Being forced to pay for overpriced insurance premiums can eat up your bank account and put the squeeze on your family’s finances. Comparing cost estimates is a great way to slash your bill and have more diposable income.
It’s a known fact that auto insurance companies don’t want customers comparing rates. People who shop rates annually will most likely buy a different policy because there is a significant possibility of getting low-cost coverage. A recent study showed that consumers who shopped around annually saved about $865 a year compared to policyholders who never shopped around.
If finding the best rates on car insurance is your ultimate target, knowing how to get price quotes and compare car insurance can make it simple to find affordable coverage.
There is such a variety of auto insurance companies to insure vehicles with, and though it is a good thing to have multiple companies, it makes it harder to compare company pricing for BMW M2 insurance in Madison.
Buying the cheapest car insurance in Madison is actually not that difficult if you follow our advice. If you have car insurance now, you will be able to find better prices using these tips. Although Wisconsin vehicle owners benefit from understanding the way insurance companies sell insurance online because it can help you find the best coverage.
Best companies for BMW M2 insurance
The companies shown below offer free rate quotes in Wisconsin. If you want to find the cheapest car insurance in Madison, we suggest you compare several of them to get the best price comparison.
Get cheaper BMW M2 insurance rates in Madison
Some insurance providers don’t list every policy discount very well, so the next list breaks down some of the more common and also the lesser-known savings tricks you should be using when you buy Madison car insurance online. If you check and find you aren’t receiving every discount available, you are just wasting money.
- Own a Home – Owning your own home or condo can get you a discount because it means you have a higher level of financial diligence.
- Theft Deterrent – Cars, trucks, and SUVs equipped with tracking devices and advanced anti-theft systems can help prevent theft and qualify for as much as a 10% discount.
- Drive Less and Save – Low annual miles can qualify you for substantially lower prices.
- Paperwork-free – A few larger online companies give back up to $50 get Madison car insurance on the internet.
- Drivers Education – It’s a good idea to have your young drivers successfully complete driver’s ed class if offered at their school.
- Military Discounts – Having a family member in the military can result in better rates.
- Driver Training Discounts – Passing a course in driver safety may get you a small discount and make you a better driver.
- Resident Student – Older children who are enrolled in higher education away from home and do not have access to a covered vehicle can receive lower rates.
- Telematics Data – Insureds who allow driving data collection to study vehicle usage by installing a telematics device such as Snapshot from Progressive or Drivewise from Allstate could possibly reduce rates if they show good driving skills.
- Responsible Driver Discounts – Drivers who don’t get into accidents may save up to 50% more as compared to drivers with claims.
While discounts sound great, it’s important to understand that some of the credits will not apply to the entire cost. Some only reduce the price of certain insurance coverages like comp or med pay. So even though it sounds like having all the discounts means you get insurance for free, you’re out of luck.
Large car insurance companies and some of their more popular discounts are outlined below.
- GEICO may include discounts for good student, daytime running lights, multi-policy, five-year accident-free, and federal employee.
- Travelers has savings for multi-car, continuous insurance, new car, student away at school, IntelliDrive, driver training, and hybrid/electric vehicle.
- Farm Bureau may have discounts that include multi-vehicle, multi-policy, 55 and retired, safe driver, and good student.
- Liberty Mutual includes discounts for preferred payment discount, new graduate, teen driver discount, good student, new vehicle discount, and exclusive group savings.
- American Family has discounts for TimeAway discount, air bags, accident-free, Steer into Savings, good student, and multi-vehicle.
- Progressive offers premium reductions for online quote discount, multi-policy, online signing, homeowner, multi-vehicle, continuous coverage, and good student.
If you are trying to find the cheapest BMW M2 rate quotes, ask all the companies which discounts you may be entitled to. Some of the discounts discussed earlier might not be available to policyholders in your area. If you would like to view car insurance companies who offer cheap BMW M2 insurance quotes in Madison, click this link.
BMW M2 Insurance Rates Can Be Cheaper
Many things are used in the calculation when you get a price on insurance. A few of the factors are predictable like an MVR report, but other factors are not quite as obvious like your continuous coverage or how safe your car is.
- High credit scores equal low premiums – Having a bad credit history can be a huge factor in determining what you pay. Drivers with good credit tend to be better risks to insure than drivers with bad credit. If your credit history is lower than you’d like, you could be paying less to insure your BMW M2 by repairing your credit.
- Can a thief steal your car? – Driving a car with anti-theft technology or alarm system can save you some money. Anti-theft features like LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all help prevent your car from being stolen.
- Lower miles equals lower premium – The more you drive your BMW every year the higher your rates will be. The majority of insurers calculate prices based upon how you use the vehicle. Cars and trucks that have low annual miles can be on a lower rate level than vehicles that have high annual mileage. Ask your agent if your auto insurance declarations sheet shows the proper vehicle usage, because it can save money. A policy that improperly rates your M2 is just wasting money.
- Consolidate home and auto and save – Many insurers allow better rates for people who carry more than one policy, otherwise known as a multi-policy discount. The amount of the discounts can be five, ten or even twenty percent. Even with this discount applied, you still need to compare other company rates to help ensure you have the lowest rates. You may still be able to save even more by buying auto insurance from a different company.
- Where you live – Living in smaller towns and rural areas of the country has it’s advantages if you are looking for the lowest rates. Fewer drivers and short commutes corresponds to lower accident rates and also fewer theft and vandalism claims. City drivers regularly have more traffic problems and much longer commute distances. More time commuting statistically corresponds to a higher accident and claim rate.
- Add-on coverages you don’t use – Policies have additional coverages you can purchase on your M2 policy. Add-on coverages like rental car coverage, towing, and Farm Bureau memberships could be just wasting money. The coverages may be enticing initially, but if you’ve never needed them in the past remove them from your policy.
- Know your vehicle’s safety rating – Cars with high safety ratings get lower rates. Safer cars reduce occupant injuries and reduced instances of injuries translates into savings for insurance companies passed on to you as lower rates.
Insurance loss probability for a BMW M2 – Auto insurance companies analyze claim trends for every vehicle to calculate a price that offsets possible losses. Vehicles that have higher claim frequency or loss amount will have higher rates.
The table below shows the compiled insurance loss statistics for BMW M2 vehicles. For each policy coverage, the claim probability for all vehicles combined as an average is equal to 100. Numbers shown that are under 100 indicate a favorable loss history, while values that are 100 or greater indicate more frequent losses or an increased chance of a larger loss.
BMW M2 Insurance Claim Statistics Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury BMW M235 i 2dr 155 277BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Local neighborhood Madison car insurance agents
Some people still prefer to sit down with an agent and that is not a bad decision One of the benefits of getting free rate quotes online is that you can find cheap insurance quotes and still have an agent to talk to.
After completing this quick form, the coverage information is transmitted to local insurance agents that provide free Madison car insurance quotes and help you find cheaper coverage. It makes it easy because there is no need to drive around because quoted prices will be sent directly to your email. Get lower rates without requiring a lot of work. If you wish to get a comparison quote from a specific company, you would need to find their quoting web page to submit a rate quote request.
Choosing an company is decision based upon more than just the quoted price. Here are some questions to ask:
- Are they paid to recommend certain coverages?
- Will high miles depreciate repair valuations?
- Who is covered by the car insurance policy?
- Where are claims handled?
- Does the agent have a valid license to sell insurance in Wisconsin?
- Does the agency have a current Errors and Omissions policy?
- What is the financial rating for the quoted company?
- Do they review policy coverages at every renewal?
Two different types of car insurance agents
If you are searching for a reputable agency, it’s helpful to know the types of insurance agents and how they differ in how they quote coverages. Insurance policy providers can be categorized as either exclusive or independent (non-exclusive).
Exclusive Insurance Agencies
These agents can only quote rates from one company and examples are AAA, State Farm, Farmers Insurance, and Allstate. These agents are unable to compare other company’s rates so they really need to provide good service. Exclusive agencies are well trained on what they offer and that allows them to sell at a higher price point.
Below are Madison exclusive agencies willing to provide price quotes.
American Family Insurance – Josh Erickson Agency LLC
5530 Eastpark Blvd – Madison, WI 53718 – (608) 241-8444 – View Map
These type of agents are not employed by one company so they have the ability to put coverage through lots of different companies and find the cheapest rate. If your premiums go up, your policy is moved internally and that require little work on your part. When comparison shopping, you absolutely need to contact at a minimum one independent agency to have the most options to choose from.
Below are Madison independent agencies that are able to give comparison quotes.
Don’t give up on cheap rates
Cheap BMW M2 insurance in Madison is possible online in addition to many Madison insurance agents, so get free Madison car insurance quotes from both of them in order to have the best chance of saving money. Some insurance companies don’t offer the ability to get quotes online and usually these regional carriers provide coverage only through independent insurance agencies.
In this article, we covered a lot of tips how to save on BMW M2 insurance in Madison. The key thing to remember is the more quotes you get, the better your chances of lowering your premium rates. You may even discover the best price on auto insurance is with a smaller regional carrier. Some small companies may only write in your state and offer lower premium rates than their larger competitors like State Farm and Allstate.
Steps to finding cheaper rates for BMW M2 insurance in Madison
If saving money is your primary concern, then the best way to find cheaper prices for BMW M2 insurance is to regularly compare prices from different companies in Madison. You can compare prices by following these guidelines.
- First, try to learn about how companies set rates and the measures you can take to keep rates down. Many risk factors that drive up the price such as careless driving and a negative credit score can be remedied by improving your driving habits or financial responsibility.
- Second, quote rates from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can only give rate quotes from one company like Progressive or Allstate, while independent agencies can quote prices from many different companies. Start a quote
- Third, compare the new quotes to the price on your current policy and see if you can save money. If you find better rates, make sure there is no lapse in coverage.
A key point to remember is that you’ll want to make sure you compare identical coverage information on every quote request and and to get quotes from all possible companies. Doing this helps ensure a fair price comparison and the best rate selection.
Much more information about auto insurance in Wisconsin is available below: