Compare BMW M3 Insurance Rate Quotes in Lubbock

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It's hard to fathom, but the vast majority of consumers kept buying from the same company for well over three years, and nearly the majority have never compared rate quotes at all. Drivers in Texas could cut their rates by 70% a year, but they just don't understand how much savings they would realize if they just switched companies.

Discount BMW M3 insuranceIt takes a little time, but the best way to get discount BMW M3 insurance in Lubbock is to begin comparing prices regularly from insurance carriers in Texas.

  1. Gain an understanding of how insurance companies determine prices and the things you can control to prevent high rates. Many rating criteria that result in higher rates such as multiple speeding tickets and a substandard credit history can be eliminated by making small lifestyle or driving habit changes.
  2. Compare prices from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only give rate quotes from one company like GEICO or State Farm, while independent agents can give you price quotes for a wide range of companies.
  3. Compare the price quotes to your existing policy and see if there is a cheaper rate. If you can save money and buy the policy, make sure there is no lapse in coverage.

A key point to remember is to use the same liability limits and deductibles on every quote and and to look at as many carriers as you can. Doing this ensures a level playing field and a complete price analysis.

The intent of this article is to teach you a little about the best methods to compare rates. If you currently have insurance, you will most likely be able to get lower rates using this information. Drivers only need to know the quickest way to shop for insurance from many companies at once.

Reduce Insurance Rates with These Tips

When buying auto insurance it's important to understand the different types of things that come into play when calculating the price you pay for auto insurance. If you understand what determines base rates, this empowers consumers to make smart changes that can help you get lower rates.

  • When should you not file auto insurance claims? - Companies in Texas give better rates to insureds that do not abuse their auto insurance. If you file claims often, you can pretty much guarantee much higher rates or policy non-renewal. Insurance coverage is designed for major claims that would cause financial hardship.
  • Where you live factors in - Choosing to live in smaller towns and rural areas of the country is a good thing when trying to find low car insurance rates. Residents of big cities have much more traffic and higher rates of accident claims. Fewer drivers and short commutes translates into fewer accident claims in addition to lower liability claims.
  • What are good liability coverage limits? - Liability coverage is the coverage that protects you in the event that you are responsible for causing damage or personal injury in an accident. Liability insurance provides you with a defense in court starting from day one. This coverage is very inexpensive compared to other policy coverages, so drivers should buy more than the minimum limits required by law.
  • More than one policy can earn a discount - Most auto insurance companies provide a discount to clients that have more than one policy. It's known as a multi-policy discount. Even though this discount sounds good, you still need to get quotes from other companies to guarantee you are still saving the most. Drivers may still save even more even if you have your coverage with different companies
  • Premiums are lower the older you get - Young drivers in Texas are statistically proven to get distracted easily when behind the wheel so auto insurance rates are higher. Older people are viewed as being more responsible, statistically cause fewer accidents, and are generally more financially stable.

    The following chart uses these variables: single driver, full coverage with $100 deductibles, and no discounts or violations.

  • Buy a safe car and pay less - Safer cars tend to be cheaper to insure. Safe vehicles have better occupant injury protection and lower injury rates means lower claim amounts and more competitive rates for policyholders. If the BMW M3 is rated at a minimum an "acceptable" rating on the Insurance Institute for Highway Safety website you are probably receiving a discount.
  • Raise comp and collision deductibles and save - Insurance for physical damage to your car, also known as collision and other-than-collision, is used to repair damage to your BMW. Examples of covered claims would be a broken side mirror, damage from fire, and burglary. Deductibles for physical damage are the amount of money you are willing to pay before a claim is paid by your company. The more expense the insured has to pay upfront, the less your company will charge you for insurance.
  • The type of vehicle you drive affects your costs - The type of car you need insurance for makes a big difference in your rates. The lowest performance passenger vehicles usually are quite affordable to insure, but the cost you end up paying is determined by many additional factors.

    The following chart assumes a married female driver age 30, full coverage with $100 deductibles, and no discounts or violations. It shows BMW M3 rates compared to other makes and models that have different performance rating factors.

  • BMW M3 insurance loss statistics - Insurers use past loss statistics for each vehicle to help determine the rate you pay. Models that statistically have higher number or severity of losses will be charged more to insure.

    The table below illustrates the loss history for BMW M3 vehicles. For each policy coverage, the statistical loss for all vehicles averaged together is represented as 100. Numbers shown that are under 100 indicate better than average losses, while values that are above 100 indicate higher probability of having a loss or tendency to have higher losses.

    Insurance Loss Ratings for BMW M3 Vehicles
    Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    BMW M3 4dr 302 186

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

Insurance rate breakdown

The rate information shown next highlights a range of insurance premium costs for BMW M3 models. Having knowledge of how prices are determined can benefit drivers when making decisions on the best policy to buy.

BMW M3 Insurance Rates in Lubbock, TX
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M3 4-Dr Sedan $252 $478 $382 $22 $114 $1,248 $104
M3 CI 2-Dr Coupe $276 $534 $382 $22 $114 $1,328 $111
M3 2-Dr Convertible $276 $534 $382 $22 $114 $1,328 $111
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Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Texas minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, safe-driver, and multi-policy. Price estimates do not factor in specific Lubbock garaging location which can change coverage rates significantly.

Should you raise deductibles?

One of the more difficult decisions when buying car insurance is what deductibles to buy. The rates below determine the differences in premium rates between low and high insurance deductibles. The first data set uses a $100 comprehensive and collision deductible and the second set of prices uses a $500 deductible.

BMW M3 insurance premium 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 premium 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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Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, multi-vehicle, and safe-driver. Prices do not factor in specific garaging location which can impact premiums substantially.

Based on this data, we can arrive at the conclusion that using a $100 deductible costs roughly $39 more each month or $468 a year than choosing the higher $500 deductible. Because you would pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you have at a minimum 10 months between claims, you would probably be better off by selecting a higher deductible.

Careless driving habits raise car insurance rates

The information below illustrates how violations and accidents can influence BMW M3 auto insurance costs for different ages of insureds. The data assumes a single male driver, comp and collision included, $100 deductibles, and no policy discounts are applied.

Reduce your car insurance rates with discounts

Properly insuring your vehicles can get expensive, but you may be missing some discounts that could help you make your next renewal payment. A few discounts will automatically apply when you purchase, but some may not be applied and must be inquired about before being credited.Car insurance discounts

  • First Accident Forgiveness - This one is not really a discount per se, but a few companies such as State Farm and GEICO may permit one accident without raising rates so long as you are claim-free for a particular time prior to the accident.
  • Discount for Good Grades - Getting good grades can be rewarded with saving of up to 25%. The discount lasts well after school through age 25.
  • Low Mileage Discounts - Maintaining low annual mileage can qualify you for better premium rates on cars that stay parked.
  • Discounts for Federal Employees - Being employed by or retired from a federal job can earn a discount up to 10% depending on your car insurance provider.
  • Drivers Ed for Students - Teen drivers should enroll and complete driver's education if it's offered in school.
  • Telematics Data Discounts - Insureds who allow driving data collection to analyze driving habits remotely such as In-Drive from State Farm or Allstate's Drivewise system could possibly reduce rates if they exhibit good driving behavior.
  • Discount for Life Insurance - Select car insurance companies reward you with a discounted rate on car insurance if you buy some life insurance too.

As a disclaimer on discounts, many deductions do not apply to your bottom line cost. Some only apply to individual premiums such as collision or personal injury protection. Just because it seems like you would end up receiving a 100% discount, it's just not the way it works.

The illustration below illustrates the difference between BMW M3 car insurance rates with and without discounts applied to the policy premium. Data assumes a female driver, no violations or claims, Texas state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, marriage, claim-free, homeowner, multi-car, and safe-driver discounts applied.

A list of car insurance companies and their offered discounts are outlined below.

  • State Farm offers discounts including passive restraint, Drive Safe & Save, multiple autos, Steer Clear safe driver discount, driver's education, accident-free, and good driver.
  • Esurance offers discounts for renters, defensive driver, good driver, emergency road assistance, and homeowner.
  • Progressive has savings for homeowner, online signing, online quote discount, good student, multi-policy, multi-vehicle, and continuous coverage.
  • Liberty Mutual may have discounts that include newly retired, hybrid vehicle, multi-car, new move discount, and safety features.
  • Auto-Owners Insurance includes discounts for paid in full, teen driver, mature driver, air bags, and good student.
  • GEICO has discounts for driver training, anti-lock brakes, good student, daytime running lights, and seat belt use.

It's a good idea to ask each company or agent the best way to save money. Discounts might not be available to policyholders in every state. If you would like to view companies that offer the discounts shown above in Texas, click here to view.

What is YOUR best insurance company?

Budget-friendly car insurance in Lubbock is possible online and from local insurance agents, so you need to shop Lubbock car insurance with both to have the best rate selection. There are still a few companies who may not provide online quoting and most of the time these small, regional companies only sell coverage through independent agents.

We just showed you quite a bit of information on how to compare BMW M3 insurance prices in Lubbock. It's most important to understand that the more rate comparisons you have, the better your comparison will be. Consumers may even find the most savings is with some of the smallest insurance companies. These companies often have lower rates on specific markets as compared to the big name companies such as Allstate, GEICO and Progressive.

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