Did you come to the realization that you have an overpriced insurance policy? Don’t sweat it because there are lots of people in the same boat.
It’s shocking but nearly 70% of consumers kept their policy with the same company for at least four years, and just short of a majority have never even compared quotes to find lower-cost rates. Drivers in Indiana could save an average of 55% each year just by shopping around, but they don’t know the amount of money they would save if they just switched companies. You have so many auto insurance companies to insure vehicles with, and although it’s a good thing to be able to choose, lots of choices makes it harder to find the lowest rates for BMW M2 insurance in Fort Wayne.
Quoting and comparing rates for affordable auto insurance in Fort Wayne is easy if you know what you’re doing. If you have coverage now or just want cheaper coverage, you can use this information to shop for the lowest rates and possibly find even better coverage. Drivers only need to know the tricks to compare rates using one simple form.
Smart Consumers Know How to Quote Auto Insurance at a Discount
It’s important that you understand the rating factors that help calculate the price you pay for auto insurance. When you know what positively or negatively determines premiums, this enables you to make decisions that could result in better auto insurance rates. Multiple criteria are taken into consideration when you quote your car insurance policy. Some are obvious like a motor vehicle report, but other factors are not quite as obvious such as whether you are married and annual miles driven.
Shown below are some of the items used by companies to determine premiums.
The type of car makes a difference – The make and model of the vehicle you are trying to find cheaper insurance for makes a huge difference in how high your rates are. The lowest performance passenger cars usually have the lowest premiums, but many other things help determine your insurance rates.
Higher prices for stressful occupations – Do you have a high-stress occupation? Occupations such as judges, airline pilots, and miners have higher premium rates attributed to intense work requirements and lots of time spent at work. Other careers like scientists, athletes and homemakers generally pay rates lower than average.
Your location is a factor – Living in a rural area has it’s advantages when buying auto insurance. Fewer drivers means fewer accidents as well as less vandalism and auto theft. Drivers who live in large Indiana cities tend to have much more traffic and a longer drive to work. More time commuting statistically corresponds to a higher accident and claim rate.
Does insurance cost less for women? – Statistics have proven women tend to be less risk to insure than men. However, this does not mean men are worse drivers. They both cause accidents in similar percentages, but males have costlier accidents. Men also statistically have more aggressive citations such as driving while intoxicated (DWI) or driving recklessly.
Responsible credit scores equal low prices – Credit score is a large factor in determining your rates. Drivers who have good credit tend to be more responsible and file fewer claims as compared to drivers with worse credit. If your credit score could use some work, you may save money insuring your BMW M2 by improving your credit score.
Drive lots and pay more – The more you drive in a year’s time the more it will cost to insure it. Most insurance companies charge to insure your cars based on how the vehicle is used. Cars and trucks that do not get driven very much receive lower rates than vehicles that have high annual mileage. Double check that your auto insurance policy is showing how each vehicle is driven, because improper ratings can cost you money. Having an incorrect usage rating on your M2 can result in significantly higher rates.
Loss probability for a BMW M2 – Insurers include the past claim trends for vehicles when they file their rates in each state. Vehicles that historically have a trend towards higher claims will have higher rates. The data below shows the insurance loss data for BMW M2 vehicles.
For each type of coverage, the loss probability for all vehicles, regardless of manufacturer or model, is represented as 100. Numbers under 100 mean the vehicle has better than average losses, while percentages above 100 point to more losses or statistically larger claims.
|Vehicle Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|BMW M235 i 2dr||155||277|
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
BMW M2 insurance discounts in Fort Wayne
The cost of insuring your cars can be expensive, but you might already qualify for some discounts that could drop your premiums quite a bit. Many of these discounts will be applied automatically at quote time, but a few must be asked for before you get the savings.
- Anti-lock Brake System – Cars and trucks with ABS braking systems or traction control can reduce accidents and earn discounts up to 10%.
- Discounts for New Vehicles – Insuring a new M2 can cost up to 25% less since newer models have better safety ratings.
- Discounts for Government Workers – Active or retired federal employment may qualify for a discount when you quote Fort Wayne car insurance with select insurance companies.
- Telematics Data Discounts – Fort Wayne drivers who agree to allow their company to monitor driving patterns by using a telematics device such as Snapshot from Progressive or Drivewise from Allstate may get a rate reduction if they have good driving habits.
- Multi-car Discount – Drivers who insure all your vehicles with the same company may reduce the rate for each vehicle.
- Drivers Education – Make teen driver coverage more affordable by requiring them to enroll and complete driver’s education in school.
- Payment Method – By paying your policy upfront instead of monthly or quarterly installments you can avoid the installment charge.
- Fewer Miles Equal More Savings – Maintaining low annual mileage can qualify you for lower rates due to less chance of an accident.
One last thing about discounts, most of the big mark downs will not be given to all coverage premiums. Most only apply to the cost of specific coverages such as comp or med pay. Despite the appearance that you would end up receiving a 100% discount, you’re out of luck. Any qualifying discounts will help reduce your overall bill.
To locate insurance companies that offer multiple discounts in Indiana, click here.
Cheaper insurance premiums are out there
As you quote Fort Wayne car insurance, it’s very important that you do not buy poor coverage just to save money. Too many times, consumers will sacrifice physical damage coverage only to discover later that the small savings ended up costing them much more. Your aim should be to purchase a proper amount of coverage for the lowest price while not skimping on critical coverages.
Low-cost BMW M2 insurance in Fort Wayne can be sourced both online as well as from insurance agents, so you need to shop Fort Wayne car insurance with both so you have a total pricing picture. A few companies do not offer online rate quotes and these regional carriers prefer to sell through independent agents.
Insureds leave their current company for many reasons like unfair underwriting practices, delays in paying claims, lack of trust in their agent and even policy cancellation. It doesn’t matter why you want to switch choosing a new company is easier than you think.
How to find better rates for BMW M2 insurance in Fort Wayne
If your goal is the lowest price, then the best way to get more affordable BMW M2 insurance is to begin comparing prices regularly from companies who sell auto insurance in Fort Wayne. You can shop around by following these steps.
Step 1: Learn about the coverage provided by your policy and the measures you can take to prevent high rates. Many risk factors that are responsible for high rates like inattentive driving and a low credit rating can be improved by making minor driving habit or lifestyle changes.
Step 2: Compare rates from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only give prices from a single company like Progressive or Farmers Insurance, while independent agents can provide prices from many different companies.
Step 3: Compare the new rates to your existing coverage and determine if there is any savings. If you can save some money and change companies, make sure there is no lapse in coverage.
Step 4: Provide proper notification to your current company of your intention to cancel your existing policy. Submit a down payment along with a signed application to the new company. Once coverage is bound, place the new certificate verifying proof of insurance above your visor, in the console, or in the glove compartment.
One bit of advice is to compare identical limits and deductibles on each quote request and and to get price quotes from as many companies as feasibly possible. This helps ensure an apples-to-apples comparison and a thorough selection of prices.
- Auto Insurance Facts and Statistics (Insurance Information Institute)
- How Much is Auto Insurance for State Employees in Fort Wayne? (FAQ)
- How Much are Auto Insurance Rates for Police Officers in Fort Wayne? (FAQ)
- Learn About Car Insurance (GEICO)
- Safe Vehicles for Teens (iihs.org)