Save Money on BMW M3 Insurance in Anchorage

How many times have you put off comparing quotes for low-cost BMW M3 insurance in Anchorage? Finding affordable Anchorage BMW M3 insurance quotes on the web can be intimidating for beginners to comparing prices online. Because there are so many companies competing online, how can Anchorage drivers possibly compare every insurance company to find the lowest rates?

Unbelievable but true, the vast majority of consumers kept their coverage with the same insurance company for at least the last four years, and just short of a majority have never compared rates from other carriers. Many consumers in Anchorage could save themselves 35% a year just by shopping around, but they think it’s difficult to compare rates.

Consumers need to get comparison quotes periodically because insurance prices change frequently. Even if you think you had the lowest price on BMW M3 insurance in Anchorage at your last renewal you can probably find a lower rate today. You can find a lot of misleading information regarding M3 insurance online, but in this article, you’re going to get a bunch of ideas how to put money back in your pocket.

If you currently have auto insurance, you will definitely be able to find better prices using these techniques. The purpose of this article is to tell you how car insurance quotes work and some tips to save money. Although Alaska consumers do need to learn how insurance companies calculate your auto insurance rates.

The are a couple different ways of comparing price quotes from car insurance companies in your area. One of the best ways to compare BMW M3 insurance prices is to get quotes online. Just keep in mind that getting more free quotes increases the chance that you will find the best price.

The auto insurance companies shown below are our best choices to provide free rate quotes in Alaska. To locate cheap car insurance in Anchorage, it’s a good idea that you visit several of them to get a more complete price comparison.

Insurance statistics and figures

The rate information displayed below showcases estimates of insurance premium costs for BMW M3 models. Being able to understand how auto insurance policy rates are established can be valuable when making informed purchases.

Prices based on married female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Alaska minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, claim-free, and safe-driver. Premium amounts do not factor in zip code location which can impact premium rates significantly.

Physical damage deductibles

When buying insurance, a common question is what deductibles to buy. The following insurance rates may help you to understand the rate differences when you buy lower versus higher insurance deductibles. The first table uses a $100 physical damage deductible and the second set of rates uses a $1,000 deductible.

Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Alaska minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, multi-policy, and homeowner. Premium costs do not factor in the specific area where the vehicle is garaged which can decrease or increase premium rates greatly.

Based on the data above, we can derive that using a $100 deductible costs an average of $43 more each month or $516 for a full year across all BMW M3 models than buying the higher $1,000 deductible. Because you would pay $900 more if you turn in a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to average at least 21 months between claim filings, you would probably be better off if you choose the higher deductible. The numbers below show a better example of how you can do this calculation yourself.

An important thing to remember is that a higher deductible level results in more money out-of-pocket when you do file a claim. That will necessitate enough disposable income in the event you need to pay the deductible for vehicle repair.

The example below illustrates how your deductible choice and can raise or lower BMW M3 premium costs for different age groups. The premium estimates are based on a married male driver, full coverage, and no discounts are applied to the premium.

Three reasons to not skimp on insurance

Despite the high insurance cost for a BMW M3 in Anchorage, insurance serves a purpose in several ways.

First, the majority of states have compulsory liability insurance requirements which means state laws require a specific level of liability insurance coverage in order to license the vehicle. In Alaska these limits are 50/100/25 which means you must have $50,000 of bodily injury coverage per person, $100,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.

Second, if your M3 has a lienholder, most banks will make it a condition of the loan that you have physical damage coverage to guarantee payment of the loan. If you let the policy lapse, the lender may insure your BMW at an extremely high rate and force you to pay a much higher amount than you were paying before.

Third, insurance protects not only your car but also your financial assets. It will also pay for hospital and medical expenses for yourself as well as anyone injured by you. Liability coverage, the one required by state law, will also pay to defend you in the event you are sued. If you have damage to your BMW as the result of the weather or an accident, your policy will cover the repair costs.

The benefits of having insurance are definitely more than the cost, particularly if you ever have a claim. According to a 2015 survey, the average American driver is overpaying more than $869 every year so you should quote and compare rates at least once a year to make sure the price is not too high.

How You Can Control BMW M3 Insurance Premiums

Lots of things are used when quoting car insurance. Some of the criteria are obvious like your driving record, although some other factors are not quite as obvious like where you live and annual miles driven. Part of the insurance buying process is learning some of the things that aid in calculating the level of your policy premiums. When you understand what positively or negatively impacts your premiums, this enables informed choices that may result in much lower annual insurance costs.

• Drivers with high credit save – Credit score is a big factor in determining premium rates. If your credit leaves room for improvement, you could be paying less to insure your BMW M3 by spending a little time repairing your credit. Drivers who have excellent credit tend to be better risks to insure than drivers with lower credit scores.
• Raising physical damage deductibles saves money – Physical damage protection, also called ‘full coverage’, insures against damage to your BMW. Examples of some claims that would be covered could be running into the backend of another car, damage from fire, and burglary. Your deductibles define how much you are willing to pay out-of-pocket if a claim is determined to be covered. The more expense you pay before a claim is paid (deductible), the better rate you will receive.
• Premiums are affected by your address – Being located in less populated areas has definite advantages when talking about insurance. Drivers in populated areas have congested traffic and much longer commute distances. Fewer drivers means fewer accidents and also fewer theft and vandalism claims.
• Cheaper rates with safer cars – Safe vehicles get lower rates. Vehicles engineered for safety have better occupant injury protection and fewer injuries means your insurance company pays less and thus lower rates.

• Insurance costs and driver gender – Over the last 50 years, statistics have shown that females take fewer risks when driving. That doesn’t necessarily mean that males are worse at driving than females. Women and men cause auto accidents at a similar rate, but the men cause more damage. They also get ticketed for serious violations such as reckless driving.

  The example below illustrates the comparison of BMW M3 auto insurance costs for male and female drivers. The information is based on no violations or claims, comprehensive and collision coverage, $250 deductibles, single status, and no discounts are taken into consideration.

• Don’t skimp on liability insurance – The liability section of your policy provides coverage if ever a jury decides you are liable for causing personal injury or damage in an accident. This coverage provides you with a defense in court to defend your case. It is affordable coverage compared to physical damage coverage, so buy as much as you can afford.
• Add-on coverages are wasting money – There are quite a few optional add-on coverages that you can get tricked into buying when buying insurance. Things like coverage for rental cars, accidental death, and additional equipment coverage are examples of these. They may sound like good ideas when buying your policy, but if you have no use for them eliminate the coverages to reduce your premium.

• Poor driving means higher premiums – Drivers who don’t get tickets pay less for auto insurance than people who have multiple driving citations. Even a single moving violation can boost insurance rates to the point where it’s not affordable. Drivers unfortunate enough to have careless tickets like reckless driving or DUI may need to submit a SR-22 form with their state’s licensing department in order to prevent a license revocation.

  The diagram below shows how violations and fender-benders can drive up BMW M3 insurance prices for different insured age categories. The costs are based on a single female driver, full coverage, $500 deductibles, and no discounts are applied.

• Insurance loss probability for a BMW M3 – Insurers analyze the history of losses to calculate a rate that offsets possible losses. Vehicles that have high amounts or severity of claims will have higher rates.

  The table shown below demonstrates the insurance loss data used by companies for BMW M3 vehicles. For each coverage type, the claim probability for all vehicles, as an average, is a value of 100. Numbers below 100 imply a favorable loss record, while numbers above 100 show a trend for more claims or a tendency for claims to be larger.

  
  

  BMW M3 Insurance Claim Statistics

  Vehicle Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  BMW M3 4dr	302		186

  BETTER

  AVERAGE

  WORSE

  Empty fields indicate not enough data collected
  Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Will just any policy work for me?

When buying the right insurance coverage for your vehicles, there is no one-size-fits-all type of policy. Everyone’s situation is a little different and your auto insurance should unique, too.
For instance, these questions can aid in determining whether you might need professional guidance.

• Does my policy cover me when driving someone else’s vehicle?
• Does my liability insurance cover pulling a trailer or camper?
• Does my policy pay for OEM or aftermarket parts?
• Is water damage covered by my policy?
• What is an umbrella policy?
• Am I covered when driving a rental car?
• Does my medical payments coverage pay my health insurance deductible?
• Why am I required to buy liability insurance?

If you’re not sure about those questions but one or more may apply to you, you may need to chat with a licensed agent. If you don’t have a local agent, simply complete this short form or you can also visit this page to select a carrier

Alaska auto insurance companies ranked

Ending up with the top auto insurance provider can be challenging considering how many companies sell insurance in Anchorage. The company ratings shown next can help you decide which auto insurance companies you want to consider buying from.

Top 10 Anchorage Car Insurance Companies by A.M. Best Rank

1. USAA – A++
2. State Farm – A++
3. GEICO – A++
4. Esurance – A+
5. Allstate – A+
6. Progressive – A+
7. The Hartford – A+
8. The General – A-
9. AAA Insurance – A
10. Liberty Mutual – A

Top 10 Anchorage Car Insurance Companies Overall

1. USAA
2. American Family
3. State Farm
4. The Hartford
5. AAA Insurance
6. GEICO
7. The General
8. Progressive
9. Allstate
10. Liberty Mutual

Smart shoppers get results

When you buy Anchorage car insurance online, you should never buy less coverage just to save a little money. In too many instances, an insured cut liability coverage limits and found out when filing a claim that it was a big mistake. Your goal is to purchase plenty of coverage at a price you can afford, but don’t skip important coverages to save money.

Cost effective BMW M3 insurance can be bought both online in addition to local insurance agencies, and you should be comparing both to have the best selection. Some insurance companies may not offer price quotes online and usually these small insurance companies prefer to sell through independent agents.

In this article, we covered some good ideas how to shop for BMW M3 insurance online. The key thing to remember is the more quotes you get, the higher the chance of saving money. You may even be surprised to find that the best premium rates are with a smaller regional carrier. These companies may only write in your state and offer lower prices compared to the large companies like GEICO and State Farm.

Steps to finding more affordable BMW M3 insurance in Anchorage

If you want to save the most money, the best way to find low-cost prices for BMW M3 insurance is to regularly compare price quotes from insurers that insure vehicles in Anchorage.

• Step 1: Read and learn about how car insurance works and the changes you can make to prevent expensive coverage. Many rating criteria that cause rate increases like accidents, careless driving, and an imperfect credit score can be amended by being financially responsible and driving safely.
• Step 2: Compare price quotes from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can provide rates from a single company like GEICO or Allstate, while independent agents can give you price quotes from multiple companies.
• Step 3: Compare the new rate quotes to your current policy premium and determine if cheaper M3 coverage is available in Anchorage. If you find a lower rate and make a switch, make sure there is no coverage gap between policies.
• Step 4: Notify your current company to cancel the current policy and submit a completed policy application and payment to the new company. As soon as you can, put the proof of insurance paperwork in an easily accessible location.

One bit of advice is to try to use the same liability limits and deductibles on every quote request and and to look at every insurance company. This guarantees a level playing field and maximum price selection.

To read more, take a look at these articles:

• Teen Driver Licensing Information (iihs.org)
• Who Has Cheap Auto Insurance for Low Mileage Drivers in Anchorage? (FAQ)
• Who Has Affordable Anchorage Car Insurance for Postal Workers? (FAQ)
• How Much are Auto Insurance Quotes for a Hyundai Santa Fe in Anchorage? (FAQ)
• Who Has Affordable Auto Insurance for a School Permit in Anchorage? (FAQ)
• Choosing a Car for Your Teen (State Farm)
• If I File a Claim will My Insurance Go Up? (Insurance Information Institute)