Astonishing but true according to a recent study, the vast majority of car insurance customers kept their policy with the same company for well over three years, and nearly half have never compared rates to find cheaper insurance. Texas drivers could cut their rates by almost 70% a year by just comparing quotes, but they just feel it's too hard to save money by comparing rate quotes.
If your goal is the lowest price, then the best way to find cheaper quotes for BMW M2 insurance is to begin comparing prices regularly from companies in Dallas.
- Step 1: Gain an understanding of how car insurance works and the modifications you can make to lower rates. Many rating criteria that increase rates like speeding tickets, careless driving and a bad credit rating can be amended by making small lifestyle or driving habit changes.
- Step 2: Quote rates from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only provide price estimates from a single company like Progressive or State Farm, while independent agents can quote prices for many different companies.
- Step 3: Compare the quotes to your current policy premium to determine if switching companies saves money. If you find a lower rate, make sure coverage is continuous and does not lapse.
One bit of advice is to use the same amount of coverage on every quote request and and to get price estimates from as many auto insurance providers as possible. Doing this provides a fair price comparison and the best price quote selection.
How Your M2 Insurance Premiums are Determined
It's important that you understand some of the factors that come into play when calculating your insurance rates. When you know what positively or negatively controls the rates you pay, this enables informed choices that can earn you much lower annual insurance costs. Many factors are part of the equation when you get a price on insurance. Some are pretty understandable such as your driving history, although others are less apparent like your continuous coverage or your vehicle rating.
Pay lower prices after the wedding - Being married may earn you lower rates on your policy. Having a spouse means you're more mature than a single person and statistics prove drivers who are married file infrequent claims.
Affects performance affects auto insurance prices - The type of car, truck or SUV you own makes a substantial difference in your auto insurance rates. Lower performance four cylinder passenger cars usually are quite affordable to insure, but many other things help determine your insurance rates.
Save money by eliminating extra policy coverages - Insurance companies have many optional add-on coverages that can add up on your M2 policy. Coverages for replacement cost coverage, towing coverage, and term life insurance are some examples. You may think they are a good idea when deciding what coverages you need, but if you have no use for them get rid of them and save.
City dwellers may pay more - Being located in less populated areas of the country has it's advantages when talking about insurance. Fewer drivers and short commutes corresponds to lower accident rates in addition to lower liability claims. People in densely populated areas tend to have more road rage incidents and higher rates of accident claims. The longer drive time means more chances of being involved in an auto accident.
Insurance loss data for a BMW M2 - Auto insurance companies use statistical claims data to determine a rate that will be profitable for them. Models that have higher number or severity of losses will have higher rates.
The table below demonstrates the historical insurance loss data for BMW M2 vehicles. For each coverage category, the claim amount for all vehicles, without regard to make or model, is set at 100. Values below 100 represent a good loss history, while values that are above 100 point to more losses or tendency to have larger claims.
|Vehicle Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|BMW M235 i 2dr||155||277|
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
How to get free BMW M2 insurance quotes online
Most companies like GEICO, State Farm and Progressive give pricing direct online. Getting quotes for BMW M2 insurance in Dallas is quite easy as you simply type in the coverages you want into a form. When the form is submitted, their quoting system will obtain your driving record and credit report and returns pricing information determined by many factors. This makes it easy to compare insurance prices and it is important to compare as many rates as possible if you want to find the cheapest insurance rates.
To quickly find out if lower rates are available, visit the companies below or click here to submit a quote request to multiple companies at once. If you have your current policy handy, we recommend you complete the form with the coverages as shown on your current policy. Using the same limits helps guarantee you are getting a fair comparison based on similar coverages.
The companies shown below offer comparison quotes in Texas. If multiple providers are shown, it's a good idea that you click on several of them in order to find the lowest rates.
Protect more than your M2
Even though Dallas M2 insurance rates can get expensive, insuring your vehicle may be mandatory for several reasons.
First, almost all states have compulsory liability insurance requirements which means it is punishable by state law to not carry a specific level of liability coverage in order to be legal. In Texas these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
Second, if your BMW M2 has a loan, almost all lenders will require you to have comprehensive coverage to guarantee loan repayment. If you cancel or allow the policy to lapse, the bank may insure your BMW at a much higher premium rate and require you to reimburse them the higher premium.
Third, auto insurance protects your car and your assets. It will also reimburse you for most medical and hospital costs for not only you but also any passengers injured in an accident. One policy coverage, liability insurance, also covers all legal expenses up to the policy limit if anyone sues you for causing an accident. If mother nature or an accident damages your car, collision and comprehensive coverages will pay to repair the damage minus the deductible amount.
The benefits of buying auto insurance more than offset the price you pay, especially with large liability claims. An average driver in America overpays as much as $750 every year so smart consumers compare quotes each time the policy renews to save money.
Discount Dallas insurance quotes
Buying insurance is not cheap, but there may be some discounts that can drop the cost substantially. Certain discounts will be applied when you purchase, but some need to be asked about prior to getting the savings.
- ABS and Traction Control Discounts - Vehicles with ABS and/or traction control prevent accidents so you can save 10 percent or more.
- Homeowners Savings - Owning a home in Dallas may earn you a small savings because it requires personal responsibility.
- Air Bags and Passive Restraints - Factory air bags or automatic seat belts can receive discounts of up to 25% or more.
- Switch and Save Discount - Some larger companies provide a discount for renewing your policy before your current M2 insurance policy expires. Ten percent is about the average savings.
- Membership in Organizations - Participating in specific professional or occupational memberships or organizations could qualify you for a break when shopping for insurance.
- Telematics Data - Policyholders that allow companies to track driving habits by installing a telematics device such as Drivewise from Allstate or Snapshot from Progressive could see a rate decrease if their driving habits are good.
- Employee of Federal Government - Being employed by or retired from a federal job could qualify for a slight premium decrease depending on your company.
- Good Students Pay Less - This discount can get you a discount of up to 25%. Many companies even apply the discount to college students until age 25.
- Life Insurance - If the company offers life insurance, you could get a discounted rate on car insurance if you buy auto and life insurance together.
- Bundle and Save - If you can combine your homeowners and auto policy with one company you will save 10% to 20% off each policy.
We need to note that most discounts do not apply to the entire policy premium. Some only reduce specific coverage prices like collision or personal injury protection. So when it seems like adding up those discounts means a free policy, it just doesn't work that way.
Some of the insurance companies that may include some of the discounts shown above include:
Check with all the companies what discounts are available to you. Discounts might not be offered on policies everywhere.
Local Dallas car insurance agents
A small number of people would rather talk to a local agent and that can be a smart move An additional benefit of getting online price quotes is the fact that drivers can get cheap car insurance rates and still have an agent to talk to. Buying from and supporting local insurance agencies is definitely important in Dallas.
After filling out this quick form, your insurance coverage information is immediately sent to companies in Dallas who want to provide quotes for your car insurance coverage. There is no need to contact an agency due to the fact that quote results will go to you instantly. You can most likely find cheaper rates without the usual hassles of price shopping. If you want to get a price quote from a specific company, don't hesitate to visit that company's website and fill out their quote form.
When narrowing the list to find a reputable insurance agent or broker, you should know the different agency structures and how they differ in how they can insure your vehicles. Agents in Dallas may be either exclusive agents or independent agents.
Independent Agencies or Brokers
Agents that choose to be independent do not write with just one company and that is an advantage because they can write policies through many different car insurance companies and find the cheapest car insurance rates. To transfer your coverage to a different company, your agent can just switch to a different company and the insured can keep the same agent.
When comparison shopping, you will want to include price quotes from at least one independent agent in order to compare the most rates.
Featured below are Dallas independent insurance agencies who may provide rate quotes.
Agents that choose to be exclusive normally can only provide a single company's rates and examples are Farmers Insurance and State Farm. They usually cannot provide prices from multiple companies so keep that in mind. They receive a lot of sales training on what they offer which helps them sell on service rather than price.
The following are exclusive insurance agencies in Dallas who can help you get price quote information.
Picking an insurance agency needs to be determined by more than just a cheap quote. These are valid questions to ask:
- What are their preferred companies if they are an independent agency?
- Do the agents have professional certifications like CPCU or CIC?
- Does the agent help file claims?
- Is the agency involved in supporting local community causes?
- Do they feel the quoted coverages are adequate?
- Which family members are covered?
- Does the company use OEM repair parts?
Shop around and save
Low-cost BMW M2 insurance in Dallas is definitely available from both online companies and from local agencies, so you should compare both to have the best rate selection. There are still a few companies who do not offer online price quotes and these small insurance companies prefer to sell through independent insurance agencies.
When buying insurance coverage, make sure you don't reduce needed coverages to save money. In many cases, an accident victim reduced liability limits or collision coverage only to regret at claim time that a couple dollars of savings turned into a financial nightmare. The aim is to get the best coverage possible at the best cost but still have enough coverage for asset protection.
Much more information about insurance in Texas can be read at the links below
- How Does Hitting a Deer Impact Insurance Rates? (Allstate)
- Who Has Cheap Dallas Auto Insurance Rates for Good Students? (FAQ)
- What Car Insurance is Cheapest for a Toyota RAV4 in Dallas? (FAQ)
- Who Has Affordable Dallas Car Insurance Rates for Drivers with a DUI? (FAQ)
- Who Has Affordable Dallas Car Insurance Quotes for Electric Cars? (FAQ)
- How Much are Dallas Car Insurance Rates for Good Drivers? (FAQ)
- Neck Injury FAQ (iihs.org)
- Comprehensive Coverage (Liberty Mutual)