Cheap 1998 BMW M Car Insurance Rates

Wish you could get a refund on high-priced insurance coverage? You’re preaching to the choir because there are many drivers thinking the same thing. You have so many insurance companies to buy insurance from, and although it’s nice to be able to choose, it can be more challenging to compare rates.

This information will help you learn how car insurance quotes work and some money-saving tips. If you are paying for car insurance now, you will most likely be able to lower your premiums substantially using this strategy. Drivers only need an understanding of the best way to shop on the web.

Learn how to find auto insurance cheaper

Consumers need to have an understanding of the rating factors that play a part in calculating your premiums. If you know what determines premiums, this helps enable you to make changes that can help you get big savings. Lots of factors are taken into consideration when you get your auto insurance bill. Some are obvious like an MVR report, but other criteria are less obvious like where you live or how safe your car is.

Listed below are some of the most common factors used by companies to determine premiums.

• Miles impacts rates – The higher the miles on your BMW in a year’s time the more you’ll pay to insure your vehicle. Most companies charge to insure your cars based upon how you use the vehicle. Cars left parked in the garage receive better premium rates than those that get driven frequently. Ask your agent if your policy properly reflects annual mileage. Having an incorrect usage rating on your M may be wasting your money.
• lapses raise premiums – Allowing your coverage to lapse will be a guaranteed way to increase your renewal premiums. Not only will you pay higher rates, the inability to provide proof of insurance could earn you fines or a revoked license. You may then have to submit proof of financial responsibility or a SR-22 with your state DMV.
• Employer stress can affect prices – Careers like doctors, business owners and stock brokers have higher average rates attributed to intense work-related stress and lengthy work days. On the flip side, careers like professors, engineers and performers get better rates on M coverage.
• Men tend to take more risk – Over time, data shows that men are more aggressive behind the wheel. The data does not necessarily mean that men are worse drivers. Females and males cause at-fault accidents in similar percentages, but the men have costlier accidents. Not only are claims higher, but men get cited for more serious violations such as driving while intoxicated (DWI) or driving recklessly. Male teenagers have the highest risk to insure so it costs more to insure them.
• Extra policy coverages are wasting money – Insurance policies have a lot of extra coverages that sound like a good idea at the time when buying auto insurance. Add-on coverages like roadside assistance, towing, and extra equipment coverage are probably not needed. These coverages may sound good when deciding what coverages you need, but your needs may have changed so get rid of them and save.
• City traffic equals higher costs – Having an address in areas with lower population can be a good thing when buying auto insurance. People who live in big cities tend to have more traffic problems and more severe claims. Fewer drivers on the road means fewer accidents in addition to lower liability claims

How to shop insurance online

There are several ways to compare insurance quotes, but some are more efficient than others. You can spend countless hours talking about coverages with local insurance agents in your area, or you can stay home and use the internet to quickly compare rates.

Most car insurance companies take part in a program where insurance shoppers enter their policy data once, and every company provides a quote based on that information. This system prevents you from having to do quotation requests for each company.

To fill out one form to compare multiple rates now click here to start a free quote.

The one downside to using this type of form is you cannot specify which insurance companies you will receive quotes from. If you would rather choose specific insurance companies to request quotes from, we have a listing of companies who write insurance in your area. Click to view list.

The method you choose is up to you, but be certain you are entering the same coverage limits with every price quote. If you enter different limits and deductibles on each one it will be next to impossible to make an equal comparison.

Reduce your auto insurance rates with discounts

Auto insurance is neither fun to buy or cheap, but you may find discounts that many consumers don’t even know exist. Most are applied when you purchase, but less common discounts must be specifically requested before you will receive the discount.

• Low Miles Discount – Driving fewer miles can earn discounted prices on garaged vehicles.
• Seat Belt Discounts – Buckling up and requiring all passengers to buckle up can save a little off PIP or medical payments premium.
• Mature Driver Discount – Mature drivers are able to get better auto insurance rates on M coverage.
• Military Rewards – Having an actively deployed family member could qualify you for better prices.
• Defensive Driver Discounts – Completing a defensive driver class could earn you a small percentage discount and easily recoup the cost of the course.

It’s important to note that some credits don’t apply the the whole policy. A few only apply to the price of certain insurance coverages like comp or med pay. Even though the math looks like you could get a free auto insurance policy, that’s just not realistic.

A few companies that may include most of the discounts above include:

• Mercury Insurance
• Farmers Insurance
• Farm Bureau
• State Farm
• Allstate
• Geico

Before buying, ask each company or agent how many discounts you can get. Some discounts listed above might not be offered in your area. To choose providers with the best discounts, click here.

You are unique and your auto insurance should be too

When it comes to buying coverage, there isn’t really a best way to insure your cars. Every situation is different so your insurance needs to address that. For instance, these questions can help discover whether you would benefit from an agent’s advice.

• Will my rates increase for filing one claim?
• Is my vehicle covered by my employer’s policy when using it for work?
• Is my business laptop covered if it gets stolen from my vehicle?
• Is a new car covered when I drive it off the dealer lot?
• I have a DUI can I still get coverage?
• Do I need PIP (personal injury protection) coverage in my state?
• Is my teenager covered with friends in the car?
• When should I remove comp and collision on my 1998 BMW M?
• Does coverage extend to Mexico or Canada?

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 want to speak to an agent in your area, take a second and complete this form or go to this page to view a list of companies. It only takes a few minutes and can provide invaluable advice.

Parts of your auto insurance policy

Learning about specific coverages of your policy can be of help when determining appropriate coverage for your vehicles. Policy terminology can be impossible to understand and coverage can change by endorsement. Below you’ll find the usual coverages available from auto insurance companies.

Liability

Liability insurance protects you from damages or injuries you inflict on a person or their property in an accident. It protects YOU against other people’s claims, and doesn’t cover your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. Your policy might show limits of 100/300/100 which stand for a limit of $100,000 per injured person, a total of $300,000 of bodily injury coverage per accident, and $100,000 of coverage for damaged propery. Another option is a combined limit which combines the three limits into one amount and claims can be made without the split limit restrictions.

Liability can pay for claims like repair costs for stationary objects, bail bonds and repair bills for other people’s vehicles. The amount of liability coverage you purchase is up to you, but consider buying as high a limit as you can afford.

Uninsured/Underinsured Motorist coverage

This coverage gives you protection when other motorists do not carry enough liability coverage. This coverage pays for hospital bills for your injuries and also any damage incurred to your BMW M.

Because many people carry very low liability coverage limits, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is very important. Normally these limits are similar to your liability insurance amounts.

Collision protection

This coverage covers damage to your M resulting from colliding with another vehicle or an object, but not an animal. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage pays for claims such as colliding with another moving vehicle, rolling your car, backing into a parked car and crashing into a ditch. Collision is rather expensive coverage, so consider dropping it from vehicles that are older. Another option is to increase the deductible to get cheaper collision coverage.

Comprehensive coverage

This coverage will pay to fix damage that is not covered by collision coverage. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive can pay for things such as hitting a deer, hitting a bird, damage from a tornado or hurricane and damage from getting keyed. The maximum amount your auto insurance company will pay is the market value of your vehicle, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Medical payments coverage and PIP

Medical payments and Personal Injury Protection insurance kick in for expenses for pain medications, X-ray expenses and rehabilitation expenses. They are often used to cover expenses not covered by your health insurance policy or if there is no health insurance coverage. Coverage applies to not only the driver but also the vehicle occupants as well as being hit by a car walking across the street. PIP coverage is not available in all states and gives slightly broader coverage than med pay

Stretch your dollar

As you shop your coverage around, never buy poor coverage just to save money. In too many instances, someone sacrificed full coverage only to discover later they didn’t have enough coverage. Your goal should be to get the best coverage possible at the lowest possible cost but still have enough coverage for asset protection.

There are still a few companies who may not provide online price quotes regional carriers provide coverage only through local independent agencies. Low-cost 1998 BMW M insurance can be sourced online and from local agencies, so you need to compare both to get a complete price analysis.

More information is available at the links below

• Understanding Rental Car Insurance (Insurance Information Insitute)
• Auto Insurance 101 (About.com)
• Vehicle Size and Weight FAQ (iihs.org)
• Things to Know Before you Cancel Insurance (Allstate)