A recent auto insurance study discovered that nearly 70% of drivers have bought auto insurance from the same company for at least the last four years, and virtually 40% of consumers have never compared auto insurance rates at all. Drivers in Minnesota could save 50% each year by just shopping around, but they just assume it takes a lot of time to compare rate quotes online.
If you want to save the most money, the best way to find discount BMW M2 insurance in Minneapolis is to compare prices annually from insurers who provide car insurance in Minnesota. Drivers can shop around by completing these steps.
- Learn about how companies price auto insurance and the modifications you can make to prevent expensive coverage. Many rating criteria that are responsible for high rates like speeding tickets, careless driving and a not-so-good credit rating can be eliminated by making lifestyle changes or driving safer.
- Get rate quotes from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can give quotes from one company like GEICO and State Farm, while independent agencies can quote prices from multiple insurance companies. Compare rates now
- Compare the price quotes to your current policy premium and see if you can save money. If you can save money and switch companies, make sure coverage does not lapse between policies.
- Notify your agent or company to cancel your current auto insurance policy and submit a down payment along with a signed application to the newly selected company. Immediately upon receiving it, place your new proof of insurance paperwork with the vehicle registration.
A valuable tip to remember is to make sure you enter the same level of coverage on every quote request and and to get rate quotes from as many auto insurance providers as possible. Doing this provides a level playing field and and a good selection of different prices.
Best companies for BMW M2 insurance
The car insurance companies shown below can provide quotes in Minneapolis, MN. If multiple companies are listed, we suggest you visit two to three different companies in order to find the most affordable rates.
How Insurers Calculate BMW M2 Insurance Prices
An important part of buying insurance is that you know a few of the rating criteria that play a part in calculating the price you pay for insurance. If you understand what determines premiums, this empowers consumers to make smart changes that can earn you lower premium levels.
The items below are some of the most common factors used by insurance companies to determine prices.
- Single drivers may get higher premiums – Being married helps lower the price compared to being single. It translates into being more financially stable and statistics prove married drivers tend to file fewer claims.
- Good credit scores equal low costs – Credit score will be a significant factor in determining what you pay. If your credit score can use some improvement, you could pay less to insure your BMW M2 by repairing your credit. People that have excellent credit scores tend to be better risks to insure as compared to drivers with poor credit.
- Discounts for auto and home policies – The majority of insurers provide a discount to policyholders that have more than one policy in the form of a multi-policy discount. Discounts can amount to 10 percent or more. Even if you’re getting this discount consumers should still compare other company rates to ensure the best deal.
- Certain employers pay higher rates – Careers like military personnel, executives, and emergency personnel are shown to have higher rates than average in part from intense work situations and long work hours. Other careers like actors, engineers and performers pay the least.
- The more you drive the more you pay – The more you drive in a year the higher the price you pay to insure it. A lot of insurance companies price each vehicle’s coverage based on their usage. Autos that do not get driven very much can get a lower rate than vehicles that have high annual mileage. Having the wrong rating on your M2 may be costing you higher rates. It’s always a good idea to double check that your insurance policy properly reflects how each vehicle is driven.
- Gender as a rate factor – Statistics show that men are more aggressive behind the wheel. However, this does not mean women are better drivers. They both cause accidents at a similar rate, but males have accidents that have higher claims. Men also get ticketed for serious violations such as reckless driving. Teenage male drivers have the highest risk to insure and therefore are the most expensive to insure.
BMW M2 claim probability – Companies factor in historical loss data as a tool for profitable underwriting. Vehicles that the statistics show to have higher loss trends will have higher rates for specific coverages. The table below illustrates the insurance loss data for BMW M2 vehicles.
For each policy coverage, the claim probability for all vehicles, without regard to make or model, equals 100. Numbers shown that are under 100 represent a good loss history, while percentages above 100 indicate frequent claims or statistically larger claims.
BMW M2 Insurance Claim Statistics Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury BMW M235 i 2dr 155 277BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Cheaper rates on BMW M2 insurance in Minneapolis with these discounts
Insurance is easily one of your largest bills, but there could be available discounts that you may not know about. Many of these discounts will be applied automatically when you purchase, but once in a while a discount must be requested specifically before being credited.
- Homeowners Savings – Just being a homeowner can earn you a little savings because of the fact that having a home requires a higher level of personal finance.
- Air Bags and Passive Restraints – Vehicles equipped with air bags or motorized seat belts may earn rate discounts as much as 30%.
- Telematics Data – Drivers who elect to allow their insurance company to monitor their driving habits by using a telematics device in their vehicle such as Snapshot from Progressive or Drivewise from Allstate might get better premium rates as long as the data is positive.
- Waiver for an Accident – This isn’t a discount exactly, but some insurance companies permit an accident without getting socked with a rate hike so long as you are claim-free for a certain period of time.
- Driver’s Education for Students – Teen drivers should participate in a local driver’s education class as it can save substantially.
- Switch and Save Discount – A few insurance companies allow discounts for renewing your policy prior to the expiration date on your current M2 insurance policy. It can save you around 10%.
- Bundle and Save – If you can bundle your auto and home insurance with the same insurance company you could get a discount of over 10 percent off each policy depending on the company.
- Save with a New Car – Buying a new car model can cost up to 25% less because new model year vehicles keep occupants safer.
Just know that most discounts do not apply to the whole policy. The majority will only reduce specific coverage prices like liability and collision coverage. Even though the math looks like you could get a free insurance policy, company stockholders wouldn’t be very happy.
To view insurance companies who offer free BMW M2 insurance quotes in Minneapolis, click here to view.
Auto insurance agents can help
Some consumers still prefer to buy from a licensed agent and there is nothing wrong with that. A nice benefit of comparing rates online is you can get cheap rate quotes and still have a local agent. Buying from and supporting local insurance agencies is definitely important in Minneapolis.
After filling out this quick form, your insurance coverage information gets sent to participating agents in Minneapolis who will gladly provide quotes for your coverage. You won’t even need to search for any insurance agencies due to the fact that quote results will go to you. You can find lower rates without a big time investment. If you want to compare rates for a specific company, you just need to jump over to their website and fill out the quote form the provide.
Shown below are Minneapolis insurers that are able to give price quotes for BMW M2 insurance in Minneapolis.
- Semlak Miernicki Insurance Agency
2657 Dupont Ave S – Minneapolis, MN 55408 – (612) 208-0873 – View Map
- State Farm: Seth Bork Insurance Agency Incorporated
8347 University Ave NE D – Minneapolis, MN 55432 – (763) 780-2222 – View Map
- Farmers Insurance – Steven Wolfson
1516 W Lake St Suite 203 – Minneapolis, MN 55408 – (612) 822-1287 – View Map
- Abbco Insurance Agency Co.
6227 University Ave NE – Minneapolis, MN 55632 – (763) 571-2880 – View Map
Choosing an insurer should depend on more than just a low price. These are some questions your agent should answer.
- Will one accident increase rates?
- Can you use your own choice of collision repair facility?
- How are they compensated?
- If you raise deductibles, how much can you save?
- Do they have a Better Business Bureau rating in Minneapolis?
Upon getting good responses for all questions you ask and locked in a price quote, it’s possible that you found an provider that can be relied on to properly service your insurance policy.
A little work can save a LOT of money
We just presented a lot of techniques to lower your BMW M2 insurance rates in Minneapolis. The most important thing to understand is the more price quotes you have, the better likelihood of getting the cheapest BMW M2 rate quotes. You may even discover the most savings is with a small mutual company.
Budget-friendly auto insurance in Minneapolis can be found on the web as well as from insurance agents, so you should be comparing quotes from both in order to have the best chance of saving money. Some companies may not offer online quoting and these smaller companies prefer to sell through independent agencies.
People change insurance companies for many reasons like high prices, denial of a claim, an unsatisfactory settlement offer and not issuing a premium refund. Whatever your reason, choosing a new insurance company can be less work than you think.
- Choosing an Insurance Company (Insurance Information Institute)
- Who Has Affordable Auto Insurance Rates for 16 Year Olds in Minneapolis? (FAQ)
- How Much is Minneapolis Car Insurance for Drivers Under 21? (FAQ)
- Who Has Affordable Auto Insurance for Welfare Recipients in Minneapolis? (FAQ)
- Driving in Bad Weather (Insurance Information Institute)
- Air Bags: Potential Dangers to Your Children (Insurance Information Institute)
- How to Avoid Staged Accidents (State Farm)
- Bodily Injury Coverage (Liberty Mutual)