It takes a few minutes, but the best way to find cheaper prices for BMW M3 insurance is to regularly compare price quotes from companies who sell auto insurance in Minneapolis. You can compare prices by completing these steps.
Step 1: It will benefit you to learn about how companies set rates and the modifications you can make to keep rates low. Many policy risk factors that cause high rates such as at-fault accidents and a lousy credit rating can be improved by improving your driving habits or financial responsibility.
Step 2: Request price quotes from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only give prices from one company like Progressive and State Farm, while independent agents can quote prices from multiple sources.
Step 3: Compare the new rate quotes to your current policy to see if you can save by switching companies. If you find better rates, verify that coverage does not lapse between policies.
A good tip to remember is to make sure you’re comparing identical coverage information on each price quote and and to look at as many car insurance companies as possible. Doing this guarantees a fair price comparison and a complete rate analysis.
It’s astonishing, but the vast majority of consumers kept buying from the same company for at least the last four years, and 38% of customers have never compared rate quotes at all. Many drivers in Minneapolis can cut their rates by roughly $1,040 a year just by shopping around, but most just don’t grasp the amount of money they would save if they replace their high priced policy.
The quickest method we recommend to compare car insurance company rates for BMW M3 insurance in Minneapolis is to understand almost all companies allow for online access to compare their rates. The one thing you need to do is give the companies some data such as whether you are single or married, what you do for a living, if the car is leased, and the ages of drivers. The data is instantly provided to many highly-rated insurers and they return rate quotes within a short period of time.
If you would like to start a quote now, click here and find out if you can get cheaper insurance in Minneapolis.
The companies in the list below offer free quotes in Minnesota. If you wish to find the cheapest auto insurance in MN, we suggest you get rates from several of them to get the best price comparison.
Discounts mean cheaper rates for BMW M3 insurance in Minneapolis
Some insurance providers don’t list every discount they offer very well, so the below list has both the well known and also the more inconspicuous savings tricks you should be using when you buy Minneapolis auto insurance online.
- Professional Memberships – Affiliation with a professional or civic organization can get you a small discount when getting a Minneapolis auto insurance quote.
- Anti-theft Discount – Cars that have factory anti-theft systems are stolen less frequently and earn discounts up to 10% off your Minneapolis auto insurance quote.
- Defensive Driving Course – Taking time to complete a defensive driver class can save you 5% or more depending on where you live.
- Multiple Policy Discount – When you combine your homeowners and auto insurance with one company you may save at least 10 to 15 percent or more.
- Service Members Pay Less – Being on active deployment in the military could qualify you for better prices.
- ABS Brakes – Cars that have steering control and anti-lock brakes prevent accidents so companies give up to a 10% discount.
- Passive Restraints – Options like air bags and/or automatic seat belt systems can get savings of more than 20%.
- Own a Home and Save – Simply owning a home can earn you a little savings because it requires personal responsibility.
- New Vehicle Savings – Buying a new car model can save you some money compared to insuring an older model.
It’s important to note that most discounts do not apply to your bottom line cost. Some only reduce the price of certain insurance coverages like physical damage coverage or medical payments. So when the math indicates it’s possible to get free car insurance, it’s just not the way it works. Any qualifying discounts will help lower your policy premiums.
The illustration below compares BMW M3 car insurance rates with and without discounts. The price estimates are based on a female driver, no accidents, no driving violations, Minnesota state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, multi-car, multi-policy, marriage, homeowner, and claim-free discounts applied.
A partial list of companies that may have these benefits include:
If you need lower rates, check with all the companies to apply every possible discount. Some discounts might not be offered in Minneapolis. To see a list of insurance companies who offer discounts in Minnesota, click this link.
Facts and figures for BMW M3 insurance
The rate table displayed next outlines detailed analysis of insurance policy prices for BMW M3 models. Learning as much as possible about how prices are calculated is important for drivers to make decisions on which coverage to buy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $252 | $470 | $326 | $20 | $98 | $1,166 | $97 |
| M3 CI 2-Dr Coupe | $274 | $524 | $326 | $20 | $98 | $1,242 | $104 |
| M3 2-Dr Convertible | $274 | $524 | $326 | $20 | $98 | $1,242 | $104 |
| Get Your Own Custom Quote Go | |||||||
Data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Minnesota minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-vehicle, and multi-policy. Price estimates do not factor in your specific Minneapolis location which can affect prices greatly.
Deductible analysis
A question often asked by Minneapolis drivers is where to set your physical damage deductibles. The following insurance rates sum up the rate differences when you select higher and lower deductibles. The first rate quote example uses a $100 deductible and the second set of prices uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $378 | $756 | $318 | $18 | $94 | $1,589 | $132 |
| M3 CI 2-Dr Coupe | $414 | $844 | $318 | $18 | $94 | $1,713 | $143 |
| M3 2-Dr Convertible | $414 | $844 | $318 | $18 | $94 | $1,713 | $143 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $276 | $512 | $318 | $18 | $94 | $1,218 | $102 |
| M3 CI 2-Dr Coupe | $302 | $570 | $318 | $18 | $94 | $1,302 | $109 |
| M3 2-Dr Convertible | $302 | $570 | $318 | $18 | $94 | $1,302 | $109 |
| Get Your Own Custom Quote Go | |||||||
Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Minnesota minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, safe-driver, and claim-free. Table data does not factor in garaging location in Minneapolis which can change coverage rates substantially.
Using the premium rates above, we can conclude that using a $100 deductible could cost the average driver approximately $32 more each month or $384 a year than choosing the higher $500 deductible. Because you would pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you tend to go more than 13 months between claims, you would save more money if you elect the higher deductible.
Accidents and violations increase rates
The diagram below shows how traffic citations and at-fault claims raise BMW M3 insurance prices for different age groups of insureds. The data is based on a married female driver, comp and collision included, $100 deductibles, and no discounts are taken into consideration.
Difference between liability only and full coverage rates
The diagram below illustrates the difference between BMW M3 insurance costs with full physical damage coverage compared to only buying liability only. The data assumes no claims or driving citations, $250 deductibles, single status, and no policy discounts are applied.
When to eliminate full coverage
There is no definitive rule that is best for determining when to drop comp and collision coverage, but there is a general school of thought. If the annual cost of your full coverage insurance is more than 10% of replacement cost minus your deductible, then you might want to think about dropping full coverage.
For example, let’s pretend your BMW M3 book value is $6,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $5,000 after paying your policy deductible. If premium cost is more than $500 annually for full coverage, then you might want to think about dropping full coverage.
There are some circumstances where eliminating full coverage is not advised. If you haven’t satisfied your loan, you have to maintain full coverage in order to prevent your loan from defaulting. Also, if you can’t afford to buy a different vehicle if your current one is damaged, you should not eliminate full coverage.
When do I need to have guidance from an insurance agency?
Certain consumers would rather get advice from a local agent and doing so can bring peace of mind The biggest benefit of comparing insurance prices online is that you can find lower rates and still have a local agent.
To make it easy to find an agent, after completing this form (opens in new window), your information is instantly submitted to insurance agents in Minneapolis that can provide free Minneapolis auto insurance quotes for your insurance coverage. It’s much easier because you don’t need to find an agent on your own because prices are sent to you directly. You can get cheaper auto insurance rates without the usual hassles of price shopping. If for some reason you want to get a comparison quote from a specific insurance company, feel free to find their quoting web page and complete a quote there.
Picking an provider is decision based upon more than just a low price. Any agent in Minneapolis should be forthright in answering these questions:
- Do they feel the quoted coverages are adequate?
- How long has their agency been in business in Minneapolis?
- Will one accident increase rates?
- Which family members are covered?
- How much will you save each year by using a higher deductible?
If you want to use an insurance agent, it’s important to understand the different types of agencies and how they differ in how they can insure your vehicles. Auto insurance policy providers are classified as either independent or exclusive.
Exclusive Agencies
These type of agents can only quote rates from one company and examples are Farmers Insurance and State Farm. Exclusive agents cannot place coverage with different providers so keep that in mind. Exclusive insurance agents are very knowledgeable on what they offer which helps them sell insurance even at higher premiums.
Listed below is a short list of exclusive insurance agents in Minneapolis that can give you rate quotes.
Allstate Insurance: Charles Fritz
2213 Johnson St NE – Minneapolis, MN 55418 – (612) 788-6279 – View Map
John Arens – State Farm Insurance Agent
3259 Johnson St NE – Minneapolis, MN 55418 – (612) 781-3454 – View Map
American Family Insurance – Katie Bard
5459 Nicollet Ave – Minneapolis, MN 55419 – (612) 345-7900 – View Map
Independent Auto Insurance Agencies
Independent agents are appointed with more than one company so they have the ability to put coverage with an assortment of companies and find you cheaper rates. If you want to switch companies, your agent can just switch to a different company and the insured can keep the same agent. If you are comparing rate quotes, you should always check rates from independent agents to have the best price comparison.
Shown below is a short list of independent insurance agencies in Minneapolis who can help you get rate quotes.
Moreno Agency – Innovative Insurance
4748 Chicago Ave #2 – Minneapolis, MN 55407 – (612) 584-0077 – View Map
RJF Agencies, Inc.
7225 Northland Dr N #300 – Minneapolis, MN 55428 – (763) 746-8000 – View Map
Semlak Miernicki Insurance Agency
2657 Dupont Ave S – Minneapolis, MN 55408 – (612) 208-0873 – View Map
How much car insurance do I need?
When quoting and comparing your policy, there really is no cookie cutter policy. Each situation is unique.
For example, these questions may help highlight if your insurance needs will benefit from professional help.
- Am I covered when pulling a rental trailer?
- Do I need motorclub coverage?
- What are good deductibles for a BMW M3?
- Is my custom stereo system covered?
- Should I sign the liability waiver when renting a car?
- What is the premium to book value ratio for dropping full coverage?
- Do all my vehicles need collision coverage?
- Will my insurance pay for OEM parts?
- Am I covered while delivering pizza?
If you’re not sure about those questions then you might want to talk to an insurance agent. To find lower rates from a local agent, fill out this quick form.
Smart Buyers Know How to Get Car Insurance at a Discount
Many things are taken into consideration when you get your auto insurance bill. Some are obvious like a motor vehicle report, but some are not as apparent such as your marital status or how financially stable you are. When buying car insurance it’s important to understand the factors that aid in calculating the rates you pay for car insurance. If you know what determines base rates, this empowers consumers to make smart changes that can earn you better car insurance rates.
The factors shown below are a few of the things used by companies to determine premiums.
Higher premiums for specific jobs – Did you know your car insurance rates can be affected by your occupation? Jobs such as military personnel, executives, and accountants generally pay higher rates than the rest of us attributed to job stress and extremely grueling work hours. Other careers like professors, students and the unemployed have lower than average premiums.
Better car insurance rates on cars with good safety ratings – Safe vehicles cost less to insure. Safer cars reduce the chance of injuries and fewer injuries translates directly to fewer claims and cheaper rates on your policy.
Rates also based on gender – The statistics show that females tend to be a little less risky than males. However, don’t assume that men are worse drivers. Women and men cause fender benders at about the same rate, but men have accidents that have higher claims. Men also statistically get higher numbers of serious violations such as driving while intoxicated (DWI) or driving recklessly.
The information below illustrates the difference between BMW M3 car insurance rates for male and female drivers. The data assumes a clean driving record, no at-fault accidents, full coverage, $500 deductibles, single marital status, and no additional discounts are factored in.
Gaps in coverage mean higher premiums – Driving without insurance coverage in place is a big no-no and your next policy will cost more because you let your coverage have a gap. Not only will you pay more, not being able to provide proof of insurance could result in a steep fine or even jail time. You may need to submit proof of financial responsibility or a SR-22 with the Minnesota motor vehicle department.
Insurance loss data for BMW M3 vehicles – Insurers use claims history when they set coverage costs for each model. Models that the data determines to have a higher amount or frequency of claims will have a higher cost to insure. The next table illustrates the insurance loss data for BMW M3 vehicles.
For each type of coverage, the claim amount for all vehicles as a whole is equal to 100. Values under 100 suggest a better than average loss history, while values that are 100 or greater indicate more frequent losses or a tendency for claims to be larger.
| Vehicle Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| BMW M3 4dr | 302 | 186 |
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Protect your BMW vehicle and other assets
Even though Minneapolis M3 insurance rates can get expensive, car insurance is required in Minnesota but also provides important benefits.
First, most states have minimum mandated liability insurance limits which means it is punishable by state law to not carry a specific minimum amount of liability coverage if you want to drive legally. In Minnesota these limits are 30/60/10 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
Second, if you have a lien on your vehicle, almost every bank will require that you carry insurance to guarantee their interest in the vehicle. If you do not pay your insurance premiums, the lender will be forced to insure your BMW at a much higher premium rate and require you to pay the higher premium.
Third, insurance safeguards both your vehicle and your personal assets. Insurance will also pay for hospital and medical expenses for not only you but also any passengers injured in an accident. One policy coverage, liability insurance, will also pay for a defense attorney if you are sued as the result of an accident. If your vehicle suffers damage from an accident or hail, comprehensive and collision coverage will pay all costs to repair after the deductible has been paid.
The benefits of having car insurance outweigh the cost, especially for larger claims. But the average driver in Minnesota overpays as much as $825 a year so you should quote and compare rates every year to ensure rates are inline.
Cheaper auto insurance premiums are out there
Low-cost BMW M3 insurance in Minneapolis is possible both online as well as from insurance agents, so you should be comparing quotes from both to have the best chance of lowering rates. Some auto insurance companies may not offer price quotes online and many times these smaller companies provide coverage only through local independent agencies.
As you go through the steps to switch your coverage, it’s not a good idea to skimp on critical coverages to save a buck or two. There are a lot of situations where someone dropped comprehensive coverage or liability limits only to find out that it was a big mistake. The ultimate goal is to purchase a proper amount of coverage at the best price, but do not sacrifice coverage to save money.
Drivers leave their current company for many reasons like poor customer service, being labeled a high risk driver, high rates after DUI convictions and even questionable increases in premium. No matter why you want to switch, choosing a new insurance company is pretty easy and you might even save some money in the process.
Additional detailed information is located in the articles below:
- Car Insurance FAQ (Trusted Choice)
- What Auto Insurance is Cheapest for Drivers with a DUI in Minneapolis? (FAQ)
- How Much is Minneapolis Car Insurance for 4×4 Vehicles? (FAQ)
- Who Has Cheap Auto Insurance Rates for a Chevrolet Equinox in Minneapolis? (FAQ)
- What Insurance is Cheapest for Single Moms in Minneapolis? (FAQ)
- Drunk Driving Statistics (Insurance Information Institute)
- Car Insurance: When not to Skimp (BankRate.com)
- Your Car has been Stolen: Now What? (Allstate)
- Help Your Teen Be a Better Driver (State Farm)