1997 BMW M3 Insurance Cost – 9 Tips for Cheapest Prices

Drivers have a choice when trying to find the best price on BMW M3 insurance. They can either waste time driving around getting price quotes or use the internet to find the lowest rates.

There is a better way to compare insurance coverage rates and you need to know the absolute fastest way to compare rates for your BMW and find the best price possible from local insurance agents and online providers.

It’s a good idea to compare prices before your policy renews because insurance coverage rates change regularly. Even if you think you had the lowest rate for M3 coverage six months ago you can probably find a better price now. You can find a lot of misleading information regarding insurance coverage online but in a few minutes you can learn some great ideas on how to find cheap insurance coverage.

How much does auto insurance cost?

Finding cheaper auto insurance rates doesn’t have to be difficult. Consumers just need to take the time comparing price quotes from different insurance companies. This can be accomplished using one of these methods.

  • Experts agree that the best way to compare a lot of rates at once would be an industry-wide quote request form click here to open form in new window. This style of form saves time by eliminating repetitive form submissions for every prospective company. One simple form gets insurance cost estimates from all major companies. This is by far the quickest method.
  • Another way to compare rate quotes is to manually visit the website of each company and get a separate price quote. For instance, we’ll assume you want to compare prices for Nationwide, State Farm and Liberty Mutual. To get each rate you have to take the time to go to each site and repeatedly enter your information, which can take a lot of time. To view a list of companies in your area, click here.
  • Even if you have time, the least recommended method to shop rates is to drive around to insurance agencies in your area. Quoting online has made agencies unnecessary unless you require the trained guidance that you can only get from talking to an agent. Although, it is possible price shop online but purchase the actual policy in an agency.

It doesn’t matter which method you choose, just make sure you use nearly identical coverage limits and deductibles on every price quote you get. If you are comparing different limits and deductibles on each one it’s not possible to determine which company has the best rates.

Verify you’re applying every discount

Some insurers don’t always publicize every disount available in a way that’s easy to find, so we researched a few of the more common and the harder-to-find credits available to lower your premiums when you buy auto insurance online.

  • Lower Rates for Military – Being on active deployment in the military can result in better rates.
  • Data Collection Discounts – Insureds that choose to allow data collection to track where and when they drive by using a telematic data system such as Allstate’s Drivewise and State Farm’s In-Drive system might see lower rates if they have good driving habits.
  • Driver’s Education for Students – Cut your cost by having your teen driver enroll in driver’s education as it can save substantially.
  • Auto/Life Discount – Not all insurance companies offer life insurance, but some may give you a break if you buy some life insurance too.
  • Government Employees – Simply working for the federal government could provide a small rate reduction for M3 coverage depending on your company.
  • Discount for Low Mileage – Maintaining low annual mileage could earn lower premium rates on the low mileage vehicles.
  • Theft Prevention System – Cars that have factory anti-theft systems are stolen less frequently and will save you 10% or more.
  • Seat Belt Discounts – Drivers who require all occupants to use their safety belts can save up to 10 percent (depending on the company) on the premium charged for medical payments and/or PIP.
  • Defensive Driver – Passing a safe driver course could earn you a small percentage discount depending on where you live.

Don’t be surprised that most discount credits are not given to the overall cost of the policy. Most only reduce the price of certain insurance coverages like liability, collision or medical payments. So even though it sounds like all the discounts add up to a free policy, companies don’t profit that way.

Some companies that may include these money-saving discounts include:

If you need lower rates, check with every insurance company which credits you are entitled to. Some of the earlier mentioned discounts may not apply to policyholders everywhere. To choose providers who offer cheap insurance quotes, click here to view.

When should I discuss my situation with an agent?

When choosing the right insurance coverage, there isn’t really a perfect coverage plan. Coverage needs to be tailored to your specific needs.

For instance, these questions may help you determine whether you would benefit from an agent’s advice.

  • Can I make deliveries for my home business?
  • How do I buy GAP insurance?
  • Why am I be forced to buy a membership to get insurance from some companies?
  • What should my uninsured motorist coverage limits be in my state?
  • Are my tools covered if they get stolen from my vehicle?
  • How can I get high-risk coverage after a DUI?
  • Is my nanny covered when driving my vehicle?

If it’s difficult to answer those questions, you might consider talking to an insurance agent. If you want to speak to an agent in your area, take a second and complete this form. It is quick, free and can help protect your family.

Specific coverage details

Having a good grasp of insurance aids in choosing appropriate coverage at the best deductibles and correct limits. Insurance terms can be confusing and coverage can change by endorsement.

Liability auto insurance

This protects you from damage or injury you incur to other’s property or people in an accident. It protects YOU from legal claims by others, and does not provide coverage for your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have policy limits of 25/50/25 that means you have a $25,000 limit per person for injuries, a total of $50,000 of bodily injury coverage per accident, and a limit of $25,000 paid for damaged property. Another option is a combined single limit or CSL which combines the three limits into one amount and claims can be made without the split limit restrictions.

Liability insurance covers things like repair costs for stationary objects, loss of income and court costs. How much liability coverage do you need? That is up to you, but buy higher limits if possible.

Comprehensive insurance

Comprehensive insurance coverage pays to fix your vehicle from damage from a wide range of events other than collision. 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 vandalism, fire damage and a broken windshield. The highest amount your insurance company will pay is the ACV or actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.

Uninsured/Underinsured Motorist (UM/UIM)

This coverage provides protection when other motorists either are underinsured or have no liability coverage at all. It can pay for injuries sustained by your vehicle’s occupants and damage to your BMW M3.

Because many people only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage should not be overlooked. Usually these coverages are similar to your liability insurance amounts.

Collision coverage protection

Collision coverage will pay to fix damage to your M3 from colliding with another car or object. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers claims such as damaging your car on a curb, crashing into a building, sustaining damage from a pot hole, colliding with a tree and backing into a parked car. Collision is rather expensive coverage, so consider dropping it from lower value vehicles. Another option is to increase the deductible to get cheaper collision coverage.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP kick in for immediate expenses such as surgery, EMT expenses, hospital visits and dental work. They can be used to cover expenses not covered by your health insurance program or if you lack health insurance entirely. Medical payments and PIP cover not only the driver but also the vehicle occupants in addition to being hit by a car walking across the street. Personal injury protection coverage is not an option in every state but can be used in place of medical payments coverage