2017 BMW M2 Insurance Cost – 6 Tips for Cheaper Prices

Trying to find low-cost insurance for your BMW M2 can normally be difficult, but you can follow the following methods to make it easier.

There is a right way and a wrong way to compare auto insurance rates and you need to know the absolute fastest way to compare rates on a BMW and find the lowest possible price.

The best way we recommend to compare insurance rates in your area takes advantage of the fact most larger insurance companies participate in a system to compare rate quotes. The only thing you need to do is give them some information like daily mileage, how much coverage you want, any included safety features, and if the vehicle is leased. That rating information is instantly submitted to multiple auto insurance providers and they return rate quotes within a short period of time.

Are insurance companies telling the truth?

Consumers can’t escape the ads that promise big savings by Allstate, Geico and Progressive. All the companies state the claim that drivers will save a bundle if you just switch your insurance policy to them.

How does every company charge lower premium rates?

Most companies have an ideal profile for a prospective insured that earns them the most money. An example of this type of driver could be between the ages of 30 and 45, has few claims, and has great credit. A propective insured that meets those criteria will probably get the lowest rates as well as save quite a bit of money when switching.

Insureds who may not quite match these stringent criteria must pay a higher rate which results in the driver buying from a lower-cost company. If you pay close attention to the ads, they say “drivers who switch” but not “everyone who gets a quote” can get the lowest rates when switching. This is how companies can truthfully make claims that they all have the best prices.

Because of the profiling, you really need to do a rate comparison at every renewal. Because you never know which insurance companies will fit your personal profile best.

Are you qualifying for every discount?

Car insurance companies don’t always list their entire list of discounts in an easy-to-find place, so the list below gives a summary of some of the best known as well as some of the hidden insurance savings. If you are not receiving all the discounts you deserve, it’s possible you qualify for a lower rate.

• Military Rewards – Being deployed in the military may qualify for rate reductions.
• Own a Home – Owning a house can get you a discount since owning and maintaining a home requires personal responsibility.
• Accident Forgiveness – This one is not really a discount per se, but a few companies such as Allstate and Progressive will allow you to have one accident before your rates go up if you have no claims for a particular time prior to the accident.
• Safety Course Discount – Successfully completing a safe driver course can save you 5% or more if you qualify.
• Early Payment Discounts – If you pay your entire premium ahead of time instead of paying each month you can avoid monthly service charges.
• Multi-Vehicle Discounts – Buying insurance for more than one vehicle on a single policy can get a discount for every vehicle.

It’s important to understand that most discounts do not apply to the entire policy premium. Most only reduce the cost of specific coverages such as medical payments or collision. So even though you would think you can get free auto insurance, nobody gets a free ride.

Popular insurance companies and a summarized list of policyholder discounts are shown below.

• Geico includes discounts for daytime running lights, seat belt use, anti-lock brakes, membership and employees, good student, federal employee, and air bags.
• Mercury Insurance offers discounts for good driver, good student, age of vehicle, multi-car, low natural disaster claims, and accident-free.
• Farmers Insurance offers premium reductions for early shopping, pay in full, distant student, multi-car, youthful driver, and switch companies.
• Auto-Owners Insurance may have discounts that include paid in full, safe vehicle, student away at school, multiple vehicles, mature driver, good student, and anti-lock brakes.
• Liberty Mutual policyholders can earn discounts including multi-car, hybrid vehicle, newly retired, teen driver discount, exclusive group savings, and new vehicle discount.
• SAFECO may include discounts for homeowner, teen safety rewards, bundle discounts, safe driver, multi-car, accident prevention training, and anti-theft.
• Progressive may offer discounts for homeowner, online signing, good student, multi-vehicle, online quote discount, multi-policy, and continuous coverage.
• USAA offers discounts including new vehicle, family discount, military installation, driver training, vehicle storage, and annual mileage.

It’s a good idea to ask every prospective company to give you their best rates. Some of the discounts discussed earlier might not be offered in your area.

When in doubt talk to an agent

When choosing proper insurance coverage, there really is no one size fits all plan. Everyone’s needs are different.

For instance, these questions may help you determine if your situation would benefit from an agent’s advice.

• Why is insurance for a teen driver so high?
• Is my cargo covered for damage or theft?
• Will I lose any money if I cancel my policy before it expires?
• Which companies will insure high-risk drivers?
• How do I file an SR-22 for a DUI in my state?
• Is pleasure use cheaper than using my 2017 BMW M2 to commute?
• Am I insured when driving a different vehicle?
• What discounts do I qualify for?

If you don’t know the answers to these questions but one or more may apply to you, you might consider talking to a licensed agent. If you don’t have a local agent, complete this form. It only takes a few minutes and you can get the answers you need.

Information about specific coverages

Having a good grasp of your insurance policy can help you determine the right coverages for your vehicles. Policy terminology can be impossible to understand and even agents have difficulty translating policy wording.

Comprehensive protection

This coverage will pay to fix damage OTHER than collision with another vehicle or object. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against claims such as a tree branch falling on your vehicle, fire damage, rock chips in glass, hitting a deer and damage from getting keyed. The maximum payout your insurance company will pay is the actual cash value, so if the vehicle is not worth much it’s not worth carrying full coverage.

Collision coverage

Collision coverage pays to fix your vehicle from damage from colliding with a stationary object or other vehicle. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage pays for things such as crashing into a ditch, rolling your car, sideswiping another vehicle, hitting a mailbox and damaging your car on a curb. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Drivers also have the option to raise the deductible to get cheaper collision coverage.

Liability auto insurance

Liability coverage protects you from injuries or damage you cause to people or other property. Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see liability limits of 50/100/50 which stand for $50,000 in coverage for each person’s injuries, $100,000 for the entire accident, and $50,000 of coverage for damaged propery. Occasionally you may see a combined single limit or CSL which combines the three limits into one amount without having the split limit caps.

Liability can pay for claims like funeral expenses, repair bills for other people’s vehicles, medical services and legal defense fees. How much liability should you purchase? That is a personal decision, but you should buy as large an amount as possible.

Uninsured or underinsured coverage

This coverage protects you and your vehicle’s occupants when other motorists do not carry enough liability coverage. This coverage pays for injuries sustained by your vehicle’s occupants and damage to your BMW M2.

Due to the fact that many drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family. Frequently the UM/UIM limits do not exceed the liability coverage limits.

Medical expense coverage

Medical payments and Personal Injury Protection insurance pay for expenses like ambulance fees, funeral costs, doctor visits and nursing services. They can be used in conjunction with a health insurance plan or if there is no health insurance coverage. It covers not only the driver but also the vehicle occupants and will also cover any family member struck as a pedestrian. Personal Injury Protection is not an option in every state and may carry a deductible

Be a Smart Shopper

Some insurance companies may not have online quoting and many times these smaller companies provide coverage only through independent agents. Budget-conscious 2017 BMW M2 insurance is possible on the web in addition to local insurance agencies, so you should be comparing quotes from both to have the best chance of lowering rates.

As you shop your coverage around, don’t be tempted to sacrifice coverage to reduce premiums. In many instances, an insured dropped collision coverage and discovered at claim time that it was a big mistake. Your goal is to buy enough coverage for the lowest price but still have enough coverage for asset protection.

In this article, we presented many tips how you can get a better price on 2017 BMW M2 insurance. The key thing to remember is the more providers you compare, the more likely it is that you will get a better rate. You may be surprised to find that the best auto insurance rates are with the smaller companies.

Additional information can be read on the following sites:

• Distracted Driving (Insurance Information Insitute)
• Auto Theft Statistics (Insurance Information Insitute)
• Can I Drive Legally without Insurance? (Insurance Information Insitute)
• Airbag FAQ (iihs.org)
• Collision Insurance Coverage (Nationwide)
• Choosing a Car for Your Teen (State Farm)