Are you researching more affordable BMW M6 insurance in New Orleans? Tired of scraping the payment together to buy car insurance? Your situation is no different than the majority of other people in Louisiana.
It’s easy to assume that insurance companies don’t want you quoting rates from other companies. Consumers who get comparison quotes once a year are very likely to switch to a new company because there is a significant possibility of finding a more affordable policy. A recent survey discovered that drivers who regularly compared price quotes saved $70 a month compared to those who didn’t regularly shop around.
If finding the lowest price for BMW M6 insurance in New Orleans is the reason you’re here, then understanding how to get rate quotes and compare insurance coverage can save money and time. Due to the abundance of car insurance companies to choose from, it is very difficult to pick a lower cost car insurance company.
The following companies have been selected to offer comparison quotes in New Orleans, LA. To get cheap auto insurance in LA, it’s highly recommended you visit as many as you can to get a more complete price comparison.
Choosing the best vehicle insurance in Louisiana is an important decision
Despite the high insurance cost for a BMW M6 in New Orleans, insurance serves a purpose in several ways.
- Just about all states have minimum mandated liability insurance limits which means you are required to buy specific minimum amounts of liability coverage if you drive a vehicle. In Louisiana these limits are 15/30/25 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If you took out a loan on your BMW M6, almost every bank will force you to have comprehensive coverage to guarantee their interest in the vehicle. If you do not pay your insurance premiums, the lender will be forced to insure your BMW at a much higher rate and require you to fork over for the much more expensive policy.
- Insurance preserves both your assets and your car. It will also cover medical transport and hospital expenses for not only you but also any passengers injured in an accident. As part of your policy, liability insurance also covers all legal expenses up to the policy limit if someone files suit against you as the result of an accident. If mother nature or an accident damages your car, comprehensive (other-than-collision) and collision coverage will cover the damage repairs after a deductible is paid.
The benefits of having insurance are definitely more than the cost, particularly if you ever have a claim. The average driver in America overpays more than $750 every year so smart consumers compare quotes at least once a year to help ensure money is not being wasted.
Detailed insurance information
The rate information shown below covers estimates of insurance costs for BMW M6 models. Having a good understanding how policy premiums are established can help customers make informed decisions when shopping around for a new policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M6 2-Dr Coupe | $610 | $1716 | $414 | $24 | $124 | $2,888 | $241 |
| M6 2-Dr Convertible | $654 | $1590 | $610 | $36 | $182 | $3,072 | $256 |
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Table data represents married female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Louisiana minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, claim-free, and homeowner. Prices do not factor in garaging location in New Orleans which can alter insurance rates significantly.
Physical damage deductible comparison
One of the hardest decisions when shopping for auto insurance is where should you set your physical damage deductibles. The tables below may help to conceptualize how much more you’ll pay when you select higher and lower physical damage coverage deductibles. The first set of prices uses a $100 deductible and the second pricing table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M6 2-Dr Coupe | $708 | $1752 | $394 | $24 | $118 | $3,021 | $252 |
| M6 2-Dr Convertible | $760 | $1622 | $580 | $34 | $174 | $3,195 | $266 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M6 2-Dr Coupe | $518 | $1184 | $394 | $24 | $118 | $2,238 | $187 |
| M6 2-Dr Convertible | $554 | $1096 | $580 | $34 | $174 | $2,438 | $203 |
| Get Your Own Custom Quote Go | |||||||
Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Louisiana minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-policy, and multi-vehicle. Premium amounts do not factor in vehicle garaging location which can increase or decrease coverage rates substantially.
Based on the above data, using a $100 deductible will cost in the ballpark of $64 more each month or $768 a year than choosing the higher $500 deductible. Because you would pay $400 more to file a claim with a $500 deductible as compared to a $100 deductible, if you have more than 6 months between claim filings, you would save money if you opt for a higher deductible.
Price comparison of only insuring for liability
The illustration below shows the comparison of BMW M6 insurance costs when comparing full coverage to state minimum liability only. The premium estimates are based on no violations or accidents, $500 deductibles, single status, and no discounts are applied.
Should you pay for full coverage or liability only?
There is no set guideline of when to phase out full coverage, but there is a guideline you can use. If the yearly cost of comp and collision coverage is 10% or more of replacement cost minus your deductible, then it might be time to buy liability only.
For example, let’s pretend your BMW M6 claim settlement value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $6,000 after you pay the deductible. If you are paying in excess of $600 annually for comprehensive and collision coverage, then it may be the right time to buy liability only.
There are a few cases where eliminating full coverage is not recommended. If you have an outstanding loan on your vehicle, you have to keep full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should keep full coverage on your policy.
Discounts for affordable insurance rates
Companies that sell car insurance don’t always list every possible discount in an easy-to-find place, so here is a list some of the best known as well as the least known credits that may apply to you. If you are not receiving all the discounts available, you may be paying too high a price.
- Savings for New Vehicles – Buying a new car model can save up to 30% because newer vehicles are generally safer.
- Service Members Pay Less – Being deployed with a military unit could trigger a small discount.
- Discounts for Good Drivers – Insureds who avoid accidents could pay up to 40% less compared to accident prone drivers.
- Discount for Life Insurance – Some insurance companies give a break if you buy life insurance from them.
- Good Student – Being a good student can be rewarded with saving of up to 25%. This discount can apply up until you turn 25.
- Bundle and Save – If you can combine your home and auto policy and insure them with the same company you could earn a discount of over 10 percent off each policy depending on the company.
- Own a Home – Being a homeowner can save you money since home ownership requires a higher level of personal finance.
- Student in College – College-age children living away from New Orleans attending college and won’t have access to an insured vehicle may be insured at a cheaper rate.
It’s important to note that some credits don’t apply to your bottom line cost. Most cut specific coverage prices like collision or personal injury protection. So even though you would think adding up those discounts means a free policy, that’s just not realistic.
The information below shows the comparison of BMW M6 insurance costs with and without policy discounts. Data assumes a male driver, no claims or driving violations, Louisiana 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 claim-free, multi-car, multi-policy, marriage, safe-driver, and homeowner discounts applied.
Some of the larger companies who may offer these money-saving discounts are:
Before purchasing a policy, check with each insurance company what discounts are available to you. Savings might not be available to policyholders in New Orleans.
Independent versus exclusive car insurance agents
Some consumers just prefer to buy from a local agent and that is not a bad decision Good insurance agents will help you protect your assets and will help you if you have claims. One of the benefits of getting free rate quotes online is that you can obtain better rates and also buy local.
By using this short form, the coverage information is immediately sent to agents in your area who will gladly provide quotes to get your business. You don’t have to drive around because quoted prices will be sent to the email address you provide. If you have a need to quote rates from a specific insurance company, feel free to visit that company’s website and submit a quote form there.
Picking the best provider should include more criteria than just a low price. Any agent in New Orleans should have no problem answering these questions:
- Can they provide you with a list of referrals?
- Is there a local claims center in New Orleans?
- Do they offer claims assistance after hours?
- How would your car be valued if totaled?
- Will the agent or a CSR service your policy?
When searching for a local agent, there are two different types of agents and how they can quote your rates. Agents can be categorized as either independent agents or exclusive agents. Both types can do a good job, but it’s a good idea to understand the subtle differences because it can impact buying decisions.
Exclusive Car Insurance Agencies
Exclusive insurance agents can usually just insure with one company and some examples include Farmers Insurance, State Farm, or Allstate. They are unable to give you multiple price quotes so you need to shop around if the rates are high. Exclusive agencies are well schooled on the products they sell which aids in selling service over price.
Shown below is a short list of exclusive agencies in New Orleans who may provide you with comparison quotes.
Allstate Insurance: Rene Manfre
13040 I- 10 Service Rd – New Orleans, LA 70128 – (504) 218-1586 – View Map
Allstate Insurance: Kenneth Taylor
7037 Canal Blvd #201 – New Orleans, LA 70124 – (504) 283-9310 – View Map
Ed Buckley – State Farm Insurance Agent
4822 Prytania St – New Orleans, LA 70115 – (504) 891-2886 – View Map
Independent Car Insurance Agents
These agents often have affiliation with several companies so as a result can place your coverage through many companies and find you cheaper rates. If you want to switch companies, the agent simply finds a different carrier and that require little work on your part.
When comparing car insurance rates, we recommend you get rate quotes from several independent insurance agents to get the most accurate price comparison.
Shown below are independent insurance agents in New Orleans that are able to give price quote information.
Robert Sheard Insurance
1601 Gordon St – New Orleans, LA 70117 – (504) 947-3044 – View Map
Dan Burghardt Insurance Agency
5741 Crowder Blvd – New Orleans, LA 70127 – (504) 241-7283 – View Map
KTS Insurance Agency
3239 Bienville St – New Orleans, LA 70119 – (504) 371-5519 – View Map
What is the best car insurance company in Louisiana?
Choosing the best car insurance company is difficult considering how many companies provide coverage in New Orleans. The company rank data in the next section could help you select which insurers to look at comparing rates from.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| Mercury Insurance | 97 | 96 | 88 | 89% | A+ | 93.4 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
| American Family | 91 | 86 | 95 | 83% | A | 89.7 |
| Esurance | 86 | 90 | 94 | 90% | A+ | 89.5 |
| The General | 86 | 93 | 89 | 84% | A- | 88.2 |
| GEICO | 79 | 89 | 95 | 87% | A++ | 87.8 |
| Titan Insurance | 86 | 82 | 92 | 86% | A+ | 86.5 |
| 21st Century | 86 | 82 | 90 | 84% | A | 86.4 |
| Liberty Mutual | 79 | 87 | 95 | 78% | A | 85.3 |
| Farmers Insurance | 77 | 80 | 80 | 84% | A | 80.3 |
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Data Source: Insure.com Best Car Insurance Companies
In the end, you can save money
You just learned many ideas to get a better price on BMW M6 insurance in New Orleans. The key concept to understand is the more times you quote, the better likelihood of getting inexpensive New Orleans car insurance quotes. Drivers may even discover the biggest savings come from the smaller companies. These smaller insurers may often insure only within specific states and give better rates as compared to the big name companies such as Allstate or State Farm.
When buying insurance coverage, it’s a bad idea to sacrifice coverage to reduce premiums. There have been many cases where drivers have reduced liability coverage limits to discover at claim time that the small savings ended up costing them much more. Your objective should be to purchase plenty of coverage at the best cost, but do not skimp to save money.
Budget-conscious BMW M6 insurance is possible from both online companies and from local agencies, and you should compare price quotes from both so you have a total pricing picture. Some companies do not provide rate quotes online and most of the time these small insurance companies work with independent agents.
Steps to finding affordable quotes for BMW M6 insurance in New Orleans
The recommended way to save money on auto insurance rates is to start doing an annual price comparison from insurers who sell insurance in New Orleans.
- Spend a few minutes and learn about the coverage provided by your policy and the changes you can make to keep rates down. Many rating criteria that result in higher rates like inattentive driving and an imperfect credit rating can be remedied by making minor changes to your lifestyle.
- Request price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can provide rates from one company like Progressive or State Farm, while independent agents can give you price quotes for a wide range of insurance providers.
- Compare the quotes to your current policy premium and see if you can save money. If you find a lower rate and change companies, make sure there is no lapse between the expiration of your current policy and the new one.
- Provide proper notification to your current company of your intention to cancel your current car insurance policy and submit a down payment along with a signed application to the newly selected company. When you receive it, keep the new proof of insurance paperwork along with the vehicle’s registration papers.
One bit of advice is to make sure you’re comparing identical coverages on each price quote and and to get prices from as many different insurance providers as possible. Doing this provides an apples-to-apples comparison and many rates to choose from.
To read more, take a look at the articles below:
- Anti-Lock Brake FAQ (iihs.org)
- Who Has Cheap Auto Insurance Quotes for Teenage Females in New Orleans? (FAQ)
- Who Has Cheap New Orleans Auto Insurance for a Toyota RAV4? (FAQ)
- How Much is New Orleans Auto Insurance for Drivers with Bad Credit? (FAQ)
- How Much is Auto Insurance for Infrequent Drivers in New Orleans? (FAQ)
- How Much is New Orleans Auto Insurance for Retired Military? (FAQ)
- Who Has Affordable Car Insurance Rates for a 20 Year Old Male in New Orleans? (FAQ)
- Rental Reimbursement Coverage (Allstate)
- Get the Right Protection (InsureUonline.org)
- Warning systems don’t curb driver distraction (Insurance Institute for Highway Safety)