Compare BMW M3 Insurance Quotes in Philadelphia

Insurance quote for BMW M3 in PhiladelphiaAre you regretting the purchase of an under-performing, overpriced insurance policy? Believe me, you’re not alone.

Shocking but true, almost 70% of insureds in Pennsylvania kept their policy with the same company for at least the last four years, and just short of a majority have never even shopped around for cheap coverage. With the average premium in the U.S. being $1,847, drivers can cut their rates by about $859 a year by just shopping around, but most just don’t grasp how much savings they would realize if they moved their coverage to a different company. Due to the abundance of insurance companies to choose from that have cheaper insurance for a BMW M3 in Philadelphia, it can be impossible to find the best company.

The best way we recommend to compare rate quotes for BMW M3 insurance in Philadelphia is to understand most insurance companies pay for the opportunity to provide you with a free rate quote. To begin a comparison, all you need to do is spend a couple of minutes providing details including how you use your vehicles, coverage limits, your job, and if you are currently licensed. That rating information is submitted instantly to multiple companies and they provide comparison quotes almost instantly.

To start a quote now, click here and find out if lower rates are available in Philadelphia.

The companies shown below are our best choices to provide free quotes in Philadelphia, PA. If more than one company is shown, we recommend you compare several of them to get the best price comparison.

Auto insurance in Pennsylvania serves several purposes

Despite the high insurance cost for a BMW M3 in Philadelphia, auto insurance serves an important purpose.

The benefits of insuring your car definitely exceed the cost, especially for larger claims. Unknowingly, the average driver overpays as much as $820 a year so it’s very important to do a rate comparison each time the policy renews to save money.

BMW M3 insurance rates and statistics

The information shown next showcases different rate quotes for BMW M3 models. Having knowledge of how policy premiums are established is important to be able to make decisions on which coverage to buy.

BMW M3 Insurance Rates in Philadelphia, PA
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M3 4-Dr Sedan $210 $468 $428 $26 $128 $1,260 $105
M3 CI 2-Dr Coupe $228 $522 $428 $26 $128 $1,332 $111
M3 2-Dr Convertible $228 $522 $428 $26 $128 $1,332 $111
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Table data represents single female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Pennsylvania minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, safe-driver, and claim-free. Information does not factor in specific Philadelphia garaging location which can influence auto insurance rates considerably.

Where to set your deductibles

The hardest decision when buying coverage is how low should you set your deductibles. The figures shown below show the rate differences when you select higher and lower deductibles. The first rate quote example uses a $250 deductible for comp and collision and the second rate chart uses a $500 deductible.

BMW M3 insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M3 4-Dr Sedan $352 $658 $330 $20 $98 $1,483 $124
M3 CI 2-Dr Coupe $386 $734 $330 $20 $98 $1,593 $133
M3 2-Dr Convertible $386 $734 $330 $20 $98 $1,593 $133
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BMW M3 insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M3 4-Dr Sedan $286 $530 $330 $20 $98 $1,264 $105
M3 CI 2-Dr Coupe $314 $592 $330 $20 $98 $1,354 $113
M3 2-Dr Convertible $314 $592 $330 $20 $98 $1,354 $113
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Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Pennsylvania minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, multi-vehicle, and homeowner. Rates do not factor in the specific area where the vehicle is garaged which can revise premiums noticeably.

We can estimate from the data above that using a $250 deductible costs an average of $20 more each month or $240 a year than opting for the higher $500 deductible. Since you would have to pay $250 more if you file a claim with a $500 deductible as compared to a $250 deductible, if you go more than 13 months between claims, you would more than likely save some money if you decide on a higher deductible. The illustration below shows an example of how you can make this decision for your own policy.

Average monthly premium for $250 deductibles: $130
Average monthly premium for $500 deductibles (subtract): – $110
Monthly savings from raising deductible: $20
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $20
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 13 months

One important issue to know is that increasing deductibles to save money means you pay more out-of-pocket when you file a claim. You need enough disposable income in the event you have to pay the higher deductible.

Rate comparison of men versus women

The example below shows the comparison of BMW M3 car insurance costs for male and female drivers. Data assumes a clean driving record, no claims, full coverage, $250 deductibles, single status, and no policy discounts are applied.

Companies offer money-saving discounts on BMW M3 insurance in Philadelphia

Insurance is expensive, but you may find discounts to help offset the cost. Many of these discounts will be applied automatically when you complete an application, but once in a while a discount must be specifically requested before you will receive the discount. If you’re not getting every credit you qualify for, you are not getting the best rate possible.Cheaper insurance with discounts

We need to note that many deductions do not apply to your bottom line cost. Most only cut individual premiums such as liability, collision or medical payments. So even though it sounds like you can get free auto insurance, insurance companies aren’t that generous.

The information below shows the difference between BMW M3 insurance rates with and without discounts applied. The data assumes a male driver, no accidents or driving violations, Pennsylvania state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, homeowner, claim-free, marriage, multi-policy, and multi-car discounts applied.

Companies that may offer quotes with these benefits may include but are not limited to:

Double check with each company or agent which discounts they offer. A few discounts might not be offered on policies in your area.

When to get advice from a local insurance agent

Some people prefer to go talk to an agent and doing so can bring peace of mind Licensed agents can answer important questions and will help you if you have claims. An additional benefit of comparing insurance prices online is the fact that you can find cheaper rates and still choose a local agent. Supporting local agencies is still important in Philadelphia.

Insurance agents in PhiladelphiaTo help locate an agent, after submitting this short form, your insurance data is immediately sent to agents in your area that provide free Philadelphia auto insurance quotes for your business. It simplifies rate comparisons since you won’t have to even leave your home since rate quotes are delivered to your email. If you have a need to compare prices from a specific insurance provider, feel free to go to their quote page and complete a quote there.

Finding a good insurance company requires you to look at more than just a low price. These are some questions your agent should answer.

One last thing about your coverage

As you restructure your insurance plan, never skimp on coverage in order to save money. There have been many situations where drivers have reduced full coverage only to discover later that the few dollars in savings costed them thousands. Your aim should be to buy enough coverage for the lowest cost, but don’t skip important coverages to save money.

Some insurance companies may not have rates over the internet and these small insurance companies only sell coverage through independent insurance agencies. Cheap BMW M3 insurance in Philadelphia is definitely available online and from local insurance agents, so you should be comparing quotes from both to have the best chance of lowering rates.

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