Cheap Quotes for BMW M3 Insurance in Buffalo

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Insurance rates BMW M3 in BuffaloSurprisingly, a recent survey revealed that most insurance buyers kept their coverage with the same insurance company for at least the last four years, and approximately 40% of consumers have never compared rate quotes at all. Many drivers in New York could cut their rates by up to 45% a year, but they don't invest the time required to do a rate comparison.

If saving money is your primary concern, then the best way to get more affordable BMW M3 insurance is to compare prices regularly from companies who can sell car insurance in Buffalo. You can compare rates by following these guidelines.

  1. Try to understand the different coverages in a policy and the things you can change to prevent expensive coverage. Many factors that result in higher prices like inattentive driving and a less-than-favorable credit rating can be rectified by improving your driving habits or financial responsibility.
  2. Get rate quotes from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only give rate quotes from a single company like GEICO or State Farm, while agents who are independent can provide rate quotes from multiple companies.
  3. Compare the quotes to the price on your current policy and see if there is a cheaper rate. If you can save some money and switch companies, make sure there is no lapse in coverage.
  4. Provide notification to your current company of your decision to cancel your current coverage. Submit a completed application and payment to the new insurer. As soon as you receive it, place your new certificate of insurance with your vehicle's registration.

An important note is to make sure you enter the same deductibles and limits on every quote and and to look at all possible companies. Doing this helps ensure the most accurate price comparison and a complete selection of prices.

If you already have coverage, you stand a good chance to be able to lower your rates using these techniques. The goal of this article is to introduce you to how insurance works and also save some money in the process But New York drivers should learn how companies sell insurance online because rates fluctuate considerably.

Best BMW M3 insurance rates in New York

The providers in the list below are our best choices to provide free quotes in Buffalo, NY. To get cheap car insurance in Buffalo, we suggest you visit two to three different companies in order to get a fair rate comparison.

BMW M3 insurance rates and statistics

The coverage information displayed below highlights estimates of insurance rates for BMW M3 models. Being able to understand how insurance prices are established can help drivers make informed coverage decisions.

BMW M3 Insurance Rates in Buffalo, NY
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M3 4-Dr Sedan $200 $332 $346 $20 $104 $1,002 $84
M3 CI 2-Dr Coupe $218 $372 $346 $20 $104 $1,060 $88
M3 2-Dr Convertible $218 $372 $346 $20 $104 $1,060 $88
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Data based on single male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and New York minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, claim-free, and safe-driver. Information does not factor in the specific area where the vehicle is garaged which can increase or decrease coverage prices significantly.

Insurance deductibles

One frequently asked question is how high should the deductibles for physical damage be. The comparison tables below determine the rate fluctuation when you select higher and lower physical damage coverage deductibles. The first price estimate table uses a $100 deductible for comprehensive and collision coverage and the second price chart uses a $500 deductible.

BMW M3 insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M3 4-Dr Sedan $316 $632 $264 $16 $80 $1,333 $111
M3 CI 2-Dr Coupe $346 $704 $264 $16 $80 $1,435 $120
M3 2-Dr Convertible $346 $704 $264 $16 $80 $1,435 $120
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BMW M3 insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
M3 4-Dr Sedan $230 $426 $264 $16 $80 $1,016 $85
M3 CI 2-Dr Coupe $252 $476 $264 $16 $80 $1,088 $91
M3 2-Dr Convertible $252 $476 $264 $16 $80 $1,088 $91
Get Your Own Custom Quote Go

Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and New York minimum liability limits. Discounts applied include multi-policy, claim-free, multi-vehicle, safe-driver, and homeowner. Premium amounts do not factor in your specific Buffalo location which can raise or lower auto insurance rates considerably.

We can estimate from the data above that using a $100 deductible would cost the average driver about $28 more each month or $336 every year than buying the higher $500 deductible. Since you would pay $400 more to file a claim with a $500 deductible as compared to a $100 deductible, if you normally average at a minimum 14 months between claim filings, you would probably come out ahead by selecting a higher deductible.

The illustration below highlights how deductible selection and can affect BMW M3 insurance costs for each different age category. The premiums assume a single female driver, full physical damage coverage, and no discounts are taken into consideration.

Rate difference between full and liability-only coverage

The example below shows the comparison of BMW M3 insurance prices with liability coverage only compared to full coverage. The information is based on no violations or accidents, $250 deductibles, drivers are single, and no discounts are applied.

When to drop comp and collision

There is no exact rule for excluding physical damage coverage, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then you may need to consider dropping full coverage.

For example, let's pretend your BMW M3 replacement cost is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $2,000 after paying the physical damage deductible. If premium cost is more than $200 annually for physical damage coverage, then you may want to consider only buying liability coverage.

There are some scenarios where eliminating full coverage is not in your best interest. If you still owe a portion of the original loan, you have to keep full coverage in order to satisfy the requirements of the loan. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should keep full coverage in place.

How Insurance Providers Calculate BMW M3 Insurance Prices

A large part of saving on insurance is knowing some of the things that play a part in calculating the price you pay for insurance. If you know what controls the rates you pay, this allows you to make educated decisions that may reward you with big savings.

The list below includes some of the items used by your company to calculate rates.

  • Gender as a rate factor - Over the last 50 years, statistics have shown that females take fewer risks when driving. The data does not necessarily mean that men are worse drivers. Females and males tend to get into auto accidents in similar percentages, but men get into accidents with more damage. Not only are claims higher, but men get ticketed for serious violations like DUI and reckless driving.

    The illustration below visualizes the comparison of BMW M3 insurance costs for male and female drivers. The prices are based on no claims or violations, comprehensive and collision coverage, $1,000 deductibles, single status, and no additional discounts are factored in.

  • Getting married is a bonus - Having a spouse can actually save you money on your insurance bill. Marriage translates into being more mature and responsible and it's proven that drivers who are married are more cautious.
  • Pay more by driving carelessly - Having a clean driving record impacts premiums far more than you think. Careful drivers get better rates as compared to those with violations. Even one chargeable violation could increase your next policy renewal to the point where it's not affordable. Drivers with serious violations like DWI, reckless driving or hit and run convictions are required to file a SR-22 with their state's department of motor vehicles in order to prevent a license revocation.

    The chart below shows how violations and at-fault fender-benders raise BMW M3 insurance costs for each different age group. The data is based on a married female driver, comprehensive and collision coverage, $1,000 deductibles, and no other discounts are factored in.

  • Eliminate unneeded incidental coverages - There are a ton of extra coverages that can waste your money but may not be useful. Coverages for replacement cost coverage, high-cost glass coverage, and additional equipment coverage are examples of these. They may sound like good ideas when deciding what coverages you need, but your money might be better spent on other coverage so remove them and pocket the money.
  • What type of car do you drive? - The performance of the car you are trying to find cheaper insurance for makes a substantial difference in your auto insurance rates. Economy passenger cars generally receive the lowest base rates, but other factors influence the final cost greatly.

    The data below is based on a married male driver age 20, full coverage with $500 deductibles, and no discounts or violations. It illustrates BMW M3 car insurance rates compared to other makes and models that have a range of performance rating factors.

  • Does your employer cost you more? - Do you have a high-stress occupation? Careers like military generals, air traffic controllers, and stock brokers generally have higher average rates in part from stressful work requirements and incredibly demanding work hours. Other careers such as farmers, historians and performers have the lowest average rates.
  • Save mileage and save money - Driving more miles annually the more you'll pay to insure your vehicle. The majority of insurers price each vehicle's coverage determined by how the vehicle is used. Cars that sit idle most of the time get more affordable rates compared to those used for work or business. Having the wrong rating on your M3 may be wasting your money. Ask your agent if your insurance coverage reflects annual mileage.
  • Prevent your car from being stolen - Owning a car with a theft deterrent system can get you a discount on your insurance. Anti-theft devices such as GM's OnStar, tamper alarm systems and vehicle immobilizers all aid in stopping vehicle theft.
  • BMW M3 historical loss data - Insurance companies analyze claim trends for every vehicle when determining insurance costs. Vehicles that statistically have a trend towards higher claims will have a higher premium rate. The information below illustrates the insurance loss data for BMW M3 vehicles.

    For each coverage type, the statistical loss for all vehicles, regardless of manufacturer or model, is a value of 100. Percentage values below 100 represent a good loss history, while numbers that are greater than 100 indicate frequent claims or an increased likelihood of larger losses.

    Car Insurance Loss Data for BMW M3 Models
    Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    BMW M3 4dr 302 186

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

Verify you're receiving every discount

Companies offering auto insurance don't always publicize every possible discount very well, so the list below gives a summary of some of the best known and also the lesser-known credits that may apply to you.Save money with discounts

  • Accident Forgiveness - This one is not really a discount per se, but some insurance companies will allow you to have one accident before your rates go up with the catch being you have to be claim-free for a set time period.
  • Early Renewal Discounts - A few car insurance companies offer discounts for switching policies before your current M3 insurance policy expires. Ten percent is about the average savings.
  • Include Life Insurance and Save - Select companies reward you with a discount if you purchase a life policy as well.
  • Professional Memberships - Belonging to qualifying employment or professional organizations could trigger savings on your bill.
  • Telematics Devices - Buffalo drivers who agree to allow their car insurance company to analyze where and when they drive by using a small device installed in their vehicle such as In-Drive from State Farm or Allstate's Drivewise system could possibly reduce rates if they exhibit good driving behavior.
  • Discount for New Cars - Insuring a new M3 can be considerably cheaper compared to insuring an older model.
  • Auto/Home Discount - If you combine your homeowners and auto policies and insure them both with the same insurance company you will save approximately 10% to 15%.

Discounts reduce rates, but you should keep in mind that most discounts do not apply to all coverage premiums. A few only apply to the cost of specific coverages such as comprehensive or collision. Even though it appears you could get a free car insurance policy, company stockholders wouldn't be very happy. Any amount of discount will lower your overall bill.

The diagram below shows the comparison of BMW M3 car insurance costs with and without discounts applied. The rate quotes are based on a female driver, no accidents, no driving violations, New York state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, multi-policy, claim-free, marriage, safe-driver, and multi-car discounts applied.

Larger car insurance companies and a summarized list of policyholder discounts can be found below.

  • State Farm may have discounts that include accident-free, multiple autos, defensive driving training, good student, driver's education, anti-theft, and Drive Safe & Save.
  • Liberty Mutual has discounts for hybrid vehicle, preferred payment discount, exclusive group savings, multi-car, new move discount, safety features, and newly retired.
  • American Family offers discounts including accident-free, Steer into Savings, bundled insurance, air bags, early bird, TimeAway discount, and good driver.
  • Progressive discounts include continuous coverage, multi-policy, good student, online signing, online quote discount, and multi-vehicle.
  • Farmers Insurance may offer discounts for electronic funds transfer, switch companies, pay in full, bundle discounts, multi-car, alternative fuel, and homeowner.
  • Auto-Owners Insurance offers discounts for group or association, multiple vehicles, air bags, paid in full, safe driver, anti-lock brakes, and teen driver.
  • SAFECO offers premium reductions for anti-theft, anti-lock brakes, accident prevention training, multi-car, teen safe driver, safe driver, and drive less.

Before purchasing a policy, check with every company to give you their best rates. Some discounts listed above may not be offered in your area. If you would like to choose from a list of companies who offer discounts in New York, click here.

Exclusive or independent auto insurance agents

A lot of people prefer to get advice from a local agent and that can be a smart move A good thing about comparing rates online is the fact that you can find the best rates and still choose a local agent.

Buffalo insurance agentsAfter completing this form (opens in new window), your coverage information is submitted to participating agents in Buffalo who will give you quotes for your car insurance coverage. You won't need to search for an agent because quoted prices will be sent directly to you. Get lower rates and work with a local agent. In the event you want to get a price quote from a specific company, just go to their quote page to submit a rate quote request.

Picking the best insurer should include more criteria than just the bottom line cost. Here are some questions to ask:

  • What insurance company do they write the most business with?
  • Do they prorate repair cost based on vehicle mileage?
  • Does the company use OEM repair parts?
  • What insurance companies do they recommend if they are an independent agent?
  • How long has the business existed?
  • Are they in the agency full-time?

Pick the best auto insurance agent in Buffalo for you

When looking for a good Buffalo insurance agent, there are a couple of different types of agencies and how they operate. Agents in Buffalo can either be exclusive agents or independent agents.

Exclusive Insurance Agents

Agents of this type can usually just insure with one company like State Farm, Allstate, or Farmers Insurance. They usually cannot compare other company's rates so they are skilled at selling on more than just price. Exclusive agents receive extensive training on the products they sell and that allows them to sell at a higher price point. Drivers often use the same agent mostly because of loyalty to the company and the convenience of having a single billing for all their coverages.

The following is a short list of exclusive agencies in Buffalo willing to provide price quotes.

More Buffalo agents

Independent Agents (or Brokers)

Independent agencies do not sell for just one brand and that allows them to write policies with multiple insurance companies depending on which coverage is best. If premiums increase, they can switch companies in-house which requires no work on your part.

If you are comparing car insurance prices, we highly recommend that you get some free quotes from several independent insurance agents in order to compare the most rates. Most also write with lesser-known insurance companies that may provide cheaper car insurance rates.

Listed below is a list of independent agents in Buffalo that are able to give price quotes.

More Buffalo agents

What is the best car insurance company in Buffalo?

Insuring your vehicle with the top insurance company can be rather challenging considering how many choices drivers have in Buffalo. The company rank data in the next section may help you analyze which insurers to look at purchasing from.

Top 10 Buffalo Car Insurance Companies Ranked by Claims Service

  1. Progressive
  2. USAA
  3. Liberty Mutual
  4. State Farm
  5. GEICO
  6. Nationwide
  7. Allstate
  8. The General
  9. The Hartford
  10. 21st Century

Top 10 Buffalo Car Insurance Companies Ranked by Customer Satisfaction

  1. The Hartford - 93%
  2. The General - 91%
  3. Progressive - 90%
  4. 21st Century - 89%
  5. Erie Insurance - 88%
  6. USAA - 87%
  7. State Farm - 87%
  8. Travelers - 87%
  9. Mercury Insurance - 87%
  10. Safeco Insurance - 86%

You are unique and your auto insurance should be too

Always remember that when buying coverage, there really is not a perfect coverage plan. Each situation is unique so your insurance needs to address that.Higher deductibles save money For example, these questions could help you determine whether or not you could use an agent's help.

  • How can I force my company to pay a claim?
  • How high should my medical payments coverage be?
  • Should I buy full coverage?
  • Do I need special endorsements for business use of my vehicle?
  • Should I put collision coverage on all my vehicles?
  • Do I have any recourse if my insurance company denies a claim?
  • Can I cancel at any time?
  • Do I need more liability coverage?
  • Can I afford to buy a different vehicle if my BMW M3 is totaled?

If it's difficult to answer those questions but one or more may apply to you, you may need to chat with a licensed insurance agent. To find an agent in your area, fill out this quick form or you can go here for a list of companies in your area.

Find cheap rates by being thorough

Cheaper auto insurance in Buffalo can be found from both online companies and from local agencies, so get free Buffalo auto insurance quotes from both of them in order to have the best price selection to choose from. Some companies don't offer rates over the internet and most of the time these small insurance companies only sell through independent insurance agents.

In this article, we presented some good ideas how you can find cheaper BMW M3 insurance in Buffalo. The key thing to remember is the more providers you compare, the higher the chance of saving money. Consumers could even find that the best price on auto insurance is with a smaller regional carrier. Some small companies may often insure only within specific states and give better rates compared to the large companies like Progressive and GEICO.

Additional auto insurance information can be found on the following sites: