Are you overwhelmed by the sheer number of auto insurance sources available to you? Many other drivers are too. There are such a large number of options that it can easily turn into hard work to find the perfect company for you. If you’ve ever been there, you know that Chicago is a great city to live in, but expensive premiums for auto insurance can make it nearly impossible for many drivers to afford proper coverage amounts.
Astonishing but true, most Illinois auto insurance customers kept buying from the same company for well over three years, and roughly 40% of drivers have never even shopped around for affordable coverage. Consumers in the United States could save nearly 46.5% each year, but they don’t understand how simple it is to compare rate quotes online.
If you are paying for car insurance now, you should be able to get lower rates using the concepts covered in this article. Locating the best-priced policy in Chicago is not as time-consuming as you think. But Illinois consumers must comprehend how companies market on the web because rates are impacted by many factors.
Cheap companies for BMW M3 insurance in Illinois
The following companies are our best choices to provide free quotes in Illinois. If multiple providers are shown, we suggest you get price quotes from several of them to get a more complete price comparison.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| M3 4-Dr Sedan | $134 | $278 | $250 | $14 | $76 | $752 | $63 |
| M3 CI 2-Dr Coupe | $188 | $366 | $262 | $16 | $78 | $910 | $76 |
| M3 2-Dr Convertible | $278 | $536 | $268 | $16 | $80 | $1,178 | $98 |
| Get Your Own Custom Quote Go | |||||||
Data based on married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Illinois minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, safe-driver, and multi-vehicle. Price estimates do not factor in the specific area where the vehicle is garaged which can affect prices substantially.
How high should deductibles be?
The diagram below highlights how deductible choice and can influence BMW M3 insurance premiums for each different age category. Data assumes a single female driver, comprehensive and collision coverage, and no discounts are applied to the premium.
Chicago Insurance Premiums are Influenced by These Factors
The best way to find cheaper car insurance is to take a look at a few of the rating criteria that aid in calculating your policy premiums. If you have a feel for what determines base rates, this allows you to make educated decisions that may reward you with much lower annual insurance costs.
How many miles do you drive? – The higher the miles on your BMW in a year’s time the more you’ll pay to insure your vehicle. Most companies calculate prices partially by how you use the vehicle. Autos left parked in the garage receive better premium rates compared to those used for work or business. It’s always a good idea to double check that your vehicle rating correctly shows the correct usage. Improper usage on your M3 may be costing you higher rates.
Getting married can lower premiums – Having a wife or husband helps lower the price on your car insurance bill. It demonstrates that you tend to be more financially stable and it’s statistically proven that being married results in fewer claims.
Improve your credit score and save – Having a good credit score is likely to be a major factor in determining your rates. People that have high credit scores tend to file fewer claims and have better driving records than those with poor credit. So if your credit rating can use some improvement, you may save money insuring your BMW M3 by taking the time to improve your credit score.
Better drivers pay the best premiums – Having just one moving violation can boost insurance rates by as much as twenty percent. Careful drivers get better rates as compared to careless drivers. Drivers with serious citations like hit and run, DWI or reckless driving convictions may find they need to complete a SR-22 with their state’s licensing department in order to legally drive a vehicle.
Women tend to take less risk – The statistics show women are more cautious behind the wheel. However, this does not mean men are worse drivers. Females and males are responsible for fender benders at a similar rate, but men have accidents that have higher claims. In addition to higher claims, males also receive more costly citations like driving under the influence (DUI). Youthful male drivers are several times more likely to be in an accident so it costs more to insure them.
Don’t cancel your coverage without a new one in place – Having a gap between insurance policy dates is a guaranteed way to bump up your car insurance costs. Not only will you pay more, being ticketed for driving with no insurance can result in a license revocation or jail time. You may then have to prove you have insurance by filing a SR-22 with the Illinois motor vehicle department.
Policy add-ons could be costing you – Insurance companies have many extra bells and whistles that can waste your money but may not be useful. Coverages for personal injury protection, accident forgiveness, and extra equipment coverage are probably not needed. You may think they are a good idea initially, but your needs may have changed so remove them from your policy.
The type of vehicle you drive affects your rates – The type of car you are insuring makes a big difference in your auto insurance rates. The most favorable rates are usually found on economy passenger cars, but other factors influence the final cost greatly. Since the BMW M3 is considered a luxury sports car, insuring your vehicle will cost up to twice as much when compared to the average rates in Chicago.
BMW M3 insurance claim data – Auto insurance companies use data from past claims when determining insurance rates. Vehicles that have higher loss trends will have increased rates. The data below shows the insurance loss data used by companies for BMW M3 vehicles.
For each coverage type, the statistical loss for all vehicles, regardless of make, model or trim level, is represented as 100. Percentage numbers below 100 suggest losses that are better than average, while percentage numbers above 100 indicate a higher chance of having a claim or a tendency for losses to be larger than average.
BMW M3 Insurance Claim Statistics
| 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
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Cheaper rates on BMW M3 insurance in Chicago with these discounts
Insurance can be prohibitively expensive, but you may be missing some discounts that could drop your premiums quite a bit. Certain discounts will be triggered automatically at the time you complete a quote, but a few need to be inquired about before they will apply. If you do not check that you are getting every discount you qualify for, you may be paying too high a price.
- Bundled Policy Discount – If you can bundle your home and auto insurance with the same insurance company they may give you a discount of at least 10% off all policies.
- No Charge for an Accident – Not necessarily a discount, but some insurance companies will allow you to have one accident before raising your premiums if you are claim-free before the accident.
- Seat Belt Usage – Buckling up and requiring all passengers to buckle up before driving could cut 10% or more off the medical payments premium.
- Own a Home – Being a homeowner can save you money because of the fact that having a home means you have a higher level of financial diligence.
- Theft Deterrent – Vehicles optioned with advanced anti-theft systems prevent vehicle theft and qualify for as much as a 10% discount.
- Drive Safe and Save – Insureds without accidents could pay up to 40% less than drivers with accidents.
- Government Employees – Federal government employees can earn a discount up to 10% but check with your company.
- Payment Method – If you can afford to pay the entire bill rather than spreading payments over time you may have a lower total premium amount.
It’s important to note that many deductions do not apply to the whole policy. Most only cut specific coverage prices like liability, collision or medical payments. So even though they make it sound like you would end up receiving a 100% discount, nobody gets a free ride.
Popular insurance companies and their offered discounts can be found below.
- Progressive policyholders can earn discounts including good student, online signing, homeowner, continuous coverage, multi-vehicle, and online quote discount.
- GEICO may include discounts for anti-lock brakes, seat belt use, five-year accident-free, multi-vehicle, anti-theft, driver training, and membership and employees.
- State Farm offers discounts for defensive driving training, anti-theft, good driver, passive restraint, and safe vehicle.
- Esurance may have discounts that include anti-lock brakes, DriveSense, claim free, Pac-12 alumni, multi-car, and homeowner.
- The Hartford has discounts for defensive driver, driver training, vehicle fuel type, good student, anti-theft, air bag, and bundle.
If you need lower rates, check with all the companies which discounts can lower your rates. Some discounts listed above may not apply to policies everywhere.
When to get advice from an insurance agent
Many drivers just prefer to buy from a licensed agent and that is a smart decision An additional benefit of getting free rate quotes online is that you can obtain cheaper rates and still choose a local agent. Buying from and supporting local agents is especially important in Chicago.
To find an agent, once you fill out this quick form, your information is instantly submitted to local insurance agents that provide free Chicago auto insurance quotes and help you find cheaper coverage. It makes it easy because there is no need to contact any insurance agencies since rate quotes are delivered to you directly. It’s the lowest rates without requiring a lot of work. In the event you want to compare rates for a specific company, don’t hesitate to search and find their rate quote page to submit a rate quote request.
Exclusive agents vs. Independent agents
If you are wanting to find a reputable agency, there are a couple of types of agencies and how they are distinctly different. Car insurance agents are either independent (non-exclusive) or exclusive.
Independent Car Insurance Agents (or Brokers)
Independent agencies are not limited to a single company and that enables them to quote your coverage through many different car insurance companies and find you cheaper rates. If your premiums go up, your agent can just switch to a different company without you having to go to a different agency. When comparing rate quotes, it’s recommended you contact multiple independent agents in order to have the best price comparison. Most also have access to lesser-known insurance companies who may have lower rates.
The following is a partial list of independent agents in Chicago that may be able to give you free car insurance rate quotes.
- American Auto Insurance
3201 N Harlem Ave #1 – Chicago, IL 60634 – (773) 286-3500 – View Map - Illinois Vehicle Auto Insurance
100 W. Randolph, Suite C14 – Chicago, IL 60601 – (312) 201-9111 – View Map - W.A. George Insurance Agency
155 N Michigan Ave #300 – Chicago, IL 60601 – (312) 729-5265 – View Map
Exclusive Car Insurance Agents
These agents can only provide one company’s prices and some examples include American Family, State Farm, and AAA. They usually cannot provide other company’s prices so always compare other rates. Exclusive agents receive extensive training on sales techniques which helps them sell on service rather than price. Consumers often buy insurance from these agents partially due to loyalty to the company and the convenience of having all coverages with one company.
Listed below is a short list of exclusive insurance agents in Chicago that are able to give comparison quotes.
- Russ Spinelli – State Farm Insurance Agent
1525 E 53rd St #727 – Chicago, IL 60615 – (773) 955-3133 – View Map - Allstate Insurance: Maribel Marron
3060 W Armitage Ave – Chicago, IL 60647 – (773) 572-9495 – View Map - Vivian Valtas – State Farm Insurance Agent
6108 S Archer Ave – Chicago, IL 60638 – (773) 582-3322 – View Map
Picking an car insurance agent should include more criteria than just a cheap price. The answers to these questions are important, too.
- Will a damage claim use OEM or aftermarket replacement parts?
- Is auto insurance their primary focus in Chicago?
- Are they actively involved in the community?
- How long have they been in business?
- What kind of financial rating does the company have?
- Do they have adequate Errors and Omissions coverage? This protects you if they make a mistake.
- Do they have any clout with companies to ensure a fair claim settlement?
If you feel you receive positive responses to these questions as well as a affordable price, you may have just found an insurance agent that is professional and can properly insure your vehicles. Just understand that you have the power to cancel a policy whenever you want so don’t think that you are obligated to a specific company for any length of time.
Do I just need basic coverages?
Keep in mind that when it comes to choosing the right insurance coverage, there really is not a best way to insure your cars. Your needs are unique to you.
For instance, these questions can help discover if your insurance needs would benefit from professional advice.
- What happens if I owe more than my BMW M3 is worth?
- Which is better, split liability limits or combined limits?
- Am I missing any policy discounts?
- When should I drop full coverage on my BMW M3?
- Does insurance cover tools stolen from my truck?
- Why does it cost so much to insure a teen driver in Chicago?
- I have a DUI can I still get coverage?
If it’s difficult to answer those questions but a few of them apply, you may need to chat with a licensed agent. If you want to speak to an agent in your area, take a second and complete this form.
Persistence is the key to cheaper rates
As you shop your coverage around, it’s not a good idea to reduce coverage to reduce premium. There are a lot of situations where someone sacrificed comprehensive coverage or liability limits only to discover later that it was a big error on their part. Your focus should be to get the best coverage possible at the lowest possible cost while not skimping on critical coverages.
Insureds switch companies for many reasons like poor customer service, lack of trust in their agent, delays in responding to claim requests and questionable increases in premium. Regardless of your reason, choosing a new company is pretty easy and you might even save some money in the process.
Lower-priced insurance in Chicago is possible from both online companies and from local agencies, so you should compare both to have the best rate selection. Some companies do not offer online quoting and many times these smaller companies work with local independent agencies.
Additional resources
- New head restraint design cuts injuries (Insurance Institute for Highway Safety)
- Who Has Affordable Auto Insurance for Real Estate Agents in Chicago? (FAQ)
- What Car Insurance is Cheapest for a School Permit in Chicago? (FAQ)
- Top Signs Your Brakes are Giving Out (State Farm)
- Vehicle Size and Weight FAQ (iihs.org)