It’s astonishing, but nearly 70% of customers have stayed with the same insurance company for over three years, and almost 40% of drivers have never compared auto insurance rates at all. Many drivers in America can save hundreds of dollars each year by just comparing rate quotes, but they feel it’s too difficult to find cheaper auto insurance rates.
If saving the most money is your goal, then the best way to get more affordable auto insurance rates in Charlotte is to start comparing prices regularly from insurers in North Carolina.
- Read about how your policy works and the things you can control to prevent expensive coverage. Many policy risk factors that result in higher rates such as accidents, careless driving, and an imperfect credit rating can be remedied by paying attention to minor details.
- Quote rates from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only quote rates from a single company like Progressive or Allstate, while independent agents can provide prices from multiple insurance companies. View companies
- Compare the price quotes to your current policy premium and determine if there is any savings. If you find a lower rate quote and change companies, ensure there is no coverage lapse between policies.
An important bit of advice to remember is to make sure you enter the same amount of coverage on every quote and and to get rates from as many carriers as you can. Doing this ensures an apples-to-apples comparison and a good representation of prices.
Buy Charlotte BMW M3 insurance online
To find the cheapest BMW M3 rate quotes, there are several ways to get quotes from different companies. The best way to find affordable BMW M3 insurance rates consists of obtaining rate quotes online.
It’s important to know that comparing all the rates in your area provides better odds of finding a better price. Some smaller insurers do not give online rate quotes, so you also need to get price quotes on coverage from those companies, too.
The companies in the list below have been selected to offer free quotes in North Carolina. If multiple companies are listed, we recommend you visit as many as you can in order to find the cheapest rates.
Here’s why auto insurance is not optional
Even though it can be expensive, insuring your vehicle may be mandatory for several reasons.
First, almost all states have compulsory liability insurance requirements which means you are required to carry specific limits of liability coverage if you want to drive legally. In North Carolina 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 you bought your car with a loan, most lenders will make it mandatory that you carry insurance to ensure the loan is repaid in case of a total loss. If you let the policy lapse, the bank or lender will purchase a policy for your BMW at a significantly higher premium and force you to reimburse them a much higher amount than you were paying before.
Third, auto insurance protects both your car and your personal assets. It will also pay for all forms of medical expenses for yourself as well as anyone injured by you. Liability coverage also pays for attorney fees and expenses if you are sued as the result of an accident. If your car is damaged in a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will pay to repair the damage.
The benefits of insuring your car more than cancel out the cost, particularly if you ever have a claim. According to a recent study, the average American driver is currently overpaying as much as $820 a year so compare rates each time the policy renews to be sure current rates are still competitive.
BMW M3 coverage statistics
The premium table shown below highlights a range of insurance premium costs for BMW M3 models. Learning as much as possible about how insurance prices are figured can help drivers make smart buying decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $292 | $682 | $302 | $18 | $90 | $1,384 | $115 |
| M3 CI 2-Dr Coupe | $318 | $762 | $302 | $18 | $90 | $1,490 | $124 |
| M3 2-Dr Convertible | $318 | $762 | $302 | $18 | $90 | $1,490 | $124 |
| Get Your Own Custom Quote Go | |||||||
Premium data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, homeowner, and multi-policy. Price information does not factor in vehicle location which can alter insurance rates noticeably.
An analysis of deductible level
A question often asked by Charlotte drivers is what deductibles to buy. The rates below approximate how much more you’ll pay between low and high coverage deductibles. The first set of rates uses a $250 physical damage coverage deductible and the second set of rates uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $266 | $498 | $250 | $14 | $74 | $1,127 | $94 |
| M3 CI 2-Dr Coupe | $292 | $556 | $250 | $14 | $74 | $1,211 | $101 |
| M3 2-Dr Convertible | $292 | $556 | $250 | $14 | $74 | $1,211 | $101 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $216 | $402 | $250 | $14 | $74 | $956 | $80 |
| M3 CI 2-Dr Coupe | $236 | $448 | $250 | $14 | $74 | $1,022 | $85 |
| M3 2-Dr Convertible | $236 | $448 | $250 | $14 | $74 | $1,022 | $85 |
| Get Your Own Custom Quote Go | |||||||
Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, claim-free, and multi-vehicle. Price estimates do not factor in vehicle garaging location which can change rates significantly.
Based on these figures, using a $250 deductible will cost you roughly $16 more each month or $192 each year than opting for the higher $500 deductible. Since you would pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you usually have at least 16 months between claims, you would probably be better off by selecting a higher deductible. The numbers below show how you can decide this on your own policy.
| Average monthly premium for $250 deductibles: | $99 |
| Average monthly premium for $500 deductibles (subtract): | – $83 |
| Monthly savings from raising deductible: | $16 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $16 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 16 months |
An important thing to remember is that raising deductibles to save money means you will have to cover more of the damage yourself when you have a comprehensive or collision claim. That will require enough money put aside in the event you need to pay more to get your vehicle repaired.
Insurance premiums for males and females
The example below illustrates the comparison of BMW M3 annual premium costs for male and female drivers. The rates are based on no claims or violations, comprehensive and collision coverage, $250 deductibles, drivers are single, and no policy discounts are applied.
Lower-cost Charlotte insurance rates with discounts
Insurance is not an enjoyable expense, but you might find some hidden discounts that can drop the cost substantially. Most are applied when you purchase, but once in a while a discount must be asked for prior to getting the savings. If they aren’t giving you every credit you deserve, you could be saving more on your insurance.
- Discount for Life Insurance – Select insurance carriers reward you with better prices if you take out some life insurance too.
- Theft Prevention System – Vehicles equipped with anti-theft or alarm systems have a lower chance of being stolen so companies will give you a small discount.
- Full Payment Discount – If you pay your bill all at once instead of paying each month you can actually save on your bill.
- Passenger Safety Discount – Factory options such as air bags and/or automatic seat belt systems may get savings of up to 25% or more.
- Discount for New Cars – Adding a new car to your policy can cost up to 25% less because new vehicles have to meet stringent safety requirements.
- Charlotte Homeowners Discount – Being a homeowner can save a few bucks because of the fact that having a home shows financial diligence.
As a footnote on discounts, most discounts do not apply to the entire policy premium. The majority will only reduce specific coverage prices like collision or personal injury protection. If you do the math and it seems like you can get free auto insurance, nobody gets a free ride. Any amount of discount will cut your policy premiums.
The chart below visualizes the comparison of BMW M3 auto insurance costs with and without discounts being applied to the rates. The rates are based on a female driver, no violations or claims, North Carolina state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, safe-driver, claim-free, multi-policy, marriage, and multi-car discounts applied.
Popular insurance companies and a summarized list of policyholder discounts are outlined below.
- GEICO offers discounts including multi-policy, membership and employees, emergency military deployment, air bags, defensive driver, and five-year accident-free.
- Auto-Owners Insurance discounts include company car, paid in full, mature driver, paperless, and air bags.
- American Family offers discounts for accident-free, air bags, mySafetyValet, good driver, Steer into Savings, and defensive driver.
- Esurance may have discounts that include online shopper, claim free, Pac-12 alumni, anti-lock brakes, anti-theft, and online quote.
- Progressive has discounts for online signing, homeowner, continuous coverage, online quote discount, and multi-policy.
- State Farm has savings for Steer Clear safe driver discount, good student, defensive driving training, good driver, and passive restraint.
- AAA may offer discounts for pay-in-full, multi-policy, AAA membership discount, multi-car, good driver, good student, and anti-theft.
If you need cheaper Charlotte car insurance quotes, ask each insurance company which discounts can lower your rates. Some of the earlier mentioned discounts might not apply in Charlotte. To choose insurance companies that offer multiple discounts in North Carolina, follow this link.