How many times have you said it’s time to compare low-cost BMW M3 insurance in Austin? Purchasing more affordable Austin BMW M3 insurance quotes can appear to be challenging for drivers that are not comfortable with quoting and price shopping on the internet. With a ridiculous number of companies competing online, how can drivers have the ability to compare every company in order to find better car insurance prices?
Shocking but true, the vast majority of consumers in Texas have been with the same company for over three years, and virtually 40% of consumers have never shopped around. Drivers in the United States could save 47% a year just by comparing rates, but they underestimate how much they could save if they just switched companies.
The goal of this article is to teach you the best way to quote coverages and some money-saving tips. If you currently have auto insurance, you should be able to reduce the price you pay using these tips. Although Texas car owners benefit from understanding how big insurance companies sell online because rates fluctuate considerably.
When price shopping your coverage, comparing a large number of companies provides better odds of finding better pricing. Not every company does price estimates online, so you should also compare prices from them, too.
The auto insurance companies shown below are ready to provide free quotes in Texas. If multiple providers are shown, it’s highly recommended you visit several of them in order to find the lowest rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $216 | $470 | $430 | $26 | $128 | $1,270 | $106 |
| M3 CI 2-Dr Coupe | $508 | $850 | $500 | $30 | $150 | $2,038 | $170 |
| M3 2-Dr Convertible | $384 | $876 | $430 | $26 | $128 | $1,844 | $154 |
| Get Your Own Custom Quote Go | |||||||
Table data represents single male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Texas minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, claim-free, and homeowner. Price information does not factor in zip code location which can decrease or increase coverage prices significantly.
An analysis of deductible level
The information below shows how choosing a deductible and can influence BMW M3 premium costs for different age groups. The data is based on a married male driver, comprehensive and collision coverage, and no other discounts are factored in.
Bad driving habits will cost you more
The diagram below highlights how traffic violations and at-fault fender-benders increase BMW M3 insurance costs for each age group. The rates are based on a married male driver, comprehensive and collision coverage, $100 deductibles, and no discounts are taken into consideration.
Can higher deductibles save money?
One frequently asked question is at what level do you set your deductibles. The following insurance rates can help you visualize how much more rates are when you choose different comp and collision deductibles. The first set of rates uses a $100 physical damage deductible and the second data table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $454 | $908 | $382 | $22 | $114 | $1,905 | $159 |
| M3 CI 2-Dr Coupe | $496 | $1014 | $382 | $22 | $114 | $2,053 | $171 |
| M3 2-Dr Convertible | $496 | $1014 | $382 | $22 | $114 | $2,053 | $171 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $332 | $614 | $382 | $22 | $114 | $1,464 | $122 |
| M3 CI 2-Dr Coupe | $362 | $686 | $382 | $22 | $114 | $1,566 | $131 |
| M3 2-Dr Convertible | $362 | $686 | $382 | $22 | $114 | $1,566 | $131 |
| Get Your Own Custom Quote Go | |||||||
Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, homeowner, and safe-driver. Rates do not factor in specific zip code location which can lower or raise coverage prices substantially.
Based on this data, we can arrive at the conclusion that using a $100 deductible costs an average of $39 more each month or $468 every year than selecting the higher $500 deductible. Since you would have to pay $400 more out-of-pocket with a $500 deductible as compared to a $100 deductible, if you average more than 10 months between claims, you would save money if you choose a higher deductible.
Take policy discounts and save on BMW M3 insurance in Austin
Some providers don’t necessarily list all available discounts very clearly, so the next list breaks down both well-publicized and the more hidden credits available to you.
- Theft Deterrent – Anti-theft and alarm system equipped vehicles can help prevent theft so companies will give you a small discount.
- Home Ownership Discount – Owning a home in Austin can earn you a little savings because it shows financial diligence.
- Claim-Free Discount – Claim-free drivers pay much less as compared to drivers with a long claim history.
- Accident Forgiveness Coverage – Not necessarily a discount, but some companies like GEICO and Liberty Mutual may permit one accident before your rates go up if you have no claims before the accident.
- Discount for Low Mileage – Maintaining low annual mileage could be rewarded with slightly better insurance rates than normal.
- Sign Early and Save – A few larger companies offer discounts for buying a new policy before your current coverage expires. You may see this discount when you get Austin auto insurance quotes online.
- Multi-line Discount – Some insurance companies give better insurance rates if you take out life insurance from them.
- Online Discount – A few larger online companies will give you a small discount simply for signing on the web.
- Good Grades Discount – Getting good grades can earn a discount of 20% or more. You can use this discount normally well after school through age 25.
One thing to note about discounts is that most discounts do not apply to the overall cost of the policy. A few only apply to individual premiums such as comprehensive or collision. So even though you would think you could get a free insurance policy, it doesn’t quite work that way. Any amount of discount will positively reduce your policy premiums.
A partial list of companies that may have most of the discounts above include:
Check with each company or agent which discounts they offer. A few discounts might not apply in Austin. If you would like to choose from a list of insurance companies that have a full spectrum of discounts in Austin, click here.
Local Austin insurance agents
Some people just want to talk to a local agent and doing so can bring peace of mind An additional benefit of comparing rate quotes online is you may find lower rates but still work with a licensed agent. And buying from local agents is important particularly in Austin.
To help locate an agent, after submitting this short form, your insurance coverage information is emailed to agents in your area who will return price quotes for your insurance coverage. There is no reason to visit any agencies as quotes are delivered directly to you. You’ll get the best rates without the usual hassles of price shopping. If you need to get a price quote from a specific insurance company, you would need to find their quoting web page and give them your coverage information.
Best car insurance agent in Austin
If you are searching for a good Austin insurance agent, it’s helpful to know the different types of agencies that you can choose from. Auto insurance policy providers can either be independent (non-exclusive) or exclusive.
Independent Agencies or Brokers
Agents that choose to be independent are not limited to a single company and that allows them to write policies through many companies and find you the best rates. If they find a lower price, your policy is moved internally and that require little work on your part. When searching for an agent, we recommend you include rate quotes from independent agents to have the most options to choose from. Most also write with lesser-known insurance companies which can save you money.
Listed below is a short list of independent agencies in Austin that may be able to give price quote information.
- Lezam Insurance
4301 W. William Cannon Dr., Ste. B-120 – Austin, TX 78749 – (512) 263-4333 – View Map - Stuart Butts Agency Nationwide – Lezam insurance
700 Rio Grande St c – Austin, TX 78701 – (512) 837-5000 – View Map - EZ Insurance Agency
343 S Congress Ave – Austin, TX 78704 – (512) 444-3279 – View Map
Exclusive Auto Insurance Agencies
These agents write business for a single company and some examples include State Farm, Allstate and AAA. Exclusive agents are unable to give you multiple price quotes so they have no alternatives for high prices. Exclusive agents are trained well on what they offer which helps them sell insurance even at higher premiums. A lot of people use the same exclusive agent primarily because of loyalty to the company and the convenience of having a single billing for all their coverages.
The following are Austin exclusive agents that can give you price quotes.
- Allstate Insurance: Fleming and Conway Agency
3435 Greystone Dr Ste 107 – Austin, TX 78731 – (512) 345-0005 – View Map - Allstate Insurance: Amanda Escobar
8700 Manchaca Rd #405 – Austin, TX 78748 – (512) 280-9700 – View Map - Richard Munoz – State Farm Insurance Agent
5446 W US Hwy 290 Service Rd #104 – Austin, TX 78735 – (512) 892-3527 – View Map
Finding the right insurance agent should depend on more than just a cheap quote. The answers to these questions are important, too.
- Can they help ensure a fair claim settlement?
- Are they actively involved in the community?
- Does the agent have a valid license to sell insurance in Texas?
- Where are claims handled?
- How does the company pay claims for a total loss?
- What insurance companies do they recommend if they are an independent agent?
- Will the quote change when the policy is issued?
- Which companies can they place coverage with?
Lower Your Austin Insurance Rates
Lots of things are part of the calculation when premium rates are determined. Some are pretty understandable like a motor vehicle report, but others are less obvious such as whether you are married and annual miles driven.
The items below are just a few of the factors used by your company to calculate your rates.
- Where you live plays a part – Choosing to live in smaller towns and rural areas of the country is a positive aspect when trying to find low car insurance rates. People who live in big cities tend to have more auto accidents and more time behind the wheel. Fewer drivers translates into fewer accidents in addition to lower liability claims
- Women tend to cost less – Statistics have proven that men are more aggressive behind the wheel. However, this does not mean men are WORSE drivers than women. Men and women get in accidents at about the same rate, but men get into accidents with more damage. Men also statistically receive more major tickets such as DWI and reckless driving.
- Cars with good safety ratings cost less to insure – Cars with high safety ratings tend to have lower insurance rates. Safer cars result in less severe injuries and reduced instances of injuries means less claims paid passed on to you as lower rates.
- What are your comp and collision deductibles? – Physical damage insurance, termed comprehensive and collision coverage on your policy, covers damage that occurs to your BMW. Some examples of covered claims could be a windshield shattered by a rock, vandalism, and windstorm damage. Physical damage deductibles state the amount of money you are willing to pay in the event of a claim. The more money you choose to pay out-of-pocket, the bigger discount you will receive.
- The type of car makes a difference – The performance of the car, truck or SUV you drive makes a substantial difference in your premium level. The lowest rates are for smaller low performance passenger cars, but there are many factors that impact the final cost. Since the BMW M3 is considered a luxury sports car, insuring your vehicle will cost up to twice as much when compared to the average rates in Austin.
- BMW M3 insurance loss statistics – Insurers take into consideration insurance loss statistics for every vehicle when they file their rates in each state. Vehicles that the data determines to have higher loss trends will cost more to insure.
The data below shows the actual insurance loss data for BMW M3 vehicles. For each type of coverage, the statistical loss for all vehicles, as an average, is a value of 100. Values that are below 100 represent a good loss history, while values over 100 point to more claims or statistically larger losses.
Auto Insurance Loss Data for BMW M3 Models
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury BMW M3 4dr 302 186 Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Protect your M3 and other assets
Even though Austin M3 insurance rates can get expensive, maintaining insurance may be required for several reasons.
- Almost all states have minimum liability requirements which means you are required to carry specific limits of liability insurance coverage if you don’t want to risk a ticket. In Texas these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If you have a loan on your M3, most banks will stipulate that you have physical damage coverage to ensure loan repayment if the vehicle is totalled. If you do not keep the policy in force, the lender may insure your BMW at an extremely high rate and require you to fork over the higher price.
- Car insurance protects your car and your assets. It will also provide coverage for most medical and hospital costs for not only you but also any passengers injured in an accident. One of the most valuable coverages, liability insurance, also pays expenses related to your legal defense in the event you are sued. If mother nature or an accident damages your car, your car insurance policy will pay to repair the damage.
The benefits of buying car insurance are without a doubt worth the cost, especially if you ever need it. According to a 2015 survey, the average American driver is wasting up to $855 a year so shop around each time the policy renews to ensure rates are inline.
Quote more to save more
We covered many ways to compare BMW M3 insurance rates in Austin. The most important thing to understand is the more times you quote, the better your chances of lowering your auto insurance rates. Consumers may even find the most savings is with some of the smallest insurance companies.
When buying insurance coverage, you should never buy less coverage just to save a little money. In many cases, an insured cut full coverage and discovered at claim time they didn’t purchase enough coverage. The ultimate goal is to buy enough coverage at the best possible price, but do not skimp to save money.
Low-cost BMW M3 insurance in Austin can be purchased on the web as well as from independent agents in Austin, so you should compare both to have the best selection. Some insurance providers do not offer price quotes online and many times these smaller companies prefer to sell through local independent agents.
More tips and info about car insurance can be found by following these links:
- Side Impact Crash Tests (iihs.org)
- Who Has the Cheapest Austin Auto Insurance Rates for Infrequent Drivers? (FAQ)
- Who Has the Cheapest Austin Car Insurance for a Toyota Tacoma? (FAQ)
- How Much are Auto Insurance Rates for a Dodge Ram in Austin? (FAQ)
- What does Personal Injury Protection (PIP) Cover? (Allstate)
- Coverage Information (Progressive Insurance)
- Electronic Stability Control FAQ (iihs.org)