How Much Does 2016 BMW M2 Car Insurance Cost?

Want better car insurance rates for your BMW M2? Paying for pricey BMW M2 insurance can draw down your family’s budget and force you to prioritize other expenses. Doing a rate analysis is a smart way to slash your bill and have more diposable income.

Multiple car insurance companies compete to insure your vehicles, so it’s not easy to compare every company and uncover the absolute lowest rate possible.

You need to quote other rates every six months because prices change quite often. If you had the lowest price for M2 insurance six months ago you can probably find a better rate quote now. There is a lot of bad information regarding car insurance out there, but by reading this article, you’re going to learn some great ideas on how to quit paying high car insurance rates.

Why you might pay inflated rates

Many different elements are used when quoting car insurance. Most are fairly basic like your driving record, although others are more obscure such as your marital status or your vehicle rating.Consumers need to have an understanding of a few of the rating criteria that go into determining your insurance rates. If you understand what determines base rates, this allows you to make educated decisions that may result in big savings.

  • Your gender affects premiums – Over time, data shows that women are safer drivers than men. However, don’t assume that females are better at driving than males. They both cause accidents in similar numbers, but the men get into accidents with more damage. They also get higher numbers of serious violations such as reckless driving. Males from age 16 to 21 have the highest risk to insure and thus pay the highest rates.
  • Single drivers take more risk – Your spouse may save some money on your insurance policy. It means you’re more responsible and insurance companies like that married couples file fewer claims.
  • Better rates with anti-theft devices – Owning a car with a theft deterrent system can save you some money. Anti-theft devices such as GM’s OnStar, tamper alarm systems and vehicle immobilizers help track and prevent your car from being stolen.
  • Prices can be impacted by your vocation – Did you know that where you work can have an impact on rates? Jobs such as fire fighters, executives and stock brokers usually pay higher premium rates attributed to intense work requirements and extremely grueling work hours. Conversely, careers such as professors, engineers and homemakers get better rates for M2 insurance.
  • How credit rating affects insurance rates – Having a bad credit rating is a big factor in your rate calculation. Drivers with good credit tend to be more responsible and file fewer claims than drivers who have worse credit. If your credit could use some work, you could save money insuring your 2016 BMW M2 by improving your credit score.
  • Defend yourself with liability protection – A critical coverage on your policy, liability insurance provides coverage if ever you are found to be at fault for personal injury or accident damage. This coverage provides you with a defense in court which can be incredibly expensive. Liability insurance is quite affordable compared to comp and collision, so do not skimp.

How to buy car insurance online

There are several ways to compare quotes from companies that offer car insurance in your state. One of the best ways to find the lowest 2016 BMW M2 rates is to get quotes online. It’s really quite simple and can be done by using one of the methods below.

  • One of the fastest ways to find the lowest comparison rates is an all-inclusive rate comparison (click to open form in new window). This easy form eliminates the need for multiple quote forms for each company you want a rate for. One form submission gets rate comparisons from multiple companies.
  • A less efficient way to shop for car insurance online requires you to visit each company website and repeat the quote process again and again. For instance, we’ll pretend you want to see prices from Farmers, Allstate and Liberty Mutual. You would need to go to every website and type in your information over and over, which explains why we recommend starting with the first method. For a list of links to insurance companies in your area, click here.

The approach you take is up to you, just make darn sure you compare nearly identical coverage data for each quote you get. If the quotes have different coverage information you will not be able to determine the best price for your BMW M2. Just slight variations in insurance coverages or limits may result in large price differences. And when comparison shopping, comparing a wide range of rates will enable you to find the best rates. Some smaller insurers to not give online price quotes, so you also need to get quotes on coverage from those companies, too.

Save 15 percent in 15 minutes? Is it for real?

Car insurance companies such as State Farm, Allstate and Geico consistently run ads on TV and radio. All the ads state the claim that you can save if you switch your policy. That’s great but how can every company make the same claim? Just pay attention to how they say it.

Companies quote their best rates for a prospective insured that is profitable for them. For example, a profitable risk profile could possibly be married and over the age of 30, has other policies, and has excellent credit. Anyone who fits that profile will probably get the lowest rates and most likely will save when they switch companies.

Potential insureds who may not quite match these criteria may receive a more expensive rate and the customer buying from someone else. If you pay attention, the ads say “people that switch” not “everyone who quotes” save money. This is how companies can truthfully make those statements.

This illustrates why drivers should do a price quote comparison at every renewal. You cannot predict which car insurance company will provide the lowest premium rates.

More affordable rates by getting discounts

Car insurance companies don’t list all their discounts in a way that’s easy to find, so the next list breaks down both the well known as well as the least known ways to save on auto insurance.

  • 55 and Retired – If you qualify as a senior citizen, you may qualify for reduced rates for M2 insurance.
  • Homeowners Savings – Owning a house can get you a discount because of the fact that having a home is proof of financial responsibility.
  • Driver Training Discounts – Taking part in a safe driver course could earn you a small percentage discount if you qualify.
  • Theft Deterent Discount – Cars equipped with anti-theft or alarm systems prevent vehicle theft and therefore earn up to a 10% discount.
  • Drive Safe and Save – Drivers who avoid accidents may receive a discount up to 45% for M2 insurance than their less cautious counterparts.
  • Save with a New Car – Adding a new car to your policy is cheaper because newer models are generally safer.
  • Early Payment Discounts – If paying your policy premium upfront as opposed to paying monthly you can avoid the installment charge.

Discounts save money, but please remember that most of the big mark downs will not be given to the entire policy premium. Most only apply to the cost of specific coverages such as comprehensive or collision. So when the math indicates all those discounts means the company will pay you, you aren’t that lucky.

To see insurance companies that have a full spectrum of discounts, click here.

Your insurance coverage should be tailored to you

When it comes to buying the best insurance coverage, there isn’t really a one size fits all plan. Everyone’s needs are different so your insurance should reflect that For instance, these questions may help highlight whether or not you would benefit from an agent’s advice.

  • Does my 2016 BMW M2 qualify for pleasure use?
  • Do I have coverage when using my vehicle for my home business?
  • Am I covered by my spouse’s policy after a separation?
  • How much can I save by bundling my policies?
  • Do I need added coverage for expensive stereo equipment?
  • Am I covered if my car is in a flood?
  • How much liability insurance is required?

If you’re not sure about those questions but you know they apply to you then you might want to talk to an insurance agent. To find lower rates from a local agent, complete this form or go to this page to view a list of companies.

Coverages available on your policy

Having a good grasp of your car insurance policy helps when choosing the best coverages and the correct deductibles and limits. The coverage terms in a policy can be ambiguous and reading a policy is terribly boring. Shown next are the usual coverages found on most car insurance policies.

Comprehensive coverage

Comprehensive insurance will pay to fix damage OTHER than collision with another vehicle or object. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive coverage pays for things like theft, damage from flooding, fire damage and damage from a tornado or hurricane. The most your car insurance company will pay is the actual cash value, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.

Liability coverages

This coverage will cover damage or injury you incur to other’s property or people. This coverage protects you against other people’s claims, and doesn’t cover your injuries or vehicle damage.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show limits of 25/50/25 which means a $25,000 limit per person for injuries, a limit of $50,000 in injury protection per accident, and $25,000 of coverage for damaged propery. Some companies may use one number which is a combined single limit which combines the three limits into one amount rather than limiting it on a per person basis.

Liability can pay for claims such as repair costs for stationary objects, structural damage, medical services and pain and suffering. The amount of liability coverage you purchase is up to you, but consider buying as much as you can afford.

Medical payments coverage and PIP

Personal Injury Protection (PIP) and medical payments coverage reimburse you for immediate expenses for things like dental work, doctor visits, hospital visits and pain medications. They are often used in conjunction with a health insurance program or if there is no health insurance coverage. Coverage applies to both the driver and occupants and also covers being hit by a car walking across the street. PIP is not an option in every state but it provides additional coverages not offered by medical payments coverage

Uninsured/Underinsured Motorist coverage

This provides protection from other motorists when they do not carry enough liability coverage. Covered claims include injuries to you and your family and also any damage incurred to your 2016 BMW M2.

Since many drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. So UM/UIM coverage is very important. Normally these coverages are similar to your liability insurance amounts.

Collision protection

This covers damage to your M2 caused by collision with a stationary object or other vehicle. You have to pay a deductible then your collision coverage will kick in.

Collision insurance covers claims like hitting a parking meter, scraping a guard rail and driving through your garage door. This coverage can be expensive, so you might think about dropping it from lower value vehicles. You can also raise the deductible to save money on collision insurance.

A little work can save a LOT of money

Throughout this article, we presented a lot of ways to lower your 2016 BMW M2 insurance prices. The key concept to understand is the more quotes you get, the better your comparison will be. Consumers could even find that the lowest prices are with a small local company. Regional companies may only write in your state and offer lower rates compared to the large companies like Progressive or Geico.

When trying to cut insurance costs, never skimp on critical coverages to save a buck or two. In many instances, someone dropped uninsured motorist or liability limits only to regret they didn’t purchase enough coverage. Your strategy should be to buy a smart amount of coverage at the lowest possible cost while not skimping on critical coverages.

For more information, take a look at the resources below: