How many years has it been since you compared lower-priced BMW M2 insurance in Philadelphia? Baffled by the crazy number of insurance sources in your area? There are such a vast assortment of sources available that it can easily become a real difficult job to find the lowest price for BMW M2 insurance in Philadelphia. Everyone knows Philadelphia is an excellent city in which to live, but expensive insurance rates can make it hard to affordably buy enough coverage.
We don’t have to tell you that insurance companies don’t want policyholders to compare prices from other companies. Insureds who compare rates once a year will probably move their business because they stand a good chance of getting low-cost coverage. A recent insurance study revealed that drivers who shopped around saved on average $865 a year as compared to drivers who never shopped around for better prices.
If finding the lowest rates on BMW M2 insurance is your target objective, learning how to quote prices and compare insurance coverage can make the process more efficient.
Many insurance companies make it easy to get coverage price quotes from their websites. Getting BMW M2 insurance prices online is fairly simple because you just enter your coverage preferences on the page. Once entered, their rating system will order reports for credit and driving violations and returns a price based on these factors.
Getting online quotes for BMW M2 insurance in Philadelphia makes comparing rates easy, and it is imperative to do this if you are searching for a better rate.
In order to compare rates using this form now, take a look at the companies shown below. If you have a policy now, it’s recommended you complete the form with deductibles and limits as close as possible to your current policy. This way, you will have rate comparison quotes using the exact same coverages.
The companies in the list below can provide free quotes in Philadelphia, PA. If several companies are displayed, it’s a good idea that you click on several of them to get the best price comparison.
Three reasons insurance is important
Even though it can be expensive, insuring your vehicle is a good idea for several reasons.
- Most states have minimum mandated liability insurance limits which means you are required to buy specific limits of liability insurance if you don’t want to risk a ticket. In Pennsylvania these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.
- If your vehicle has a loan, almost all lenders will make it mandatory that you have physical damage coverage to protect their interest in the vehicle. If coverage lapses or is canceled, the bank may insure your BMW at a significantly higher premium and make you pay for it.
- Insurance protects your BMW and your assets. It will also provide coverage for most medical and hospital costs for you, any passengers, and anyone injured in an accident. Liability coverage also pays for attorney fees and expenses if you are named as a defendant in an auto accident. If your car is damaged in a storm or accident, collision and comprehensive coverages will pay all costs to repair after the deductible has been paid.
The benefits of having insurance more than cancel out the cost, particularly for liability claims. Today the average American driver is currently overpaying as much as $700 annually so smart consumers compare quotes at every policy renewal to ensure rates are inline.
How do Car Insurance Companies Determine BMW M2 Insurance Premiums?
Multiple criteria are part of the equation when quoting car insurance. A few of the factors are predictable such as your driving history, but others are more transparent such as whether you are married or your vehicle rating. Smart consumers have a good feel for the factors that are used to determine your auto insurance rates. When you know what positively or negatively determines premiums, this enables you to make decisions that can help you get lower premium levels.
The items below are some of the most common factors companies use to determine prices.
Fewer miles means better prices – The higher the mileage driven each year the more you will pay for auto insurance. Most companies calculate rates based upon how much you drive. Vehicles that are left in the garage get more affordable rates than vehicles that are driven to work every day. It’s always a good idea to double check that your auto insurance coverage shows how each vehicle is driven, because improper ratings can cost you money. Incorrect rating for your M2 may be costing you higher rates.
Tickets increase premiums – Drivers who don’t get tickets receive lower rates as compared to careless drivers. Even one ticket can increase rates by as much as twenty percent. Drivers who have license-revoking violations such as DWI, reckless driving or hit and run convictions may be required to maintain a SR-22 with their state’s licensing department in order to continue driving.
Higher rates for high stress vocations – Do you have a high-stress occupation? Occupational choices like military personnel, social workers, and medical professionals tend to have higher average rates in part from high stress levels and lots of time spent away from family. Conversely, jobs like farmers, athletes and homemakers receive lower rates.
Better prices with anti-theft devices – Purchasing a vehicle with a theft deterrent system can help lower your rates. Theft prevention devices such as OnStar, LoJack tracking, and tamper alarms all hinder auto theft.
Loss statistics for a BMW M2 – Car insurance companies use data from past claims to calculate a price that offsets possible losses. Models that are shown to have a higher amount or frequency of claims will have higher rates.
The table below outlines the insurance loss data for BMW M2 vehicles. For each insurance policy coverage type, the statistical loss for all vehicles, regardless of make or model, is considered to be 100. Values that are below 100 indicate a favorable loss history, while percentages above 100 show a trend for more claims or a tendency for losses to be larger than average.
|Specific BMW Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|BMW M235 i 2dr||155||277|
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Discounts for lower-cost car insurance rates
Not many people think insurance is cheap, but there’s a good chance there are discounts that many people don’t even know exist. Larger premium reductions will be automatically applied when you get a quote, but a few need to be asked for prior to receiving the credit.
- Life Insurance – If the company offers life insurance, you could get a discount if you purchase a life policy as well.
- No Accidents – Philadelphia drivers who stay claim-free get the best car insurance rates as opposed to bad drivers.
- Buy New and Save – Putting insurance coverage on a new M2 can cost up to 25% less compared to insuring an older model.
- Discount for Home Ownership – Just owning your own home may earn you a small savings because it shows financial diligence.
- Student Discount for Driver Training – Have your child successfully complete driver’s ed class if it’s offered in school.
- Discounts for Responsible Drivers – Safe drivers can pay as much as 50% less than drivers with accidents.
- ABS and Traction Control Discounts – Anti-lock brake equipped vehicles prevent accidents so companies give up to a 10% discount.
One last thing about discounts, most credits do not apply to the overall cost of the policy. Most only cut individual premiums such as medical payments or collision. Even though it may seem like it’s possible to get free car insurance, insurance companies wouldn’t stay in business.
Large car insurance companies and a partial list of their discounts are detailed below.
- State Farm offers premium reductions for multiple autos, passive restraint, good driver, defensive driving training, anti-theft, and Steer Clear safe driver discount.
- Farmers Insurance may include discounts for homeowner, pay in full, teen driver, multi-car, and business and professional.
- Progressive may have discounts that include online quote discount, online signing, multi-policy, multi-vehicle, good student, homeowner, and continuous coverage.
- GEICO offers discounts for driver training, defensive driver, emergency military deployment, daytime running lights, five-year accident-free, anti-theft, and multi-vehicle.
- Auto-Owners Insurance has discounts for air bags, anti-theft, anti-lock brakes, paperless, mature driver, paid in full, and safe vehicle.
- The Hartford policyholders can earn discounts including bundle, defensive driver, good student, air bag, vehicle fuel type, and anti-theft.
- Farm Bureau discounts include good student, multi-vehicle, driver training, 55 and retired, safe driver, and youthful driver.
- USAA has savings for new vehicle, multi-policy, good student, annual mileage, family discount, and multi-vehicle.
If you are trying to find inexpensive Philadelphia auto insurance quotes, ask each company or agent which discounts they offer. Savings may not be available in every state. If you would like to view providers that offer many of these discounts in Pennsylvania, click here.
When selecting adequate coverage for your vehicles, there isn’t really a cookie cutter policy. Everyone’s needs are different.
These are some specific questions might point out whether your personal situation would benefit from an agent’s advice.
- Who is covered when they drive my BMW M2?
- Am I covered when renting a car or should I buy coverage from the car rental agency?
- Is rental equipment covered for theft or damage?
- How much liability insurance is required?
- Can good grades get a discount?
- What is covered by UM/UIM coverage?
- Why am I required to buy liability insurance?
If it’s difficult to answer those questions, you may need to chat with a licensed insurance agent. To find an agent in your area, fill out this quick form.
When should I get advice from an insurance agent?
A small number of people still prefer to sit down and talk to an agent and that is a smart decision One of the great benefits of getting free rate quotes online is you may find lower rates and also buy local. Buying from local agencies is definitely important in Philadelphia.
For easy comparison, once you complete this form (opens in new window), your insurance coverage information is submitted to companies in Philadelphia that give free quotes to get your business. You won’t even need to search for any insurance agencies because quoted prices will be sent to you. You can most likely find cheaper rates without requiring a lot of work. If you have a need to get a rate quote from a particular provider, don’t hesitate to search and find their rate quote page and submit a quote form there.
When searching for a reliable agent, it’s helpful to know the types of agencies and how they can service your needs differently. Insurance agencies in Philadelphia can be described as either exclusive or independent (non-exclusive).
Independent Auto Insurance Agents (or Brokers)
These agents are not required to write business for one company and that is an advantage because they can write policies with multiple insurance companies and get the cheapest rates. If they find a lower price, your policy is moved internally which requires no work on your part. If you need lower rates, you will want to get quotes from at least one independent agent to have the most options to choose from. Most also have access to mutual insurance companies who may have lower rates.
Below are independent insurance agencies in Philadelphia who may be able to give you price quotes.
- Savage Insurance Agency LLC
300 W Cheltenham Ave – Philadelphia, PA 19126 – (215) 224-4890 – View Map
- Martin Insurance
5700 Delancey St – Philadelphia, PA 19143 – (215) 471-6860 – View Map
- Kowalewski Jawork Insurance Agency Inc
706 S 5th St – Philadelphia, PA 19147 – (215) 922-1222 – View Map
Agents that choose to be exclusive generally can only insure with one company such as Farmers Insurance, Allstate, or State Farm. They usually cannot shop your coverage around so they have no alternatives for high prices. Exclusive agents are well trained on their company’s products which can be an advantage. Consumers sometimes buy from exclusive agents mostly because of the prominent brand name and strong financial ratings.
Listed below are Philadelphia exclusive insurance agencies that can give you rate quotes.
- Brian Madalion – State Farm Insurance Agent
7208 Ogontz Ave – Philadelphia, PA 19138 – (215) 549-4900 – View Map
- Jerry Gregory – State Farm Insurance Agent
2999 Welsh Rd – Philadelphia, PA 19152 – (215) 338-3313 – View Map
- Mike Hickey – State Farm Insurance Agent
86 Bethlehem Pike – Philadelphia, PA 19118 – (215) 753-1501 – View Map
Choosing an insurance agent should include more criteria than just the bottom line cost. Any agent in Philadelphia should have no problem answering these questions:
- Are there any hidden costs in their price quote and does it include driving and credit history?
- Do they assist clients in filing claims?
- Do they see any coverage gaps in your plan?
- Do they get paid more for recommending certain coverages?
- How often do they review coverages?
Upon receiving positive feedback to any questions you have in addition to an acceptable price estimate, chances are good that you have found an insurance agency that is professional and can provide auto insurance coverage. Just be aware that you have the power to cancel coverage whenever you choose to so don’t assume you’re contractually obligated to the auto insurance policy indefinitely.
Quote. Compare. Save.
Drivers leave their current company for many reasons like an unsatisfactory settlement offer, extreme rates for teen drivers, high prices or even not issuing a premium refund. It doesn’t matter what your reason, finding a new insurance company can be less work than you think.
Lower-priced BMW M2 insurance in Philadelphia can be bought on the web and from local insurance agents, so you need to quote Philadelphia auto insurance with both to have the best selection. Some insurance companies may not provide internet price quotes and usually these regional carriers only sell coverage through independent insurance agencies.
We just presented some good ideas how you can find affordable BMW M2 insurance in Philadelphia. The most important thing to understand is the more quotes you get, the higher the chance of saving money. Consumers may even find the lowest prices are with a lesser-known regional company.
Even more information can be found at these sites:
- Pickups fall short in headlight tests (Insurance Institute for Highway Safety)
- What Auto Insurance is Cheapest for a Toyota Corolla in Philadelphia? (FAQ)
- How Much are Philadelphia Auto Insurance Rates for a Nissan Altima? (FAQ)
- What Car Insurance is Cheapest for a Chevrolet Traverse in Philadelphia? (FAQ)
- Who Has the Cheapest Philadelphia Auto Insurance Quotes for a Ford Edge? (FAQ)
- Credit Impacts Car Insurance Rates (State Farm)
- Honda warning system reduces insurance claims (Insurance Institute for Highway Safety)
- Keeping Children Safe in Crashes Video (iihs.org)