It’s easy to assume that insurance companies don’t want you to look for cheaper rates. People who rate shop once a year are inclined to switch insurance companies because the odds are good of finding a cheaper policy. A recent insurance study revealed that consumers who shopped around saved as much as $70 a month as compared to drivers who never shopped for cheaper rates.
If finding the best price on BMW M2 insurance is your ultimate objective, then learning a little about how to find companies and compare cheaper coverage can make it easier to find better rates.
If your goal is the lowest price, then the best way to get cheaper BMW M2 insurance in El Paso is to start comparing prices regularly from providers that insure vehicles in Texas.
- First, get a basic knowledge of individual coverages and the measures you can control to keep rates in check. Many rating factors that are responsible for high rates like at-fault accidents and an imperfect credit history can be amended by making lifestyle changes or driving safer.
- Second, compare rates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can provide rates from one company like GEICO and Allstate, while independent agents can provide rate quotes for a wide range of insurance providers.
- Third, compare the new rates to your current policy premium to see if switching to a new carrier will save money. If you find a lower rate and switch companies, ensure coverage does not lapse between policies.
- Fourth, provide written notification to your current company of your decision to cancel your current auto insurance policy. Submit a down payment along with a signed application for your new policy. As soon as coverage is bound, keep your new proof of insurance paperwork somewhere easily accessible.
The most important part of this process is that you use identical limits and deductibles on every quote and and to get rate quotes from as many companies as possible. Doing this enables a fair price comparison and a good representation of prices.
Locating the best rates in El Paso is actually quite simple. Just about anyone who needs more affordable car insurance should find a better price. But Texas car owners need to have an understanding of the way companies calculate their prices and take advantage of how the system works.
Get Cheaper Insurance Costs by Understanding These Factors
Part of the car insurance buying process is learning some of the factors that are used to determine your premiums. If you understand what controls the rates you pay, this enables informed choices that could help you find lower car insurance prices.
Safer vehicles cost less to insure – Cars with five star safety ratings are cheaper to insure. The safest vehicles protect occupants better and lower rates of occupant injuries translates into fewer and smaller insurance claims and more competitive rates for policyholders.
Older drivers save more – Young drivers in Texas tend to get distracted easily in a vehicle therefore car insurance rates are much higher. Having to add a first-time driver to your policy will cause a huge premium hike. More experienced drivers are more responsible, cost insurance companies less in claims, and are safer drivers.
Fast cars cost more to insure – The performance level of the car, truck or SUV you need to insure makes a substantial difference in your auto insurance rates. The lowest performance passenger models generally receive the lowest base rates, but other factors influence the final cost greatly.
Raise coverage deductibles and save – Insurance for physical damage, also called ‘full coverage’, is used to repair damage to your vehicle. Some instances where coverage would apply could be colliding with a building, vandalism, or theft. The deductibles represent how much money you are required to spend out-of-pocket in the event of a claim. The more the insured has to pay upfront, the lower your rates will be.
Keep claims to a minimum – If you file claims often, you should expect higher rates. Companies in Texas award cheaper rates to drivers that do not abuse their auto insurance. Your car insurance is meant to be used in the event of claims that pose a financial burden.
BMW M2 insurance loss statistics – Auto insurance companies use past loss statistics for each vehicle when determining insurance rates. Models that the statistics show to have a higher amount or frequency of claims will cost more for coverage.
The data below shows the historical insurance loss data for BMW M2 vehicles. For each coverage category, the statistical loss for all vehicles, as an average, is a value of 100. Numbers below 100 mean the vehicle has better than average losses, while values that are above 100 point to more frequent losses or an increased likelihood of larger losses.
|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 from IIHS.org for 2013-2015 Model Years
Most major insurance companies make it easy to get insurance quotes directly from their websites. Comparing prices online for BMW M2 insurance in El Paso is quite simple because it’s just a matter of typing in your coverage information as detailed in the form. Behind the scenes, the system obtains credit information and your driving record and generates a price based on the information you submitted. This makes comparing rates easy, and it is important to get many rate quotes if you want to find the most affordable premium.
In order to find out how much you can save on auto insurance, compare quotes from the companies shown below. If you currently have coverage, we recommend you duplicate coverages and limits identical to your current policy. Doing this guarantees you are getting a fair comparison using the same coverage and limits.
The companies in the list below have been selected to offer quotes in Texas. If multiple companies are shown, we suggest you visit as many as you can to get a more complete price comparison.
Why you need to buy insurance
Despite the high insurance cost for a BMW M2 in El Paso, insurance is mandatory in Texas but it also protects more than you think.
First, most states have minimum liability requirements which means the state requires a specific level of liability coverage in order to get the vehicle licensed. 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 you took out a loan on your car, it’s most likely the lender will make it mandatory that you have full coverage to ensure they get paid if you total the vehicle. If you let the policy lapse, the lender may insure your BMW for a lot more money and force you to pay for it.
Third, insurance safeguards both your car and your personal assets. It will also provide coverage for many types of medical costs that are the result of an accident. Liability coverage, the one required by state law, also covers legal expenses in the event you are sued. If your car is damaged in a storm or accident, comprehensive and/or collision insurance will pay all costs to repair after the deductible has been paid.
The benefits of buying insurance greatly outweigh the cost, especially for larger claims. Despite what companies tell you, the average driver is overpaying more than $810 a year so smart consumers compare quotes every year to save money.
Don’t overlook these BMW M2 insurance discounts
Companies do not advertise every discount very well, so we break down some of the more common and also the more inconspicuous discounts you could be receiving when you buy El Paso car insurance online. If you do not check that you are getting every discount possible, you are just wasting money.
- Homeowners Savings – Owning your own home or condo can save a few bucks because owning a home requires personal responsibility.
- Responsible Drivers – Safe drivers may receive a discount up to 45% as compared to drivers with claims.
- Senior Citizen Discount – Drivers over the age of 55 could receive better insurance rates.
- Distant Student – Older children who live away from home to go to college and do not have access to a covered vehicle may be able to be covered for less.
- Payment Method – If paying your policy premium upfront rather than spreading payments over time you may have a lower total premium amount.
- Sign Online – Some larger companies will provide an incentive for signing up online.
- Multiple Vehicles – Insuring all your vehicles with the same insurance company can reduce the rates for all insured vehicles.
- Savings for New Vehicles – Buying a new car instead of a used M2 can get you a discount because new vehicles have to meet stringent safety requirements.
A little note about advertised discounts, most credits do not apply to your bottom line cost. Most only cut specific coverage prices like physical damage coverage or medical payments. Just because you may think you could get a free insurance policy, it doesn’t quite work that way.
Car insurance companies that may offer policyholders most of these discounts possibly include:
Double check with all companies you are considering to apply every possible discount. Discounts may not apply to policyholders in your state. To view insurance companies that offer multiple discounts in El Paso, click here.
Local El Paso auto insurance agents
Many people still prefer to talk to a local agent and that is a personal choice. One of the best bonuses of getting online price quotes is that you can find cheap insurance quotes but still work with a licensed agent.
After filling out this form (opens in new window), your insurance data is sent to companies in El Paso who will return price quotes for your coverage. You don’t have to leave your house since rate quotes are delivered to you directly. You can get cheaper insurance rates without requiring a lot of work. If you want to get a price quote from a specific company, you just need to visit that company’s website and give them your coverage information.
Finding the right insurance company requires more thought than just a low price. These questions are important to ask:
- Do they see any coverage gaps in your plan?
- If you have an accident, will your rates go up?
- Will you get a loaner vehicle if you car is being repaired?
- Do they assist clients in filing claims?
- Are aftermarket or OEM parts used to repair vehicles?
If you want to buy insurance from a reputable insurance agent or broker, there are two types of agencies and how they can service your needs differently. Agents in El Paso are categorized either exclusive or independent.
Exclusive Insurance Agencies
Agents that elect to be exclusive work for only one company and examples are State Farm, Allstate and AAA. Exclusive agents are unable to provide prices from multiple companies so keep that in mind. Exclusive agents are well trained on their products and sales techniques which helps overcome the inability to quote other rates.
Shown below is a short list of exclusive insurance agents in El Paso that can give you rate quotes.
Independent Insurance Agents
Independent agencies are not locked into one company so as a result can place your coverage with a variety of different insurance companies and possibly get better coverage at lower prices. If they find a lower price, they simply switch companies in-house and you stay with the same agent. When comparison shopping, we highly recommend that you get quotes from a couple of independent agencies so that you have a good selection of quotes to compare.
The following is a short list of independent insurance agencies in El Paso that are able to give comparison quotes.
Nationwide Insurance: Damon Scott Crossland Agency
210 Thunderbird Dr t – El Paso, TX 79912 – (915) 584-5480 – View Map
Persistence will pay off
We’ve covered some good ideas how to find affordable BMW M2 insurance in El Paso. It’s most important to understand that the more times you quote, the more likely it is that you will get a better rate. You may even be surprised to find that the most savings is with the least-expected company. Some small companies may often insure only within specific states and give better rates than the large multi-state companies such as Progressive and GEICO.
When searching for cheaper El Paso car insurance quotes, you should never reduce needed coverages to save money. There have been many cases where an insured cut comprehensive coverage or liability limits to discover at claim time that saving that couple of dollars actually costed them tens of thousands. The proper strategy is to find the BEST coverage for the lowest price and still be able to protect your assets.