It’s easy to assume that auto insurance companies don’t want you comparing rates. Drivers who perform rate comparisons are highly likely to move their business because the odds are good of finding lower prices. A survey found that people who routinely compared quotes saved approximately $72 a month compared to people who don’t regularly compare prices.
If finding the cheapest price on car insurance is the reason you’re here, then having some insight into the best way to compare coverage rates can make it easier to find better rates.
It takes a few minutes, but the best way to get more affordable auto insurance rates is to compare prices once a year from different companies that insure vehicles in Detroit.
- Get a basic knowledge of coverages and the modifications you can make to prevent high rates. Many factors that result in higher rates such as accidents, careless driving, and a lousy credit rating can be eliminated by making minor driving habit or lifestyle changes.
- Obtain price quotes from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only give prices from a single company like GEICO or Farmers Insurance, while independent agencies can provide price quotes from many different companies. View prices
- Compare the new rate quotes to the premium of your current policy to see if a cheaper rate is available in Detroit. If you find a lower rate and make a switch, verify that coverage does not lapse between policies.
- Tell your current company of your intent to cancel your current coverage and submit a down payment along with a signed application to the newly selected company. As soon as coverage is bound, keep your new proof of insurance certificate with your vehicle’s registration.
One key aspect of rate comparisons is to try to compare identical limits and deductibles on each quote request and and to get rate quotes from every company you can. Doing this guarantees an apples-to-apples comparison and and a good selection of different prices.
If you currently have a car insurance policy, you will surely be able to reduce the price you pay using the concepts covered in this article. Comparing rates for the best insurance policy in Detroit can be fairly easy. Nevertheless, Michigan drivers do need to know how big insurance companies determine prices because rates are impacted by many factors.
Slash your car insurance rates with discounts
Auto insurance companies don’t always list their entire list of discounts very clearly, so the following is a list of some of the more common and also the more inconspicuous credits available to lower your premiums when you buy Detroit car insurance online.
- College Student – Kids who attend college more than 100 miles from Detroit and do not have a car could get you a discount.
- Discounts for Seat Belt Usage – Requiring all passengers to use a seat belt can save up to 15% off PIP or medical payments premium.
- Life Insurance – Some insurance companies give a discount if you purchase life insurance.
- Telematics Discount – Detroit drivers who agree to allow driving data submission to track their driving habits by using a telematics device like In-Drive from State Farm and Progressive’s Snapshot might get better premium rates if they are good drivers.
- Multiple Cars – Buying coverage for multiple cars on a single policy can get a discount for every vehicle.
- Drive Less and Save – Low annual miles may allow you to get lower prices due to less chance of an accident.
- 55 and Retired – If you qualify as a senior citizen, you are able to get lower premium rates.
- Claim-Free Discount – Good drivers with no accidents can earn big discounts when compared with insureds who have frequent claims or accidents.
- New Vehicle Savings – Putting coverage on a new M6 can get you a discount because new model year vehicles are generally safer.
- Driver Education Discount – It’s a good idea to have your young drivers enroll and complete driver’s education as it will make them better drivers and lower rates.
You can save money using discounts, but some credits don’t apply to the whole policy. Most only apply to individual premiums such as medical payments or collision. So even though you would think it’s possible to get free car insurance, company stockholders wouldn’t be very happy.
The example below shows the difference between BMW M6 insurance prices with and without discounts. The prices are based on a male driver, a clean driving record, no claims, Michigan state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, homeowner, multi-car, marriage, claim-free, and multi-policy discounts applied.
To view insurers that offer the discounts shown above in Detroit, click here.
When shopping for cheaper Detroit car insurance quotes, there are a couple of ways to compare rate quotes from many available insurance companies in Michigan. The easiest way by far to do a complete rate comparison is to perform an online rate comparison.
When comparison shopping, having more price comparisons helps you find a lower rate than you’re paying now.
The companies shown below have been selected to offer quotes in Michigan. To buy cheaper car insurance in MI, we recommend you visit several of them to get a more complete price comparison.
Coverage statistics and figures
The coverage table displayed next outlines estimates of coverage costs for BMW M6 models. Having knowledge of how prices are calculated is important for you to 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 | $746 | $1724 | $598 | $36 | $180 | $3,284 | $274 |
| M6 2-Dr Convertible | $800 | $1598 | $880 | $52 | $264 | $3,594 | $300 |
| Get Your Own Custom Quote Go | |||||||
Above prices assume married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Michigan minimum liability limits. Discounts applied include safe-driver, claim-free, homeowner, multi-vehicle, and multi-policy. Estimates do not factor in zip code location which can affect rates considerably.
Deductible analysis
One of the hardest decisions when shopping for insurance is how high or low should comp and collision deductibles be. The following insurance rates can help you visualize the premium difference when you choose different policy deductibles. The first data table uses a $250 deductible for physical damage and the second set of rates uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M6 2-Dr Coupe | $946 | $2182 | $586 | $34 | $176 | $3,949 | $329 |
| M6 2-Dr Convertible | $1014 | $2020 | $864 | $52 | $258 | $4,233 | $353 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M6 2-Dr Coupe | $768 | $1758 | $586 | $34 | $176 | $3,322 | $277 |
| M6 2-Dr Convertible | $824 | $1630 | $864 | $52 | $258 | $3,628 | $302 |
| Get Your Own Custom Quote Go | |||||||
Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and Michigan minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, safe-driver, and multi-vehicle. Prices do not factor in specific location information which can modify prices noticeably.
Based on these figures, using a $250 deductible could cost the average driver approximately $51 more each month or $612 each year than choosing the higher $500 deductible. Since the policyholder would be required to pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you average at a minimum 5 months between claim filings, you would more than likely save some money if you choose a higher deductible.
Annual premiums for males versus females in Detroit
The information below illustrates the comparison of BMW M6 auto insurance rates for male and female drivers. The prices are based on no driving violations, no at-fault accidents, full physical damage coverage, $500 deductibles, drivers are not married, and no discounts are applied.
Full coverage versus liability-only in Detroit
The diagram below shows the difference between BMW M6 insurance premiums with full physical damage coverage and with liability coverage only. The information is based on no claims or driving violations, $500 deductibles, drivers are not married, and no other discounts are factored in.
When to stop paying for full coverage
There isn’t a written rule of when to drop full coverage, but there is a general guideline. If the annual cost of coverage is more than 10% of replacement cost minus your deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s say your BMW M6 replacement cost is $3,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company would pay you is $2,000 after paying your policy deductible. If it’s costing you more than $200 annually for physical damage coverage, the it may be a good time to stop paying for full coverage.
There are some conditions where buying only liability insurance is not financially feasible. If you still have a lienholder on your title, you have to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should not eliminate full coverage.
Your insurance coverage should be tailored to you
Always remember that when buying insurance from an agent or online for your personal vehicles, there really is not a cookie cutter policy. Every situation is different.
For instance, these questions can help discover whether you would benefit from an agent’s advice.
- Do I have coverage for damage caused while driving under the influence?
- Do I have any recourse if my insurance company denies a claim?
- Which companies will insure high-risk drivers?
- Does my policy cover me if I wreck while driving under the influence?
- What exactly is covered by my policy?
- At what point should I drop full coverage?
- What is the difference between personal and commercial auto insurance policies?
- Does having multiple vehicles earn me a discount?
- Does every company file a SR-22 automatically?
If you’re not sure about those questions but a few of them apply then you might want to talk to an insurance agent. If you don’t have a local agent, fill out this quick form.
Buying from auto insurance agents
Some people would prefer to talk to a local agent and there is nothing wrong with that. A good thing about comparing insurance prices online is the fact that drivers can get cheap car insurance quotes but also keep your business local.
To help locate an agent, after submitting this form (opens in new window), your insurance data is instantly submitted to companies in Detroit who will gladly provide quotes for your car insurance coverage. It’s much easier because you don’t need to leave your computer since rate quotes are delivered to the email address you provide. You’ll get the best rates and an insurance agent to talk to. If you want to quote rates from a specific insurance company, you just need to navigate to their website and fill out the quote form the provide.
Selecting an company requires you to look at more than just a low price. The answers to these questions are important, too.
- Will they give you a referral list?
- Does the quote include credit and driving reports?
- Is the agent CPCU or CIC certified?
- Do they receive special compensation for putting your coverage with one company over another?
- If you have an accident, will your rates go up?
- What insurance companies do they work with in Detroit?
How to choose the best car insurance agent in Detroit
When finding a good insurance agency, you must know there are a couple different types of agencies and how they can write your policy. Car insurance agents are classified as either independent or exclusive depending on the company they work for.
Exclusive Insurance Agents
Exclusive agents can only place business with one company and examples are Allstate and State Farm. These agents are not able to provide prices from multiple companies so always compare other rates. They receive extensive training on sales techniques and that allows them to sell at a higher price point. Consumers frequently buy from the same agent for years mainly due to loyalty to the company rather than having low rates.
Shown below is a short list of exclusive agents in Detroit willing to provide price quote information.
- Allstate Insurance: Ago Benavides
3570 W Vernor Hwy – Detroit, MI 48216 – (313) 849-2000 – View Map - Charlotte Knight – State Farm Insurance Agent
7100 W Seven Mile Rd – Detroit, MI 48221 – (313) 340-9000 – View Map - Anthony Jackson – State Farm Insurance Agent
23221 Plymouth Rd – Detroit, MI 48239 – (313) 533-2440 – View Map
Independent Car Insurance Agents
Agents in the independent channel are not restricted to one company so they can write business with any number of different companies and get you the best rates possible. If you want to switch companies, an independent agent can move your coverage and you stay with the same agent. When comparison shopping, you will definitely want to compare prices from several independent insurance agents to get the best comparison. A lot of them also have access to different regional companies who may have lower rates.
Listed below is a short list of independent insurance agencies in Detroit that are able to give comparison quotes.
- Thomas L Whatley Agency Inc
14710 Puritan Ave – Detroit, MI 48227 – (313) 272-5955 – View Map - Midwest Underwriters Insurance
19640 Harper Ave – Grosse Pointe Woods, MI 48236 – (313) 884-8600 – View Map - Advasure Insurance
13600 W 8 Mile Rd C – Detroit, MI 48205 – (313) 521-0300 – View Map
Get the best coverage at the lowest price
People who switch companies do it for any number of reasons including questionable increases in premium, high prices, extreme rates for teen drivers and poor customer service. It doesn’t matter why you want to switch finding the right insurance provider can be less work than you think.
Some insurance providers may not offer the ability to get quotes online and many times these small, regional companies prefer to sell through independent insurance agencies. Cheaper BMW M6 insurance in Detroit is available from both online companies as well as from independent agents in Detroit, and you need to price shop both in order to have the best chance of saving money.
You just learned a lot of techniques to shop for BMW M6 insurance online. The key thing to remember is the more you quote Detroit car insurance, the more likely it is that you will get a better rate. You may even find the lowest prices come from some of the smallest insurance companies.
Additional detailed information is available by following these links:
- Preventing Carjacking and Theft (Insurance Information Institute)
- What Auto Insurance is Cheapest for Seniors in Detroit? (FAQ)
- How Much is Auto Insurance for a Ford Explorer in Detroit? (FAQ)
- Who Has Cheap Auto Insurance Quotes for a Toyota Camry in Detroit? (FAQ)
- Auto Insurance Basics (Insurance Information Institute)
- How do I File a Claim? (Insurance Information Institute)
- Warning systems don’t curb driver distraction (Insurance Institute for Highway Safety)