Auto Insurance Quotes for a BMW M3 in Aurora

Unimaginable but true, over 70% of drivers kept their policy with the same company for a minimum of four years, and practically 40% of auto insurance customers have never compared quotes from other companies. With the average premium in Colorado being $1,813, drivers could save themselves 35% a year, but they don’t understand how simple it is to do a rate comparison.

The easiest way to find lower priced BMW M3 insurance is to make a habit of comparing prices annually from companies in Aurora.

Step 1: Take a few minutes and learn about policy coverages and the factors you can control to keep rates down. Many rating factors that cause high rates such as traffic violations and a substandard credit history can be remedied by making lifestyle changes or driving safer. Keep reading for more ideas to lower rates and find missing discounts.

Step 2: Get rate quotes from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only give rate quotes from a single company like Progressive or Allstate, while agents who are independent can provide prices for many different companies.

Step 3: Compare the price quotes to your existing rates to see if cheaper M3 coverage is available. If you find a lower rate quote and make a switch, ensure coverage does not lapse between policies.

An essential thing to point out is to make sure you enter similar coverage information on every price quote and and to get rates from as many car insurance companies as possible. Doing this helps ensure an apples-to-apples comparison and the best price selection.

Many insurance companies like Allstate and Progressive make it easy to get coverage price quotes on their websites. Getting BMW M3 insurance prices online is pretty painless as all you need to do is type in your personal and coverage information into a form. After the form is submitted, the system obtains reports for credit and driving violations and generates a price. Being able to quote online for BMW M3 insurance in Aurora simplifies rate comparisons, and it’s also necessary to have as many quotes as possible if you are searching for cheap rates.

To save time and compare pricing, compare rates from the companies below. If you have a policy now, it’s recommended that you enter coverages and limits exactly as they are listed on your policy. Doing this assures you will have rate comparison quotes based on the exact same insurance coverage.

The following companies can provide price quotes in Aurora, CO. To buy the best auto insurance in Aurora, CO, we recommend you visit as many as you can to get a more complete price comparison.

Data for BMW M3 insurance

The table shown next highlights different insurance coverage prices for BMW M3 models. Understanding more about how policy rates are formulated is important for making smart choices when selecting a coverage provider.

Cost estimates assume single female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, safe-driver, and multi-policy. Rate quotes do not factor in the specific area where the vehicle is garaged which can modify premium rates considerably.

Rate comparison for different deductibles

When shopping for insurance, a common question is how high or low should comp and collision deductibles be. The tables below illustrate the rate fluctuation between low and high comp and collision deductibles. The first set of rates uses a $100 deductible and the second set of prices uses a $500 deductible.

Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Colorado minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, claim-free, and multi-policy. Estimates do not factor in the specific area where the vehicle is garaged which can alter prices significantly.

We can estimate from the data above that using a $100 deductible would cost the average driver about $36 more each month or $432 for a full year than requesting the higher $500 deductible. Because you would be required to pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you tend to go at a minimum 11 months between claim filings, you would probably come out ahead if you opt for a higher deductible.

Does full coverage make sense?

The chart below shows the comparison of BMW M3 insurance prices with and without physical damage coverage. Data assumes a clean driving record, no at-fault accidents, $100 deductibles, drivers are not married, and no discounts are factored in.

When to stop buying comprehensive and collision coverage

There is no clear-cut formula of when to stop paying for physical damage coverage on your policy, but there is a guideline you can consider. If the annual cost of coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then you might consider buying liability only.

For example, let’s say your BMW M3 replacement value is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most you would get paid by your company is $5,000 after paying your policy deductible. If it’s costing in excess of $500 annually for physical damage coverage, then you might want to think about dropping full coverage.

There are some cases where only buying liability is not advised. If you still owe a portion of the original loan, you have to carry full coverage in order to prevent your loan from defaulting. Also, if your finances do not allow you to purchase a different vehicle if your current one is in an accident, you should not drop full coverage.

Three reasons car insurance is important

Despite the potentially high cost of BMW M3 insurance, insuring your vehicle is required in Colorado but it also protects you in many ways.

• The majority of states have minimum mandated liability insurance limits which means you are required to buy a specific level of liability insurance if you don’t want to risk a ticket. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
• If you have a loan on your BMW M3, it’s guaranteed your bank will have a requirement that you carry insurance to ensure they get paid if you total the vehicle. If you do not pay your insurance premiums, the lender may have to buy a policy to insure your BMW at a significantly higher premium and make you pay a much higher amount than you were paying before.
• Insurance protects not only your car but also your financial assets. Insurance will also pay for medical bills incurred in an accident. Liability coverage will also pay attorney fees if you cause an accident and are sued. If your car is damaged in a storm or accident, collision and comprehensive coverages will pay all costs to repair after the deductible has been paid.

The benefits of insuring your M3 more than cancel out the cost, especially when you need to use it. In a recent study of 1,000 drivers, the average customer is wasting up to $830 a year so shop around at every renewal to be sure current rates are still competitive.

How Car Insurance Companies Determine BMW M3 Insurance Premiums

Lots of factors are used when you get your auto insurance bill. Some of the criteria are obvious such as your driving history, but some are more transparent such as whether you are married or your vehicle rating.

The list below includes a partial list of the pieces used by companies to determine prices.

• Is you job costing you more? – Did you know your job can affect your rates? Occupations such as judges, architects, and accountants generally pay higher rates than average attributed to high stress and lots of time spent away from family. On the flip side, careers such as actors, engineers and the unemployed have the lowest average rates.
• When should you file insurance claims? – If you file a lot of claims you shouldn’t be surprised to get increased rates or even have your policy non-renewed. Companies in Colorado generally give cheaper rates to insureds who are claim-free. Insurance coverage is intended for larger claims.
• Multi-policy discounts can save money – Most insurance companies allow a discount to people that have more than one policy in the form of a multi-policy discount. Even with this discount applied, it’s still a good idea to check prices from other companies to make sure you are getting the best deal.There is a good possibility that you can save even more than the discount by buying from different companies
• Deter vehicle theft – Choosing to buy a car with anti-theft technology or alarm system can help lower your premiums. Anti-theft devices such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack all aid in stopping car theft.
• Annual mileage impacts premiums – The more you drive annually the more you’ll pay to insure your vehicle. Most companies apply a rate based upon how the vehicle is primarily used. Vehicles used primarily for pleasure use get more affordable rates than vehicles that are driven to work every day. Having the wrong rating on your M3 may be costing you higher rates. Verify your insurance policy is showing how each vehicle is driven.

• Battle of the sexes – Statistics show that females take fewer risks when driving. This data doesn’t prove that males are worse at driving than females. Men and women tend to get into fender benders in similar percentages, but the men cause more damage. Men also tend to get higher numbers of serious violations such as DWI and reckless driving. Males from age 16 to 21 cause the most accidents so they pay the highest premiums.

  The illustration below shows the difference between BMW M3 annual premium costs for male and female drivers. The rate quotes are based on no driving violations, no at-fault accidents, full coverage, $1,000 deductibles, drivers are not married, and no discounts are applied.

• Save money by having good credit – Credit score is likely to be a major factor in calculating your premium rate. Therefore, if your credit history can use some improvement, you could be paying less to insure your BMW M3 by spending a little time repairing your credit. Consumers who have excellent credit tend to file fewer claims than drivers who have lower ratings.

• Insurance loss statistics a BMW M3 – Insurers factor in insurance loss information when setting rates for each model. Models that are shown to have higher claim amounts or frequency will have higher rates for specific coverages.

  The next table shows the insurance loss data used by companies for BMW M3 vehicles. For each insurance policy coverage type, the loss probability for all vehicles, as a total average, is equal to 100. Values under 100 suggest losses that are better than average, while values that are above 100 point to more claims or larger claims.

  
  

  BMW M3 Insurance Claim Statistics

  Vehicle Make and Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  BMW M3 4dr	302		186

  BETTER

  AVERAGE

  WORSE

  Empty fields indicate not enough data collected
  Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Which is the best auto insurance?

Always remember that when buying a policy, there really is not a best way to insure your cars. Every situation is different and your auto insurance should unique, too.
For example, these questions might point out if your insurance needs might need professional guidance.

• Is my nanny covered when driving my vehicle?
• Are my custom wheels covered?
• What vehicles should carry emergency assistance coverage?
• Should I sign the liability waiver when renting a car?
• Should I drop comprehensive coverage on older vehicles?
• Can my teen drive my company car?
• What if a claim settlement is too low?
• Do I need to call my car insurance company before buying a new car?
• Will my BMW M3 be repaired with OEM or aftermarket parts?

If you’re not sure about those questions but a few of them apply then you might want to talk to an insurance agent. To find lower rates from a local agent, simply complete this short form or go to this page to view a list of companies. It is quick, free and can help protect your family.

Don’t give up on cheap premiums

As you restructure your insurance plan, do not buy lower coverage limits just to save a few bucks. There have been many cases where someone sacrificed liability coverage limits only to regret at claim time that it was a big mistake. Your aim should be to find the BEST coverage at an affordable rate while still protecting your assets.

Some car insurance companies may not provide internet price quotes and these small, regional companies prefer to sell through independent agencies. Cheaper BMW M3 insurance in Aurora can be bought on the web in addition to many Aurora insurance agents, and you should be comparing both in order to have the best chance of saving money.

More information is available below:

• Auto Theft Statistics (Insurance Information Institute)
• Who Has Cheap Auto Insurance for a GMC Sierra in Aurora? (FAQ)
• Who Has Affordable Car Insurance for College Graduates in Aurora? (FAQ)
• How Much are Aurora Car Insurance Quotes for 18 Year Olds? (FAQ)
• Warning systems don’t curb driver distraction (Insurance Institute for Highway Safety)
• When is the Right Time to Switch Car Insurance Companies? (Allstate)