It’s an obvious statement that insurance companies don’t want you comparing rates. Drivers who shop around for cheaper prices are inclined to switch insurance companies because there is a great chance of finding better rates. A recent study showed that consumers who routinely shopped around saved on average $3,400 over four years as compared to drivers who never shopped around for cheaper prices.
If finding budget-friendly BMW M2 insurance in Virginia Beach is the reason you’re reading this, then learning about the best ways to find and compare insurance can make it simple to find affordable coverage.
If your goal is the lowest price, then the best way to get more affordable BMW M2 insurance is to compare prices regularly from companies that sell auto insurance in Virginia Beach. You can compare rates by following these steps.
- Get a basic knowledge of how insurance companies determine prices and the things you can control to prevent rate increases. Many things that drive up the price like at-fault accidents and a low credit score can be improved by paying attention to minor details. Keep reading for more information to help keep prices low and find overlooked discounts.
- Compare prices from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can provide rates from a single company like GEICO and Allstate, while agents who are independent can provide rate quotes for a wide range of companies.
- Compare the new rates to the premium of your current policy to see if cheaper M2 coverage is available in Virginia Beach. If you can save money, ensure there is no coverage lapse between policies.
- Give notification to your current company of your decision to cancel your existing policy and submit payment along with a signed and completed policy application for the new policy. Once the application is submitted, put the certificate verifying coverage with your registration paperwork.
A good tip to remember is to use the same amount of coverage on each quote and and to look at every company you can. This guarantees a fair price comparison and the best price selection.
Best companies for BMW M2 insurance
The car insurance companies shown below can provide free rate quotes in Virginia Beach, VA. To locate cheap car insurance in Virginia Beach, VA, it’s a good idea that you visit two to three different companies to get the lowest price.
Affordable BMW M2 insurance in Virginia Beach
Some providers don’t always list every discount very well, so the list below gives a summary of both the well known and the harder-to-find credits that may apply to you.
- Sign Early and Save – Some companies reward drivers for switching companies early. This discount can save up to 10%.
- Federal Government Employee – Being employed by or retired from a federal job can save as much as 8% depending on your car insurance provider.
- College Student – Kids who live away from home at college without a vehicle on campus may qualify for this discount.
- Full Payment Discount – If you pay your bill all at once as opposed to paying monthly you can avoid monthly service charges.
- Life Insurance Discount – Not every insurance company offers life insurance, but if they do you may earn a lower rate if you buy life insurance from them.
As a disclaimer on discounts, most discount credits are not given to the whole policy. Some only reduce individual premiums such as liability, collision or medical payments. So when it seems like it’s possible to get free car insurance, company stockholders wouldn’t be very happy.
A few of the larger companies and a summarized list of policyholder discounts include:
- Mercury Insurance policyholders can earn discounts including ease of repair, good driver, anti-theft, low natural disaster claims, multi-car, and type of vehicle.
- Farmers Insurance may offer discounts for distant student, homeowner, business and professional, electronic funds transfer, multi-car, and youthful driver.
- Farm Bureau offers discounts including driver training, safe driver, 55 and retired, multi-policy, youthful driver, and renewal discount.
- State Farm may include discounts for safe vehicle, good driver, Steer Clear safe driver discount, Drive Safe & Save, and anti-theft.
- Allstate discounts include defensive driver, multi-policy, EZ pay plan discount, new car, and good payer.
- GEICO may have discounts that include good student, emergency military deployment, defensive driver, multi-vehicle, membership and employees, seat belt use, and military active duty.
When quoting, ask each company which discounts they offer. A few discounts might not apply in Virginia Beach. If you would like to view companies that can offer you the previously mentioned discounts in Virginia, click here to view.
Independent or exclusive insurance agents
A lot of people would rather talk to a local agent. Insurance agents can help you build your policy and help you file claims. One of the benefits of comparing rates online is you may find cheap car insurance quotes and still buy from a local agent.
To help locate an agent, after submitting this quick form, the coverage information is immediately sent to agents in your area that provide free Virginia Beach auto insurance quotes and help you find cheaper coverage. It’s much easier because you don’t need to even leave your home since rate quotes are delivered instantly to you. If you wish to compare prices for a specific company, don’t hesitate to visit that company’s website to submit a rate quote request.
Finding the right insurance company is decision based upon more than just the bottom line cost. Here are some questions you should ask.
- What company holds the largest book of business for them?
- Is the quote a firm price?
- Do they see any coverage gaps in your plan?
- Will the agent help in case of a claim?
- Are there any discounts that you might be missing?
- How much can you save by raising your physical damage deductibles?
The following are Virginia Beach car insurance companies willing to provide price quotes for BMW M2 insurance in Virginia Beach.
Insurance coverage specifics
Knowing the specifics of your insurance policy helps when choosing the right coverages for your vehicles. The terms used in a policy can be confusing and nobody wants to actually read their policy. Listed below are the normal coverages available from insurance companies.
Auto liability insurance
This will cover injuries or damage you cause to people or other property by causing an accident. It protects you against other people’s claims. It does not cover your own vehicle damage or injuries.
Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see values of 25/50/20 which means a $25,000 limit per person for injuries, a per accident bodily injury limit of $50,000, and a limit of $20,000 paid for damaged property.
Liability insurance covers claims such as repair costs for stationary objects, structural damage, legal defense fees, court costs and attorney fees. How much liability should you purchase? That is your choice, but buy as much as you can afford. Virginia requires drivers to carry at least 25/50/20 but you should consider buying more coverage.
The next chart shows why buying low liability limits may not provide you with enough coverage.
Uninsured/Underinsured Motorist coverage
This gives you protection from other motorists when they do not carry enough liability coverage. This coverage pays for injuries sustained by your vehicle’s occupants and also any damage incurred to your BMW M2.
Due to the fact that many Virginia drivers only carry the minimum required liability limits (Virginia limits are 25/50/20), their limits can quickly be used up. So UM/UIM coverage is very important.
Collision coverage pays for damage to your M2 from colliding with an object or car. A deductible applies then your collision coverage will kick in.
Collision coverage pays for claims like hitting a mailbox, colliding with a tree, scraping a guard rail and sideswiping another vehicle. This coverage can be expensive, so consider removing coverage from older vehicles. You can also raise the deductible on your M2 to bring the cost down.
Medical payments coverage and PIP
Personal Injury Protection (PIP) and medical payments coverage reimburse you for immediate expenses for chiropractic care, hospital visits, EMT expenses and nursing services. They are utilized in addition to your health insurance policy or if you do not have health coverage. They cover not only the driver but also the vehicle occupants in addition to any family member struck as a pedestrian. Personal injury protection coverage is only offered in select states and gives slightly broader coverage than med pay
Comprehensive insurance coverage pays to fix your vehicle from damage OTHER than collision with another vehicle or object. You first have to pay a deductible then your comprehensive coverage will pay.
Comprehensive coverage pays for claims such as hitting a deer, falling objects, a broken windshield, vandalism and damage from flooding. The maximum amount you can receive from a comprehensive claim is the actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.
The best rates come from being thorough
As you restructure your insurance plan, make sure you don’t sacrifice coverage to reduce premiums. Too many times, an insured cut collision coverage only to regret at claim time that a couple dollars of savings turned into a financial nightmare. The proper strategy is to get the best coverage possible for the lowest price, but do not sacrifice coverage to save money.
In this article, we presented many ways to get a better price on BMW M2 insurance in Virginia Beach. The key concept to understand is the more rate quotes you have, the better chance you’ll have of finding cheaper Virginia Beach auto insurance quotes. You may even be surprised to find that the best rates are with a company that doesn’t do a lot of advertising. These companies may cover specific market segments cheaper than the large multi-state companies such as Allstate and Progressive.
Even more information can be read in the articles below:
- Automakers compete to add autobraking (Insurance Institute for Highway Safety)
- Who Has the Cheapest Auto Insurance for Uninsured Drivers in Virginia Beach? (FAQ)
- Who Has Cheap Auto Insurance for 19 Year Olds in Virginia Beach? (FAQ)
- How Much are Virginia Beach Car Insurance Quotes for Unemployed Drivers? (FAQ)
- How Much is Car Insurance for Teenage Females in Virginia Beach? (FAQ)
- What Insurance is Cheapest for a Subaru Forester in Virginia Beach? (FAQ)
- Avoiding Deer Collisions (Insurance Information Institute)
- Side airbags reduce rollover fatalities (Insurance Institute for Highway Safety)
- What is a Telematics Device? (Allstate)