If you want to find the absolute lowest rates, then the best way to find more affordable BMW M3 insurance in Lexington is to make a habit of comparing prices annually from insurers that insure vehicles in Kentucky.
First, spend a few minutes and learn about how companies set rates and the changes you can make to lower rates. Many rating factors that drive up the price such as traffic violations and a not-so-good credit history can be controlled by making lifestyle changes or driving safer. This article gives more ideas to help reduce premium rates and find more discounts that you may not know about.
Second, request price quotes from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can provide rates from one company like GEICO and Allstate, while independent agents can give you price quotes for many different companies.
Third, compare the new rate quotes to your existing coverage and determine if there is any savings. If you can save some money and buy the policy, make sure the effective date of the new policy is the same as the expiration date of the old one.
A key point to remember is to make sure you’re comparing similar deductibles and liability limits on every quote request and and to get price estimates from as many companies as feasibly possible. This provides the most accurate price comparison and and a good selection of different prices.
Everyone knows that car insurance companies don’t want policyholders to shop around. Insureds who shop around for cheaper rates are likely to move their business because there is a significant possibility of finding a lower-priced company. A recent study showed that people who compared price quotes annually saved over $72 a month compared to drivers who don’t regularly compare prices.
If finding the best price on auto insurance is your ultimate target, learning how to find companies and compare insurance can help you be more efficient.
If you have a policy now or just want a better rate, use these techniques to find better prices and still get good coverage. Locating the best rates in Lexington is really quite easy. Smart buyers just have to know the proper methods to get comparison quotes using one simple form.
Cheap Lexington BMW M3 insurance quotes
Finding low cost Lexington auto insurance prices is actually quite simple. All that’s required is to spend a little time to compare rate quotes from online providers.
Online shopping is fast and free, and it makes it a waste of time to waste gas driving to and from local Lexington insurance agencies. The ability to buy insurance online eliminates this option unless you’re the type of person who wants the professional guidance of a local agency. Although you can comparison shop your insurance online but buy the policy through an agent.
The following companies have been selected to offer price comparisons in Kentucky. In order to find the cheapest auto insurance in KY, it’s highly recommended you click on several of them in order to get a fair rate comparison.
Discounts for lower-cost car insurance rates
Some insurers don’t always advertise every discount they offer in a way that’s easy to find, so here is a list some of the best known as well as some of the hidden credits available to lower your premiums when you buy Lexington car insurance online. If you aren’t receiving every discount you deserve, you are not getting the best rate possible.
- Student in College – Children who are enrolled in higher education away from home and do not have a car could qualify for this discount.
- Federal Employees – Active or retired federal employment could qualify for a slight premium decrease but check with your company.
- Seat Belts Save – Drivers who require all occupants to buckle their seat belts may be able to save a few bucks on medical payment and PIP coverage.
- Student Discount for Driver Training – Cut your cost by having your teen driver enroll in driver’s education as it will make them better drivers and lower rates.
- Discount for Passive Restraints – Factory options such as air bags and/or automatic seat belt systems may qualify for discounts of 25 to 30%.
- Telematics Discount – Insureds that choose to allow driving data submission to study driving manner remotely such as Allstate’s Drivewise and State Farm’s In-Drive system may see discounts as long as they are good drivers.
- Anti-lock Brakes – Vehicles with ABS braking systems or traction control are much safer to drive so companies give up to a 10% discount.
As a sidenote, many deductions do not apply to your bottom line cost. Most cut the price of certain insurance coverages like comp or med pay. Even though the math looks like you would end up receiving a 100% discount, it just doesn’t work that way.
The information below visualizes the comparison of BMW M3 car insurance costs with and without discounts being applied to the rates. The premium estimates are based on a male driver, no claims or driving violations, Kentucky state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, multi-car, multi-policy, homeowner, claim-free, and marriage discounts applied.
To see a list of car insurance companies who offer online BMW M3 insurance quotes in Kentucky, click here to view.
Data for BMW M3 insurance
The data table shown below outlines a range of rate quotes for BMW M3 models. Learning as much as possible about how insurance rates are determined can be useful when making decisions when shopping around.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|M3 4-Dr Sedan||$334||$764||$342||$20||$102||$1,562||$130|
|M3 CI 2-Dr Coupe||$366||$852||$342||$20||$102||$1,682||$140|
|M3 2-Dr Convertible||$366||$852||$342||$20||$102||$1,682||$140|
|Get Your Own Custom Quote Go|
Price data assumes married female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, homeowner, and multi-vehicle. Estimates do not factor in specific location information which can impact coverage rates considerably.
The diagram below demonstrates how deductibles and can influence BMW M3 insurance prices for different age groups of insureds. The information is based on a single female driver, full physical damage coverage, and no additional discounts are factored in.
Cost of full coverage
The diagram below compares BMW M3 insurance premiums with full coverage and liability only. The rate quotes are based on no violations or accidents, $250 deductibles, drivers are single, and no discounts are taken into consideration.
Are you wasting money on full coverage?
There is no definitive formula that is best for determining when to drop physical damage coverage, but there is a guideline you can use. If the annual cost of comprehensive and collision coverage is more than 10% of any settlement you would receive from your insurance company, then you may want to consider only buying liability coverage.
For example, let’s assume your BMW M3 replacement cost is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most your company will settle for is $5,000 after paying the physical damage deductible. If you are paying more than $500 a year for physical damage coverage, the it may be a good time to stop paying for full coverage.
There are a few situations where dropping physical damage coverage is not financially feasible. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage to protect the lienholder’s interest in the vehicle. Also, if you can’t afford to buy a different vehicle if your current one is totaled, you should not drop full coverage.
Do I need an insurance agent?
Certain consumers prefer to buy from a local agent and that can be a smart move Most agents can point out coverage gaps and help submit paperwork. The biggest benefit of getting online price quotes is that drivers can save money and get cheap insurance rates but also keep your business local.
To make it easy to find an agent, after completing this short form, the coverage information is instantly submitted to local insurance agents in Lexington that can give you free Lexington car insurance quotes for your business. It simplifies rate comparisons since you won’t have to leave your house because quoted prices will be sent to the email address you provide. If you want to compare prices for a specific company, just search and find their rate quote page and fill out the quote form the provide.
Deciding on an company is decision based upon more than just the price. The questions below may impact your decision as well.
- Where would your vehicle be repaired?
- Is vehicle damage repaired with OEM or aftermarket parts?
- How long has their agency been open in Lexington?
- Do they review policy coverages at every renewal?
- Can you get a list of referrals?
- Do the coverages you’re quoting properly cover your vehicle?
- Do they have cheaper tiers of coverage?
When looking for a local insurance agency, you need to know there are two different agency structures and how they differ in how they can insure your vehicles. Insurance agents in Lexington can be described as either exclusive or independent agents depending on their company appointments. Either can sell affordable insurance policies, but it is a good idea to know why they differ since it could factor into which agent you choose.
Exclusive Insurance Agencies
Exclusive insurance agents can only provide one company’s prices like Farmers Insurance or State Farm. They usually cannot compare rates from other companies so it’s a take it or leave it situation. Exclusive insurance agents are trained well on sales techniques which aids in selling service over price.
Listed below is a list of exclusive agents in Lexington that are able to give rate quotes.
Bob Pugh – State Farm Insurance Agent
828 Lane Allen Rd #251 – Lexington, KY 40504 – (859) 276-4421 – View Map
Independent Agents (or Brokers)
Independent agents can quote rates with many companies so they can write business amongst many companies enabling the ability to shop coverage around. If they find a cheaper price, they can switch companies in-house and you can keep the same agent. When searching for an agent, you should always get several quotes from multiple independent agents for the best price selection.
The following is a short list of independent agencies in Lexington willing to provide price quote information.
Al Jones Insurance Agency
274 Southland Dr, Suite #106A – Lexington, KY 40503 – (859) 276-0400 – View Map
After talking to the agent and getting satisfactory answers to these questions and an affordable coverage quote, you’ve probably found a car insurance agent that can be trusted to properly insure your vehicles. Just be aware that policyholders can terminate your policy for any reason so never assume you are locked into any specific company for the full policy term.
How to know if you need help
When selecting proper insurance coverage, there really isn’t a best way to insure your cars. Everyone’s situation is a little different so this has to be addressed.
For instance, these questions may help you determine if your situation could use an agent’s help.
- Should I buy additional glass protection?
- Are my friends covered when driving my BMW M3?
- What states are considered no-fault?
- Does coverage extend to Mexico or Canada?
- How high should my medical payments coverage be?
- Do I pay less if my vehicle is kept in my garage?
- At what point should I drop full coverage?
- Should I file a claim if it’s only slightly more than my deductible?
If you don’t know the answers to these questions but a few of them apply, then you may want to think about talking to an insurance agent. If you don’t have a local agent, take a second and complete this form or go to this page to view a list of companies. It’s fast, doesn’t cost anything and may give you better protection.
Five Things That Determine Your Insurance Costs
Lots of things are taken into consideration when quoting car insurance. Some are obvious such as your driving record, although some other factors are more transparent such as your marital status or your financial responsibility. Part of the car insurance buying process is learning some of the elements that aid in calculating your car insurance rates. When you understand what positively or negatively impacts your premiums, this allows you to make educated decisions that may result in lower car insurance prices.
Avoid traffic tickets – Just one ticket can increase the cost of insurance by as much as thirty percent. Drivers who don’t get tickets get better rates than bad drivers. Drivers who have received severe violations like DUI, reckless driving or excessive speeding may face state-mandated requirements to maintain a SR-22 to the state department of motor vehicles in order to keep their license.
The illustration below illustrates how violations and accidents raise BMW M3 insurance costs for different age groups. The premiums assume a married female driver, comprehensive and collision coverage, $100 deductibles, and no additional discounts are factored in.
Safer cars save money – Safe vehicles tend to have lower insurance rates. Vehicles built for safety have better occupant injury protection and lower injury rates means your insurance company pays less and cheaper rates on your policy. If your BMW M3 scored better than four stars on Safercar.gov you may be receiving a better rate.
Consolidate policies to earn discounts – Most larger insurers will award lower prices to buyers that purchase more than one policy in the form of a multi-policy discount. If you currently are using one company, it’s still a good idea to compare BMW M3 rates in Lexington to verify if the discount is saving money. Drivers may still save even more than the discount by buying car insurance from a different company.
Do you really need roadside assistance? – Policies have optional add-on coverages you can purchase when buying car insurance. Insurance for personal injury protection, death and dismemberment, and Farm Bureau memberships may be wasting your money. You may think they are a good idea when discussing your needs, but your money might be better spent on other coverage so consider taking them off your policy.
Coverage lapses raise car insurance rates – Driving without insurance is not a good idea and companies may charge more for letting your coverage cancel without a new policy in place. In addition to paying higher rates, the inability to provide proof of insurance may result in a fine, jail time, or a revoked license.
Loss statistics for a BMW M3 – Auto insurance companies analyze claim trends for every vehicle when setting premium rates. Vehicles that statistically have a trend towards higher claims will have increased rates.
The next table shows the insurance loss data for BMW M3 vehicles. For each insurance policy coverage type, the claim probability for all vehicles, as a total average, is a value of 100. Percentages below 100 suggest a better than average loss history, while numbers above 100 show a trend for more claims or statistically larger claims.
|Vehicle Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|BMW M3 4dr||302||186|
Empty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
Here’s why insurance is not optional
Even though Lexington M3 insurance rates can get expensive, insurance is not optional due to several reasons.
First, the majority of states have minimum liability requirements which means state laws require a minimum amount of liability insurance in order to get the vehicle licensed. In Kentucky these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
Second, if you took out a loan on your vehicle, most banks will make it a condition of the loan that you carry insurance to guarantee payment of the loan. If the policy lapses, the bank or lender will purchase a policy for your BMW for a lot more money and make you pay for the much more expensive policy.
Third, insurance preserves not only your car but also your assets. It will also reimburse you for hospital and medical expenses that are the result of an accident. Liability insurance, one of your policy coverages, also covers legal expenses if you are sued as the result of your driving. If you receive damage to your vehicle caused by a storm or accident, comprehensive and collision coverage will cover the damage repairs after a deductible is paid.
The benefits of buying insurance are without a doubt worth the cost, especially with large liability claims. The average driver in America is overpaying over $700 annually so shop around once a year at a minimum to save money.
Car insurance company ratings
Ending up with the best insurance company can be difficult considering how many different companies insure vehicles in Lexington. The company rank data listed below may help you pick which coverage providers you want to consider comparing rates from.
Top 10 Lexington Car Insurance Companies Ranked by Customer Satisfaction
- USAA – 91%
- AAA Insurance – 90%
- Esurance – 90%
- Nationwide – 89%
- Travelers – 88%
- Progressive – 88%
- Safeco Insurance – 88%
- State Farm – 88%
- Allstate – 88%
- The Hartford – 87%
Top 10 Lexington Car Insurance Companies by A.M. Best Rank
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Erie Insurance – A+
- Esurance – A+
- Progressive – A+
- Nationwide – A+
- The Hartford – A+
- Allstate – A+
Lower rates by being persistent
More affordable auto insurance in Lexington is definitely available on the web and also from your neighborhood Lexington agents, so you should compare both to have the best selection. Some auto insurance companies do not provide rates over the internet and these small insurance companies only sell through independent agents.
When shopping online for auto insurance, make sure you don’t buy lower coverage limits just to save a few bucks. Too many times, drivers have reduced liability limits or collision coverage and learned later that they should have had better coverage. Your objective should be to find the BEST coverage for the lowest price but still have enough coverage for asset protection.
- How do I File a Claim? (Insurance Information Institute)
- Who Has Cheap Auto Insurance for Teenage Males in Lexington? (FAQ)
- Who Has Affordable Lexington Car Insurance Quotes for a Toyota RAV4? (FAQ)
- Who Has the Cheapest Lexington Car Insurance Rates for Retired Military? (FAQ)
- State Car Insurance Guides (GEICO)
- Insurance losses by make and model (Insurance Institute for Highway Safety)
- Red Light Cameras (State Farm)