Auto Insurance Quotes for a BMW M3 in Memphis

Insurance rates BMW M3 in MemphisIf you want to save money, the best way to find low-cost car insurance rates is to regularly compare prices from providers who sell auto insurance in Memphis.

The key thing to remember is to compare similar coverage information on each quote request and and to analyze every company you can. Doing this ensures an apples-to-apples comparison and a thorough selection of prices.

It’s an obvious conclusion that car insurance companies want to keep your business as long as possible. People who compare other rates will, in all likelihood, move their business because of the high probability of finding a policy with better rates. A recent car insurance study discovered that consumers who compared rates once a year saved about $865 a year compared to those who don’t regularly compare prices.

If finding the most affordable car insurance in Memphis is your goal, then understanding how to quote and compare insurance rates can help simplify the task of finding more affordable coverage.

Companies offering BMW M3 insurance in Tennessee

The following companies have been selected to offer free quotes in Memphis, TN. To buy cheap auto insurance in Memphis, TN, it’s a good idea that you click on several of them to get a more complete price comparison.

Insurance data for a BMW M3

The coverage information displayed below showcases detailed analysis of rate quotes for BMW M3 models. Learning how premiums are determined can assist in making decisions on which coverage to buy.

BMW M3 Insurance Rates in Memphis, TN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M3 4-Dr Sedan $194 $386 $272 $16 $82 $950 $79
M3 CI 2-Dr Coupe $212 $432 $272 $16 $82 $1,014 $85
M3 2-Dr Convertible $212 $432 $272 $16 $82 $1,014 $85
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Data based on married female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, multi-vehicle, and homeowner. Premium costs do not factor in Memphis location which can affect price quotes considerably.

Should you raise deductibles?

The hardest decision when buying coverage is how high should the physical damage coverage deductibles be. The rates below outline the premium difference when you select higher and lower physical damage coverage deductibles. The first set of prices uses a $100 deductible for comp and collision and the second rate table uses a $1,000 deductible.

BMW M3 insurance policy rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M3 4-Dr Sedan $344 $688 $288 $18 $86 $1,449 $121
M3 CI 2-Dr Coupe $376 $768 $288 $18 $86 $1,561 $130
M3 2-Dr Convertible $376 $768 $288 $18 $86 $1,561 $130
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BMW M3 insurance policy rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M3 4-Dr Sedan $192 $362 $288 $18 $86 $946 $79
M3 CI 2-Dr Coupe $208 $406 $288 $18 $86 $1,006 $84
M3 2-Dr Convertible $208 $406 $288 $18 $86 $1,006 $84
Get Your Own Custom Quote Go

Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, multi-vehicle, and safe-driver. Estimates do not factor in specific Memphis garaging location which can change premiums considerably.

Using the premium rates above, we can conclude that using a $100 deductible costs approximately $45 more each month or $540 each year averaged for all M3 models than selecting the higher $1,000 deductible. Since you would pay $900 more if you file a claim with a $1,000 deductible as compared to a $100 deductible, if you usually have at least 20 months between claim filings, you would come out ahead going with the higher deductible.

How to decide to raise your deductibles

Average monthly premium for $100 deductibles: $127
Average monthly premium for $1,000 deductibles (subtract): – $82
Monthly savings from raising deductible: $45
Difference between deductibles ($1,000 – $100): $900
Divide difference by monthly savings: $900 / $45
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 20 months

One thing to be aware of is that higher deductibles means you pay more out-of-pocket when you have a physical damage claim. That will necessitate some savings in the event you have to pay more to get your vehicle repaired.

Liability only or full coverage

The chart below shows the difference between BMW M3 auto insurance costs with and without physical damage coverage. The premiums assume no claims, a clean driving record, $250 deductibles, drivers are not married, and no discounts are factored in.

Are you wasting money on full coverage?

There is no definitive formula to drop comp and collision coverage, but there is a guideline you can consider. If the yearly cost of full coverage is 10% or more of any settlement you would receive from your insurance company, then it could be time to drop full coverage.

For example, let’s say your BMW M3 book value is $9,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most you would receive is $8,000 after paying your deductible. If it’s costing you more than $800 annually for comprehensive and collision coverage, then it may be the right time to buy liability only.

There are some cases where only buying liability is not financially feasible. If you still owe a portion of the original loan, you must maintain physical damage coverage as part of the loan requirements. Also, if you don’t have enough money to buy a different vehicle in the even your car is totaled, you should not consider dropping full coverage.

Do you qualify for discounts?

Some providers don’t necessarily list every discount very clearly, so the list below gives a summary of a few of the more common and the more hidden discounts you could be receiving when you buy Memphis car insurance online. If you’re not getting every credit you qualify for, you may be paying too high a price.

You can save money using discounts, but most credits do not apply to the overall cost of the policy. Some only reduce specific coverage prices like collision or personal injury protection. Just because it seems like adding up those discounts means a free policy, insurance companies aren’t that generous.

The example below shows the comparison of BMW M3 premium costs with and without discounts applied to the premium. The rates are based on a male driver, no claims or violations, Tennessee state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, homeowner, claim-free, safe-driver, multi-policy, and marriage discounts applied.

A few of the larger companies and their possible discounts include:

If you need affordable BMW M3 insurance quotes, ask every company which discounts you may be entitled to. Some discounts listed above may not apply to policyholders everywhere. To locate insurance companies who offer cheap BMW M3 insurance quotes in Memphis, click this link.

Shop online but buy locally

Many drivers just want to buy from a local agent and doing so can bring peace of mind Professional insurance agents can make sure you are properly covered and will help you if you have claims. The biggest benefit of comparing insurance prices online is that drivers can save money and get cheap car insurance quotes but still work with a licensed agent. Supporting local insurance agents is especially important in Memphis.

After filling out this simple form, your insurance coverage information is transmitted to companies in Memphis who will gladly provide quotes to get your business. It makes it easy because there is no need to do any legwork as quotes are delivered directly to you. If you want to quote rates from a specific company, just visit that company’s website and give them your coverage information.

If you want to use a reliable insurance agency, there are two different types of agents that you can choose from. Insurance agencies in Memphis are classified as either exclusive or independent (non-exclusive). Both types can sell affordable car insurance policies, but it’s important to point out the difference in the companies they write for because it may have an impact on the selection process.

Independent Agencies or Brokers

Independent agencies can quote rates with many companies and that allows them to write policies with many different companies and help determine which has the cheapest rates. If your premiums go up, an independent agent can move your coverage and you don’t have to switch agencies.

When shopping rates, it’s a good idea to get some free quotes from several independent agencies for the best price selection. Most independent agents also contract with small regional insurance companies which can save you money.

Below is a short list of independent insurance agencies in Memphis who may provide price quote information.

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Exclusive Car Insurance Agencies

Agents that choose to be exclusive have only one company to place business with such as Allstate, Farmers Insurance or State Farm. These agents are unable to shop your coverage around so keep that in mind. These agents are usually quite knowledgeable on their company’s products and that enables them to sell even at higher rates. A lot of people buy from the same agent for years mainly due to the prominence of the brand rather than low price.

Shown below are exclusive agencies in Memphis that are able to give price quotes.

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Picking the best insurance agent is decision based upon more than just the bottom line cost. A good agent in Memphis will have answers to these questions.

A little work can save a LOT of money

Consumers who switch companies do it for many reasons like high prices, denial of a claim, being labeled a high risk driver or poor customer service. No matter why you want to switch, finding the right auto insurance provider is not as difficult as it may seem.

We just covered many tips how you can reduce BMW M3 insurance rates online in Memphis. The most important thing to understand is the more times you quote, the higher the chance of saving money. You may even discover the best price on auto insurance is with a small local company.

When searching for the cheapest BMW M3 rate quotes, do not sacrifice coverage to reduce premiums. In too many instances, someone sacrificed uninsured motorist or liability limits only to discover later that the savings was not a smart move. The aim is to buy enough coverage at the lowest possible cost while not skimping on critical coverages.

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