The best way to get affordable BMW M2 insurance is to regularly compare quotes from different companies in Plano.
- Step 1: Read about the coverage provided by your policy and the things you can control to keep rates low. Many things that result in higher rates such as at-fault accidents, careless driving, and a not-so-good credit rating can be controlled by making minor changes to your lifestyle. This article provides more details to prevent rate hikes and find discounts that may have been missed.
- Step 2: Obtain price quotes from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only provide price estimates from a single company like GEICO or Farmers Insurance, while independent agents can give you price quotes for many different companies. Compare rates now
- Step 3: Compare the price quotes to your current policy premium and see if you can save money. If you find a lower rate, ensure coverage does not lapse between policies.
- Step 4: Tell your current agent or company of your intention to cancel your existing policy. Submit payment and a completed application for the new coverage. As soon as you have the new policy, keep the new proof of insurance certificate in your vehicle’s glove compartment or console.
The key thing to know about shopping around is that you use the same physical damage deductibles and liability limits on each quote and and to get price quotes from every insurance company. Doing this enables a fair rate comparison and a complete price analysis.
It’s safe to assume that insurance companies don’t want policyholders to shop around. Consumers who shop around for a cheaper policy will presumably switch to a new company because there is a good probability of finding coverage at a cheaper rate. A recent survey found that consumers who made a habit of comparing rate quotes saved as much as $3,450 over four years compared to drivers who never shopped for cheaper rates.
If finding the cheapest price for BMW M2 insurance is why you’re reading this, then knowing how to choose a company and compare insurance premiums can help simplify the task of finding more affordable coverage.
Do you qualify for discounts on BMW M2 insurance in Plano?
Companies don’t always publicize the entire discount list in an easy-to-find place, so the following is a list of both the well known as well as some of the hidden credits available to lower your premiums when you buy Plano auto insurance online.
- Theft Deterrent Discount – Cars equipped with tracking devices and advanced anti-theft systems are stolen less frequently and that can save you a little bit as well.
- Early Payment Discounts – By paying your entire bill at once instead of paying each month you could save up to 5%.
- Responsible Driver Discounts – Drivers who avoid accidents can get discounts for up to 45% lower rates than drivers with accident claims.
- Bundled Policy Discount – When you have multiple policies with one insurance company you may save approximately 10% to 15%.
- Auto/Life Discount – Some insurance companies give a discounted insurance rate on car insurance if you buy some life insurance in addition to your auto policy.
- Discount for New Cars – Buying insurance coverage on a new vehicle can save you some money because new model year vehicles are generally safer.
- Employee of Federal Government – Having worked for a branch of the government may reduce rates when you quote Plano auto insurance but check with your company.
- Telematics Data – Drivers who elect to allow their insurance company to spy on when and where they use their vehicle by using a telematics device such as Progressive’s Snapshot could see a rate decrease if they exhibit good driving behavior.
- Senior Citizen Discount – If you’re over the age of 55, you may qualify for a small discount on rates.
- Drive Less and Save – Low annual miles can earn better prices on cars that stay parked.
Don’t be surprised that most of the big mark downs will not be given to your bottom line cost. Some only apply to specific coverage prices like physical damage coverage or medical payments. So when it seems like all those discounts means the company will pay you, you’re out of luck.
A list of insurance companies and a partial list of their discounts are outlined below.
- GEICO offers discounts including multi-policy, defensive driver, anti-lock brakes, daytime running lights, multi-vehicle, and anti-theft.
- MetLife offers discounts for good student, accident-free, good driver, defensive driver, and multi-policy.
- Progressive may offer discounts for homeowner, continuous coverage, multi-vehicle, online signing, and good student.
- Travelers includes discounts for early quote, multi-car, multi-policy, payment discounts, student away at school, home ownership, and driver training.
- SAFECO may include discounts for homeowner, anti-theft, bundle discounts, teen safety rewards, drive less, anti-lock brakes, and multi-car.
- AAA offers premium reductions for good driver, anti-theft, pay-in-full, multi-policy, and good student.
Check with every insurance company what discounts are available to you. Savings may not apply to policies in your area. To find companies that offer multiple discounts in Plano, click this link.
Auto insurance coverage breakdown
Having a good grasp of a auto insurance policy aids in choosing the best coverages and proper limits and deductibles. Policy terminology can be difficult to understand and nobody wants to actually read their policy.
This coverage pays for damage to your M2 resulting from a collision with a stationary object or other vehicle. A deductible applies then the remaining damage will be paid by your insurance company.
Collision coverage protects against things such as colliding with a tree, backing into a parked car, sustaining damage from a pot hole and scraping a guard rail. This coverage can be expensive, so you might think about dropping it from older vehicles. You can also bump up the deductible on your M2 to save money on collision insurance.
Medical payments coverage and PIP
Medical payments and Personal Injury Protection insurance pay for short-term medical expenses like dental work, doctor visits, rehabilitation expenses, EMT expenses and prosthetic devices. They are used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. Medical payments and PIP cover you and your occupants and will also cover if you are hit as a while walking down the street. Personal Injury Protection is only offered in select states but it provides additional coverages not offered by medical payments coverage
Coverage for liability
This coverage protects you from damage that occurs to people or other property. It protects you from legal claims by others. It does not cover damage to your own property or vehicle.
Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. You might see limits of 30/60/25 that translate to a $30,000 limit per person for injuries, a limit of $60,000 in injury protection per accident, and property damage coverage for $25,000. Alternatively, you may have one limit called combined single limit (CSL) which limits claims to one amount with no separate limits for injury or property damage.
Liability can pay for things like medical services, bail bonds and emergency aid. How much coverage you buy is your choice, but it’s cheap coverage so purchase as large an amount as possible. Texas requires minimum liability limits of 30/60/25 but drivers should carry better liability coverage.
The chart below demonstrates why buying minimum limits may not be adequate coverage.
Comprehensive insurance coverage pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive insurance covers claims like a tree branch falling on your vehicle, damage from flooding, theft and falling objects. The maximum amount your auto insurance company will pay is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.
Uninsured/Underinsured Motorist coverage
This gives you protection when the “other guys” do not carry enough liability coverage. This coverage pays for hospital bills for your injuries as well as damage to your BMW M2.
Due to the fact that many Texas drivers only purchase the least amount of liability that is required (Texas limits are 30/60/25), their limits can quickly be used up. For this reason, having high UM/UIM coverages is very important. Usually the UM/UIM limits are identical to your policy’s liability coverage.
Ratings for Plano auto insurance companies
Finding the highest-rated auto insurance company can be challenging considering how many companies sell insurance in Plano. The rank data displayed below can help you analyze which coverage providers to look at when shopping around.
Top 10 Plano Car Insurance Companies Overall
- Mercury Insurance
- AAA Insurance
- State Farm
- The Hartford
- Safeco Insurance
Top 10 Plano Car Insurance Companies Ranked by Claims Service
- State Farm
- Liberty Mutual
- American Family
- Titan Insurance
- AAA Insurance
Get the best coverage at the most affordable price
As you go through the steps to switch your coverage, it’s very important that you do not buy lower coverage limits just to save a few bucks. There have been many cases where an insured dropped liability limits or collision coverage and found out when filing a claim that they should have had better coverage. Your aim should be to find the BEST coverage at the best price, but do not sacrifice coverage to save money.
Drivers change insurance companies for a number of reasons such as poor customer service, not issuing a premium refund, being labeled a high risk driver and even questionable increases in premium. It doesn’t matter why you want to switch switching companies can be easier than you think.
Some insurance providers may not provide the ability to get quotes online and usually these smaller providers sell through independent agents. Low-cost BMW M2 insurance in Plano is available online and from local insurance agents, and you need to comparison shop both to get a complete price analysis.
Additional information can be read at these links:
- Safety Belts FAQ (iihs.org)
- What Insurance is Cheapest for Government Employees in Plano? (FAQ)
- Who Has Cheap Car Insurance for a Kia Optima in Plano? (FAQ)
- How Much are Plano Car Insurance Quotes for Active Military? (FAQ)
- Who Has Affordable Auto Insurance Quotes for a Honda Accord in Plano? (FAQ)
- Vehicle Insurance in the U.S. (Wikipedia)
- Teen Driving Statistics (iihs.org)
- What is Covered by GAP Insurance? (Allstate)
- Understanding Your Insurance Deductible (Insurance Information Institute)