2016 BMW 2 Series Insurance Cost

Want better car insurance rates for your BMW 2 Series? Finding the lowest price car insurance is rather difficult for vehicle owners new to comparison shopping over the internet. With so many agents and companies competing online, how are we expected to possibly compare every car insurance company to find the best pricing?

You need to check car insurance prices occasionally because prices are variable and change quite frequently. If you had the best rates for 2 Series insurance six months ago you can probably find a better premium rate now. You’ll find a ton of advice on car insurance online but you can learn the easiest ways to save money.

Get cheaper rates with discounts

Not many people think insurance is cheap, but you might find some hidden discounts that can drop the cost substantially. Certain reductions will be credited at quote time, but some need to be inquired about prior to receiving the credit.

  • Buy New and Save – Buying a new car model can be considerably cheaper compared to insuring an older model.
  • No Claims – Drivers who don’t have accidents are rewarded with significantly better rates on auto insurance quote compared to accident-prone drivers.
  • More Vehicles More Savings – Having multiple cars or trucks with the same company can reduce rates for all insured vehicles.
  • Accident Waiver – This isn’t a discount exactly, but some companies like Geico and Liberty Mutual will let one accident slide without the usual rate increase with the catch being you have to be claim-free for a specific time period.
  • Onboard Data Collection – Policyholders that allow companies to look at driving manner by using a telematics device in their vehicle such as Snapshot from Progressive or Drivewise from Allstate could see a rate decrease as long as they are good drivers.
  • Theft Prevention Discount – Cars equipped with anti-theft or alarm systems help deter theft and earn discounts up to 10% off your auto insurance quote.
  • Safety Restraint Discount – Buckling up and requiring all passengers to buckle up can save a little on the medical payments or PIP coverage costs.
  • Paperless Signup – Some larger companies will provide an incentive for buying your policy on your computer.
  • Drivers Ed for Students – It’s a good idea to have your young drivers enroll and complete driver’s education in high school.
  • Professional Memberships – Joining qualifying clubs or civic groups could earn you a nice discount on your next renewal.

As is typical with insurance, some of the credits will not apply to the entire policy premium. Most only reduce specific coverage prices like liability, collision or medical payments. So even though you would think all the discounts add up to a free policy, insurance companies wouldn’t stay in business.

A list of companies and a selection of discounts can be read below.

  • State Farm may offer discounts for good driver, Drive Safe & Save, accident-free, good student, anti-theft, and safe vehicle.
  • Liberty Mutual may include discounts for new graduate, safety features, new move discount, teen driver discount, and exclusive group savings.
  • American Family offers premium reductions for good student, early bird, multi-vehicle, accident-free, TimeAway discount, and mySafetyValet.
  • Progressive may have discounts that include continuous coverage, good student, multi-policy, online quote discount, and multi-vehicle.
  • Farmers Insurance offers discounts including teen driver, multi-car, early shopping, homeowner, electronic funds transfer, mature driver, and pay in full.
  • Auto-Owners Insurance discounts include safe driver, mature driver, safe vehicle, group or association, multi-policy, and company car.
  • SAFECO includes discounts for teen safe driver, accident prevention training, multi-car, bundle discounts, homeowner, drive less, and safe driver.

Before purchasing a policy, check with all companies you are considering how many discounts you can get. Some credits may not be offered in every state. To choose insurers that offer the discounts shown above, click here to view.

Why your insurance rates might be higher

Lots of factors are part of the equation when quoting car insurance. Some are obvious such as traffic violations, but some are less obvious like your vehicle usage or how financially stable you are.

The itemized list below are just a few of the factors utilized by car insurance companies to help set prices.

  • Your employer and car insurance rates – Jobs such as military personnelpolice officers and miners generally have higher average rates attributed to job stress and lots of time spent away from family. On the other hand, jobs like farmers, engineers and the unemployed have the lowest average rates for 2 Series insurance.
  • Save by driving less – The more you drive your BMW every year the more you’ll pay to insure it. A lot of insurance companies charge rates determined by how the vehicle is used. Cars that sit idle most of the time can be on a lower rate level than those used for commuting. It’s always a good idea to double check that your car insurance coverage shows how each vehicle is driven, because it can save money. Improper usage on your 2 Series may be wasting your money.
  • Single drivers take more risk – Your spouse helps lower the price on your car insurance policy. It usually means you are more mature and it’s proven that married drivers tend to have fewer serious accidents.
  • Lower premiums for safer vehicles – Vehicles with high crash test scores can get you lower premiums. Vehicles engineered for safety reduce occupant injuries and reduced instances of injuries translates into fewer and smaller insurance claims which can result in lower premiums. If your BMW 2 Series earned at least four stars on Safercar.gov you may qualify for a discount.
  • Bad credit will cost you – A driver’s credit rating will be a significant factor in calculating your car insurance rates. Therefore, if your credit rating is not that good, you could potentially save money when insuring your 2016 BMW 2 Series by taking the time to improve your credit score. Drivers who have excellent credit tend to be better risks to insure than drivers who have lower credit ratings.
  • How much liability protection – The liability coverage on your policy is the protection if you are determined to be liable for physical damage or personal injury to other. It will provide legal defense starting from day one. Liability insurance is pretty cheap when compared with rates for comp and collision, so drivers should carry high limits.
  • Never let your car insurance policy lapse – Not having insurance is illegal and you may have a hard time finding new coverage because you let your coverage have a gap. In addition to paying higher rates, not being able to provide proof of insurance may result in a hefty fine and possibly a revoked license.
  • Insurance premiums and driver gender – Over the last 50 years, statistics have shown females are less aggressive when driving. However, don’t assume that males are worse at driving than females. Females and males have accidents in similar numbers, but the men have costlier accidents. Not only are claims higher, but men get ticketed for serious violations such as reckless driving.

What is the best insurance coverage coverage?

When buying the best insurance coverage coverage, there isn’t really a perfect coverage plan. Every situation is different.

For instance, these questions might point out whether your personal situation may require specific advice.

  • Does my policy cover me when driving someone else’s vehicle?
  • I have a DUI can I still get coverage?
  • Does my insurance cover a custom paint job?
  • How can I get my company to pay me more for my totalled car?
  • Can I rate high risk drivers on liability-only vehicles?
  • Who is covered by my policy?
  • What happens if I owe more than my 2016 BMW 2 Series is worth?
  • What discounts do I qualify for?
  • Am I covered when renting a car or should I buy coverage from the car rental agency?
  • Am I covered when driving in Canada or Mexico?

If it’s difficult to answer those questions then you might want to talk to an agent. If you want to speak to an agent in your area, fill out this quick form.

The ad said I’d save $455 a year!

Well-known insurance coverage companies like Allstate, Geico and Progressive consistently run television and radio advertisements. They all seem to make the promise of big savings if you change your policy. It sounds good, but how can they all make the same claim? It’s all in how they say it.

All the different companies have specific guidelines for the right customer that earns them the highest profit. One example of a desirable risk may need to be a mature driver, owns their home, and has a short commute. A driver that hits that “sweet spot” will get very good premium rates as well as save a lot of money.

People who do not fit the “perfect” profile will see a higher rate which leads to the customer buying from a different company. If you listen closely, the ads state “people who switch” but not “everyone who gets a quote” will save that much if they switch. That’s the way companies can truthfully make claims that they all have the best rates.

This emphasizes why you really need to get auto insurance quotes from several different companies. Because you cannot predict with any certainty which company will have the lowest prices for your situation.

Educate yourself about insurance coverages

Knowing the specifics of your insurance policy can be of help when determining the right coverages and the correct deductibles and limits. Insurance terms can be confusing and nobody wants to actually read their policy.

Comprehensive insurance – Comprehensive insurance coverage covers damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for claims like damage from getting keyed, vandalism, damage from flooding and falling objects. The maximum payout you can receive from a comprehensive claim is the cash value of the vehicle, so if the vehicle’s value is low it’s not worth carrying full coverage.

Med pay and Personal Injury Protection (PIP) – Personal Injury Protection (PIP) and medical payments coverage reimburse you for immediate expenses for surgery, chiropractic care, ambulance fees and doctor visits. They are used in conjunction with a health insurance plan or if you lack health insurance entirely. Medical payments and PIP cover not only the driver but also the vehicle occupants in addition to if you are hit as a while walking down the street. PIP is not an option in every state and gives slightly broader coverage than med pay

Auto liability – This can cover injuries or damage you cause to other people or property in an accident. It protects YOU against other people’s claims. It does not cover damage to your own property or vehicle.

Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. You might see policy limits of 50/100/50 which means $50,000 bodily injury coverage, $100,000 for the entire accident, and a limit of $50,000 paid for damaged property. Occasionally you may see one limit called combined single limit (CSL) which limits claims to one amount with no separate limits for injury or property damage.

Liability coverage pays for claims such as court costs, medical expenses, pain and suffering and loss of income. How much liability should you purchase? That is your choice, but you should buy higher limits if possible.

Collision coverages – This coverage pays for damage to your 2 Series from colliding with another vehicle or an object, but not an animal. A deductible applies then the remaining damage will be paid by your insurance company.

Collision coverage pays for claims like sideswiping another vehicle, hitting a mailbox and backing into a parked car. Collision coverage makes up a good portion of your premium, so consider dropping it from lower value vehicles. Another option is to bump up the deductible to bring the cost down.

Uninsured/Underinsured Motorist (UM/UIM) – Uninsured or Underinsured Motorist coverage provides protection when other motorists either are underinsured or have no liability coverage at all. It can pay for injuries to you and your family and damage to your 2016 BMW 2 Series.

Due to the fact that many drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage should not be overlooked. Usually your uninsured/underinsured motorist coverages do not exceed the liability coverage limits.

At the end of the day…

We just presented many tips how you can shop for 2016 BMW 2 Series insurance online. The key thing to remember is the more companies you get premium rates for, the higher your chance of finding low cost auto insurance. Drivers may discover the biggest savings come from a small local company.

People switch companies for a variety of reasons including lack of trust in their agent, unfair underwriting practices, questionable increases in premium and delays in responding to claim requests. Regardless of your reason for switching companies, switching companies is pretty easy and you might even save some money in the process.

While you’re price shopping online, do not skimp on coverage in order to save money. There are too many instances where consumers will sacrifice uninsured motorist or liability limits and discovered at claim time that the small savings ended up costing them much more. The aim is to buy a smart amount of coverage at an affordable rate but still have enough coverage for asset protection.

More detailed insurance information can be found in the articles below: