Are you regretting the purchase of an under-performing, overpriced insurance policy? Believe me, you’re not alone.
Shocking but true, almost 70% of insureds in Pennsylvania kept their policy with the same company for at least the last four years, and just short of a majority have never even shopped around for cheap coverage. With the average premium in the U.S. being $1,847, drivers can cut their rates by about $859 a year by just shopping around, but most just don’t grasp how much savings they would realize if they moved their coverage to a different company. Due to the abundance of insurance companies to choose from that have cheaper insurance for a BMW M3 in Philadelphia, it can be impossible to find the best company.
The best way we recommend to compare rate quotes for BMW M3 insurance in Philadelphia is to understand most insurance companies pay for the opportunity to provide you with a free rate quote. To begin a comparison, all you need to do is spend a couple of minutes providing details including how you use your vehicles, coverage limits, your job, and if you are currently licensed. That rating information is submitted instantly to multiple companies and they provide comparison quotes almost instantly.
To start a quote now, click here and find out if lower rates are available in Philadelphia.
The companies shown below are our best choices to provide free quotes in Philadelphia, PA. If more than one company is shown, we recommend you compare several of them to get the best price comparison.
Auto insurance in Pennsylvania serves several purposes
Despite the high insurance cost for a BMW M3 in Philadelphia, auto insurance serves an important purpose.
- Most states have mandatory insurance requirements which means you are required to carry a minimum amount of liability if you want to drive legally. In Pennsylvania these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.
- If you bought your vehicle with a loan, most banks will stipulate that you have insurance to guarantee their interest in the vehicle. If the policy lapses, the bank or lender will purchase a policy for your BMW at an extremely high rate and require you to fork over much more than you were paying before.
- Auto insurance preserves both your assets and your vehicle. It will also reimburse you for hospital and medical expenses for both you and anyone you injure as the result of an accident. One of the most valuable coverages, liability insurance, also covers all legal expenses up to the policy limit in the event you are sued. If mother nature or an accident damages your car, comprehensive and/or collision insurance will pay to have it repaired.
The benefits of insuring your car definitely exceed the cost, especially for larger claims. Unknowingly, the average driver overpays as much as $820 a year so it’s very important to do a rate comparison each time the policy renews to save money.
BMW M3 insurance rates and statistics
The information shown next showcases different rate quotes for BMW M3 models. Having knowledge of how policy premiums are established is important to be able to make decisions on which coverage to buy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $210 | $468 | $428 | $26 | $128 | $1,260 | $105 |
| M3 CI 2-Dr Coupe | $228 | $522 | $428 | $26 | $128 | $1,332 | $111 |
| M3 2-Dr Convertible | $228 | $522 | $428 | $26 | $128 | $1,332 | $111 |
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Table data represents single female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Pennsylvania minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, safe-driver, and claim-free. Information does not factor in specific Philadelphia garaging location which can influence auto insurance rates considerably.
Where to set your deductibles
The hardest decision when buying coverage is how low should you set your deductibles. The figures shown below show the rate differences when you select higher and lower deductibles. The first rate quote example uses a $250 deductible for comp and collision and the second rate chart uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $352 | $658 | $330 | $20 | $98 | $1,483 | $124 |
| M3 CI 2-Dr Coupe | $386 | $734 | $330 | $20 | $98 | $1,593 | $133 |
| M3 2-Dr Convertible | $386 | $734 | $330 | $20 | $98 | $1,593 | $133 |
| Get Your Own Customized Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $286 | $530 | $330 | $20 | $98 | $1,264 | $105 |
| M3 CI 2-Dr Coupe | $314 | $592 | $330 | $20 | $98 | $1,354 | $113 |
| M3 2-Dr Convertible | $314 | $592 | $330 | $20 | $98 | $1,354 | $113 |
| Get Your Own Customized Quote Go | |||||||
Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Pennsylvania minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, multi-vehicle, and homeowner. Rates do not factor in the specific area where the vehicle is garaged which can revise premiums noticeably.
We can estimate from the data above that using a $250 deductible costs an average of $20 more each month or $240 a year than opting for the higher $500 deductible. Since you would have to pay $250 more if you file a claim with a $500 deductible as compared to a $250 deductible, if you go more than 13 months between claims, you would more than likely save some money if you decide on a higher deductible. The illustration below shows an example of how you can make this decision for your own policy.
| Average monthly premium for $250 deductibles: | $130 |
| Average monthly premium for $500 deductibles (subtract): | – $110 |
| Monthly savings from raising deductible: | $20 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $20 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 13 months |
One important issue to know is that increasing deductibles to save money means you pay more out-of-pocket when you file a claim. You need enough disposable income in the event you have to pay the higher deductible.
Rate comparison of men versus women
The example below shows the comparison of BMW M3 car insurance costs for male and female drivers. Data assumes a clean driving record, no claims, full coverage, $250 deductibles, single status, and no policy discounts are applied.
Companies offer money-saving discounts on BMW M3 insurance in Philadelphia
Insurance is expensive, but you may find discounts to help offset the cost. Many of these discounts will be applied automatically when you complete an application, but once in a while a discount must be specifically requested before you will receive the discount. If you’re not getting every credit you qualify for, you are not getting the best rate possible.
- Save with a New Car – Insuring a new M3 can save up to 30% since new model year vehicles are generally safer.
- Discount for Good Grades – Performing well in school can save 20 to 25%. Earning this discount can benefit you until age 25.
- ABS and Traction Control Discounts – Anti-lock brake equipped vehicles are safer to drive so you can save 10 percent or more.
- Discounts for Responsible Drivers – Drivers who avoid accidents may receive a discount up to 45% than drivers with accidents.
- Payment Discounts – By paying your entire bill at once instead of paying each month you can actually save on your bill.
- Safety Course Discount – Participating in a defensive driver course is a good idea and can lower rates and also improve your driving technique.
- Distant Student Discount – Kids who live away from home at college and do not take a car to college could qualify for this discount.
We need to note that many deductions do not apply to your bottom line cost. Most only cut individual premiums such as liability, collision or medical payments. So even though it sounds like you can get free auto insurance, insurance companies aren’t that generous.
The information below shows the difference between BMW M3 insurance rates with and without discounts applied. The data assumes a male driver, no accidents or driving violations, Pennsylvania state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, homeowner, claim-free, marriage, multi-policy, and multi-car discounts applied.
Companies that may offer quotes with these benefits may include but are not limited to:
Double check with each company or agent which discounts they offer. A few discounts might not be offered on policies in your area.
When to get advice from a local insurance agent
Some people prefer to go talk to an agent and doing so can bring peace of mind Licensed agents can answer important questions and will help you if you have claims. An additional benefit of comparing insurance prices online is the fact that you can find cheaper rates and still choose a local agent. Supporting local agencies is still important in Philadelphia.
To help locate an agent, after submitting this short form, your insurance data is immediately sent to agents in your area that provide free Philadelphia auto insurance quotes for your business. It simplifies rate comparisons since you won’t have to even leave your home since rate quotes are delivered to your email. If you have a need to compare prices from a specific insurance provider, feel free to go to their quote page and complete a quote there.
Finding a good insurance company requires you to look at more than just a low price. These are some questions your agent should answer.
- Is working in the agency their full-time job?
- Has the agent ever had any license suspensions?
- How experienced are they in personal risk management?
- If independent agents, which companies do they recommend?
- Does their agency support local causes in Philadelphia?
- Does the company use OEM repair parts?
- Are glass claims handled on-site or do you have to take your vehicle to a repair shop?
One last thing about your coverage
As you restructure your insurance plan, never skimp on coverage in order to save money. There have been many situations where drivers have reduced full coverage only to discover later that the few dollars in savings costed them thousands. Your aim should be to buy enough coverage for the lowest cost, but don’t skip important coverages to save money.
Some insurance companies may not have rates over the internet and these small insurance companies only sell coverage through independent insurance agencies. Cheap BMW M3 insurance in Philadelphia is definitely available online and from local insurance agents, so you should be comparing quotes from both to have the best chance of lowering rates.
Additional car insurance information is located at the links below
- Prepare your Teens for Safe Driving (InsureUonline.org)
- Who Has Affordable Car Insurance for Business Use in Philadelphia? (FAQ)
- Who Has Affordable Auto Insurance for Drivers Over Age 60 in Philadelphia? (FAQ)
- Who Has the Cheapest Philadelphia Auto Insurance for Unemployed Drivers? (FAQ)
- How Much are Philadelphia Car Insurance Quotes for a Nissan Sentra? (FAQ)
- No-Fault Auto Insurance Statistics (Insurance Information Institute)
- Protecting Teens from Drunk Driving (Insurance Information Institute)
- Event Data Recorders FAQ (iihs.org)
- Child Safety FAQ (iihs.org)