2004 BMW M3 Insurance Rates

Trying to find cheaper insurance rates for your BMW M3? Shopping for inexpensive auto insurance might seem complicated at first if you have never taken advantage of online price quotes. But don’t surrender to high rates because comparing rates is actually very simple.

How to compare insurance rate quotes

Most larger insurance companies make it easy to get pricing online. Obtaining pricing can be done by anyone as all you need to do is type in the coverages you want into a form. Behind the scenes, their rating system will order reports for credit and driving violations and returns a price quote based on these and other factors.

Quoting online makes comparing rates easy, but the time required to go to several different sites and enter the same data into a form is a big time waster. But it’s very important to compare as many rates as possible if you are searching for a lower rate.

Isn’t there an easier way to compare rates?

A more efficient way to compare insurance pricing uses just one form that gets price quotes from several companies at one time. The form is fast, requires less work, and makes online price comparison a little more enjoyable. As soon as you send your information, your coverage is rated and you are able to buy your choice of the quotes that you receive.

If you find a better price it’s easy to complete the application and buy the new coverage. The whole process only takes a few minutes and you will find out if you’re overpaying now.

If you want to find out how much you’re overpaying now, click here to open in a new tab and enter your information. If you have coverage now, it’s recommended you complete the form with the limits and deductibles just like they are on your policy. This makes sure you will have an apples-to-apples comparison for exact coverage.

You can change your insurance prices

Many things are part of the equation when you get a price on insurance. A few of the factors are predictable such as your driving history, but other criteria are not as apparent such as your credit history or your financial responsibility.Part of the auto insurance buying process is learning some of the things that aid in calculating the price you pay for auto insurance. When you know what positively or negatively determines premiums, this helps enable you to make changes that will entitle you to lower auto insurance prices.

The itemized list below are most of the major factors companies use to determine your rate level.

  • Females tend to take less risk – Over the last 50 years, statistics have shown females are less aggressive when driving. This data doesn’t prove that women are better drivers. They both have fender benders at a similar rate, but males have costlier accidents. They also get higher numbers of serious violations such as reckless driving.
  • Poor driving leads to higher rates – Whether or not you get tickets has a huge affect on how much you pay. Getting just one driving citation may increase your cost to the point where it’s not affordable. Drivers with clean records get better prices than their less careful counterparts. Drivers with serious violations like reckless driving or DUI are required to file a SR-22 with their state’s department of motor vehicles in order to legally drive.
  • Discounts for married drivers – Walking down the aisle can actually save you money on auto insurance. Marriage usually means you are more mature than a single person and insurance companies reward insureds because drivers who are married file infrequent claims.
  • Small claims can cost you – Companies give better rates to policyholders who do not file claims often. If you are the type of insured that files lots of claims you can pretty much guarantee either higher rates or even cancellation. Auto insurance is designed for larger claims.
  • A policy lapse can increase prices – Having an insurance coverage lapse will be a quick way to trigger a rate increase. In addition to paying higher premiums, the inability to provide proof of insurance can result in fines and jail time.
  • More traffic means higher claims – Living in areas with lower population may provide you with better prices when trying to find low car insurance rates. City drivers have more aggressive driving styles and longer commute times. Lower population translates into fewer accidents and lower theft and vandalism rates.

Don’t overlook these insurance coverage discounts

Some insurers don’t always advertise the entire discount list in an easy-to-find place, so the below list has both well-publicized as well as some of the hidden discounts you could be receiving when you buy auto insurance online.

  • Pay Upfront and Save – If paying your policy premium upfront rather than paying in monthly installments you can avoid the installment charge.
  • Onboard Data Collection – Insureds that choose to allow their insurance coverage company to track when and where they use their vehicle by installing a telematics device like In-Drive from State Farm and Progressive’s Snapshot might see lower rates if they are good drivers.
  • Discounts for Multiple Vehicles – Buying a policy with multiple cars on the same insurance coverage policy qualifies for this discount.
  • Driver’s Education for Students – Teen drivers should complete a driver education course in school.
  • Sign Online – A few insurance coverage companies provide a small discount for signing up on their website.
  • Smart Student Discounts – Maintaining excellent grades can get you a discount of up to 25%. Many companies even apply the discount to college students until age 25.
  • Auto/Home Discount – If you insure your home and vehicles with the same insurance company they may give you a discount of as much as 10 to 15 percent.

We need to note that most credits do not apply to the overall cost of the policy. Most only reduce specific coverage prices like comprehensive or collision. Even though the math looks like all those discounts means the company will pay you, you aren’t that lucky. Any qualifying discounts will bring down your insurance coverage premiums.

A few popular companies and a summarized list of policyholder discounts can be read below.

  • Geico has savings for anti-theft, driver training, air bags, federal employee, and seat belt use.
  • Auto-Owners Insurance may have discounts that include good student, paid in full, company car, mature driver, safe driver, and air bags.
  • American Family offers premium reductions for accident-free, defensive driver, TimeAway discount, bundled insurance, Steer into Savings, and multi-vehicle.
  • Esurance offers discounts including Pac-12 alumni, renters, multi-policy, good driver, homeowner, defensive driver, and online quote.
  • Progressive offers discounts for continuous coverage, online signing, multi-vehicle, multi-policy, good student, homeowner, and online quote discount.
  • State Farm may include discounts for safe vehicle, defensive driving training, student away at school, multiple policy, good student, and anti-theft.
  • AAA includes discounts for pay-in-full, multi-policy, multi-car, good student, good driver, education and occupation, and AAA membership discount.

If you need affordable auto insurance quotes, ask all companies you are considering which discounts they offer. A few discounts might not be offered on policies everywhere. If you would like to choose from a list of insurers that offer multiple discounts, click this link.

When to get professional advice

When it comes to buying proper insurance coverage, there really is no one size fits all plan. Every insured’s situation is different.

Here are some questions about coverages that might help in determining if your insurance needs will benefit from professional help.

  • Do I have coverage if my license is suspended?
  • Am I covered by my spouse’s policy after a separation?
  • Does my policy cover me when driving someone else’s vehicle?
  • Are rock chip repairs covered?
  • Do I have newly-aquired coverage?
  • How much liability coverage do I need in my state?

If it’s difficult to answer those questions but one or more may apply to you, you might consider talking to an agent. If you want to speak to an agent in your area, fill out this quick form.

Car insurance 101

Knowing the specifics of your insurance policy aids in choosing which coverages you need for your vehicles. The coverage terms in a policy can be confusing and even agents have difficulty translating policy wording.

Comprehensive coverages – Comprehensive insurance pays for damage from a wide range of events other than collision. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive coverage protects against claims such as hitting a bird, a broken windshield, damage from getting keyed and hail damage. The maximum amount a insurance company will pay at claim time is the ACV or actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.

Collision coverage – Collision coverage pays for damage to your M3 resulting from colliding with a stationary object or other vehicle. You first must pay a deductible then your collision coverage will kick in.

Collision can pay for things like damaging your car on a curb, colliding with another moving vehicle and colliding with a tree. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are older. It’s also possible to choose a higher deductible to get cheaper collision coverage.

Coverage for liability – Liability coverage protects you from injuries or damage you cause to a person or their property that is your fault. This insurance protects YOU against claims from other people, and does not provide coverage for damage sustained by your vehicle in an accident.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You might see policy limits of 25/50/25 which means $25,000 in coverage for each person’s injuries, a per accident bodily injury limit of $50,000, and $25,000 of coverage for damaged propery. Another option is a combined limit which limits claims to one amount without having the split limit caps.

Liability coverage protects against things like bail bonds, medical expenses, repair bills for other people’s vehicles, emergency aid and structural damage. How much liability coverage do you need? That is a personal decision, but consider buying as high a limit as you can afford.

Coverage for medical payments – Medical payments and Personal Injury Protection insurance pay for expenses such as nursing services, hospital visits and pain medications. They are often used to fill the gap from your health insurance program or if you do not have health coverage. It covers both the driver and occupants in addition to being hit by a car walking across the street. PIP coverage is only offered in select states and gives slightly broader coverage than med pay

Uninsured and underinsured coverage – This coverage gives you protection when other motorists either are underinsured or have no liability coverage at all. Covered losses include injuries sustained by your vehicle’s occupants as well as damage to your BMW M3.

Since many drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is important protection for you and your family. Usually these limits are set the same as your liablity limits.

Online plus local equals savings

Affordable 2004 BMW M3 insurance can be found both online as well as from independent agents, so you need to shop auto insurance with both to have the best rate selection. Some auto insurance companies may not have the ability to get quotes online and these small, regional companies work with independent agents.

When trying to cut insurance costs, never sacrifice coverage to reduce premiums. There have been many situations where drivers have reduced collision coverage only to find out that saving that couple of dollars actually costed them tens of thousands. Your strategy should be to purchase a proper amount of coverage at a price you can afford and still be able to protect your assets.

People who switch companies do it for a number of reasons such as high rates after DUI convictions, policy cancellation, poor customer service or unfair underwriting practices. It doesn’t matter what your reason, switching companies can be less work than you think.

Additional auto insurance information is located at these links:

Comments About 2004 BMW M3 Insurance

  1. Alisha Aguirre

    Found cheapest coverage with Safeco for my 2004 BMW M3 and cut my rates about $90 a year. BTW speeding tickets are not good. Not sure if rates are cheaper online or not.

  2. Zenia White

    Allstate is cheapest in Virginia! :)

  3. Karma Ballard

    Nice post. I live in Des Moines, Iowa. Quoted with GEICO, AAA, and Encompass for my BMW and saved around $110 a year. Switched homeowners coverage too. Not sure if rates are cheaper online or through an agent.

  4. Walton Atkinson

    Does Progressive prorate premiums at cancellation?

  5. Isaura Washington

    I can’t pay high rates. I’m from Grand Forks, North Dakota. Checked online prices for a 2004 BMW M3. Ended up at about $70 savings annually. Went with 21st Century. Left State Farm to switch. Only insure liability on my BMW.

  6. Keena Strong

    From east side of Springfield, Missouri. Quoted a bunch of companies. Saved right around $20 a month. GEICO was the cheapest option for me. I just quoted rates online.

  7. Laci Gould

    Thanks for putting this site together. Proud to be from Kansas City, KS. Quoted quotes from Allstate, The General, and Eastwood for my 2004 BMW M3 and I’m now saving $15 a month. Left Hanover to switch.

  8. Marlon James

    I got a good deal I think. Lifelong resident of Tulsa, OK. I quoted with Progressive, AAA, Erie, and Hanover for my BMW and saved $60 a year. Have an at-fault accident tho. It’s still not cheap enough.

  9. Breana Lindsay

    For me, Allstate was by far the cheapest in Louisville, KY.

  10. Britney Baldwin

    Just my two cents. I’m in Lincoln, Nebraska. Got car insurance rates from State Farm, AAA, and some I forget for my BMW and saved $67 a year. Insured with GEICO before. :P

  11. Ai Moreno

    Anyone know of any company in Newark, DE that will insure high risk drivers?

  12. Ericka Strickland

    I’m in Provo, Utah. Got rates from State Farm, Erie, and Liberty Mutual for my M3 and I’m now saving $10 a month. I get multi-vehicle and multi-policy discounts. I quoted rates online then called them. When should I drop full coverage?

  13. Lucretia Carter

    Lifelong resident of Sioux Falls, SD. Quoted rates from Auto-Owners, Sentry, and USAA for my 2004 BMW M3 and am saving around $80 a year. Was with Progressive. Have an at-fault accident tho. It’s too old for full coverage.