Best Quotes for BMW M3 Insurance in New Orleans

Unthinkable but true, about 70% of customers have been with the same company for a minimum of four years, and almost half have never compared rates to find cheap insurance. Drivers in New Orleans can save about $897 each year by just shopping around, but they don’t understand how simple it is to compare rates and save money.

Really, the only way to get more affordable car insurance rates is to do a yearly price comparison from providers who provide car insurance in New Orleans. Drivers can shop around by following these guidelines.

Step 1: Read and learn about how your policy works and the things you can control to keep rates low. Many rating criteria that result in higher rates such as traffic tickets, fender benders, and a negative credit history can be amended by being financially responsible and driving safely.

Step 2: Request rate estimates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only give prices from a single company like GEICO and State Farm, while independent agencies can provide prices for many different companies.

Step 3: Compare the new quotes to your existing policy and determine if cheaper M3 coverage is available. If you find better rates and decide to switch, ensure coverage does not lapse between policies.

Step 4: Tell your current agent or company to cancel your current car insurance policy. Submit the application along with any required down payment to the newly selected company. Once coverage is bound, place your new certificate of insurance somewhere easily accessible.

One important bit of advice is to try to use the same deductibles and limits on each quote and and to look at every company you can. This provides the most accurate price comparison and a complete rate analysis.

Reducing your BMW M3 insurance rates is a fairly straight forward process. Consumers just need to take a few minutes getting comparison quotes to discover which company has affordable BMW M3 insurance quotes.

Doing price comparisons online is so simple that it takes the place of having to spend your day driving to all the different New Orleans insurance agencies. Quoting BMW M3 insurance online eliminates the need for an insurance agent unless you require the trained guidance that only an agent can give. It is possible to compare the best prices online and get advice from an agent in your area.

The following companies are our best choices to provide price comparisons in Louisiana. If multiple companies are listed, it’s a good idea that you compare several of them to find the cheapest auto insurance rates.

Choosing M3 insurance is an important decision

Even though it’s not necessarily cheap to insure a BMW in New Orleans, auto insurance may be mandatory for several reasons.

• Most states have minimum liability requirements which means you are required to buy a specific minimum amount of liability insurance in order to be legal. In Louisiana these limits are 15/30/25 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
• If you bought your BMW with a loan, almost every bank will require you to have full coverage to guarantee payment of the loan. If you default on your policy, the lender may insure your BMW at a significantly higher premium and require you to fork over a much higher amount than you were paying before.
• Insurance protects both your assets and your BMW M3. It will also reimburse you for medical bills for both you and anyone you injure as the result of an accident. Liability insurance also pays for attorney fees and expenses if you cause an accident and are sued. If damage is caused by hail or an accident, your auto insurance policy will pay to have it repaired.

The benefits of buying enough insurance outweigh the cost, especially if you ever need it. But the average driver in Louisiana is overpaying more than $820 a year so it’s recommended you shop around at every policy renewal to save money.

Insurance coverage details

The coverage information shown next highlights different coverage costs for BMW M3 models. Learning more about how policy rates are calculated is important for drivers to make decisions on the best policy coverages.

Data based on single male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Louisiana minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, multi-policy, and homeowner. Price information does not factor in specific garaging location which can impact coverage rates greatly.

Policy deductible comparison

When buying car insurance, a common question is how high should the physical damage deductibles be. The comparisons below can help show the differences in premium rates when you select higher and lower deductibles. The first rate comparisons uses a $250 comprehensive and collision deductible and the second pricing table uses a $1,000 deductible.

Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Louisiana minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, multi-vehicle, and safe-driver. Rate quotes do not factor in New Orleans location which can increase or decrease auto insurance rates greatly.

Based on the figures above, using a $250 deductible would cost the average driver about $50 more each month or $600 every year across all BMW M3 models than choosing the higher $1,000 deductible. Due to the fact that you would have to pay $750 more out-of-pocket with a $1,000 deductible as compared to a $250 deductible, if you normally go at a minimum 15 months between claim filings, you would save more money if you choose the higher deductible.

How accidents and tickets impact rates

The illustration below demonstrates how traffic citations and at-fault collisions drive up BMW M3 auto insurance costs for each different age category. The information is based on a single male driver, comprehensive and collision coverage, $250 deductibles, and no other discounts are factored in.

Comparison of full coverage and liability-only policies

The diagram below illustrates the difference between BMW M3 car insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Louisiana. The prices are based on no violations or accidents, $100 deductibles, drivers are single, and no discounts are factored in.

Guidelines for dropping full coverage

There is no written rule of when to exclude full coverage, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is 10% or more of the settlement you would receive from your company, then it could be time to drop full coverage.

For example, let’s pretend your BMW M3 settlement value is $7,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company would pay you is $6,000 after the policy deductible has been paid. If you are currently paying more than $600 a year for comprehensive and collision coverage, then it’s probably a good time to buy liability coverage only.

There are some cases where eliminating full coverage is not recommended. If you haven’t paid off your loan, you are required to maintain full coverage to satisfy the loan requirements. Also, if you cannot afford to purchase a different vehicle if your current one is totaled, you should not buy liability only.

Discount New Orleans insurance rates

Car insurance can cost a lot, but you may find discounts that can drop the cost substantially. Some of these discounts will be visible when you complete an application, but less common discounts must be specially asked for before being credited.

• Discount for New Cars – Buying a new car model may earn a small discount since newer models have better safety ratings.
• Accident Forgiveness Coverage – This one isn’t a discount, but a handful of insurance companies will turn a blind eye to one accident before they charge you more for coverage if you are claim-free prior to being involved in the accident.
• Senior Citizens – Drivers that qualify as senior citizens can get a discount up to 10%.
• Active Military Service – Being on active duty in the military may lower your premium rates slightly.
• Paperless Signup – Some of the larger companies provide a small discount shop New Orleans car insurance on the internet.

As is typical with insurance, most of the big mark downs will not be given to all coverage premiums. The majority will only reduce individual premiums such as comp or med pay. So even though they make it sound like it’s possible to get free car insurance, it’s just not the way it works. Any qualifying discounts will definitely lower the cost of your policy.

The information below shows the difference between BMW M3 premium costs with and without policy discounts. The data assumes a male driver, no violations or accidents, Louisiana state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, homeowner, marriage, multi-policy, claim-free, and multi-car discounts applied.

A few of the larger companies and some of the premium reductions they offer are outlined below.

• American Family offers premium reductions for early bird, TimeAway discount, defensive driver, air bags, bundled insurance, and good driver.
• Farm Bureau policyholders can earn discounts including driver training, good student, multi-vehicle, renewal discount, safe driver, 55 and retired, and youthful driver.
• State Farm discounts include anti-theft, passive restraint, Drive Safe & Save, defensive driving training, and safe vehicle.
• Travelers may offer discounts for new car, multi-car, home ownership, student away at school, multi-policy, driver training, and payment discounts.
• The Hartford offers discounts for anti-theft, bundle, driver training, defensive driver, vehicle fuel type, and good student.
• GEICO may include discounts for defensive driver, membership and employees, federal employee, air bags, anti-theft, and multi-policy.
• Progressive may have discounts that include good student, online signing, multi-vehicle, online quote discount, continuous coverage, and homeowner.

Before you buy a policy, ask all companies you are considering what discounts are available to you. All car insurance discounts may not be offered in your area. If you would like to see a list of insurance companies who offer online BMW M3 insurance quotes in New Orleans, click this link.

Tailor your car insurance coverage to you

When choosing adequate coverage, there isn’t really a perfect coverage plan. Everyone’s situation is unique and your policy should reflect that.
For example, these questions can aid in determining whether your personal situation might need professional guidance.

• At what point should I drop full coverage?
• How can I get high-risk coverage after a DUI?
• If my car is totaled with they pay enough to replace it?
• How many claims can I have before being canceled?
• What is the difference between comprehensive and collision coverage?
• Are my friends covered when driving my BMW M3?
• Does liability extend to a camper or trailer?
• Do I need added coverage for expensive stereo equipment?
• Does my policy pay for OEM or aftermarket parts?
• Are combined or split liability limits better?

If you don’t know the answers to these questions but a few of them apply, you might consider talking to a licensed insurance agent. If you don’t have a local agent, fill out this quick form or you can go here for a list of companies in your area. It is quick, free and can help protect your family.