Lower Your 2001 BMW M3 Car Insurance Cost

Trying to find lower auto insurance rates for your BMW M3? Do you think you bought an expensive auto insurance policy? Don’t feel bad because many consumers are in the same pinch. Insurance companies such as Geico and Progressive all claim big savings, bombarding you with fancy advertisements and consumers find it hard to ignore the flying pigs and cute green geckos and find the best price available.

Consumers need to compare rates occasionally due to the fact that insurance rates are usually higher with each renewal. Just because you found the lowest rate for M3 insurance on your last policy you can probably find a lower rate today. Block out anything you think you know about auto insurance because I’m going to let you in on the secrets to the things you must know in order to reduce your cost while improving coverage.

How to find the cheapest car insurance

Finding cheaper car insurance quotes can be quick and easy. The only thing you need to do is spend a few minutes on the computer comparing rate quotes from some recommended companies. This can be accomplished by following the guidelines below.

  1. One of the simplest ways to find low rates is an all-inclusive rate comparison click here to open form in new window. This type of form eliminates the need for boring form submissions for each price estimate. One form compares rates from car insurance companies with the best prices.
  2. A different way to obtain and compare quotes online requires visiting each company’s website and go through the quote process again. For example, we’ll pretend you want to get rates from Liberty Mutual, Geico and Travelers. In order to compare rates, you need to go to each individual site and enter your policy data, which can take a lot of time. For a list of companies in your area, click here.
  3. The final method to comparison shop is to spend time driving to local insurance agencies. The ability to quote online makes this process obsolete unless you have a complicated situation and need the trained guidance only provided by licensed agents. It is possible with some companies price shop your coverage online but have your policy serviced through an agent.

It’s your choice how you get your quotes, but make sure you use the exact same deductibles and coverage limits for every company. If the quotes have higher or lower deductibles it’s impossible to find the best deal for your BMW M3.

Get cheaper auto insurance quotes with discounts

Insurance can be prohibitively expensive, but there could be significant discounts that could drop your premiums quite a bit. Some of these disounts will be visible when you get a quote, but a few must be asked about before you will receive the discount.

  • Multiple Policy Discount – If you can combine your homeowners and auto policy and insure them both with the same insurance company you could get a discount of nearly 15% which can help you find inexpensive car insurance.
  • Military Deployment Discount – Being deployed with a military unit could qualify you for better prices.
  • Good Drivers – Accident-free drivers can get discounts for up to 45% lower rates for M3 insurance as compared to drivers with claims.
  • Auto/Life Discount – Select companies reward you with lower prices if you buy a life insurance policy as well.
  • College Student – College-age children who live away from home at college without a vehicle on campus could qualify for this discount.

One thing to note about discounts is that some credits don’t apply the the whole policy. Some only reduce the cost of specific coverages such as medical payments or collision. So despite the fact that it appears adding up those discounts means a free policy, auto insurance companies aren’t that generous.

To view providers that offer multiple discounts, follow this link.

Tailor your auto insurance coverage to you

When it comes to choosing the right insurance coverage for your personal vehicles, there really is not a one size fits all plan. Each situation is unique so your insurance should reflect that For example, these questions may help highlight whether or not you would benefit from an agent’s advice.

  • Is my BMW M3 covered if I use it for business?
  • Does coverage extend to Mexico or Canada?
  • How much liability insurance is required?
  • Which companies will insure high-risk drivers?
  • Does liability extend to a camper or trailer?
  • When would I need additional glass coverage?

If it’s difficult to answer those questions but you think they might apply to your situation, you may need to chat with an insurance agent. If you want to speak to an agent in your area, take a second and complete this form or go to this page to view a list of companies. It’s fast, free and can help protect your family.

How you can control BMW M3 insurance premiums

Many things are part of the equation when premium rates are determined. Some of the criteria are obvious like a motor vehicle report, although others are less obvious like where you live or your commute time.An important part of buying insurance is that you know the rating factors that help calculate your insurance rates. If you have some idea of what controls the rates you pay, this allows you to make good choices that may reward you with much lower annual insurance costs.

  • Incidental coverages can cost a lot – There are a ton of additional extra coverages that can add up if you aren’t careful. Coverages like replacement cost coverage, accident forgiveness, and Farm Bureau memberships may be wasting your money. They may seem good when discussing your needs, but if you don’t need them remove them and pocket the money.
  • Raise comp and collision deductibles and save – Your deductibles represent how much money the insured will be required to pay in the event of a claim. Insurance for physical damage to your car, termed comprehensive and collision coverage on your policy, insures against damage to your car. Examples of some claims that would be covered are collision with another vehicle, hail damage, and having a roll-over accident. The more of the claim you pay before a claim is paid (deductible), the less your company will charge you for insurance for M3 insurance.
  • Consolidate and save – Most major insurance companies give a discount for people who buy several policies from them, otherwise known as a multi-policy discount. If you currently are using one company, it’s still a good idea to shop around to make sure you are getting the best deal. It’s possible to still save more without the discount by buying insurance from a different company.
  • Lower rates with continuous coverage – Driving without insurance can get you a ticket and insurance companies will penalize you for letting your coverage lapse. And not only will insurance be more expensive, failure to provide proof of insurance may result in fines and jail time. You will then be forced to provide proof of insurance in the form of an SR-22 filing with your state motor vehicle department to get your license reinstated.
  • Pay more if you have a long commute – Having an address in small towns and rural areas has definite advantages if you are looking for the lowest rates. Less people translates into fewer accidents and a lower car theft rate. City drivers have to deal with much more traffic and more severe claims. More time commuting translates into higher accident risk.
  • Women tend to cost less – Over the last 50 years, statistics have shown that females take fewer risks when driving. Now that doesn’t mean women are BETTER drivers than men. Men and women are in fender benders in similar numbers, but the male of the species have costlier accidents. Men also have more aggressive citations like reckless driving and DUI.
  • Lower stress equals lower premiums – Did you know your job can affect your rates? Occupations such as military personnel, social workers and stock brokers tend to have higher average rates attributed to high stress levels and extremely grueling work hours. On the flip side, careers like farmers, students and homemakers have lower than average premiums for M3 insurance.

Insurance specifics

Having a good grasp of insurance aids in choosing appropriate coverage and proper limits and deductibles. Policy terminology can be ambiguous and coverage can change by endorsement. Below you’ll find the usual coverages available from insurance companies.

Medical expense coverage – Personal Injury Protection (PIP) and medical payments coverage reimburse you for bills such as rehabilitation expenses, hospital visits, nursing services and chiropractic care. They are often used to cover expenses not covered by your health insurance plan or if there is no health insurance coverage. Medical payments and PIP cover you and your occupants in addition to being hit by a car walking across the street. Personal injury protection coverage is not an option in every state and may carry a deductible

Collision – This coverage pays for damage to your M3 caused by collision with another car or object. You first must pay a deductible then your collision coverage will kick in.

Collision coverage pays for things such as crashing into a ditch, damaging your car on a curb, hitting a mailbox and scraping a guard rail. Collision is rather expensive coverage, so consider removing coverage from vehicles that are older. You can also choose a higher deductible in order to get cheaper collision rates.

Liability coverage – This coverage will cover damage that occurs to other people or property by causing an accident. It protects YOU against claims from other people, and doesn’t cover your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see values of 50/100/50 that means you have a limit of $50,000 per injured person, a per accident bodily injury limit of $100,000, and property damage coverage for $50,000. Some companies may use a combined limit which combines the three limits into one amount without having the split limit caps.

Liability coverage protects against claims like court costs, repair bills for other people’s vehicles and emergency aid. How much liability should you purchase? That is your choice, but buy as high a limit as you can afford.

Comprehensive protection – Comprehensive insurance coverage will pay to fix damage that is not covered by collision coverage. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive coverage protects against things such as theft, hitting a deer and hail damage. The maximum amount you can receive from a comprehensive claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Uninsured or underinsured coverage – This coverage protects you and your vehicle from other motorists when they are uninsured or don’t have enough coverage. Covered losses include injuries sustained by your vehicle’s occupants as well as damage to your BMW M3.

Because many people have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is very important. Normally these coverages are identical to your policy’s liability coverage.

Buy online or local, you save

We just presented some good ideas how you can save on 2001 BMW M3 insurance. It’s most important to understand that the more quotes you get, the more likely it is that you will get a better rate. You may even find the most savings is with a small local company. Smaller companies may have significantly lower prices on certain market segments compared to the large companies like State Farm, Geico and Nationwide.

Low-cost 2001 BMW M3 insurance is possible on the web and also from your neighborhood agents, and you should be comparing both to get a complete price analysis. Some insurance providers don’t offer the ability to get quotes online and usually these small, regional companies sell through independent insurance agencies.

Helpful resources

Comments About 2001 BMW M3 Insurance

  1. Phung Watson

    Great info, thanks for posting. I’m from Norman, OK. Got quotes with Sentry, Esurance, 21st Century, and American Family for my M3 and saved $94 a year. Got better coverage too. I dropped full coverage awhile back.

  2. Shea Huber

    Where is cheaper car insurance? Lifelong resident of Idaho Falls, ID. Compared rates from a lot of places. Saved darn near $20 a month. GEICO was the most affordable for me. A clean driving record helps.

  3. Shalon Stafford

    Hope my car insurance gets cheaper. Quoted with Amica for my 2001 BMW M3 and saved around $100 a year. Thankfully I’m not a high risk driver. I recommend comparing lots of rates. I don’t have comp or collision coverage.

  4. Madaline Jacobson

    Lots of good stuff here. I live in a small town just outside of Cincinnati, Ohio. Compared rates from a lot of places. Saved about $10 a month. Allstate was the cheapest for me. I have several vehicles insured with them. Not worth enough to pay for comprehensive and collision.

  5. Hallie Spencer

    I got decent rates for a 2001 BMW M3 in Manchester, NH. Ended up at about $90 every six months with American Family. Insured with Hartford before. I have a couple other vehicles on the policy. Next renewal I’ll just do liability.

  6. Jacque Kelley

    In Green Bay, WI, Progressive is a good choice. Have a couple speeding tickets too. They offer free online rate quotes. I only have liability coverage on it.

  7. Renita Weeks

    Good detail in your article. From a town just southwest of Albuquerque, NM. Got free quotes online for a 2001 BMW M3. Ended up at about $100 savings annually. Went with GEICO. Was with Auto-Owners.

  8. Mercy Hayes

    Here’s my quote info. Live in the western part of Missoula, MT. Not sure of all the companies but I ended up saving about $20 each month. Highly recommended. Just liability coverage since it’s getting old.

  9. Natacha Curry

    Hope my rates come down. I’m in the west part of Memphis, TN. Can’t remember who all I quoted but I ended up saving about $30 each month. I get lower rates because of my clean driving record. It’s only liability tho.

  10. Shaneka French

    Lots of useful info here. Live in Juneau, AK. I don’t recall every quote but I ended up saving about $20 each month. I think they have home insurance too. I don’t put full coverage on it.

  11. Olevia Hoover

    Lifelong resident of Biloxi, MS, and 21st Century rates were best. Left American Family to switch. I get multi-vehicle and multi-policy discounts. Not sure if rates are cheaper online or through an agent. I only have liability coverage on it.

  12. Alfredia Prince

    If you have a good history and live in the vicinity of Gulfport, MS, check out Progressive. You might save some money. I just quoted rates online.

  13. Jeff Powell

    Hope my rates come down. I’m in the east part of Great Falls, MT. Quoted quotes with American Family, Eastwood, and MetLife for my 2001 BMW M3 and saved just over $100 a year. Anyone else drop full coverage?

  14. Otilia Hammond

    I chose to switch to State Farm from AAA. I live in Sioux Falls, South Dakota. Insured with USAA before. Even increased coverage a bit.