Cheaper 2006 BMW M3 Car Insurance Cost

Trying to find lower insurance coverage rates for your BMW M3? Searching for low-cost insurance for a BMW M3 can turn out to be an all-consuming task, but you can learn our insurance coverage buying tips to save time. There are both good and bad ways to compare insurance coverage rates so we’re going to tell you the best way to compare rates for your BMW and obtain the lowest price either online or from local insurance agents.

Consumers need to get comparison quotes at least once a year because prices change frequently. Even if you think you had the lowest rates for M3 insurance six months ago you can probably find a lower rate today. You can search a lot of insurance coverage online but I’m going to show you some great ideas on how to lower your insurance coverage premiums.

Choosing the best insurance company for you is easy if you know what you’re doing. If you have a current insurance policy or are shopping for new coverage, you will benefit by learning to get lower rates while maintaining coverages. Drivers just need to know the proper methods to buy insurance online.

Take policy discounts and save

Some insurance providers do not list all their discounts in a way that’s easy to find, so the list below contains a few of the more common and the harder-to-find credits that may apply to you.

  • Seat Belt Discounts – Drivers who always wear seat belts and also require passengers to use a seat belt could save 15% off the PIP or medical payment premium.
  • Discount for New Cars – Adding a new car to your policy can cost up to 25% less due to better safety requirements for newer vehicles.
  • Driver Training Discounts – Successfully completing a defensive driver course can save you 5% or more and easily recoup the cost of the course.
  • Anti-lock Brake System – Cars with ABS braking systems or traction control can stop better under adverse conditions and qualify for as much as a 10% discount.
  • Air Bag Discount – Vehicles equipped with air bags or motorized seat belts can get savings of 20 to 30 percent.
  • Theft Deterent System – Anti-theft and alarm system equipped vehicles are stolen less frequently and can earn a small discount on your policy.
  • Military Deployment Discount – Having an actively deployed family member could mean lower prices.
  • First Accident Forgiveness – This one is not really a discount per se, but certain companies will turn a blind eye to one accident before your rates go up so long as you are claim-free before the accident.

It’s important to understand that some credits don’t apply to the overall cost of the policy. Most only cut specific coverage prices like collision or personal injury protection. So when the math indicates all the discounts add up to a free policy, you won’t be that lucky.

Companies and a summarized list of policyholder discounts are:

  • Progressive offers discounts for homeowner, online signing, multi-vehicle, online quote discount, good student, and multi-policy.
  • The Hartford may include discounts for good student, defensive driver, air bag, bundle, anti-theft, vehicle fuel type, and driver training.
  • Mercury Insurance offers discounts including anti-theft, good student, multi-car, low natural disaster claims, and good driver.
  • GEICO may offer discounts for defensive driver, multi-policy, driver training, anti-theft, good student, seat belt use, and federal employee.
  • AAA offers premium reductions for pay-in-full, good driver, education and occupation, multi-policy, AAA membership discount, good student, and multi-car.
  • State Farm may have discounts that include Drive Safe & Save, passive restraint, Steer Clear safe driver discount, accident-free, safe vehicle, anti-theft, and good student.

Check with every prospective company to give you their best rates. All car insurance discounts might not be available to policyholders in your state. To see insurance coverage companies that offer some of these discounts, click here.

Why informed consumers pay less for BMW M3 insurance

A large part of saving on car insurance is knowing a few of the rating criteria that are used to determine the rates you pay for car insurance. If you have some idea of what determines base rates, this allows you to make good choices that will entitle you to lower rates.

The following are some of the things used by your company to calculate your rates.

  • Battle of the sexes – Statistics have proven women tend to be less risk to insure than men. The data does not necessarily mean that females are better at driving than males. Women and men cause accidents in similar numbers, but the men have costlier accidents. Not only are claims higher, but men get more serious tickets such as driving while intoxicated (DWI) or driving recklessly. Male drivers age 16 to 19 have the highest risk to insure and are penalized with high car insurance rates.
  • Multiple policies with one company can save – Some insurance companies give discounts to clients that buy multiple policies. It’s known as a multi-policy discount. Even with this discount applied, drivers will still want to shop around to confirm you are receiving the best rates possible. It’s possible to still save even more than the discount by buying insurance from more than one company.
  • Infrequent drivers can save – Driving more miles annually the more you’ll pay to insure your vehicle. A lot of insurance companies calculate prices based upon how the vehicle is primarily used. Autos that are left in the garage get more affordable rates than vehicles that are driven to work every day. An improperly rated M3 is just wasting money. Verify your vehicle rating shows the correct usage for each vehicle.
  • Cheaper rates with high coverage deductibles – Physical damage deductibles state the amount of 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, protects your car from damage. Some examples of covered claims could be rearending another vehicle, animal collisions, and damage from wind. The higher the amount you’re willing to pay, the lower your rates will be for M3 insurance.
  • Cheap car insurance rates for being claim-free – If you file claims often, you can definitely plan on either higher rates or even cancellation. Companies award cheaper rates to policyholders who are claim-free. Your car insurance is designed for the bigger claims that can’t be paid out-of-pocket.
  • Only buy coverage you need – Insurance policies have a lot of additional coverages that can waste your money if you don’t pay attention. Add-on coverages like rental car coverage, high-cost glass coverage, and motor club memberships may not be needed and are just wasting money. They may seem good initially, but your needs may have changed so consider taking them off your policy.
  • Younger drivers cost more – Teenage drivers are known to be less responsible in a vehicle and because of this, their car insurance rates are much higher. Older people are viewed as being more responsible, cost insurance companies less in claims and are safer drivers.

Which policy gives me the best coverage?

When it comes to choosing adequate coverage, there isn’t really a one size fits all plan. Every insured’s situation is different.

Here are some questions about coverages that might point out whether you might need an agent’s assistance.

  • How do I insure my teen driver?
  • Is my teen driver covered when they drive my company car?
  • Do I need more liability coverage?
  • Does coverage extend to a rental car in a foreign country?
  • Are my friends covered when driving my 2006 BMW M3?
  • Can I drive in Mexico and have coverage?
  • How much liability coverage do I need in my state?
  • Do I have coverage when making deliveries for my home business?
  • What are the financial responsibility laws in my state?
  • When can I cancel my policy?

If it’s difficult to answer those questions but you know they apply to you, you might consider talking to an agent. To find lower rates from a local agent, fill out this quick form. It’s fast, free and can provide invaluable advice.

Coverages available on your auto insurance policy

Learning about specific coverages of auto insurance helps when choosing the best coverages at the best deductibles and correct limits. Auto insurance terms can be difficult to understand and coverage can change by endorsement.

Comprehensive insurance – Comprehensive insurance pays for damage from a wide range of events other than collision. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for claims such as vandalism, rock chips in glass and damage from flooding. The maximum payout you’ll receive from a claim is the ACV or actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

Collision coverages – Collision insurance pays to fix your vehicle from damage resulting from colliding with another car or object. You first must pay a deductible then your collision coverage will kick in.

Collision insurance covers claims like crashing into a ditch, hitting a parking meter, colliding with a tree, scraping a guard rail and rolling your car. Paying for collision coverage can be pricey, so consider dropping it from vehicles that are 8 years or older. It’s also possible to raise the deductible to save money on collision insurance.

Med pay and Personal Injury Protection (PIP) – Personal Injury Protection (PIP) and medical payments coverage reimburse you for bills like X-ray expenses, rehabilitation expenses, hospital visits and EMT expenses. They can be utilized in addition to 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 as well as getting struck while a pedestrian. PIP coverage is not available in all states but can be used in place of medical payments coverage

Uninsured/Underinsured Motorist (UM/UIM) – Your UM/UIM coverage provides protection from other drivers when they do not carry enough liability coverage. It can pay for injuries to you and your family as well as your vehicle’s damage.

Due to the fact that many drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage should not be overlooked.

Liability coverage – This protects you from injuries or damage you cause to people or other property in 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 per person, bodily injury per accident and property damage. You might see limits of 25/50/25 that translate to 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.

Liability coverage pays for claims like medical expenses, repair bills for other people’s vehicles and bail bonds. How much coverage you buy is a decision to put some thought into, but it’s cheap coverage so purchase higher limits if possible.

Shop Smart and Save

As you prepare to switch companies, you should never skimp on critical coverages to save a buck or two. Too many times, someone sacrificed comprehensive coverage or liability limits and discovered at claim time that the savings was not a smart move. The goal is to buy a smart amount of coverage for the lowest cost, but don’t skip important coverages to save money.

Insureds switch companies for a number of reasons such as lack of trust in their agent, extreme rates for teen drivers, being labeled a high risk driver and denial of a claim. It doesn’t matter why you want to switch finding a new company can be pretty painless.

You just read some good ideas how you can lower your 2006 BMW M3 insurance rates. The most important thing to understand is the more rate comparisons you have, the better your comparison will be. You may be surprised to find that the best price on insurance is with some of the lesser-known companies.

More detailed insurance information can be found by following these links:

Comments About 2006 BMW M3 Insurance

  1. Blake Kelly

    Anyone know if Allstate does SR-22s?

  2. Walter Stephenson

    It’s all a rip off. Went with Encompass for my 2006 BMW M3 and cut my rates about $210 a year. Insured with Liberty Mutual before.

  3. Lesley Bryan

    Hope my car insurance gets cheaper. I live north of Rochester, Minnesota. I compared lots of rates. Saved about $40 a month. Allstate was the cheapest for me. Insured with Allstate before. Get lots of quotes to find the best rate.

  4. Evette Oneil

    IT’S ALL TOO EXPENSIVE! Went with GMAC for my 2006 BMW M3 and saved around $400 a year. Was with Farmers. Thankfully I have a good driving record. LOL

  5. Sharda Rodriguez

    Thanks for putting this site together. Went with American Family for my M3 and am saving around $360 a year. Left Erie to switch. LOL

  6. Arlyne Bryan

    Checking in from Chesapeake, VA. Got car insurance quotes with Allstate, Hartford, and Farmers for my BMW and I’m now saving $20 a month.

  7. Shin Sellers

    In Houston, Texas, GEICO auto insurance rates for my 2006 BMW M3 were good. Left The General to switch. Thankfully I have a good driving record. Can still barely afford it.

  8. Faustina Mueller

    I live south of Tucson, AZ and for me GEICO had the lowest quote. I’m a pretty low risk driver. Not sure if rates are cheaper online or not.