It takes a few minutes, but the best way to find affordable quotes for BMW M2 insurance is to start comparing prices regularly from different companies who provide car insurance in Oklahoma City.
- Try to learn a little about how your policy works and the measures you can control to keep rates low. Many policy risk factors that increase rates such as inattentive driving and an unfavorable credit rating can be controlled by making minor changes in your lifestyle. Later in this article we will cover more ideas to help keep prices low and find overlooked discounts.
- Compare rates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only quote rates from one company like GEICO and Allstate, while agents who are independent can provide rate quotes from multiple companies. View insurance agents
- Compare the new rate quotes to your existing rates and see if you can save money. If you find a lower rate quote and decide to switch, make sure coverage does not lapse between policies.
- Tell your current agent or company of your intention to cancel your current car insurance policy and submit a down payment along with a signed application to the new company. As soon as you have the new policy, place the new certificate verifying proof of insurance in an easily accessible location.
An important note is to try to compare the same coverage limits and deductibles on every price quote and to quote with as many different companies as possible. This helps ensure the most accurate price comparison and the best price selection.
It’s well known that insurance companies don’t want you to look at other companies. Insureds who get comparison quotes at least once a year will presumably switch companies because of the high probability of finding a lower-priced policy. A study discovered that drivers who compared price quotes annually saved as much as $865 a year as compared to drivers who never shopped around for lower prices.
If finding the cheapest price on insurance in Oklahoma City is why you’re here, then having an understanding of the best way to quote and compare insurance coverage can save money and time.
Get BMW M2 Insurance Cheaper
Lots of things are used when pricing auto insurance. Most are fairly basic like your driving record, but others are more obscure like your vehicle usage or your financial responsibility.
Shown below are some of the major factors auto insurance companies consider when setting premiums.
Get hitched and pay lower prices – Having a significant other may save some money on your auto insurance bill. Marriage is viewed as being more mature and responsible and insurance companies reward insureds because married drivers tend to have fewer serious accidents.
More policies can equal more savings – The majority of companies will award lower prices for people that buy multiple policies, otherwise known as a multi-policy discount. Discounts can add up to as much as ten percent or more If you currently are using one company, it’s still a good idea to compare other company rates to help ensure you have the lowest rates.
How do annual miles impact prices? – The higher the miles on your BMW each year the higher your rate. A lot of companies charge rates based on their usage. Autos that have low annual miles cost less to insure than those used for commuting. Ask your agent if your vehicle rating states the correct driver usage, because improper ratings can cost you money. Improper usage on your M2 can result in significantly higher rates.
Age of drivers impacts premiums – Beginning drivers in Oklahoma are known to be easily distracted behind the wheel so they pay higher auto insurance rates. More mature drivers are shown to be more cautious, statistically cause fewer accidents, and usually have better credit.
Use but don’t abuse your insurance – Car insurance companies in Oklahoma award the best rates to drivers who file claims infrequently. If you frequently file small claims, you can definitely plan on much higher rates or policy non-renewal. Your insurance policy is designed for the large, substantial claims.
Insurance loss probability for a BMW M2 – Car insurance companies take into consideration insurance loss statistics for every vehicle to determine a rate that will be profitable for them. Models that tend to have a trend towards higher claim severity or frequency will have higher premium rates.
The table below illustrates the insurance loss data for BMW M2 vehicles. For each type of coverage, the loss probability for all vehicles compiled together is set at 100. Numbers below 100 indicate better than average losses, while percentages above 100 point to more frequent losses or an increased chance of a larger loss.
| Vehicle Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| BMW M235 i 2dr | 155 | 277 |
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Get cheaper BMW M2 insurance in Oklahoma City with discounts
Properly insuring your vehicles can get expensive, but companies offer discounts that can drop the cost substantially. Many discounts should be triggered when you quote, but some need to be asked for before they will apply.
- Passive Restraints – Vehicles with factory air bags or automatic seat belts may qualify for discounts of up to 25% or more.
- Student Discounts – Performing well in school can get you a discount of up to 25%. Earning this discount can benefit you up until you turn 25.
- Active Service Discounts – Being deployed in the military may qualify for rate reductions.
- Fewer Miles Equal More Savings – Low annual miles could qualify for cheaper prices.
- Buy New and Save – Buying a new car model can be considerably cheaper because newer vehicles have to meet stringent safety requirements.
- Telematics Devices – People who choose to allow their company to analyze vehicle usage by using a small device installed in their vehicle such as Allstate’s Drivewise and State Farm’s In-Drive system could see a rate decrease as long as they are good drivers.
- Early Switch Discount – Some companies provide a discount for renewing your policy before your current coverage expires. The savings is around 10%.
As a disclaimer on discounts, some of the credits will not apply to all coverage premiums. Most cut the cost of specific coverages such as comprehensive or collision. Just because you may think you can get free auto insurance, that’s just not realistic. But all discounts will positively reduce the cost of coverage.
To see auto insurance companies that can offer you the previously mentioned discounts in Oklahoma City, click here to view.
In Summary
Insureds change insurance companies for many reasons like delays in paying claims, lack of trust in their agent, being labeled a high risk driver and even extreme rates for teen drivers. Regardless of your reason, switching companies is easier than you think.
Budget-conscious BMW M2 insurance can be bought both online in addition to local insurance agencies, and you need to comparison shop both in order to have the best price selection to choose from. Some companies do not provide online price quotes and usually these smaller companies prefer to sell through local independent agents.
As you restructure your insurance plan, make sure you don’t buy lower coverage limits just to save a few bucks. There have been many cases where consumers will sacrifice comprehensive coverage or liability limits only to regret that the savings was not a smart move. Your aim should be to purchase a proper amount of coverage at the best price, but don’t skip important coverages to save money.
Additional information
- Choosing a Car for Your Teen (State Farm)
- How Much is Oklahoma City Auto Insurance for a Dodge Ram? (FAQ)
- How Much are Oklahoma City Car Insurance Quotes for Inexperienced Drivers? (FAQ)
- How Much are Auto Insurance Rates for a Jeep Grand Cherokee in Oklahoma City? (FAQ)
- Who Has the Cheapest Auto Insurance for Drivers Over Age 50 in Oklahoma City? (FAQ)
- How do I File a Claim? (Insurance Information Institute)
- Rental Reimbursement Coverage (Allstate)