Smart shoppers know that insurance companies don’t want their customers to go rate shopping. Drivers who shop around for better prices are inclined to buy a new policy because the odds are good of finding lower prices. Surprisingly, a recent survey revealed that people who compared rates annually saved an average of $3,450 over four years as compared to drivers who never shopped for cheaper rates.
If finding the cheapest rates on insurance is your goal, then learning a little about how to shop and compare car insurance can make shopping around easier.
The most effective way to find low-cost BMW M2 insurance is to annually compare prices from different companies in Memphis. You can compare rates by completing these steps.
First, read about what coverages are included in your policy and the things you can control to lower rates. Many policy risk factors that cause rate increases like tickets, at-fault accidents, and your credit history can be controlled by making lifestyle changes or driving safer.
Second, compare price quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only quote rates from a single company like GEICO and Allstate, while independent agents can quote rates for many different companies.
Third, compare the new quotes to your existing rates to see if cheaper M2 coverage is available. If you find a lower rate quote and decide to switch, make sure the effective date of the new policy is the same as the expiration date of the old one.
An essential thing to point out is to use identical coverages on every quote and and to get price estimates from as many auto insurance providers as possible. This provides an accurate price comparison and a thorough selection of prices.
Finding the cheapest coverage in Memphis is actually quite simple. If you have auto insurance now, you will be able to find the best rates using this strategy. Although Tennessee consumers must understand how big insurance companies determine what you pay and use it to find better rates.
All the larger auto insurance companies like Progressive, Allstate and GEICO provide coverage prices directly from their websites. Doing online quotes for BMW M2 insurance in Memphis is possible for anyone as you just type in the coverages you want into the form. Upon sending the form, the system obtains your credit score and driving record and gives you a price quote based on the information you submitted. This makes comparing rates easy, and it is important to get many rate quotes in order to find the cheapest auto insurance rates.
If you want to get comparison pricing now, compare rate quotes from the providers shown below. If you have your current policy handy, we recommend you duplicate the limits and deductibles exactly as shown on your declarations page. This makes sure you will be getting a fair comparison for the exact same coverage.
The companies shown below are our best choices to provide price comparisons in Memphis, TN. If you wish to find the best auto insurance in Memphis, TN, we recommend you visit two to three different companies to find the cheapest car insurance rates.
Car insurance is not optional
Even though it can be expensive, buying car insurance is not optional due to several reasons.
- The majority of states have mandatory insurance requirements which means you are required to carry specific minimum amounts of liability coverage in order to be legal. In Tennessee these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you have a lien on your M2, more than likely the lender will have a requirement that you have insurance to ensure the loan is repaid in case of a total loss. If you cancel or allow the policy to lapse, the lender will be forced to insure your BMW at a significantly higher premium and force you to pay for the expensive policy.
- Insurance protects both your car and your personal assets. It will also provide coverage for many types of medical costs for not only you but also any passengers injured in an accident. One of the most valuable coverages, liability insurance, also pays expenses related to your legal defense if you cause an accident and are sued. If you receive damage to your vehicle caused by a storm or accident, your car insurance policy will pay to repair the damage minus the deductible amount.
The benefits of buying enough insurance definitely exceed the cost, particularly if you ever have a claim. Unknowingly, the average driver overpays as much as $810 a year so you should quote your policy with other companies every year to ensure rates are competitive.
Smart Consumers Know How to Get Insurance for Less
When buying insurance it’s important to understand the factors that are used to determine your insurance rates. If you understand what determines premiums, this enables informed choices that can earn you lower insurance prices. Many things are part of the calculation when pricing auto insurance. Most are fairly basic such as traffic violations, but some are not as apparent like where you live or your commute time.
The following are some of the most rate-impacting factors insurance companies consider when setting prices.
- Vocation reflects on rates – Occupations such as doctors, executives, and stock brokers generally pay higher rates than average in part from intense work requirements and extremely grueling work hours. Conversely, jobs like actors, students and homemakers have lower than average premiums.
- Avoid traffic tickets – A bad driving record has a big impact on rates. Attentive drivers pay less for auto insurance than bad drivers. Having just one chargeable violation can boost insurance rates to the point where it’s not affordable. Drivers unfortunate enough to have dangerous citations such as reckless driving or DUI may be required to submit a SR-22 or proof of financial responsibility with the DMV in their state in order to legally drive a vehicle.
- Men drivers tend to cost more – Over time, data shows that females take fewer risks when driving. However, this does not mean females are better drivers. Men and women cause fender benders in similar percentages, but the men tend to have higher claims. They also get ticketed for serious violations like reckless driving and DUI. Males from age 16 to 21 tend to get in the most accidents so they pay the highest premiums.
- Rural areas have lower premiums – Being located in a rural area is a good thing when buying insurance. People in densely populated areas have to deal with more aggressive driving styles and longer commute times. Fewer drivers on the road means reduced accidents.
- When should you not file insurance claims? – Car insurance companies in Tennessee provide most affordable rates to drivers who are not frequent claim filers. If you are a frequent claim filer, you can pretty much guarantee either a policy non-renewal or much higher rates. Your car insurance is intended to be relied upon for claims that you cannot pay yourself.
BMW M2 claim statistics – Car insurance companies use data from past claims when they set coverage costs for each model. Models that the data determines to have high amounts or severity of claims will have increased rates. The data below shows the historical insurance loss data for BMW M2 vehicles.
For each type of coverage, the statistical loss for all vehicles, without regard to make or model, is set at 100. Numbers that are below 100 suggest losses that are better than average, while percentage values above 100 indicate more frequent claims or larger claims.
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
Get cheap BMW M2 insurance in Memphis with discounts
Car insurance is expensive, but you may qualify for discounts that can dramatically reduce your bill. Certain reductions will be credited at the time you complete a quote, but a few need to be manually applied in order for you to get them.
- Air Bag Discount – Vehicles equipped with air bags or automatic seat belts may get savings as much as 30%.
- Government Employees – Simply working for the federal government can save as much as 8% with select insurance companies.
- Theft Prevention System – Cars and trucks equipped with tracking devices and advanced anti-theft systems are stolen less frequently and earn discounts up to 10% off your Memphis car insurance quote.
- Data Collection Discounts – Drivers that enable their company to analyze when and where they use their vehicle remotely such as Snapshot from Progressive or Drivewise from Allstate could see a rate decrease if they show good driving skills.
- Driver’s Education for Students – Have your child enroll in driver’s education if offered at their school.
- Low Miles Discount – Keeping the miles down on your BMW could be rewarded with lower premium rates due to less chance of an accident.
- Accident Forgiveness Coverage – This one is not really a discount per se, but some companies like GEICO, Allstate and Liberty Mutual will allow you to have one accident without raising rates so long as you haven’t had any claims prior to being involved in the accident.
Don’t be shocked that most discounts do not apply to the entire policy premium. The majority will only reduce the cost of specific coverages such as collision or personal injury protection. Despite the appearance that all those discounts means the company will pay you, insurance companies wouldn’t stay in business.
If you would like to view companies that offer discounts in Memphis, click here.
Buying auto insurance from Memphis insurance agencies
Some consumers still prefer to talk to a local agent and there is nothing wrong with that. A nice benefit of comparing auto insurance online is the fact that you can find better rates and still have a local agent.
After completing this simple form, your information is transmitted to participating agents in Memphis who want to provide quotes for your coverage. There is no need to drive around because quoted prices will be sent immediately to your email address. You can find better rates and a licensed agent to work with. If you wish to get a comparison quote from a particular provider, you would need to search and find their rate quote page and submit a quote form there.
Finding the right insurer is decision based upon more than just the price. Here are some questions you might want to ask.
- Do they have adequate Errors and Omissions coverage? This protects you if they make a mistake.
- Are they properly licensed to sell insurance in Tennessee?
- Where would your vehicle be repaired?
- Does the agency have a good rating with the Better Business Bureau?
- Will vehicle repairs be made with aftermarket parts or OEM replacement parts?
- When do they do policy reviews?
Different types of Memphis auto insurance agents
If you’re trying to find a local Memphis insurance agency, there are two different types of agents and how they function. Agencies in Memphis are classified as either exclusive or independent.
Agents that elect to be exclusive can only write with one company and some examples include Farmers Insurance, American Family, State Farm and Allstate. Exclusive agents are unable to compare rates from other companies so keep that in mind. They are highly trained on their company’s products and that can be a competitive advantage.
Below is a list of exclusive insurance agents in Memphis willing to provide rate quotes.
State Farm: Warren Hodges
5170 Sanderlin Ave #204 – Memphis, TN 38117 – (901) 767-2000 – View Map
Allstate Insurance: Don Rogers
5812 Winchester Rd – Memphis, TN 38115 – (901) 794-3771 – View Map
Kevin White – State Farm Insurance Agent
2861 Poplar Ave – Memphis, TN 38111 – (901) 652-8484 – View Map
Independent insurance agents are not locked into one company so they can quote policies with an assortment of companies and find you the best rates. If they find a cheaper price, your agent can just switch to a different company which is easy for the insured.
If you are comparing rate quotes, you will definitely want to get rate quotes from multiple independent agents to maximize your price options.
Listed below are independent agents in Memphis that are able to give price quote information.
Kellett Insurance Agency
4608 Quince Rd – Memphis, TN 38117 – (901) 685-3008 – View Map
Nationwide Insurance: The James Agency LLC
4778 Summer Ave Ste 1 – Memphis, TN 38122 – (901) 266-5507 – View Map
Nationwide Insurance: Tri-State Insurance Agency Inc
5545 Murray Ave Ste 107 – Memphis, TN 38119 – (901) 767-3379 – View Map
Do the work, save more money
You just learned some good ideas how to shop for BMW M2 insurance online. It’s most important to understand that the more rate quotes you have, the higher the chance of saving money. You may even discover the best car insurance rates are with an unexpected company. These companies can often insure niche markets at a lower cost than the large multi-state companies such as Allstate, GEICO and Progressive.
Cheap BMW M2 insurance in Memphis is possible both online and with local Memphis insurance agents, and you should compare price quotes from both so you have a total pricing picture. Some insurance providers may not have rates over the internet and many times these small, regional companies only sell coverage through local independent agents.
For more information, link through to the articles below:
- Credit Impacts Car Insurance Rates (State Farm)
- How Much is Memphis Car Insurance for Government Employees? (FAQ)
- Information for Teen Drivers (GEICO)
- Pickups fall short in headlight tests (Insurance Institute for Highway Safety)