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 6, 2015

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Are you sick and tired of scraping the payment together to pay car insurance each month? You are no different than many other consumers.

You have multiple auto insurance companies to purchase coverage from, and even though it’s nice to have a selection, it can be more challenging to find the best rates for your vehicles.

It’s a good habit to compare rates before your next renewal because car insurance rates trend upward over time. Despite the fact that you may have had the best premium rates for M insurance a year ago the chances are good that you can find a lower price today. Forget anything you know (or think you know) about car insurance because we’re going to show you one of the easiest ways to remove unneeded coverages and save money.

Choosing the best insurance company for you is quite easy. In a nutshell, everyone who is shopping for auto insurance stands a good chance to be able to reduce their rates. Although car owners should learn the way companies compete online because it can help you find the best coverage.

How car insurance companies determine BMW M insurance premiums

Many different elements are used when you quote your car insurance policy. Some are pretty understandable such as your driving record, but others are less apparent like where you live or your financial responsibility.Smart consumers have a good feel for the factors that are used to determine your policy premiums. If you have a feel for what determines premiums, this enables informed choices that could result in much lower annual insurance costs.

  • Extra policy coverages push up costs – There are a lot of add-on coverages that you can get tricked into buying on your M policy. Things like roadside assistance, death and dismemberment, and extra life insurance coverage are probably not needed. These may sound like a good investment when discussing your needs, but now you might not need them so think about removing them and cutting costs.
  • Multiple policies with one company – Most larger insurance coverage companies will give lower prices to people who carry more than one policy such as combining an auto and homeowners policy. Even with this discount applied, it’s still a good idea to compare other company rates to confirm you are receiving the best rates possible.
  • How much liability protection do you need? – A critical coverage on your policy, liability insurance is the coverage that protects you in the event that you are responsible for personal injury or accident damage. Your policy’s liability insurance provides legal defense coverage which can cost thousands of dollars. It is affordable coverage compared to physical damage coverage, so drivers should make sure they buy enough to cover all assets.
  • High credit score translates to low premiums – Having a bad credit score will be a significant factor in determining your rates. If your credit history can be improved, you could potentially save money when insuring your 2001 BMW M by spending a little time repairing your credit. People with high credit scores tend to be less risk to insure as compared to drivers with worse credit.

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

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How to buy auto insurance

When comparison shopping, there are several ways to compare quotes from many available auto insurance companies in your state. One of the best ways to compare BMW M insurance prices is simply to get online rate quotes. This is very easy and can be done in a couple minutes as outlined below.

If you don’t have a lot of time, the easiest way to get quotes for comparison is a comparison rater form click to view form in new window. This type of form prevents you from having to do separate quotes to each individual auto insurance company. One quote request gets coverage cost estimates from all major companies.

Another way to shop for auto insurance online is to take the time to go to the website for each individual company to request a price quote. For example, let’s say you want to compare rates from GEICO, Allstate and Liberty Mutual. To get each rate you have to spend time going to each site individually to enter your coverage information, which explains why we recommend starting with the first method.

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

The final way to find lower rates is to spend your day driving to and from local insurance agencies. Quoting online has reduced the need for local agents unless you want the advice and guidance that you can only get from talking to an agent. Although you can get prices online but have your policy serviced through an agent.

It doesn’t matter which method you choose, just make sure you compare equivalent coverage limits and deductibles on every quote you get. If you enter different values for each quote then you won’t be able to determine the lowest rate for your BMW M. Slightly different insurance coverages may result in a large different in cost. Just keep in mind that comparing a wide range of rates helps you find a better price.

Ads can be misleading

Respected companies like GEICO, State Farm and Progressive consistently run ads in print and on television. All the companies advertise the message that drivers will save a bundle if you switch to their company. How is it possible that every company can say the same thing? This is how they do it.

All companies have specific guidelines for the type of driver that earns them the most money. For example, this type of risk profile should be over the age of 40, has a low-risk occupation, and drives a vehicle with a low ISO rating. A customer that meets those criteria receive the lowest rate quotes and therefore will save when they switch companies.

Drivers who are not a match for the ideal profile will see a more expensive rate which results in the customer not buying. The trick is to say “drivers who switch” not “everyone that quotes” can save as much as they claim. That is how companies can make the claims of big savings. Because each company has a different risk profile, you should compare as many free insurance coverage quotes as you can. It’s not possible to predict with any certainty which company will give you lower premium rates than your current company.

Insurance policy discounts

Some companies don’t list all their discounts in an easy-to-find place, so the following is a list of a few of the more common and the more hidden discounts you could be receiving when you buy insurance coverage online. If you are not receiving all the discounts you qualify for, you could be getting lower rates.

  • Accident Forgiveness – This one isn’t a discount, but companies like Progressive and Allstate permit an accident without the usual rate increase if your claims history is clear for a particular time prior to the accident.
  • Save with a New Car – Insuring a new car is cheaper compared to insuring an older model.
  • Defensive Driver Discounts – Taking part in a course teaching defensive driving skills could possibly earn you a 5% discount if your company offers it.
  • Military Rewards – Having a deployed family member may qualify for rate reductions.
  • Mature Driver Discount – If you’re over the age of 55, you can get reduced rates for M insurance.
  • Anti-lock Brakes – Cars and trucks with ABS braking systems or traction control prevent accidents and the ABS can save up to 10%.
  • Discounts for Government Workers – Active or retired federal employment could provide a small rate reduction for M insurance with some insurance companies.

Don’t be shocked that some of the credits will not apply to the entire cost. Most cut individual premiums such as medical payments or collision. Despite the fact that it seems like all the discounts add up to a free policy, nobody gets a free ride.

A list of companies and the discounts they provide are outlined below.

  • State Farm offers discounts for good student, defensive driving training, good driver, anti-theft, driver’s education, safe vehicle, and Steer Clear safe driver discount.
  • GEICO offers discounts including military active duty, multi-policy, defensive driver, federal employee, seat belt use, daytime running lights, and driver training.
  • Liberty Mutual offers premium reductions for multi-car, hybrid vehicle, new vehicle discount, good student, teen driver discount, newly married, and preferred payment discount.
  • The Hartford may have discounts that include defensive driver, good student, vehicle fuel type, anti-theft, driver training, and bundle.
  • MetLife policyholders can earn discounts including good student, good driver, claim-free, multi-policy, and defensive driver.
  • Progressive may include discounts for good student, online signing, homeowner, multi-vehicle, and continuous coverage.

When comparing rates, check with all the companies to give you their best rates. Some credits might not apply in your area. If you would like to view insurance companies who offer online insurance quotes, follow this link.

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

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How do I know if I need professional advice?

When buying the right insurance coverage for your personal vehicles, there is no perfect coverage plan. Everyone’s situation is a little different and your policy should reflect that. For example, these questions may help you determine whether or not you could use an agent’s help.

  • Should I get collision insurance on every vehicle?
  • What is PIP insurance?
  • Is my camper covered by my car insurance policy?
  • Am I covered when pulling a rental trailer?
  • Am I missing any policy discounts?
  • Can I rate high risk drivers on liability-only vehicles?
  • When does my teenage driver need to be added to my policy?
  • Can I afford to pay high deductible claims out of pocket?
  • Should I have combined single limit or split liability limits?

If you can’t answer these questions then you might want to talk to an insurance agent. To find an agent in your area, take a second and complete this form or go to this page to view a list of companies.

Car insurance coverage considerations

Learning about specific coverages of car insurance can be of help when determining the best coverages for your vehicles. Policy terminology can be impossible to understand and coverage can change by endorsement. Listed below are typical coverages found on most car insurance policies.

Coverage for collisions

Collision coverage pays to fix your vehicle from damage caused by collision with another vehicle or an object, but not an animal. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision coverage pays for things such as scraping a guard rail, hitting a parking meter, driving through your garage door and sideswiping another vehicle. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Drivers also have the option to increase the deductible to save money on collision insurance.

Coverage for uninsured or underinsured drivers

Your UM/UIM coverage gives you protection from other motorists when they either are underinsured or have no liability coverage at all. It can pay for injuries sustained by your vehicle’s occupants and damage to your 2001 BMW M.

Since a lot of drivers only purchase the least amount of liability that is required, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important.

Coverage for medical expenses

Med pay and PIP coverage reimburse you for short-term medical expenses for pain medications, rehabilitation expenses, EMT expenses and surgery. They are used in conjunction with a health insurance policy or if there is no health insurance coverage. Coverage applies to not only the driver but also the vehicle occupants and also covers being hit by a car walking across the street. PIP is not an option in every state but can be used in place of medical payments coverage

Liability auto insurance

This provides protection from damages or injuries you inflict on other people or property. It protects YOU against claims from other people. It does not cover your own vehicle damage or injuries.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see policy limits of 50/100/50 which means $50,000 bodily injury coverage, a total of $100,000 of bodily injury coverage per accident, and a limit of $50,000 paid for damaged property.

Liability can pay for things like emergency aid, repair costs for stationary objects, legal defense fees and pain and suffering. How much coverage you buy is a personal decision, but consider buying higher limits if possible.

Comprehensive car insurance

Comprehensive insurance pays for damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for things like vandalism, hitting a bird, rock chips in glass, a broken windshield and a tree branch falling on your vehicle. The most you’ll receive from a claim is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

More quotes. Lower rates.

When you buy insurance coverage online, it’s not a good idea to skimp on coverage in order to save money. There have been many situations where an accident victim reduced comprehensive coverage or liability limits and discovered at claim time that it was a big error on their part. The goal is to purchase a proper amount of coverage at the best price while still protecting your assets.

We just presented many ways to get a better price on 2001 BMW M insurance. The most important thing to understand is the more providers you compare, the better your chances of lowering your prices. Consumers may even find the best price on insurance is with some of the lesser-known companies. Regional companies may only write in your state and offer lower prices than their larger competitors like Allstate or State Farm.

More detailed insurance information can be found by following these links: