Auto Insurance Rates for a BMW M3 in El Paso

If you want to save money, the best way to get low-cost auto insurance rates in El Paso is to regularly compare price quotes from companies that insure vehicles in Texas. Price quotes can be compared by completing these steps.

The key aspect of shopping around is to use similar deductibles and liability limits on each quote and and to analyze every insurance company. Doing this helps ensure an apples-to-apples comparison and a good representation of prices.

Discount BMW M3 insuranceIt’s an obvious assumption that auto insurance companies want to prevent you from shopping around. Drivers who compare price quotes will presumably buy a new policy because there is a high probability of finding coverage at a more affordable price. Remarkably, a study showed that people who made a habit of comparing rate quotes saved approximately $3,500 over four years compared to people who never shopped around for better prices.

If saving the most money on car insurance in El Paso is why you’re here, then learning about how to quote and compare car insurance can help make the process easier and more efficient.

If you have a current insurance policy, you stand a good chance to be able to lower your rates using the techniques presented in this article. Buying the cheapest insurance in El Paso is easy if you know what you’re doing. Although Texas vehicle owners need to have an understanding of how the larger insurance companies determine what you pay.

The fastest way that we advise to compare insurance rates from multiple companies takes advantage of the fact most of the bigger providers participate in a system to quote your coverage. To get started, all you need to do is give them some information including if a SR-22 is required, your education level, whether your vehicle is owned or leased, and how you use your vehicles. The rating information gets transmitted to all major companies and they return cost estimate within a short period of time.

If you would like to compare rates now, click here and complete the quick form.

The providers in the list below have been selected to offer free rate quotes in Texas. If multiple companies are listed, we recommend you visit two to three different companies to find the most competitive auto insurance rates.

Rates and data analysis

The price information shown next covers different insurance rates for BMW M3 models. Learning as much as possible about how insurance policy rates are formulated can be of help when making decisions on which insurance to purchase.

BMW M3 Insurance Rates in El Paso, TX
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M3 4-Dr Sedan $286 $602 $430 $26 $128 $1,472 $123
M3 CI 2-Dr Coupe $312 $672 $430 $26 $128 $1,568 $131
M3 2-Dr Convertible $312 $672 $430 $26 $128 $1,568 $131
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Data rating is based on single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Texas minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, safe-driver, and claim-free. Rate information does not factor in El Paso location which can alter prices noticeably.

Where to set your deductibles

When buying auto insurance, a common question is how high should your deductibles be. The following tables outline the rate differences between low and high comp and collision deductibles. The first data table uses a $100 comprehensive and collision deductible and the second price table uses a $500 deductible.

BMW M3 insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M3 4-Dr Sedan $454 $908 $382 $22 $114 $1,905 $159
M3 CI 2-Dr Coupe $496 $1014 $382 $22 $114 $2,053 $171
M3 2-Dr Convertible $496 $1014 $382 $22 $114 $2,053 $171
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BMW M3 insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M3 4-Dr Sedan $332 $614 $382 $22 $114 $1,464 $122
M3 CI 2-Dr Coupe $362 $686 $382 $22 $114 $1,566 $131
M3 2-Dr Convertible $362 $686 $382 $22 $114 $1,566 $131
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Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, claim-free, and multi-policy. Premium costs do not factor in specific El Paso garaging location which can change rates considerably.

Using the data above, we can ascertain that using a $100 deductible will cost you approximately $39 more each month or $468 a year than choosing the higher $500 deductible. Due to the fact that you would have to pay $400 more to settle a claim with a $500 deductible as compared to a $100 deductible, if you average more than 10 months between claim filings, you would come out ahead by going with a higher deductible.

How to calculate if higher deductibles make sense

Average monthly premium for $100 deductibles: $167
Average monthly premium for $500 deductibles (subtract): – $128
Monthly savings from raising deductible: $39
Difference between deductibles ($500 – $100): $400
Divide difference by monthly savings: $400 / $39
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 10 months

One important issue to know is that raising deductibles to save money results in more money out-of-pocket when you do file a claim. That will require some savings in order to pay the deductible for vehicle repair.

The example below shows how different deductible levels and can impact BMW M3 insurance rates for different age categories. The data is based on a single male driver, full coverage, and no discounts are factored in.

Bad driving habits will cost you more

The illustration below demonstrates how citations and at-fault claims raise BMW M3 auto insurance rates for different categories of driver ages. The data assumes a single male driver, full coverage, $1,000 deductibles, and no discounts are applied.

Should you buy full coverage?

The information below shows the comparison of BMW M3 insurance costs with full physical damage coverage and with liability coverage only. The information is based on no tickets, no at-fault accidents, $1,000 deductibles, drivers are single, and no additional discounts are factored in.

When to stop buying full coverage

There is no set rule for dropping physical damage coverage on your policy, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than about 10% of the replacement cost minus the deductible, then it might be time to buy liability only.

For example, let’s pretend your BMW M3 claim settlement value is $8,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most you would get paid by your company is $7,000 after paying the physical damage deductible. If premiums are more than $700 annually for your policy with full coverage, then it’s probably a good time to buy liability coverage only.

There are a few cases where removing full coverage is not financially feasible. If you still owe money on your vehicle, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should keep full coverage on your policy.

When to contact an insurance agency

Many drivers just prefer to buy from a local agent and doing so can bring peace of mind A nice benefit of getting online price quotes is that you can find cheap auto insurance quotes and still have a local agent.

Upon completion of this simple form, your information is immediately sent to insurance agents in El Paso who will gladly provide quotes for your auto insurance coverage. It makes it easy because there is no need to leave your house since rate quotes are delivered directly to your email. It’s the lowest rates without requiring a lot of work. If you need to compare rates from a specific insurance company, feel free to jump over to their website and fill out the quote form the provide.

Picking a provider needs to be determined by more than just a low price. These are some questions your agent should answer.

When looking for a local El Paso insurance agency, it can be helpful to understand the different agency structures that you can choose from. Auto insurance agents in El Paso can be classified as either exclusive or independent (non-exclusive).

Exclusive Insurance Agencies

Exclusive agents are contracted to one company such as AAA, Allstate, State Farm, or Farmers Insurance. Exclusive agents are unable to place coverage with different providers so you might not find the best rates. These agents are usually quite knowledgeable on their company’s products and that enables them to sell even at higher rates.

The following is a list of exclusive insurance agencies in El Paso that are able to give price quote information.

1831 N Zaragoza Rd #109El Paso, TX 79936(915) 921-0812View Map

Tessie Maestas – State Farm Insurance Agent
4727 Hondo Pass Dr bEl Paso, TX 79904(915) 757-1090View Map

Lou Lobato – State Farm Insurance Agent
1810 Trawood Dr lEl Paso, TX 79935(915) 598-5401View Map

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Independent Agents

Agents in the independent channel are not required to write business for one company so they can quote policies with lots of companies and get you the best rates possible. If they find a cheaper price, the agent simply finds a different carrier and you stay with the same agent.

When comparing auto insurance rates, we recommend you get some free quotes from independent agents for maximum quote selection.

Below are independent agencies in El Paso willing to provide rate quotes.

1515 Lee Trevino DrEl Paso, TX 79936(915) 590-4099View Map

1491 Lee Trevino Dr # GEl Paso, TX 79936(915) 594-4400View Map

2931 George Dieter DrEl Paso, TX 79936(915) 599-2900View Map

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Auto insurance companies ranked

Insuring your vehicle with a highly-rated company is difficult considering how many companies there are in El Paso. The company ratings displayed below may help you select which coverage providers you want to consider shopping prices with.

Top Auto Insurance Companies in Texas
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
Travelers 93 98 99 88% A++ 95.1
USAA 83 99 100 91% A++ 94.1
Mercury Insurance 97 96 88 89% A+ 93.4
AAA Insurance 91 95 92 90% A 93.3
Nationwide 85 95 97 89% A+ 92.4
Allstate 77 100 97 88% A+ 90.7
State Farm 80 94 96 88% A++ 90.6
The Hartford 88 93 91 87% A+ 90.4
Safeco Insurance 91 95 85 88% A 90.2
Progressive 88 94 83 88% A+ 90.1
American Family 91 86 95 83% A 89.7
Esurance 86 90 94 90% A+ 89.5
The General 86 93 89 84% A- 88.2
GEICO 79 89 95 87% A++ 87.8
Titan Insurance 86 82 92 86% A+ 86.5
21st Century 86 82 90 84% A 86.4
Liberty Mutual 79 87 95 78% A 85.3
Farmers Insurance 77 80 80 84% A 80.3
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Data Source: Best Car Insurance Companies