It’s an obvious assumption that car insurance companies don’t want customers comparing rates. People who shop around at least once a year are very likely to move their business because they have a good chance of finding good coverage at a lower price. A recent insurance study discovered that drivers who made a habit of comparing rates saved an average of $850 each year as compared to drivers who never shopped around for better prices.
If finding budget-friendly BMW M3 insurance in Albuquerque is your objective, then understanding how to find and compare cheaper coverage can save time, money, and frustration.
Really, the only way to find better pricing on BMW M3 insurance is to annually compare prices from different companies who provide auto insurance in Albuquerque. Rate comparisons can be done by following these steps.
- First, learn about how insurance works and the measures you can control to drop your rates. Many things that drive up the price like traffic citations, accidents, and a less-than-favorable credit history can be eliminated by making minor changes in your lifestyle. Read the full article for the details to get affordable coverage and get discounts that may be overlooked.
- Second, compare prices from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only give prices from a single company like GEICO and State Farm, while independent agents can quote prices for a wide range of companies.
- Third, compare the new quotes to your existing coverage and see if you can save money. If you find a better price, make sure coverage is continuous and does not lapse.
- Fourth, provide proper notification to your current company of your intention to cancel your current car insurance policy and submit a down payment along with a signed application for the new coverage. As soon as you have the new policy, store the proof of insurance paperwork in your vehicle’s glove compartment or console.
A good tip to remember is to try to use the same level of coverage on each price quote and and to analyze as many companies as feasibly possible. Doing this enables a fair rate comparison and a better comparison of the market.
The goal of this article is to introduce you to how car insurance works and also save some money in the process If you are already insured, you will be able to lower your rates using these tips. Nevertheless, New Mexico car owners must understand how insurance companies sell online because rates are impacted by many factors.
The majority of larger companies make it easy to get insurance quotes from their websites. Comparing BMW M3 insurance rates online is possible for anyone as you simply enter the amount of coverage you want as detailed in the form. Once entered, their quoting system automatically orders credit information and your driving record and quotes a price based on these factors. Being able to quote online for BMW M3 insurance in Albuquerque makes it easy to compare insurance prices and it’s absolutely necessary to do this if you want to find the most affordable premium possible.
In order to find out what other companies charge, compare quotes from the companies shown below. If you currently have coverage, we recommend you copy the insurance coverages just like they are on your policy. This ensures you are getting a price comparison for the exact same coverage.
The companies shown below are ready to provide free rate quotes in New Mexico. If you wish to find cheap car insurance in Albuquerque, we recommend you visit two to three different companies to get the best price comparison.
Affordable Albuquerque auto insurance rates with discounts
Some insurers don’t always advertise every available discount in a way that’s easy to find, so the list below details both well-publicized and the harder-to-find auto insurance savings.
- Distant Student – Any of your kids who live away from home at college and don’t have a car can be insured at a reduced rate.
- Pay Upfront and Save – If you can afford to pay the entire bill rather than spreading payments over time you may have a lower total premium amount.
- Online Discount – Certain companies will provide an incentive for signing up over the internet.
- Low Mileage Discounts – Driving less could earn slightly better rates than normal.
- Braking Control Discount – Vehicles with ABS and/or traction control are much safer to drive and the ABS can save up to 10%.
- Waiver for an Accident – This one is not really a discount per se, but certain companies permit an accident before they charge you more for coverage if you have no claims for a particular time prior to the accident.
- Bundled Policy Discount – If you combine your auto and home policies and insure them with the same company you could get a discount of nearly 15% which can help you find low cost BMW M3 insurance.
- Good Student – A discount for being a good student can be rewarded with saving of up to 25%. This discount can apply up to age 25.
- Early Renewal Discounts – A few insurance companies allow discounts for buying a new policy prior to your current M3 insurance policy expiration. It’s a savings of about 10%.
You should keep in mind that most discounts do not apply to the entire cost. Most cut individual premiums such as liability and collision coverage. If you do the math and it seems like you can get free auto insurance, you’re out of luck.
The illustration below compares BMW M3 auto insurance costs with and without discounts applied to the premium. The data assumes a male driver, no violations or claims, New Mexico state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, claim-free, safe-driver, homeowner, marriage, and multi-policy discounts applied.
A few of the larger companies and some of their more popular discounts are shown below.
- State Farm offers discounts including multiple policy, defensive driving training, good driver, Drive Safe & Save, passive restraint, and multiple autos.
- Progressive discounts include online quote discount, homeowner, good student, multi-policy, continuous coverage, and online signing.
- Travelers has discounts for hybrid/electric vehicle, save driver, continuous insurance, student away at school, IntelliDrive, early quote, and multi-car.
- American Family includes discounts for TimeAway discount, good student, Steer into Savings, accident-free, air bags, multi-vehicle, and mySafetyValet.
- Liberty Mutual offers premium reductions for hybrid vehicle, teen driver discount, new move discount, multi-car, new graduate, and good student.
When getting a coverage quote, ask each insurance company which credits you are entitled to. Depending on the company, some discounts might not apply in Albuquerque.
BMW M3 insurance coverage information
The premium information shown below highlights a range of insurance costs for BMW M3 models. Having a good understanding how policy rates are determined can assist in making decisions on the best policy coverages.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $346 | $644 | $322 | $20 | $96 | $1,428 | $119 |
| M3 CI 2-Dr Coupe | $378 | $718 | $322 | $20 | $96 | $1,534 | $128 |
| M3 2-Dr Convertible | $378 | $718 | $322 | $20 | $96 | $1,534 | $128 |
| Get Your Own Custom Quote Go | |||||||
Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and New Mexico minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, safe-driver, and claim-free. Premium amounts do not factor in garaging location in Albuquerque which can change coverage prices considerably.
An analysis of deductible level
A question often asked by Albuquerque drivers is how high should the physical damage deductibles be. The comparison tables below may help to illustrate the rate fluctuation when you select higher and lower comp and collision deductibles. The first pricing table uses a $100 deductible for physical damage and the second price chart uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $384 | $768 | $322 | $20 | $96 | $1,615 | $135 |
| M3 CI 2-Dr Coupe | $420 | $858 | $322 | $20 | $96 | $1,741 | $145 |
| M3 2-Dr Convertible | $420 | $858 | $322 | $20 | $96 | $1,741 | $145 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $214 | $406 | $322 | $20 | $96 | $1,058 | $88 |
| M3 CI 2-Dr Coupe | $232 | $452 | $322 | $20 | $96 | $1,122 | $94 |
| M3 2-Dr Convertible | $232 | $452 | $322 | $20 | $96 | $1,122 | $94 |
| Get Your Own Custom Quote Go | |||||||
Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, homeowner, and multi-vehicle. Information does not factor in garaging location in Albuquerque which can lower or raise insurance rates greatly.
Based on these figures, using a $100 deductible could cost the average driver approximately $50 more each month or $600 for a full year than opting for the higher $1,000 deductible. Since the policyholder would be required to pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to go at a minimum 18 months between claim filings, you would save money if you opt for a higher deductible.
Calculate deductible break even point
| Average monthly premium for $100 deductibles: | $142 |
| Average monthly premium for $1,000 deductibles (subtract): | – $92 |
| Monthly savings from raising deductible: | $50 |
| Difference between deductibles ($1,000 – $100): | $900 |
| Divide difference by monthly savings: | $900 / $50 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 18 months |
One important issue to know is that a higher deductible means you will have to pay more when you have to file a claim. That will necessitate enough money stashed away in the event you need to pay more to get your vehicle repaired.
The illustration below shows how different deductible levels and can impact BMW M3 insurance prices for different age groups. The premium estimates are based on a married male driver, comp and collision included, and no other discounts are factored in.
Should you buy full coverage?
The diagram below visualizes the comparison of BMW M3 auto insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in New Mexico. The prices are based on no claims or driving citations, $100 deductibles, single marital status, and no discounts are factored in.
When to stop buying full coverage
There is no set guideline to exclude physical damage coverage on your policy, but there is a general guideline. If the annual cost of coverage is about 10% or more of the settlement you would receive from your company, then it might be time to consider dropping full coverage.
For example, let’s assume your BMW M3 claim settlement value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most you would receive is $6,000 after paying your policy deductible. If premium cost is more than $600 annually for comprehensive and collision coverage, the it may be a good time to stop paying for full coverage.
There are some cases where dropping full coverage is not financially feasible. If you still owe a portion of the original loan, you have to carry full coverage to protect the lienholder’s interest. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should maintain full coverage.
Get Cheap Insurance Rates by Understanding These Factors
Lots of things are part of the calculation when you get a price on insurance. Some are obvious such as traffic violations, but other factors are more transparent like your vehicle usage or your commute time.
- More people means more accidents – Residing in small towns and rural areas may provide you with better prices when trying to find low car insurance rates. City drivers regularly have congested traffic and longer commute times. Lower population means fewer accidents in addition to fewer liability claims.
- If you don’t need it don’t buy it – Insurance companies have many extra add-on coverages that you can get tricked into buying if you don’t pay attention. Coverages like rental car coverage, accident forgiveness, and motor club memberships may be costing you every month. These coverages may sound good when discussing your needs, but now you might not need them so consider taking them off your policy.
- Lower premiums with continuous coverage – Allowing your coverage to lapse is a sure-fire way to drive up your policy premiums. And not only will insurance be more expensive, getting caught without coverage may result in a steep fine or even jail time.
- Liability is cheap – Liability coverage is the protection if a court rules you are at fault for damages from an accident. It will provide you with a defense in court to defend your case. Liability insurance is pretty cheap compared to insuring for physical damage coverage, so drivers should make sure they buy enough to cover all assets.
- Do you save by driving less? – The higher the mileage driven annually the more you’ll pay to insure it. The majority of insurers apply a rate based on how the vehicle is used. Cars that have low annual miles can be on a lower rate level than those that get driven frequently. Incorrect rating for your M3 is throwing money out the window. Make sure your policy shows annual mileage, because improper ratings can cost you money.
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Guys pay higher rates – Over time, data shows that females tend to be a little less risky than males. However, don’t assume that women are BETTER drivers than men. Women and men are in auto accidents in similar percentages, but guys tend to have higher claims. Not only that, but men also get more serious tickets such as DWI and reckless driving. Male drivers age 16 to 19 are the most expensive to insure and thus pay the highest rates.
The example below illustrates the comparison of BMW M3 yearly insurance costs for male and female drivers. The premiums assume a clean driving record, no claims, comprehensive and collision coverage, $100 deductibles, drivers are not married, and no discounts are applied to the premium.
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Traffic violations increase prices – Good drivers have lower premiums than their less careful counterparts. Having a single citation can bump up the cost by twenty percent. Drivers with dangerous violations like reckless driving, hit and run or driving under the influence may face state-mandated requirements to submit a SR-22 or proof of financial responsibility with their state’s licensing department in order to legally drive.
The diagram below illustrates how violations and at-fault fender-benders can increase BMW M3 premium costs for different categories of driver ages. The prices are based on a single male driver, full coverage, $250 deductibles, and no discounts are taken into consideration.
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Impacts performance impacts auto insurance costs – The performance level of the vehicle you are insuring makes a big difference in your car insurance bill. Small economy passenger cars usually have the lowest premiums, but your final cost has many other factors.
The following chart is based on a married female driver age 30, full coverage with $1000 deductibles, and no discounts or violations. The data compares BMW M3 rates compared to other makes and models that have different performances.
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Insurance loss probability for a BMW M3 – Car insurance companies analyze historical claim data to determine a price that will be profitable for them. Models that historically have higher prevalence or dollar amount of losses will have a higher cost to insure.
The next table shows the insurance loss data used by companies for BMW M3 vehicles. For each insurance policy coverage type, the statistical loss for all vehicles, as a total average, is set at 100. Numbers below 100 indicate a favorable loss history, while numbers that are greater than 100 point to more frequent losses or tendency to have larger claims.
BMW M3 Insurance Loss Statistics Specific BMW Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury BMW M3 4dr 302 186 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
Can’t I get rate quotes from local Albuquerque car insurance agents?
A small number of people prefer to go talk to an agent and there is nothing wrong with that. An additional benefit of comparing rate quotes online is the fact that drivers can get cheaper prices but still work with a licensed agent. And buying from local insurance agents is still important in Albuquerque.
After filling out this quick form, your insurance coverage information is submitted to participating agents in Albuquerque who will return price quotes for your insurance coverage. There is no reason to leave your computer since price quotes are sent to you directly. It’s the lowest rates without having to waste a lot of time. If for some reason you want to compare prices from a specific company, you just need to search and find their rate quote page and submit a quote form there.
Albuquerque car insurance agents come in two flavors
When looking for a local Albuquerque insurance agent, it helps to know the two types of insurance agents and how they differ in how they quote coverages. Insurance agencies in Albuquerque can either be independent or exclusive depending on the company they work for.
Independent Insurance Agencies
These type of agents do not work for one specific company and that gives them the ability to insure with many different companies and get the cheapest rates. If premiums increase, your agent can switch companies without you having to go to a different agency.
When comparing rate quotes, you will definitely want to get quotes from multiple independent agents to have the best price comparison.
Below is a partial list of independent insurance agents in Albuquerque who may be able to give you free rate quotes.
Daniels Insurance Inc
320 Gold Ave SW # 700 – Albuquerque, NM 87102 – (505) 766-9676 – View Map
Cress Insurance
6101 Moon St NE #1000 – Albuquerque, NM 87111 – (505) 822-8114 – View Map
J B Martin Commercial, Homeowners, Auto, Health and Life Insurance Agency
2800 San Mateo Blvd NE – Albuquerque, NM 87110 – (505) 299-7444 – View Map
Exclusive Insurance Agencies
Exclusive agencies normally can only provide a single company’s rates such as State Farm, Allstate, or Farmers Insurance. These agents are unable to provide other company’s prices so it’s a take it or leave it situation. Exclusive insurance agents are well trained on their company’s products which helps them sell on service rather than price.
Shown below is a list of exclusive insurance agents in Albuquerque willing to provide comparison quotes.
Rick Buckner – State Farm Insurance Agent
9601 Sage Rd SW d – Albuquerque, NM 87121 – (505) 833-9596 – View Map
Richard Moore – State Farm Insurance Agent
5353 Wyoming Blvd NE b – Albuquerque, NM 87109 – (505) 821-6000 – View Map
Allstate Insurance: Larry Gaylord
3296 Coors Blvd NW d – Albuquerque, NM 87120 – (505) 836-4630 – View Map
Choosing an auto insurance agent requires more thought than just the bottom line cost. Any good agent in Albuquerque should know the answers to these questions.
- What discounts might you be missing?
- Is the agency involved in supporting local community causes?
- Do they write coverage based solely on cost?
- What kind of financial rating does the company have?
- Which companies do they recommend if they are an independent agency?
- Do clients work directly with the agent or are most inquiries handled by a CSR?
- Does the agent have a valid license to sell insurance in New Mexico?
You can lower your insurance rates
As you shop your coverage around, don’t be tempted to buy less coverage just to save a little money. Too many times, an insured dropped liability limits or collision coverage and discovered at claim time that the few dollars in savings costed them thousands. Your objective should be to get the best coverage possible at the best possible price.
Budget-conscious BMW M3 insurance is attainable from both online companies and also from your neighborhood Albuquerque agents, and you need to price shop both in order to have the best price selection to choose from. Some insurance companies don’t offer online price quotes and many times these small insurance companies prefer to sell through independent agents.
You just read quite a bit of information on how to get a better price on BMW M3 insurance in Albuquerque. The most important thing to understand is the more quotes you get, the higher your chance of finding cheaper Albuquerque auto insurance quotes. Drivers may even discover the best car insurance rates are with the least-expected company. Some small companies may cover specific market segments cheaper than their larger competitors like Progressive or GEICO.
For more information, link through to the resources below:
- Credit and Insurance Scores (Insurance Information Institute)
- Who Has the Cheapest Albuquerque Auto Insurance for a Ford F-150? (FAQ)
- Who Has Affordable Albuquerque Auto Insurance for a Ford Escape? (FAQ)
- Who Has the Cheapest Albuquerque Car Insurance Quotes for a 20 Year Old Female? (FAQ)
- Who Has Cheap Auto Insurance Quotes for First-time Drivers in Albuquerque? (FAQ)
- Who Has Affordable Albuquerque Auto Insurance Quotes for Used Cars? (FAQ)
- Who Has Affordable Albuquerque Auto Insurance for a Toyota Corolla? (FAQ)
- Vehicle Size and Weight FAQ (iihs.org)
- Distracted Driving Extends Beyond Texting (State Farm)
- What are my Rights when Filing a Claim? (Insurance Information Institute)
- Auto Insurance 101 (About.com)