2018 BMW M2 Insurance Quotes in 2024 – 6 Ideas for Cheapest Rates

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: Apr 8, 2024

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Finding cheap premium rates on car insurance may be a challenge for people who are beginners to online price comparisons. Consumers have so many options available that it can turn into hard work to find cheaper premium rates.

Discount auto insurance rates

Some providers don’t list every discount available in an easy-to-find place, so below is a list some of the best known in addition to some of the lesser obvious discounts that you may qualify for.

  • Discounts for Multiple Vehicles – Purchasing coverage when you have multiple cars on a single policy may reduce the rate for each vehicle.
  • Accident Waiver – but certain companies will let one accident slide before hitting you with a surcharge so long as you are claim-free for a specific time period.
  • Membership in Organizations – Participating in a qualifying organization is a good way to get lower rates on your next auto insurance statement.
  • Seat Belt Usage – Using a seat belt and requiring all passengers to wear their seat belts can save 10% or more off the PIP or medical payment premium.
  • Driver Safety – Taking part in a course in driver safety can save you 5% or more and easily pay for the cost of the class.
  • Paper-free Discount – A handful of companies will give a small break get auto insurance online.

Just know that most of the big mark downs will not be given to the entire policy premium. Some only apply to specific coverage prices like liability and collision coverage. So even though you would think adding up those discounts means a free policy, companies don’t profit that way. But any discount will help reduce your policy premiums.

A few popular companies and some of the premium reductions they offer include:

  • Farm Bureau policyholders can earn discounts including multi-policy, driver training, multi-vehicle, 55 and retired, renewal discount, and safe driver.
  • State Farm has savings for defensive driving training, driver’s education, good driver, anti-theft, and multiple autos.
  • Progressive may have discounts that include good student, multi-policy, continuous coverage, online quote discount, online signing, multi-vehicle, and homeowner.
  • Allstate has discounts for defensive driver, resident student, good payer, safe driver, early signing, farm vehicle, and FullPay discount.
  • Nationwide discounts include accident-free, anti-theft, family plan, defensive driving, easy pay, and business or organization.
  • MetLife includes discounts for multi-policy, accident-free, defensive driver, claim-free, good driver, and good student.

Double check with every prospective company what discounts are available to you. Some credits might not be offered on policies in your area.

Tailor your insurance coverage coverage to you

When choosing the right insurance coverage, there really is no “perfect” insurance plan. Each situation is unique.

For instance, these questions may help highlight whether your personal situation will benefit from professional help.

  • I have a DUI can I still get coverage?
  • Am I covered if I drive in a foreign country?
  • Should I buy additional glass protection?
  • Do I have newly-acquired coverage?
  • Are all vehicle passengers covered by medical payments coverage?
  • If I drive on a suspended license am I covered?
  • Do I pay less if my vehicle is kept in my garage?

If it’s difficult to answer those questions, you may need to chat with a licensed insurance agent. To find an agent in your area, take a second and enter your zip code.

But they said I’d save $453 a year!

Respected companies like Allstate and Progressive consistently run ads on television and other media. They all say the same thing that you can save if you get a free auto insurance quote and switch your car insurance policy to them. That’s great but how can every company charge less that you’re paying now?

All the different companies quote their best rates for the type of customer that earns them a profit. For example, this type of risk profile might have to be over age 30, has other policies, and drives a car with an anti-theft system. A customer getting a price quote who matches that profile will get a cheap rate quote and therefore will cut their rates substantially.

Insureds who do not fit this stringent profile will be charged higher rates and this can result in the prospect going elsewhere. The ads state “people who switch” not “all people who quote” save that much when switching. This is how insurance companies can confidently make claims like that. This emphasizes why it is so important to get a wide range of price quotes. It is just not possible to predict which car insurance company will have the lowest rates for your situation.

What car insurance coverages do you need?

Having a good grasp of your policy aids in choosing the right coverages for your vehicles. The coverage terms in a policy can be confusing and nobody wants to actually read their policy.

Collision insurance

Collision coverage will pay to fix damage to your M2 from colliding with another vehicle or an object, but not an animal. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision can pay for claims like scraping a guard rail, crashing into a ditch and crashing into a building. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from older vehicles. It’s also possible to increase the deductible to save money on collision insurance.

Comprehensive coverage (or Other than Collision)

This coverage covers damage from a wide range of events other than collision. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive coverage pays for claims like hitting a bird, damage from a tornado or hurricane and a tree branch falling on your vehicle. The highest amount you can receive from a comprehensive claim is the cash value of the vehicle, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Insurance for medical payments

Med pay and PIP coverage provide coverage for immediate expenses such as nursing services, dental work, pain medications and doctor visits. The coverages can be used to cover expenses not covered by your health insurance program or if you are not covered by health insurance. It covers not only the driver but also the vehicle occupants in addition to any family member struck as a pedestrian. PIP coverage is only offered in select states but can be used in place of medical payments coverage

Uninsured Motorist or Underinsured Motorist insurance

Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants from other motorists when they either have no liability insurance or not enough. This coverage pays for injuries to you and your family as well as damage to your BMW M2.

Since many drivers have only the minimum liability required by law, their limits can quickly be used up. This is the reason having UM/UIM coverage is a good idea.

Liability auto insurance

This provides protection from damages or injuries you inflict on other’s property or people in an accident. Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. Your policy might show values of 50/100/50 which stand for $50,000 bodily injury coverage, a limit of $100,000 in injury protection per accident, and $50,000 of coverage for damaged property.

Liability can pay for things like structural damage, repair bills for other people’s vehicles and court costs. How much liability coverage do you need? That is your choice, but buy higher limits if possible.

And the best car insurance company is…

Consumers leave their current company for many reasons like not issuing a premium refund, poor customer service, an unsatisfactory settlement offer and high rates after DUI convictions. Regardless of your reason, switching auto insurance companies can be pretty painless.

We just showed you some good ideas how you can reduce 2018 BMW M2 insurance car insurance rates online. The most important thing to understand is the more rate comparisons you have, the better likelihood of getting low cost auto insurance. You may even find the best price on auto insurance is with the least-expected company.

As you quote auto insurance, make sure you don’t buy poor coverage just to save money. In many instances, drivers have reduced liability limits or collision coverage and learned later that the savings was not a smart move. Your objective should be to purchase a proper amount of coverage at the best possible price, but don’t skip important coverages to save money.

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