The recommended way to get cheaper BMW M3 insurance in Baltimore is to regularly compare prices from insurance carriers in Maryland. Rate comparisons can be done by following these steps.
Step 1: Take a little time to learn about how insurance works and the steps you can take to keep rates down. Many things that result in higher prices such as getting speeding tickets and an unacceptable credit history can be eliminated by making lifestyle changes or driving safer.
Step 2: Request rate estimates from direct, independent, and exclusive agents. Exclusive and direct companies can only give rate quotes from a single company like GEICO or State Farm, while independent agents can provide price quotes from multiple insurance companies.
Step 3: Compare the price quotes to your current policy premium and see if you can save money. If you can save money and buy the policy, make sure coverage is continuous and does not lapse.
Step 4: Give notification to your current company of your decision to cancel your current policy and submit a signed application and payment for your new policy. Once received, keep your new proof of insurance paperwork along with the vehicle’s registration papers.
An essential thing to point out is to compare identical coverage information on each price quote and and to analyze as many different insurance providers as possible. Doing this guarantees an apples-to-apples comparison and many rates to choose from.
A recent survey discovered that most consumers in Maryland have remained with the same auto insurance company for over three years, and nearly half have never quoted rates to find lower-cost coverage. Consumers in the United States can save roughly $859 each year just by getting comparison quotes, but they feel it’s too difficult to shop their coverage around.
If you have a policy now or just want cheaper coverage, use these tips to get lower rates without reducing protection. Locating the best rates in Baltimore can be made easier if you know where to look. Vehicle owners just have to use the quickest method to get comparison quotes from multiple carriers.
How to get Baltimore BMW M3 insurance rate quotes
The companies shown below offer comparison quotes in Maryland. To find cheaper auto insurance in Baltimore, we suggest you visit as many as you can in order to get a fair rate comparison.
Auto insurance just makes sense
Despite the high cost of buying insurance for a BMW M3 in Baltimore, insurance is required for several reasons.
- The majority of states have mandatory liability insurance requirements which means state laws require a minimum amount of liability insurance coverage in order to drive the car legally. In Maryland these limits are 30/60/15 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you bought your BMW with a loan, more than likely the lender will force you to buy insurance to guarantee payment of the loan. If you do not pay your insurance premiums, the bank or lender will purchase a policy for your BMW at a significantly higher premium and make you pay a much higher amount than you were paying before.
- Auto insurance preserves both your BMW M3 and your personal assets. It will also reimburse you for hospital and medical expenses for not only you but also any passengers injured in an accident. Liability coverage will also pay attorney fees in the event you are sued. If you receive damage to your vehicle caused by a storm or accident, your auto insurance policy will pay to restore your vehicle to like-new condition.
The benefits of buying enough insurance greatly outweigh the cost, particularly when you have a large claim. As of last year, the average driver in Maryland overpays more than $865 each year so compare quotes from several companies at least once a year to ensure rates are competitive.
Rates and statistics
The coverage table shown next covers estimates of prices for BMW M3 models. Having knowledge of how prices are figured can assist in making smart policy decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $374 | $796 | $426 | $26 | $128 | $1,750 | $146 |
| M3 CI 2-Dr Coupe | $408 | $888 | $426 | $26 | $128 | $1,876 | $156 |
| M3 2-Dr Convertible | $408 | $888 | $426 | $26 | $128 | $1,876 | $156 |
| Get Your Own Custom Quote Go | |||||||
Cost estimates assume married female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Maryland minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, homeowner, and safe-driver. Rate quotes do not factor in Baltimore location which can increase or decrease premium rates noticeably.
Where to set your deductibles
The hardest decision when buying coverage is at what level do you set your deductibles. The figures shown below help summarize the rate differences when you select higher and lower physical damage deductibles. The first set of prices uses a $250 deductible for comp and collision and the second rate chart uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $434 | $812 | $406 | $24 | $122 | $1,823 | $152 |
| M3 CI 2-Dr Coupe | $476 | $906 | $406 | $24 | $122 | $1,959 | $163 |
| M3 2-Dr Convertible | $476 | $906 | $406 | $24 | $122 | $1,959 | $163 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $268 | $510 | $406 | $24 | $122 | $1,330 | $111 |
| M3 CI 2-Dr Coupe | $294 | $570 | $406 | $24 | $122 | $1,416 | $118 |
| M3 2-Dr Convertible | $294 | $570 | $406 | $24 | $122 | $1,416 | $118 |
| Get Your Own Custom Quote Go | |||||||
Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and Maryland minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, multi-vehicle, and claim-free. Rates do not factor in vehicle location which can modify prices substantially.
Based on this data, using a $250 deductible will cost you approximately $43 more each month or $516 each year averaged for all M3 models than requesting the higher $1,000 deductible. Due to the fact that you would have to pay $750 more to file a claim with a $1,000 deductible as compared to a $250 deductible, if you usually have more than 17 months between claim filings, you would come out ahead if you choose a higher deductible.
Bad driving habits will cost you more
The example below highlights how traffic violations and accidents can raise BMW M3 annual premium costs for different ages of insureds. The premiums assume a single male driver, comprehensive and collision coverage, $250 deductibles, and no other discounts are factored in.
Companies offer many types of discounts on BMW M3 insurance in Baltimore
Auto insurance is not inexpensive, but there are discounts available that you may not even know about. Certain discounts will be triggered automatically at quote time, but some must be asked for before they will apply. If they aren’t giving you every credit you deserve, you could be paying more than you need to.
- Pay Upfront and Save – By paying your entire bill at once rather than paying monthly you can avoid the installment charge.
- Baltimore Homeowners Pay Less – Owning your own home or condo can get you a discount because maintaining a house is proof of financial responsibility.
- Discount for Good Grades – A discount for being a good student may save as much as 25% on a Baltimore car insurance quote. Most companies allow this discount up to age 25.
- College Student – College-age children who are enrolled in a college that is more than 100 miles from Baltimore without a vehicle on campus can receive lower rates.
- Low Mileage – Driving less could qualify for lower premium rates due to less chance of an accident.
- First Accident Forgiveness – Not a discount per se, but some insurance companies will turn a blind eye to one accident before hitting you with a surcharge so long as you are claim-free prior to the accident.
Remember that most discounts do not apply to the overall cost of the policy. Most only apply to specific coverage prices like physical damage coverage or medical payments. Despite the fact that it seems like you could get a free auto insurance policy, that’s just not realistic.
The example below illustrates the comparison of BMW M3 car insurance rates with and without discounts applied to the policy premium. Data assumes a male driver, no claims or driving citations, Maryland 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 multi-policy, claim-free, homeowner, marriage, safe-driver, and multi-car discounts applied.
A few of the larger companies and some of their more popular discounts can be read below.
- State Farm offers discounts including student away at school, multiple autos, good student, Drive Safe & Save, and passive restraint.
- GEICO may have discounts that include anti-lock brakes, five-year accident-free, driver training, defensive driver, and air bags.
- SAFECO offers discounts for homeowner, bundle discounts, accident prevention training, anti-theft, drive less, and teen safety rewards.
- Farmers Insurance may offer discounts for teen driver, electronic funds transfer, alternative fuel, homeowner, early shopping, and bundle discounts.
- AAA offers premium reductions for pay-in-full, education and occupation, multi-policy, good driver, and multi-car.
- USAA includes discounts for loyalty savings, good student, multi-vehicle, new vehicle, and driver training.
Before you buy a policy, ask each company or agent what discounts are available to you. Depending on the company, some discounts may not be available in Baltimore. To see a list of insurance companies who offer cheap BMW M3 insurance quotes in Baltimore, follow this link.
You may need advice from an agent
Certain consumers would prefer to buy from a local agent and doing that can be a smart decision Good insurance agents can help you build your policy and help in the event of a claim. One of the great benefits of comparing auto insurance online is that you can obtain cheap auto insurance quotes and still have an agent to talk to. Putting coverage with neighborhood agents is especially important in Baltimore.
For easy comparison, once you complete this quick form, the coverage information is immediately sent to companies in Baltimore that can provide free Baltimore car insurance quotes for your auto insurance coverage. It simplifies rate comparisons since you won’t have to even leave your home since price quotes are sent immediately to you. If you have a need to compare rates for a specific company, you just need to go to their quote page and complete a quote there.
Finding the right insurance company needs to be determined by more than just the price. Before buying a policy in Baltimore, get answers to these questions.
- Do they have any clout with companies to ensure a fair claim settlement?
- Is every driver in your family covered?
- Are claim adjusters local or do you have to take your car somewhere else?
- Do they specialize in personal lines coverage in Baltimore?
- What company holds the largest book of business for them?
- What companies can they write with?
- Are they giving you every discount you deserve?
Will just any policy work for me?
When choosing coverage, there isn’t really a single plan that fits everyone. Your financial needs are unique.
For instance, these questions might help in determining if you might need an agent’s assistance.
- Is my custom paint covered by insurance?
- How much coverage applies to personal belongings?
- Are there any extra discounts I can get?
- Do I have coverage when pulling a U-Haul trailer?
- How do I buy GAP insurance?
- Am I covered by my spouse’s policy after a separation?
If it’s difficult to answer those questions, you might consider talking to a licensed agent. If you want to speak to an agent in your area, take a second and complete this form. It only takes a few minutes and may give you better protection.
A little work can save a LOT of money
People leave their current company for a variety of reasons including questionable increases in premium, high prices, delays in responding to claim requests and even not issuing a premium refund. It doesn’t matter what your reason, finding the right car insurance provider is actually quite simple.
You just learned a lot of techniques to lower your BMW M3 insurance premium rates in Baltimore. It’s most important to understand that the more rate quotes you have, the better likelihood of getting low cost Baltimore car insurance quotes. You may even find the most savings is with a company that doesn’t do a lot of advertising.
When buying insurance coverage, do not buy lower coverage limits just to save a few bucks. There are many occasions where an insured cut uninsured motorist or liability limits only to regret that it was a big error on their part. The ultimate goal is to get the best coverage possible at a price you can afford, but do not skimp to save money.
Additional information can be found at these links:
- All About Airbag Safety (State Farm)
- Who Has Cheap Car Insurance for a Honda Accord in Baltimore? (FAQ)
- Who Has Affordable Car Insurance Rates for a 20 Year Old Female in Baltimore? (FAQ)
- How Much are Baltimore Auto Insurance Rates for a Jeep Grand Cherokee? (FAQ)
- How Much are Baltimore Auto Insurance Rates for Drivers Under 25? (FAQ)
- Your Car has been Stolen: Now What? (Allstate)
- Auto Insurance Facts and Statistics (Insurance Information Institute)
- Hybrid vehicles cost insurers more (Insurance Institute for Highway Safety)