1998 BMW M3 Insurance Rates – 5 Tricks for Best Quotes

Looking for cheaper insurance coverage rates for your BMW M3? No sane person anticipates paying for insurance coverage, especially when they are aware that they could get a better deal. Insurance companies such as State Farm and Geico continually hit you with advertising and consumers find it hard to see past the corporate glitz and find the best price available.

Insurance coverage discounts are available to reduce your rates

Companies that sell car insurance don’t always publicize all available discounts in an easy-to-find place, so the next list breaks down both well-publicized and also the more inconspicuous insurance coverage savings.

  • Driver Education Discount – Teen drivers should participate in a local driver’s education class if it’s offered in school.
  • Distant Student Discount – College-age children who are attending college and do not have a car could get you a discount.
  • Accident Forgiveness – This one is not really a discount per se, but companies like State Farm and Progressive allow you one accident before hitting you with a surcharge so long as you are claim-free before the accident.
  • Fewer Miles Equal More Savings – Maintaining low annual mileage can qualify you for lower prices due to less chance of an accident.
  • Payment Discounts – If you pay your entire premium ahead of time instead of paying each month you may have a lower total premium amount.

A little note about advertised discounts, most discount credits are not given to the entire policy premium. Some only apply to the cost of specific coverages such as comprehensive or collision. If you do the math and it seems like having all the discounts means you get insurance for free, it doesn’t quite work that way. But any discount will bring down the premium cost.

Companies and a partial list of their discounts are included below.

  • Geico may have discounts that include multi-policy, daytime running lights, anti-theft, air bags, membership and employees, and five-year accident-free.
  • USAA includes discounts for family discount, safe driver, military installation, new vehicle, driver training, vehicle storage, and multi-vehicle.
  • Progressive offers premium reductions for online quote discount, online signing, homeowner, multi-policy, continuous coverage, and good student.
  • American Family has savings for mySafetyValet, accident-free, bundled insurance, multi-vehicle, defensive driver, good driver, and early bird.
  • Esurance may offer discounts for defensive driver, Pac-12 alumni, good driver, safety device, anti-lock brakes, online quote, and multi-car.
  • Farmers Insurance discounts include early shopping, mature driver, youthful driver, multi-car, and electronic funds transfer.
  • State Farm has discounts for good student, safe vehicle, good driver, accident-free, defensive driving training, passive restraint, and driver’s education.

If you need lower rates, check with every insurance company the best way to save money. Some of the earlier mentioned discounts might not apply in your area. If you would like to see a list of companies that offer some of these discounts, follow this link.

Everyone needs different auto insurance coverages

When choosing the right insurance coverage, there really is no “best” method to buy coverage. Everyone’s situation is unique and a cookie cutter policy won’t apply. For instance, these questions can aid in determining if your situation may require specific advice.

  • Which companies will insure high-risk drivers?
  • Is my dog or cat covered if injured in an accident?
  • Am I covered when driving on a suspended license?
  • Is my 1998 BMW M3 covered for flood damage?
  • Is my ex-spouse still covered by my policy?
  • Am I covered if I hit a deer?
  • Is my teenager covered with friends in the car?
  • Is my state a no-fault state?

If you’re not sure about those questions but you know they apply to you, you may need to chat with an insurance agent. If you want to speak to an agent in your area, complete this form or go to this page to view a list of companies. It’s fast, free and you can get the answers you need.

Save $457 a year! What?

Consumers constantly see and hear ads that claim the cheapest premium rates by companies like State Farm, Allstate and Geico. They all make an identical promise about saving some big amount if you just switch your coverage to them.

That’s great but how can every company offer drivers better rates? It’s all in the words they use.

Insurance providers have a preferred profile for the type of driver that earns them the most money. One example of this type of insured could be over the age of 40, has no tickets, and has a short commute. Someone that matches those criteria will get very good rates and will most likely cut their rates if they switch.

Consumers who cannot meet the “perfect” profile will see a higher premium which leads to the customer not buying. The ads say “drivers who switch” but not “everyone who gets a quote” can save as much as they claim. That is how companies can claim big savings.

Different companies use different criteria so you really should compare rate quotes every year. It is impossible to predict which company will fit you best based on your risk profile.

Auto insurance coverages 101

Knowing the specifics of your auto insurance policy aids in choosing appropriate coverage at the best deductibles and correct limits. Auto insurance terms can be confusing and even agents have difficulty translating policy wording. These are the usual coverages available from auto insurance companies.

Uninsured and underinsured coverage

This gives you protection when the “other guys” either have no liability insurance or not enough. It can pay for injuries to you and your family as well as damage to your BMW M3.

Because many people only carry the minimum required liability limits, their limits can quickly be used up. For this reason, having high UM/UIM coverages should not be overlooked. Frequently these limits are identical to your policy’s liability coverage.

Auto liability insurance

Liability coverage provides protection from injuries or damage you cause to a person or their property. Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have limits of 50/100/50 which means $50,000 in coverage for each person’s injuries, a per accident bodily injury limit of $100,000, and property damage coverage for $50,000. Some companies may use a combined single limit or CSL that pays claims from the same limit with no separate limits for injury or property damage.

Liability coverage protects against things such as court costs, bail bonds, pain and suffering and repair costs for stationary objects. How much liability coverage do you need? That is a decision to put some thought into, but it’s cheap coverage so purchase as much as you can afford.

Comprehensive coverages

This coverage covers damage that is not covered by collision coverage. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for claims like fire damage, hitting a bird, rock chips in glass, theft and falling objects. The highest amount you’ll receive from a claim is the actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.

Coverage for medical payments

Personal Injury Protection (PIP) and medical payments coverage reimburse you for expenses for things like nursing services, X-ray expenses and funeral costs. They can be used in conjunction with a health insurance program or if you are not covered by health insurance. Medical payments and PIP cover you and your occupants and will also cover being hit by a car walking across the street. Personal injury protection coverage is not universally available and gives slightly broader coverage than med pay

Auto collision coverage

Collision coverage pays to fix your vehicle from damage resulting from a collision with an object or car. You will need to pay your deductible then your collision coverage will kick in.

Collision can pay for claims like colliding with another moving vehicle, colliding with a tree and crashing into a ditch. This coverage can be expensive, so analyze the benefit of dropping coverage from older vehicles. It’s also possible to raise the deductible to bring the cost down.

Be Smart and Buy Smart

Affordable 1998 BMW M3 insurance can be sourced on the web as well as from insurance agents, and you should be comparing both in order to have the best chance of saving money. Some insurance companies do not provide the ability to get quotes online and these small insurance companies sell through independent insurance agents.

When searching for cheap insurance coverage quotes, it’s a bad idea to skimp on critical coverages to save a buck or two. In many instances, someone dropped comprehensive coverage or liability limits and learned later that it was a big mistake. The ultimate goal is to purchase a proper amount of coverage at the best price, but do not skimp to save money.

Much more information about insurance can be found at the links below