprehensive and collision coverage, $1,000 deductibles, marital status is single, and no other discounts are factored in.
- High physical damage deductibles reduce rates – Physical damage protection, aka comp and collision, covers your vehicle from damage. Some examples of covered claims are a broken side mirror, collision with an animal, or theft. Your deductibles define the amount you are required to spend if a covered claim is submitted. The more expense the insured has to pay upfront, the lower your rates will be.
- Insurance rates in urban areas – Choosing to live in small towns and rural areas has definite advantages when buying auto insurance. Residents of big cities have to deal with much more traffic and longer commutes to work. Fewer drivers translates into fewer accidents.
- Do you qualify for a multi-policy discount? – Many insurance companies will give lower prices to insureds who buy several policies from them such as combining an auto and homeowners policy. This can amount to ten percent or more. Even though this discount sounds good, drivers will still want to compare other Honolulu M3 insurance rates to ensure the best deal. Drivers may still save even more by buying auto insurance from a different company.
- Cheaper auto insurance rates with safer cars – Vehicles with good safety scores cost less to insure. Safer cars have better occupant injury protection and fewer serious injuries translates directly to fewer claims and thus lower rates.
- Lower prices with GPS tracking and theft deterrents – Purchasing a vehicle with a theft deterrent system can help lower your premiums. Anti-theft devices like LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all hinder your car from being stolen.
Insurance losses for a BMW M3 – Insurance companies take into consideration insurance loss statistics for every vehicle to help set a rate to offset losses. Vehicles that the statistics show to have higher number or severity of losses will have a higher premium rate.
The table below illustrates the insurance loss data used by companies for BMW M3 vehicles. For each coverage category, the statistical loss for all vehicles, as a total average, is considered to be 100. Values that are below 100 imply a favorable loss record, while values that are 100 or greater point to more frequent losses or statistically larger claims.
BMW M3 Insurance Claim Statistics Specific BMW Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury BMW M3 4dr 302 186BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Keep in mind that having more price comparisons increases the chance that you will find the best offered rates.
The companies shown below are ready to provide quotes in Hawaii. If multiple providers are shown, we suggest you visit several of them to get the most affordable price.
BMW M3 insurance analysis
The rate information displayed below showcases detailed analysis of rate quotes for BMW M3 models. Learning as much as possible about how insurance premiums are formulated can be useful when making informed decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|M3 4-Dr Sedan||$224||$418||$270||$16||$80||$1,008||$84|
|M3 CI 2-Dr Coupe||$244||$466||$270||$16||$80||$1,076||$90|
|M3 2-Dr Convertible||$244||$466||$270||$16||$80||$1,076||$90|
|Get Your Own Custom Quote Go|
Prices based on married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Hawaii minimum liability limits. Discounts applied include safe-driver, claim-free, homeowner, multi-vehicle, and multi-policy. Table data does not factor in specific location which can alter prices significantly.
Safe drivers pay less for insurance
The information below highlights how speeding tickets and accidents can increase BMW M3 yearly insurance costs for each age group. The premium estimates are based on a married male driver, full physical damage coverage, $1,000 deductibles, and no discounts are factored in.
Car insurance in Hawaii serves several purposes
Despite the high cost, maintaining insurance is required in Hawaii but also provides important benefits.
First, just about all states have mandatory liability insurance requirements which means state laws require a specific level of liability coverage if you drive a vehicle. In Hawaii these limits are 20/40/10 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
Second, if you have a lien on your M3, it’s most likely the lender will make it mandatory that you buy insurance to ensure they get paid if you total the vehicle. If you do not keep the policy in force, the bank will be required to insure your BMW at an extremely high rate and require you to reimburse them much more than you were paying before.
Third, insurance safeguards not only your vehicle but also your financial assets. It will also reimburse you for most medical and hospital costs for you, any passengers, and anyone injured in an accident. Liability coverage, the one required by state law, will also pay for a defense attorney if you are named as a defendant in an auto accident. If you have damage to your BMW as the result of the weather or an accident, collision and comprehensive (also known as other-than-collision) coverage will pay to have it repaired.
The benefits of buying enough insurance more than offset the price you pay, particularly for liability claims. But the average American driver is overpaying more than $865 each year so compare quotes from several companies at every renewal to help ensure money is not being wasted.
You may qualify for discounts for BMW M3 insurance in Honolulu
Car insurance companies don’t list the entire discount list very well, so we researched both well-publicized as well as the least known credits that may apply to you.
- Include Life Insurance and Save – Some insurance carriers give a lower premium rate if you buy a life insurance policy as well.
- Good Student – Maintaining excellent grades may save you up to 25%. The good student discount can last well after school through age 25.
- Good Driver Discount – Drivers without accidents can pay as much as 50% less than less cautious drivers.
- Passive Restraints – Vehicles equipped with air bags and/or automatic seat belt systems may get savings of 20% or more.
- Clubs and Organizations – Affiliation with a qualifying organization is a simple method to lower premiums on your policy.
- Full Payment Discount – If paying your policy premium upfront rather than spreading payments over time you could save 5% or more.
- Save over 55 – Drivers that qualify as senior citizens can possibly qualify for reduced rates.
As a disclaimer on discounts, most credits do not apply to the overall cost of the policy. Most cut specific coverage prices like liability and collision coverage. So even though they make it sound like you would end up receiving a 100% discount, that’s just not realistic.
The information below compares BMW M3 insurance premiums with and without discounts applied to the premium. Data assumes a male driver, no claims or violations, Hawaii state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, homeowner, safe-driver, claim-free, multi-car, and marriage discounts applied.
A few of the larger companies and a partial list of their discounts can be read below.
- GEICO may have discounts that include daytime running lights, anti-lock brakes, five-year accident-free, membership and employees, and seat belt use.
- Mercury Insurance may include discounts for ease of repair, anti-theft, multi-car, low natural disaster claims, and good student.
- Farmers Insurance has discounts for youthful driver, electronic funds transfer, pay in full, mature driver, early shopping, teen driver, and switch companies.
- Auto-Owners Insurance offers discounts for air bags, anti-theft, paid in full, company car, good student, safe vehicle, and multi-policy.
- Liberty Mutual discounts include new move discount, good student, hybrid vehicle, multi-policy, multi-car, exclusive group savings, and teen driver discount.
- SAFECO offers discounts including safe driver, accident prevention training, bundle discounts, multi-car, and homeowner.
- Progressive has savings for multi-vehicle, good student, online quote discount, multi-policy, continuous coverage, and online signing.
- USAA policyholders can earn discounts including good student, multi-vehicle, annual mileage, driver training, defensive driver, and family discount.
Check with each insurance company what discounts are available to you. All car insurance discounts may not apply to policyholders in your area. If you would like to see a list of companies that can offer you the previously mentioned discounts in Honolulu, follow this link.
Insurance agents are trained to help
Many drivers would rather buy from a local agent and that can be a great decision The best thing about getting online price quotes is that drivers can save money and get cheap auto insurance quotes and still have an agent to talk to.
After completing this quick form, your coverage information is emailed to local insurance agents in Honolulu who want to provide quotes for your business. You won’t need to visit any agencies as quotes are delivered to your email. It’s the lowest rates AND a local agent. If you need to get a price quote from a specific company, you can always find their quoting web page and complete a quote there.
Selecting a provider requires more thought than just the premium amount. The following questions are important to ask.
- Will you be dealing directly with the agent or with a Custom Service Representative (CSR)?
- Will high miles depreciate repair valuations?
- Does the agent have a valid license to sell insurance in Hawaii?
- Does the agent recommend any additional coverage?
- What are their preferred companies if they are an independent agency?
- Can you use your own choice of collision repair facility?
- Is their price quote a firm figure or are their hidden costs?
- What discounts might you be missing?
If you want a good Honolulu insurance agent, you should know the types of agencies and how they differ in how they quote coverages. Insurance agencies in Honolulu can be classified as either exclusive or independent agents depending on their company appointments.
Exclusive Insurance Agencies
Agents that choose to be exclusive can only quote rates from one company and some examples include AAA, Allstate, State Farm, or Farmers Insurance. Exclusive agents cannot place coverage with different providers so keep that in mind. Exclusive agents are trained well on their company’s products which helps them compete with independent agents.
The following are exclusive insurance agencies in Honolulu willing to provide price quote information.
Independent Agencies or Brokers
These type of agents are not employed by any specific company so as a result can place your coverage through many companies and find you cheaper rates. If your premiums go up, they simply move the coverage in-house which makes it simple for you.
When comparing auto insurance rates, you need to get rate quotes from multiple independent agents to maximize your price options.
Listed below are Honolulu independent insurance agents willing to provide comparison quotes.
Once you have good responses to all your questions as well as a price you’re happy with, you may have just found an insurance agency that can be relied on to adequately provide auto insurance.
Best auto insurance company in Honolulu
Picking a good quality insurance provider is hard considering how many different companies insure vehicles in Hawaii. The company information shown next can help you pick which auto insurers to look at comparing rate quotes with.
Top 10 Honolulu Car Insurance Companies by A.M. Best Rank
- USAA – A++
- State Farm – A++
- GEICO – A++
- Esurance – A+
- Nationwide – A+
- Allstate – A+
- Progressive – A+
- The Hartford – A+
- AAA Insurance – A
- Liberty Mutual – A
While you’re price shopping online, never buy less coverage just to save a little money. In too many instances, an insured cut liability coverage limits only to discover later that their decision to reduce coverage ended up costing them more. The aim is to buy enough coverage at the best possible price, but do not sacrifice coverage to save money.
We just showed you a lot of ways to find cheap BMW M3 insurance in Honolulu. The most important thing to understand is the more companies you get prices for, the higher the chance of saving money. Consumers may even find the best price on car insurance is with an unexpected company. Smaller companies can often provide lower prices in certain areas than their larger competitors like Progressive or GEICO.
How to quote cheaper BMW M3 insurance in Honolulu
To save the most money, the best way to find the cheapest price for BMW M3 insurance in Honolulu is to make a habit of regularly comparing prices from insurers that sell auto insurance in Hawaii.
- First, learn about how auto insurance works and the factors you can control to prevent high rates. Many rating criteria that result in higher rates such as traffic violations and an imperfect credit history can be amended by making small lifestyle or driving habit changes.
- Second, get rate quotes from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can only give rate quotes from a single company like Progressive or Allstate, while independent agents can quote rates for a wide range of companies.
- Third, compare the price quotes to your existing policy and determine if there is any savings. If you find a lower rate and buy the policy, verify that coverage does not lapse between policies.
A good tip to remember is to try to use identical limits and deductibles on every quote and and to analyze as many companies as possible. This provides an accurate price comparison and plenty of rates choose from.
Even more information can be found by following these links:
- Insuring a Leased Car (Insurance Information Institute)
- Who Has the Cheapest Honolulu Auto Insurance for 17 Year Olds? (FAQ)
- Who Has the Cheapest Car Insurance Rates for a Chevrolet Silverado in Honolulu? (FAQ)
- What Insurance is Cheapest for a Toyota Tacoma in Honolulu? (FAQ)
- Vehicle Size and Weight FAQ (iihs.org)
- Understanding Rental Car Insurance (Insurance Information Institute)
- Crash Avoidance Technologies FAQ (iihs.org)