Cheap Insurance for a BMW M3 in Boston

The best way we recommend to get the cheapest car insurance rates in Boston is to make a habit of regularly comparing prices from companies that insure vehicles in Massachusetts.

First, it will benefit you to learn about how companies set rates and the steps you can take to prevent expensive coverage. Many risk factors that result in higher prices such as at-fault accidents, careless driving, and poor credit rating can be improved by being financially responsible and driving safely.

Second, request rate estimates from direct, independent, and exclusive agents. Exclusive and direct companies can provide rates from a single company like GEICO and State Farm, while independent agencies can provide prices for a wide range of insurance providers.

Third, compare the price quotes to your existing rates and see if you can save money. If you find a lower rate and buy the policy, ensure there is no coverage lapse between policies.

The most important part of shopping around is to try to use identical coverage information on every quote and and to get prices from all possible companies. Doing this ensures the most accurate price comparison and a thorough selection of prices.

It’s a fact that auto insurance companies don’t want you to look for a cheaper policy. Drivers who compare price quotes are inclined to switch to a new company because of the high probability of finding lower rate quotes. A recent study showed that people who compared rates once a year saved as much as $3,400 over four years compared to other drivers who never compared other company’s rates.

If finding the most affordable car insurance in Boston is your target objective, then understanding how to find and compare coverage rates can help simplify the task of finding more affordable coverage.

There are several ways of comparing rates from all the different companies. The simplest method to find competitive BMW M3 insurance rates consists of obtaining rate quotes online.

Just keep in mind that comparing all the rates in your area helps you find more affordable insurance.

The providers in the list below can provide price quotes in Massachusetts. In order to find cheap car insurance in Boston, we suggest you compare several of them to find the cheapest auto insurance rates.

Boston insurance discounts for a BMW M3

Car insurance is expensive, but there are discounts available to help bring down the price. Larger premium reductions will be automatically applied at the time of quoting, but some may not be applied and must be inquired about before they will apply. If you don’t get every credit you qualify for, you’re paying more than you need to.

• Driver’s Education for Students – Require your teen driver to successfully take a driver’s education course as it will make them better drivers and lower rates.
• Discount for Passive Restraints – Vehicles equipped with air bags may earn rate discounts of 20% or more.
• Drive Less and Save – Driving less may enable drivers to earn cheaper rates.
• Discount for Multiple Policies – When you combine your homeowners and auto insurance and place coverage with the same company they may give you a discount of over 10 percent off each policy depending on the company.
• Professional Organizations – Being a member of certain professional organizations is a good way to get lower rates on your bill.

You can save money using discounts, but some of the credits will not apply to all coverage premiums. Some only reduce individual premiums such as medical payments or collision. If you do the math and it seems like all those discounts means the company will pay you, it doesn’t quite work that way.

The example below shows the difference between BMW M3 insurance costs with and without discounts applied. The data is based on a female driver, no violations or accidents, Massachusetts state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, multi-car, homeowner, marriage, safe-driver, and multi-policy discounts applied.

Insurance companies that may include many of the previously listed discounts possibly include:

• Progressive
• GEICO
• State Farm
• Esurance
• The Hartford

If you need lower rates, check with every prospective company what discounts are available to you. Some of the discounts discussed earlier may not be offered in Boston. To choose companies with discount rates in Massachusetts, click here.

Coverage information

The coverage information shown next outlines estimates of insurance policy prices for BMW M3 models. Learning as much as possible about how insurance rates are calculated is important to be able to make smart choices when choosing a car insurance company.

Premium data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Massachusetts minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, safe-driver, and multi-policy. Price information does not factor in the specific area where the vehicle is garaged which can affect insurance rates noticeably.

Analysis of deductible levels

A question often asked by Boston drivers is how high should the physical damage deductibles be. The data tables below highlight the premium difference when you select higher and lower physical damage deductibles. The first price estimate table uses a $100 comprehensive and collision deductible and the second rate chart uses a $500 deductible.

Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and Massachusetts minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-vehicle, and multi-policy. Price estimates do not factor in specific garaging location which can lower or raise insurance rates greatly.

Based on the above data, using a $100 deductible would cost the average driver about $35 more each month or $420 each year across all BMW M3 models than buying the higher $500 deductible. Because you would be required to pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you normally go at least 11 months between claims, you would more than likely save some money if you choose the higher deductible. The numbers below show a better example of how this decision is made.

The diagram below demonstrates how deductibles and can increase or decrease BMW M3 insurance rates for different categories of driver ages. Data assumes a married male driver, comp and collision included, and no discounts are factored in.

Price comparison of only insuring for liability

The diagram below illustrates the difference between BMW M3 auto insurance rates with and without full coverage. Data assumes no violations or claims, $500 deductibles, marital status is single, and no additional discounts are factored in.

When to drop comprehensive and collision coverage

There is no exact rule for eliminating physical damage coverage on your policy, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is more than around 10% of replacement cost minus your deductible, then you might consider buying liability only.

For example, let’s pretend your BMW M3 settlement value is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, you would only receive $3,000 after you pay the deductible. If it’s costing in excess of $300 a year for comprehensive and collision coverage, then it might be time to buy liability only.

There are some circumstances where buying only liability insurance is not financially feasible. If you still have a loan on your vehicle, you must maintain physical damage coverage in order to keep the loan. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not remove full coverage.

Car insurance agents are professional risk managers

Certain consumers prefer to talk to a local agent and that is recommended in a lot of cases A good thing about comparing rate quotes online is that you can obtain the best rates and still buy from a local agent. Buying from and supporting small agencies is still important in Boston.

For easy comparison, once you complete this quick form, your insurance data is sent to participating agents in Boston who will give you bids to get your business. It simplifies rate comparisons since you won’t have to contact an agency because prices are sent to you instantly. You can find lower rates and work with a local agent. In the event you want to compare prices from a specific company, you would need to go to their quote page and complete a quote there.

Different types of car insurance agents in Boston

If you would like to find a good Boston insurance agent, you should know the different types of agencies and how they differ in how they can insure your vehicles. Insurance agencies are considered either exclusive or independent agents depending on their company appointments.

Independent Insurance Agents

These agents do not write with just one company so as a result can place your coverage amongst many companies depending on which coverage is best. If your premiums go up, your policy is moved internally and you don’t have to do anything.

If you need cheaper insurance rates, you need to get insurance quotes from several independent insurance agents in order to compare the most rates. Most independent agents also contract with small mutual carriers which could offer lower prices.

Shown below are Boston independent agents that may be able to give you free price quotes.

• Metro Boston Insurance Agency
  78 Bennington St – Boston, MA 02128 – (617) 561-3191 – View Map
• T. A. Holland and Co. Insurance Agency LLC
  7, 60 State St – Boston, MA 02109 – (617) 523-2828 – View Map
• Ann M Foley Insurance
  657 Gallivan Blvd – Boston, MA 02124 – (617) 282-5659 – View Map

More insurance agents

Exclusive Insurance Agents

Exclusive agents can only provide pricing for a single company and some examples include Farmers Insurance, State Farm, or Allstate. They are unable to provide rate quotes from other companies so if the price isn’t competitive there isn’t much they can do. Exclusive agents are trained well on their company’s products which helps overcome the inability to quote other rates. Consumers often buy from exclusive agents mainly due to the brand and the convenience of having all coverages with one company.

The following is a list of exclusive agents in Boston who can help you get rate quotes.

• AAA Boston
  125 High St – Boston, MA 02110 – (617) 443-9300 – View Map
• Allstate Insurance: Abner Joseph
  571 Dudley St Ste A – Boston, MA 02125 – (617) 442-9490 – View Map

More insurance agents

Picking an insurance agency should depend on more than just a cheap price. These are valid questions to ask:

• What discounts might you be missing?
• How long have they worked with personal auto insurance coverage?
• Do the coverages you’re quoting properly cover your vehicle?
• Do you need full coverage on every vehicle?
• Is the agency involved in supporting local community causes?

Once you have received good answers to any questions you have and cheap M3 insurance quotes, chances are good that you have found a car insurance agent that is reputable and can adequately provide insurance.

What Determines BMW M3 Insurance Premiums?

Many different elements are considered when quoting car insurance. Some are pretty understandable like your driving record, but other factors are more obscure like your vehicle usage and annual miles driven. Smart consumers have a good feel for the rating factors that help determine your premiums. When you know what positively or negatively positively or negatively impacts your premiums, this empowers consumers to make smart changes that could result in better auto insurance rates.

• Vehicle options that cut premiums – Buying a car that has a built-in theft deterrent system can help lower your premiums. Systems that thwart thieves like OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all hinder your car from being stolen.

• Does insurance coverage cost less for women? – Over the last 50 years, statistics have shown women are more cautious behind the wheel. However, don’t assume that women are BETTER drivers than men. Both sexes are in accidents in similar percentages, but males tend to have more serious accidents. Men also tend to get cited for more serious violations such as DWI and reckless driving.

  The information below shows the comparison of BMW M3 insurance costs for male and female drivers. The price estimates are based on no claims or driving violations, comp and collision included, $1,000 deductibles, drivers are not married, and no discounts are taken into consideration.

• Rates increase with driving citations – A bad driving record impacts premiums far more than you think. Even one ticket could increase your next policy renewal by twenty percent. Drivers with clean records tend to pay less for car insurance than bad drivers. People who have dangerous citations such as hit and run, DWI or reckless driving convictions may be required to file a SR-22 with their state DMV in order to prevent a license revocation.

  The chart below shows how speeding tickets and accident claims raise BMW M3 annual premium costs for different age groups. The prices are based on a single male driver, full physical damage coverage, $250 deductibles, and no other discounts are factored in.

• Safer occupants lowers rates – Vehicles that have high safety ratings tend to have lower insurance rates. The safest vehicles help reduce the chance of injuries in an accident and lower injury rates means lower claim amounts which can result in lower premiums.
• More than one policy can earn a discount – The majority of insurers will award a discount to people that buy multiple policies, otherwise known as a multi-policy discount. Even if you’re getting this discount it’s still a good idea to compare BMW M3 rates in Boston to guarantee you are still saving the most.
• Physical damage deductibles – Comp and collision deductibles are how much you are required to spend before a claim is paid by your company. Protection for physical damage, also called comprehensive and collision insurance, covers damage that occurs to your car. Some instances where coverage would apply could be collision with another vehicle, collision with a deer, and damage caused by road hazards. The more money you’re willing to pay, the bigger discount you will receive.
• Premiums are affected by your credit rating – Having a good credit score will be a significant factor in determining what you pay. If your credit score could use some work, you could pay less to insure your BMW M3 by improving your rating. Insureds that have high credit ratings tend to be more responsible than drivers who have lower ratings.

• Loss probability for a BMW M3 – Auto insurance companies include the past claim history for a vehicle to determine a rate that will be profitable for them. Models that have increased losses will cost more to insure. The table below outlines the historical loss data for BMW M3 vehicles.

  For each insurance policy coverage type, the claim probability for all vehicles compiled together is equal to 100. Numbers below 100 suggest a better than average loss history, while percentage values above 100 indicate more frequent claims or tendency to have higher losses.

  
  

  Auto Insurance Loss Data for BMW M3 Models

  Specific BMW Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  BMW M3 4dr	302		186

  BETTER

  AVERAGE

  WORSE

  Empty fields indicate not enough data collected
  Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Insurance in Massachusetts serves several purposes

Even though it can be expensive, maintaining insurance may be mandatory for several reasons.

• Just about all states have compulsory liability insurance requirements which means the state requires specific minimum amounts of liability insurance coverage in order to be legal. In Massachusetts these limits are 20/40/5 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.
• If your BMW M3 has a lienholder, most lenders will require you to have insurance to guarantee payment of the loan. If you let the policy lapse, the lender may insure your BMW at a much higher rate and make you pay the higher premium.
• Insurance protects your BMW and your assets. It also can pay for all forms of medical expenses for both you and anyone you injure as the result of an accident. Liability insurance, one of your policy coverages, will also pay attorney fees if someone files suit against you as the result of an accident. If your BMW gets damaged, collision and comprehensive coverages will cover the damage repairs after a deductible is paid.

The benefits of buying insurance more than cancel out the cost, especially when you need to use it. An average driver in America overpays more than $810 a year so it’s very important to do a rate comparison at every policy renewal to ensure rates are competitive.

Lower rates by being persistent

Consumers who switch companies do it for any number of reasons including questionable increases in premium, high prices, being labeled a high risk driver and even delays in paying claims. Regardless of your reason for switching companies, choosing a new company is pretty simple and you could end up saving a buck or two.

When searching for cheaper Boston car insurance quotes, do not sacrifice coverage to reduce premiums. There are many occasions where someone dropped uninsured motorist or liability limits and found out when filing a claim that a couple dollars of savings turned into a financial nightmare. Your aim should be to buy enough coverage at the lowest possible cost, but don’t skip important coverages to save money.

We’ve covered many ideas to compare BMW M3 insurance rates in Boston. The key concept to understand is the more you quote Boston car insurance, the more likely it is that you will get a better rate. Drivers may even discover the lowest priced car insurance comes from a lesser-known regional company.

To learn more, feel free to visit the resources below:

• Five Tips to Save on Auto Insurance (Insurance Information Institute)
• Who Has the Cheapest Auto Insurance Quotes for a Jeep Wrangler in Boston? (FAQ)
• What Insurance is Cheapest for Welfare Recipients in Boston? (FAQ)
• Auto Insurance Learning Center (State Farm)
• Determining Auto Insurance Rates (GEICO)