Trying to find low-cost BMW M3 insurance in Houston? Did you fall for a flashy sales pitch and buy an underperforming, overpriced auto insurance policy? Say no more because there are lots of people in the same boat.
A recent NerdWallet.com study revealed that most auto insurance customers renewed their policy with the same company for over three years, and 38% of customers have never even shopped around for cheaper coverage. Texas drivers could save an average of about $1,770 each year by just comparing quotes, but most undervalue the large savings they would see if they bought a different policy.
Vehicle owners have many insurance companies to buy insurance from, and although it’s nice to have a selection, having more insurers makes it harder to compare rates for BMW M3 insurance in Houston.
Finding the cheapest auto insurance coverage in Houston is actually very simple if you learn how to start. Basically, each driver who quotes auto insurance should be able to save money. But Texas drivers must know the methods companies use to determine what you pay because it varies considerably.
When shopping for affordable Houston auto insurance quotes, there are a couple of ways of comparing rate quotes from all the different companies. One of the best ways to find competitive BMW M3 insurance rates consists of obtaining rate quotes online.
Comparison shopping quotes online is easy and it replaces the need to actually drive to different agent offices. Shopping for car insurance online eliminates the need for an insurance agent unless your situation requires the guidance of an agent trained in personal lines coverage. If you prefer, some companies allow you to get prices online but buy from a local insurance agent.
When quoting car insurance, remember that obtaining a wide range of quotes gives you a better chance of getting better pricing. Not every company does Houston M3 insurance quotes online, so it’s recommended that you also compare rates from them as well.
The following companies provide quotes in Houston, TX. If multiple companies are shown, it’s a good idea that you visit two to three different companies in order to find the most competitive rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $194 | $398 | $358 | $22 | $108 | $1,080 | $90 |
| M3 CI 2-Dr Coupe | $566 | $1014 | $500 | $30 | $150 | $2,260 | $188 |
| M3 2-Dr Convertible | $446 | $850 | $382 | $22 | $114 | $1,814 | $151 |
| Get Your Own Custom Quote Go | |||||||
Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Texas minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, claim-free, and multi-policy. Rate quotes do not factor in specific garaging location which can modify premium rates significantly.
Should you buy full coverage?
The diagram below shows the comparison of BMW M3 insurance premiums with and without full coverage. The costs are based on no claims or driving citations, $250 deductibles, married male driver, and no discounts are taken into consideration.
When to switch to liability coverage only
There isn’t a written rule for eliminating physical damage insurance, but there is a general school of thought. If the yearly cost of comp and collision coverage is 10% or more of the settlement you would receive from your company, then you may need to consider dropping full coverage.
For example, let’s say your BMW M3 book value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most your company would pay you is $6,000 after paying your policy deductible. If premiums are more than $600 a year for comprehensive and collision coverage, then you may want to consider only buying liability coverage.
There are some conditions where dropping physical damage coverage is not financially feasible. If you have an outstanding loan on your vehicle, you are required to maintain full coverage in order to keep the loan. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should not buy liability only.
Deductible comparison
The illustration below demonstrates how deductibles and can increase or decrease BMW M3 insurance costs for each different age category. The data assumes a single female driver, full physical damage coverage, and no discounts are applied.
BMW M3 insurance costs by age and gender
The diagram below illustrates the difference between BMW M3 yearly insurance costs for male and female drivers. The data assumes no claims or driving violations, comprehensive and collision coverage, $500 deductibles, drivers are single, and no discounts are applied.
Three good reasons to insure your M3
Even though it can be expensive, insuring your vehicle may be required for several reasons.
First, most states have minimum liability requirements which means the state requires specific minimum amounts of liability coverage if you don’t want to risk a ticket. In Texas these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
Second, if your car has a loan, it’s most likely the lender will stipulate that you have physical damage coverage to guarantee loan repayment. If the policy lapses, the lender may have to buy a policy to insure your BMW at a much higher premium rate and force you to reimburse them much more than you were paying before.
Third, insurance preserves both your BMW M3 and your assets. Insurance will pay for medical bills for you, any passengers, and anyone injured in an accident. One policy coverage, liability insurance, also pays for attorney fees and expenses if you are named as a defendant in an auto accident. If you receive damage to your vehicle caused by a storm or accident, comprehensive and/or collision insurance will cover the damage repairs after a deductible is paid.
The benefits of carrying enough insurance definitely exceed the price paid, particularly if you ever have a claim. According to a recent study, the average American driver is wasting up to $810 a year so you should quote your policy with other companies every year to ensure rates are inline.
Get cheaper rates with these nine discounts
Not many people think insurance is cheap, but you may be missing some discounts that many people don’t even know exist. Certain discounts will be applied at the time you complete a quote, but some must be specially asked for prior to receiving the credit.
- Paper-free Discount – A few larger online companies provide a small discount simply for signing on the web.
- Discount for Good Grades – Performing well in school may save as much as 25% on a Houston auto insurance quote. This discount can apply up until you turn 25.
- No Claim Discounts – Claim-free drivers are rewarded with significantly better rates on Houston auto insurance quote in comparison to frequent claim filers.
- Braking Control Discount – Cars, trucks, and SUVs with ABS and/or traction control are safer to drive so you can save 10 percent or more.
- Discount for Multiple Policies – If you insure your home and vehicles and insure them with the same company you will save 10% to 20% off each policy.
- Full Payment Discount – If paying your policy premium upfront rather than paying in monthly installments you may reduce your total bill.
- Low Mileage Discounts – Keeping the miles down on your BMW may enable drivers to earn discounted rates on garaged vehicles.
- Distant Student – Children who live away from home at college and don’t have a car could qualify for this discount.
- Early Signing – Some companies give discounts for signing up before your current expiration date. It can save you around 10%.
Drivers should understand that most credits do not apply to all coverage premiums. Some only reduce the price of certain insurance coverages like medical payments or collision. Despite the appearance that all the discounts add up to a free policy, you’re out of luck.
The best auto insurance companies and some of the premium reductions they offer can be found below.
- State Farm offers premium reductions for multiple autos, passive restraint, anti-theft, Steer Clear safe driver discount, and student away at school.
- Esurance offers discounts including online shopper, claim free, paid-in-full, multi-policy, and online quote.
- Progressive discounts include online signing, online quote discount, continuous coverage, multi-policy, and good student.
- Liberty Mutual offers discounts for new vehicle discount, hybrid vehicle, teen driver discount, safety features, good student, exclusive group savings, and new graduate.
- Auto-Owners Insurance includes discounts for multi-policy, company car, paperless, mature driver, anti-lock brakes, paid in full, and good student.
- GEICO may have discounts that include anti-lock brakes, five-year accident-free, membership and employees, military active duty, multi-vehicle, seat belt use, and driver training.
If you need lower rates, check with each insurance company which discounts they offer. Some of the earlier mentioned discounts might not be offered on policies in your area. For a list of insurance companies who offer online BMW M3 insurance quotes in Texas, click here.
Insurance agents near you
Many drivers still prefer to visit with an insurance agent and doing that can be a smart decision An additional benefit of comparing rate quotes online is you can get cheap insurance quotes and still choose a local agent.
After filling out this simple form, your information is transmitted to local insurance agents that provide free Houston auto insurance quotes for your business. You won’t need to contact an agency because prices are sent straight to your inbox. You can find lower rates without a big time investment. If you want to get a comparison quote from a specific company, you can always find their quoting web page and submit a quote form there.
Choosing the best provider is decision based upon more than just the bottom line cost. A good agent in Houston will have answers to these questions.
- Does the agent help file claims?
- Are they properly licensed to sell insurance in Texas?
- How will an accident affect your rates?
- Is vehicle mileage a factor when determining depreciation for repairs?
- Is the quote a firm price?
- How does the company pay claims for a total loss?
- Is their price quote a firm figure or are their hidden costs?
- Which family members are covered?
Exclusive and independent Houston auto insurance agents
When researching an insurance agent, there are a couple of different types of agents from which to choose. Agents in Houston can be described as either independent or exclusive depending on the company they work for.
Exclusive Insurance Agents
Exclusive agencies can only place business with one company and some examples include AAA, Allstate, and State Farm. They usually cannot shop your coverage around so they really need to provide good service. Exclusive agents are usually quite knowledgeable on their company’s products which helps them sell on service rather than price.
Shown below is a short list of exclusive insurance agents in Houston willing to provide price quote information.
Armando Valdez – State Farm Insurance Agent
12941 North Fwy #608 – Houston, TX 77060 – (281) 537-7890 – View Map
Linda Tuck – State Farm Insurance Agent
2402 Bay Area Blvd g – Houston, TX 77058 – (281) 488-9050 – View Map
Lucrecia Jasminoy – State Farm Insurance Agent
223 Cavalcade St – Houston, TX 77009 – (713) 884-1442 – View Map
Independent Insurance Agents
Agents of this type are not restricted to one company so they can insure your vehicles with any number of different companies and find you the best rates. If they quote lower rates, they can switch companies in-house which makes it simple for you.
When comparing insurance rates, we recommend you include price quotes from at least one independent agent so that you can do a thorough price comparison.
Listed below are independent insurance agents in Houston that are able to give price quote information.
ProTECH Insurance Agency, Inc.
#100, 3120 SW Freeway Service Rd – Houston, TX 77098 – (713) 520-1090 – View Map
Cornerstone Insurance Agency
24301 Brazos Town Crossing – Rosenberg, TX 77471 – (979) 553-4343 – View Map
Kingspoint Insurance Agency, Inc.
11200 Westheimer Rd #850 – Houston, TX 77042 – (713) 850-1660 – View Map
Detailed coverages of your insurance policy
Having a good grasp of a insurance policy aids in choosing the right coverages at the best deductibles and correct limits. The terms used in a policy can be difficult to understand and reading a policy is terribly boring. These are the usual coverages available from insurance companies.
Auto collision coverage
Collision insurance pays to fix your vehicle from damage resulting from colliding with another vehicle or an object, but not an animal. A deductible applies then your collision coverage will kick in.
Collision can pay for things such as driving through your garage door, damaging your car on a curb, scraping a guard rail, sustaining damage from a pot hole and colliding with another moving vehicle. Paying for collision coverage can be pricey, so you might think about dropping it from vehicles that are 8 years or older. Another option is to raise the deductible on your M3 to bring the cost down.
Liability coverages
This coverage protects you from damage or injury you incur to a person or their property 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 policy limits of 30/60/25 that means you have a $30,000 limit per person for injuries, a total of $60,000 of bodily injury coverage per accident, and a total limit of $25,000 for damage to vehicles and property.
Liability coverage protects against things such as medical expenses, legal defense fees, court costs, repair bills for other people’s vehicles and attorney fees. How much coverage you buy is your choice, but buy as high a limit as you can afford. Texas state law requires minimum liability limits of 30/60/25 but you should consider buying more liability than the minimum.
Medical expense coverage
Med pay and PIP coverage provide coverage for bills like doctor visits, funeral costs, EMT expenses and ambulance fees. They are used to cover expenses not covered by your health insurance policy or if there is no health insurance coverage. Coverage applies to both the driver and occupants and will also cover getting struck while a pedestrian. Personal injury protection coverage is not an option in every state and may carry a deductible
Comprehensive protection
Comprehensive insurance coverage will pay to fix damage OTHER than collision with another vehicle or object. You first must pay your deductible and then insurance will cover the rest of the damage.
Comprehensive can pay for things like theft, vandalism, hitting a deer, hail damage and damage from a tornado or hurricane. The maximum amount a insurance company will pay at claim time is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.
Uninsured or underinsured coverage
Your UM/UIM coverage gives you protection when other motorists either are underinsured or have no liability coverage at all. It can pay for medical payments for you and your occupants and damage to your BMW M3.
Because many people only carry the minimum required liability limits (Texas limits are 30/60/25), their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is a good idea.
You can find cheap coverage
Affordable BMW M3 insurance in Houston is possible on the web as well as from insurance agents, so you need to quote Houston auto insurance with both to get a complete price analysis. A few companies don’t offer the ability to get quotes online and many times these regional carriers provide coverage only through independent agencies.
When shopping online for auto insurance, it’s not a good idea to buy poor coverage just to save money. There are many occasions where an insured dropped physical damage coverage and discovered at claim time that the small savings ended up costing them much more. Your objective should be to purchase plenty of coverage for the lowest cost and still be able to protect your assets.
For more information, feel free to browse these articles:
- Front crash protection reduces rear-end crashes (Insurance Institute for Highway Safety)
- What Car Insurance is Cheapest for Good Students in Houston? (FAQ)
- What Auto Insurance is Cheapest for a Jeep Wrangler in Houston? (FAQ)
- Who Has Affordable Auto Insurance for College Graduates in Houston? (FAQ)
- How Can I Save Money on Auto Insurance? (Insurance Information Institute)
- Safe Vehicles for Teens (iihs.org)
- Teen Driver Statistics (Insurance Information Institute)