Cheapest 2016 BMW M2 Insurance Rates in 2023
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UPDATED: Jun 6, 2023
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Trying to find cheaper car insurance rates for your BMW M2? Nobody likes having to buy car insurance, especially when the cost is way too high.
Insurance companies such as State Farm, Farmers Insurance, GEICO and Allstate continually bombard you with catchy ads and consumers find it hard to see through the cute green geckos and mayhem and find the best price available.
If you currently have car insurance, you should be able to reduce your 2016 BMW M2 insurance cost substantially using these techniques. Finding the best rates is not rocket science. But car owners benefit from understanding the methods companies use to sell online and take advantage of how the system works.
Get Cheaper Rates by Receiving Discounts
Insuring your fleet can be pricey, but there may be some discounts that may help make it more affordable. A few discounts will automatically apply when you quote, but some may not be applied and must be inquired about prior to getting the savings. If you’re not getting every credit you deserve, you are not getting the best rate possible.
- No Charge for an Accident – This one isn’t a discount, but a few companies such as GEICO, State Farm, and Progressive will allow you to have one accident without the usual rate increase so long as you haven’t had any claims prior to being involved in the accident.
- Drivers Ed for Students – It’s a good idea to have your young drivers successfully take a driver’s education course as it will make them better drivers and lower rates.
- Distant College Student Discount – Children who are enrolled in higher education away from home and leave their car at home may be insured at a cheaper rate.
- Discounts for New Vehicles – Putting coverage on a new car can save up to 30% because new vehicles are generally safer.
- Anti-lock Brakes – Cars and trucks equipped with ABS or steering control are much safer to drive and earn discounts up to 10%.
- Driver Training Discounts – Successfully completing a course that instructs on driving safety could save 5% or more and easily pay for the cost of the class.
- Telematics Data Discounts – Insureds who allow data collection to analyze where and when they drive by using a telematics device such as Allstate’s Drivewise and State Farm’s In-Drive system could save a few bucks if they are good drivers.
- Federal Government Employee – Simply working for the federal government can earn a discount up to 10% for M2 insurance with a few insurance companies.
As a side note, some of the credits will not apply to the whole policy. Most cut the price of certain insurance coverages like medical payments or collision. So even though it sounds like it’s possible to get free car insurance, insurance companies aren’t that generous.
Popular insurance companies and a selection of discounts include:
- Progressive offers discounts for homeowner, continuous coverage, multi-vehicle, multi-policy, online quote discount, and good student.
- Farmers Insurance includes discounts for mature driver, distant student, youthful driver, alternative fuel, homeowners, and good student.
- Farm Bureau policyholders can earn discounts including renewal discount, multi-policy, good student, multi-vehicle, driver training, youthful driver, and 55 and retired.
- State Farm may include discounts for Steer Clear safe driver discount, multiple policy, student away at school, safe vehicle, accident-free, and good driver.
- GEICO has savings for five-year accident-free, multi-vehicle, military active duty, daytime running lights, and anti-lock brakes.
- SAFECO has discounts for accident prevention training, multi-car, bundle discounts, safe driver, teen safe driver, teen safety rewards, and homeowner.
- Liberty Mutual offers premium reductions for new vehicle discount, exclusive group savings, preferred payment discount, good student, and multi-policy.
Double check with every prospective company which discounts can lower your rates. Some of the earlier mentioned discounts may not apply to policyholders in your area. Click here to find a list of insurance companies.
Your Auto Insurance Coverage Should be Tailored to You
When choosing adequate coverage, there really is no perfect coverage plan. Everyone’s situation is unique so this has to be addressed. For instance, these questions might point out if your situation could use an agent’s help.
- Which is better, split liability limits or combined limits?
- How can I find cheaper teen driver insurance?
- When would I need rental car insurance?
- Do I need special endorsements for the business use of my vehicle?
- Is my state a no-fault state?
- What are the best liability limits?
- Should I put collision coverage on all my vehicles?
If it’s difficult to answer those questions then you might want to talk to an insurance agent.
Educate Yourself About Car Insurance Coverages
Understanding the coverages of your policy helps when choosing the right coverages and proper limits and deductibles. Car insurance terms can be ambiguous and coverage can change by endorsement. These are typical coverage types found on the average car insurance policy.
Auto collision coverage
Collision coverage pays to fix your vehicle from damage resulting from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible then your collision coverage will kick in.
Collision coverage protects against things like driving through your garage door, hitting a mailbox, crashing into a building, sustaining damage from a pothole and hitting a parking meter. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from older vehicles. You can also bump up the deductible to save money on collision insurance.
Medical expense coverage
Coverage for medical payments and/or PIP provides coverage for expenses like EMT expenses, pain medications and nursing services. They can be used to fill the gap in your health insurance policy or if you do not have health coverage. Coverage applies to not only the driver but also the vehicle occupants in addition to being hit by a car walking across the street. Personal injury protection coverage is not universally available but it provides additional coverages not offered by medical payments coverage
Liability car insurance
This protects you from damage or injury you incur to other’s property or people in an accident. This coverage protects you from claims by other people, and does not provide coverage for damage sustained by your vehicle in an accident.
Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have liability limits of 25/50/25 that translate to a limit of $25,000 per injured person, a per accident bodily injury limit of $50,000, and a total limit of $25,000 for damage to vehicles and property. Some companies may use a combined limit which limits claims to one amount without having the split limit caps.
Liability insurance covers things such as loss of income, repair costs for stationary objects, pain and suffering, medical services and medical expenses. How much coverage you buy is a personal decision, but buy as much as you can afford.
Comprehensive insurance coverage pays to fix your vehicle from damage from a wide range of events other than collision. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage pays for claims like hail damage, damage from getting keyed, damage from flooding, a tree branch falling on your vehicle and falling objects. The maximum amount you’ll receive from a claim is the cash value of the vehicle, so if the vehicle’s value is low consider dropping full coverage.
Uninsured or underinsured coverage
This coverage protects you and your vehicle when the “other guys” are uninsured or don’t have enough coverage. This coverage pays for injuries sustained by your vehicle’s occupants as well as damage to your 2016 BMW M2.
Since many drivers only carry the minimum required liability limits, their limits can quickly be used up. For this reason, having high UM/UIM coverages is a good idea. Most of the time the UM/UIM limits are set the same as your liablity limits.
Quote Often and Quote Early
While you’re price shopping online, don’t be tempted to sacrifice coverage to reduce your BMW M2 insurance cost. In too many instances, an accident victim reduced liability limits or collision coverage to discover at claim time that they should have had better coverage. Your aim should be to buy the best coverage you can find the lowest BMW M2 insurance cost, but do not skimp to save money.
In this article, we covered a lot of tips on how to compare 2016 BMW M2 insurance car insurance rates online. The key concept to understand is the more times you quote, the better your likelihood of getting affordable insurance. Consumers may even find the lowest car insurance rates come from a lesser-known regional company. These smaller insurers may often insure only within specific states and give getter rates than the large multi-state companies such as GEICO and State Farm.
Additional information can be found below:
- No-Fault Auto Insurance Statistics (Insurance Information Insitute)
- Protecting Teens from Drunk Driving (Insurance Information Insitute)
- Understanding Car Crashes Video (iihs.org)
Frequently Asked Questions
How can I find cheaper car insurance rates for my BMW M2?
To find cheaper car insurance rates for your BMW M2, you can follow these techniques:
- Receive discounts that may help lower the cost
- Tailor your auto insurance coverage to your needs
- Quote often and quote early to compare rates from different insurance companies.
What discounts are available for car insurance?
Insurance companies offer various discounts that can help lower your car insurance rates. Some common discounts include safe driver discounts, multi-policy discounts, good student discounts, anti-theft device discounts, and loyalty discounts. It’s important to check with each insurance provider to see which discounts you qualify for.
Should my auto insurance coverage be tailored to me?
Yes, your auto insurance coverage should be tailored to your specific needs. Everyone’s situation is unique, so it’s essential to consider factors such as your driving habits, budget, and the value of your BMW M2. Working with an insurance agent can help you determine the right coverage plan for you.
What are the different types of car insurance coverages?
The different types of car insurance coverages include:
- Collision coverage: Pays for damages to your vehicle resulting from colliding with another vehicle or object.
- Medical expense coverage: Provides coverage for medical expenses resulting from an accident, including EMT expenses, medications, and nursing services.
- Liability car insurance: Protects you from damage or injury you cause to others in an accident.
- Comprehensive protection: Pays for damages to your vehicle from events other than collision, such as theft, vandalism, or natural disasters.
- Uninsured or underinsured coverage: Protects you and your vehicle when the other party is uninsured or lacks sufficient coverage.
How often should I quote for car insurance rates?
It is recommended to quote for car insurance rates regularly, especially when you are looking for cheaper rates. By comparing quotes from different insurance companies, you increase your chances of finding affordable insurance. It’s important not to sacrifice coverage for a lower cost, as adequate coverage is crucial in the event of an accident.
Where can I find companies with the cheapest rates for auto insurance?
You can find companies with the cheapest rates for auto insurance by using online quote tools or comparison websites. By entering your ZIP code, you can view a list of companies that offer cheap auto insurance rates in your area. It’s always a good idea to compare quotes from multiple companies to ensure you’re getting the best price.
Is the website providing this information affiliated with any specific car insurance provider?
No, the website providing this information is not affiliated with any specific car insurance provider. It aims to be an objective, third-party resource for auto insurance-related information. The website’s goal is to help users make confident car insurance decisions by providing valuable information and comparison tools.
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