Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years’ experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent Benji Carr

UPDATED: Oct 28, 2018

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Searching for cheaper insurance coverage rates for your BMW M? There isn’t a single person who anticipates paying for insurance coverage, in particular when they are paying too much. There is such a variety of insurers to purchase coverage from, and though it is a good thing to have a choice, so many choices can make it hard to get the best deal.

What affects BMW M insurance premiums?

When buying auto insurance it’s important to understand some of the elements that go into determining your policy premiums. If you have a feel for what influences your rates, this allows you to make good choices that may reward you with lower auto insurance prices. Many factors are used in the calculation when pricing auto insurance. Some are pretty understandable such as traffic violations, but other factors are not as apparent like your continuous coverage or how safe your car is.

Listed below are some of the most rate-impacting factors utilized by car insurance companies to help set prices.

  • Are men or women drivers cheaper? – Statistics show that females tend to be a little less risky than males. The data does not necessarily mean that women are BETTER drivers than men. Men and women have accidents at about the same rate, but the male of the species cause more damage. Not only that, but men also get more serious tickets such as reckless driving. Teenage male drivers tend to get in the most accidents so they pay the highest premiums.
  • Your age impacts your prices – More mature drivers have been proven to be more responsible, cause fewer claims and accidents and receive fewer citations.Teen drivers have a tendency to be inattentive and easily distracted when driving with friends therefore auto insurance rates are much higher.
  • Is your vehicle theft-ready? – Choosing a vehicle with a theft deterrent system can save you a little every year. Anti-theft features like OnStar, LoJack tracking, and tamper alarms all help stop auto theft.
  • Incidental coverages are wasting money – Insurance policies have a lot of add-on coverages that sound like a good idea at the time on your auto insurance policy. Insurance for rental car coverage, accidental death, and Farm Bureau memberships could be just wasting money. They may seem like a good idea initially, but your needs may have changed so remove them from your policy.
  • Long commutes cost more – The more you drive annually the higher your rates will be. Most insurance companies price each vehicle’s coverage determined by how the vehicle is used. Cars and trucks that do not get driven very much can get a lower rate compared to those used for work or business. It’s a good idea to make sure your auto insurance coverage is showing the right rating data, because it can save money. Having the wrong rating on your M is throwing money out the window.

Enter your zip code below to view companies that have cheap auto insurance rates.

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How to buy auto insurance online

Finding cheaper auto insurance quotes is actually quite simple. The only requirement is to invest a little time comparing price quotes from online providers. This can easily be done by using one of the methods below.

  • The most recommended method to get the best comparison quotes is an all-inclusive rate comparison click to view form in new window. This style of form prevents you from having to do separate forms for each company. A single form will get you price quotes from multiple companies.
  • A slightly less efficient method to analyze rates is spending the time to visit each company’s website and fill out their own quote form. For instance, let’s say you need rates from Farmers, Safeco and Allstate. To find out each rate you need to navigate to each company’s site to enter the same coverage data repeatedly, which can get old fast.

    For a list of links to insurance companies in your area, click here.

  • The final way to price shop rates is actually driving to and from local insurance agencies. Doing it all online can eliminate the need for a local agent unless your situation requires the advice and guidance of a local agency. Some companies do allow you to price shop online and get advice from an agent in your area.

It’s up to you which method you use, but be sure to compare exactly the same coverage limits for every quote you compare. If your comparisons have mixed coverages you will not be able to make a fair rate comparison.

Can you really save $476 a year?

Consumers can’t avoid all the ads that promise big savings from the likes of Allstate, GEICO and Progressive. All the ads state the claim about savings just by switching your insurance coverage policy to them.

How does every insurance coverage company charge you less for car insurance? It’s all in the numbers.

Insurance companies give the best rates for the type of driver that earns them a profit. One example of this type of insured could possibly be a mature driver, has never had a claim, and drives less than 10,000 miles a year. Someone who fits that profile will get low prices and therefore will save money with a new company.

Consumers who fall outside those criteria may be required to pay higher premium rates which leads to business not being written. The trick companies use is to say “drivers that switch” not “all people who quote” will save that much if they switch. That’s why insurance companies can confidently make the claims of big savings. Because of the profiling, it is so important to get a wide range of price quotes. Because without a comparison, you cannot know with any certainty which company will fit you best based on your risk profile.

Lower rates by qualifying for discounts

Insurance coverage is not cheap nor is it fun to buy but there could be significant discounts to reduce the price significantly. Larger premium reductions will be automatically applied when you purchase, but less common discounts must be specially asked for in order for you to get them.

  • Discount for Home Ownership – Owning a house can help you save on insurance coverage because maintaining a house means you have a higher level of financial diligence.
  • Discounts for Good Drivers – Insureds without accidents can save up to 40% or more on their car insurance quote for M insurance than drivers with accidents.
  • Membership in Organizations – Affiliation with a civic or occupational organization can get you a small discount when shopping for insurance coverage.
  • Save over 55 – Older drivers may be able to get reduced rates for M insurance.
  • Bundled Policy Discount – If you insure your home and vehicles and insure them both with the same insurance company you will save approximately 10% to 15%.
  • Life Insurance Discount – Not all insurance coverage companies offer life insurance, but some may give you a discount if you purchase life insurance.
  • First Accident Forgiveness – This isn’t a discount exactly, but companies like Allstate and GEICO will let one accident slide before they charge you more for coverage if you are claim-free for a specific time period.
  • Telematics Data Discounts – Insureds who allow data collection to look at when and where they use their vehicle by installing a telematics device such as Progressive’s Snapshot may see discounts as long as the data is positive.

Just know that some credits don’t apply to the overall cost of the policy. Some only apply to the price of certain insurance coverages like liability, collision or medical payments. Even though the math looks like it’s possible to get free car insurance, insurance companies wouldn’t stay in business.

A list of companies and some of their more popular discounts are:

  • Farmers Insurance has savings for teen driver, early shopping, good student, electronic funds transfer, bundle discounts, and mature driver.
  • Esurance offers premium reductions for Switch & Save, good driver, good student, claim free, and safety device.
  • State Farm has discounts for good driver, Drive Safe & Save, student away at school, Steer Clear safe driver discount, good student, and defensive driving training.
  • GEICO includes discounts for military active duty, good student, five-year accident-free, daytime running lights, emergency military deployment, seat belt use, and air bags.
  • Allstate may offer discounts for premier plus, good payer, economy car, early signing, EZ pay plan discount, passive restraint, and defensive driver.

When getting free car insurance quotes, it’s a good idea to every company which discounts you may be entitled to. A few discounts may not be offered in your area.

Enter your zip code below to view companies that have cheap auto insurance rates.

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Car insurance is unique, just like you

When it comes to choosing the best car insurance coverage, there really is no “best” method to buy coverage. Each situation is unique and a cookie cutter policy won’t apply. Here are some questions about coverages that might help in determining if your situation may require specific advice.

  • Do I have coverage when using my vehicle for my home business?
  • When should my teen driver be added to my policy?
  • Will I lose any money if I cancel my policy before it expires?
  • Is my teen driver covered when they drive my company car?
  • Does my policy cover me when driving someone else’s vehicle?
  • Should I buy additional glass protection?
  • Should I carry comprehensive and collision coverage?

If you can’t answer these questions, you may need to chat with a licensed agent. To find lower rates from a local agent, fill out this quick form or you can also visit this page to select a carrier It only takes a few minutes and can help protect your family.

Auto insurance coverage options for a BMW M

Understanding the coverages of your policy helps when choosing appropriate coverage at the best deductibles and correct limits. The terms used in a policy can be difficult to understand and even agents have difficulty translating policy wording. These are the usual coverages available from auto insurance companies.

UM/UIM (Uninsured/Underinsured Motorist) coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle from other drivers when they are uninsured or don’t have enough coverage. Covered claims include hospital bills for your injuries and damage to your BMW M.

Since many drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is important protection for you and your family.

Liability coverage

Liability coverage provides protection from damage that occurs to other people or property in an accident. It protects you against claims from other people, and doesn’t cover damage to your own property or vehicle.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show values of 25/50/25 which stand for a limit of $25,000 per injured person, a per accident bodily injury limit of $50,000, and a total limit of $25,000 for damage to vehicles and property.

Liability coverage protects against claims such as legal defense fees, repair costs for stationary objects, loss of income, repair bills for other people’s vehicles and bail bonds. How much coverage you buy is up to you, but it’s cheap coverage so purchase as high a limit as you can afford.

Comprehensive auto coverage

This pays to fix your vehicle from damage OTHER than collision with another vehicle or object. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive insurance covers claims such as hail damage, hitting a bird, damage from a tornado or hurricane, falling objects and damage from flooding. The maximum amount your auto insurance company will pay is the market value of your vehicle, so if it’s not worth much more than your deductible consider dropping full coverage.

Auto collision coverage

Collision insurance pays to fix your vehicle from damage caused by collision with an object or car. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision coverage protects against claims such as colliding with another moving vehicle, scraping a guard rail, crashing into a ditch, rolling your car and driving through your garage door. This coverage can be expensive, so you might think about dropping it from vehicles that are older. It’s also possible to raise the deductible to get cheaper collision coverage.

Medical payments and PIP coverage

Med pay and PIP coverage reimburse you for bills such as funeral costs, X-ray expenses, chiropractic care and doctor visits. They are often used to fill the gap from your health insurance plan or if you lack health insurance entirely. It covers you and your occupants as well as if you are hit as a while walking down the street. Personal Injury Protection is not an option in every state and gives slightly broader coverage than med pay

Final thoughts

Budget-friendly auto insurance can be bought online and from local agencies, so you should compare both in order to have the best chance of saving money. There are still a few companies who may not have the ability to get quotes online and many times these small insurance companies work with local independent agents.

Throughout this article, we presented many tips how you can lower your 2000 BMW M insurance premium rates. The key concept to understand is the more quotes you get, the better your comparison will be. You may be surprised to find that the best price on auto insurance is with a smaller regional carrier. Some small companies often have lower prices on specific markets compared to the large companies like State Farm and Allstate.

Additional detailed information can be read at these sites: