Save on 2017 BMW M3 Insurance Cost

Searching for low-cost insurance for your BMW M3 can normally be an all-consuming task, but you can learn our auto insurance buying tips to save time.

There are more efficient ways to compare auto insurance rates so we’re going to tell you the quickest way to compare rates for your BMW and find the cheapest rates from both online companies and local agents.

You should take the time to do price comparisons as often as possible due to the fact that insurance prices fluctuate regularly. Despite the fact that you may have had the best deal for M3 insurance two years ago you may be paying too much now. You’ll find quite a bit of inaccurate information about auto insurance on the web, but in just a couple of minutes you can learn a bunch of ideas how to find cheap auto insurance.

Learn how to quote car insurance cheaper

An important part of buying insurance is that you know some of the elements that play a part in calculating your premiums. If you know what determines premiums, this enables you to make decisions that can help you get better car insurance rates.

The following are a few of the things used by insurance companies to determine premiums.

• Safer cars cost less to insure – Vehicles with good safety scores can get you lower premiums. Highly rated vehicles reduce occupant injuries and lower injury rates translates directly to fewer claims which can mean better rates for you.
• Small claims can cost you – Insurance companies generally give the best rates to people who are not frequent claim filers. If you are a frequent claim filer, you can look forward to either a policy non-renewal or much higher rates. Your car insurance is designed for the bigger claims that can’t be paid out-of-pocket.
• Gaps in coverage mean higher premiums – Driving without insurance coverage in place can get your license suspended and companies may charge more for letting your coverage cancel without a new policy in place. And not only will your rates increase, failure to provide proof of insurance may earn you fines or a revoked license. You could then be forced to file a SR-22 with your state department of motor vehicles.
• Only buy what you need – There are many additional coverages that can waste your money but may not be useful. Coverage for things like replacement cost coverage, high-cost glass coverage, and Farm Bureau memberships may be wasting your money. They may seem good when talking to your agent, but your money might be better spent on other coverage so remove them and pocket the money.
• Is car insurance cheaper for males or females? – Over time, data shows that females tend to be a little less risky than males. Now that doesn’t mean females are better at driving than males. Men and women cause at-fault accidents at about the same rate, but the men get into accidents with more damage. Not only that, but men also have more aggressive citations like DWI (DUI) or reckless driving. Male teenagers are the most expensive to insure and are penalized with high car insurance rates.
• Multiple policies with one company can save – Lots of insurance companies provide lower prices for people who have multiple policies with them such as combining an auto and homeowners policy. This can amount to ten percent or more. Even if you qualify for this discount already, consumers should still comparison shop to guarantee you are still saving the most.

Low cost insurance coverage rate quotes

Getting cheap 2017 BMW M3 insurance coverage pricing is an easy way to save money. Just invest a little time comparing free insurance quotes to find out which insurance company has cheaper insurance quotes. It’s super easy and can be done in a couple of different ways.

1. If you’re in a hurry, the quickest way consumers can make multiple comparisons is a comparison rater form like this one (opens in new window). This style of form saves time by eliminating boring form submissions for every company. One form submission will get you rate comparisons instantly. It’s the fastest way to compare.
2. A less efficient way to find more affordable insurance requires you to visit the website for every company you want to comare and repeat the quote process again and again. For instance, let’s assume you want to get rates from Nationwide, 21st Century and Geico. You would have to take the time to go to each site and enter your policy data, which is why the first method is more popular. For a handy list of car insurance company links in your area, click here.

The approach you take is up to you, just make sure you compare nearly identical quote information with every price quote. If you use different data it will be very difficult to determine the lowest rate for your BMW M3.

Be skeptical of insurance coverage ads

Drivers can’t get away from ads for insurance coverage savings from the likes of Progressive, Allstate and Geico. All the companies tend to make the same promise about saving some big amount if you switch your coverage to them.

That’s great but how can every company charge you a lower premium? It’s all in how they say it.

Insurance coverage companies offer their best rates for the driver that is profitable for them. For instance, a profitable risk profile should be over the age of 35, has a low-risk occupation, and drives a safe vehicle. A customer that matches those criteria receive the lowest rate quotes and is almost guaranteed to save when switching.

Insureds who fall outside the ideal profile may be required to pay higher premiums and this results in business not being written. If you pay close attention to the ads, they say “customers that switch” but not “all drivers who get quotes” save that kind of money. That is how insurance companies can confidently claim big savings.

Because of these techniques, drivers should compare quotes as often as possible. It’s not possible to predict which insurance coverage company will fit you best based on your risk profile.

Save a ton with these discounts

Some companies don’t always advertise every discount they offer very well, so here is a list some of the best known as well as some of the hidden discounts that you can inquire about if you buy insurance online.

• Safety Restraint Discount – Drivers who require all vehicle occupants to wear their seat belts can save up to 15% off the personal injury premium cost.
• Smart Student Discounts – Being a good student may save you up to 25%. The discount lasts until age 25.
• Discount for Life Insurance – Not all insurance carriers offer life insurance, but some may give you a discounted rate on car insurance if you buy a life insurance policy as well.
• 55 and Retired – Drivers that qualify as senior citizens can get a small discount on rates for M3 insurance.
• Save with a New Car – Putting insurance on a new car can be considerably cheaper since newer vehicles have better safety ratings.
• ABS Braking Discount – Cars with ABS and/or traction control are much safer to drive and qualify for as much as a 10% discount.
• Bundled Policy Discount – If you can combine your auto and homeowners policy and place coverage with the same company you could save at least 10 to 15 percent or more.

As a disclaimer on discounts, most credits do not apply to your bottom line cost. Most only cut the cost of specific coverages such as physical damage coverage or medical payments. Even though it appears you would end up receiving a 100% discount, insurance companies wouldn’t stay in business. But all discounts will reduce your policy premiums.

A few companies that may offer some of the discounts shown above include:

• State Farm
• Progressive
• Progressive
• MetLife
• Farm Bureau
• Geico
• SAFECO

If you want inexpensive insurance quotes, ask every prospective company what discounts are available to you. Some discounts might not be offered in your area.

Car insurance can be complex

When buying proper insurance coverage for your personal vehicles, there really is not a best way to insure your cars. Each situation is unique.

For example, these questions may help highlight if you might need professional guidance.

• Do I need special endorsements for business use of my vehicle?
• Can I rate high risk drivers on liability-only vehicles?
• What are the financial responsibility laws in my state?
• Who is covered when they drive my 2017 BMW M3?
• Is extra glass coverage worth it?
• Is my dog or cat covered if injured in an accident?
• What is covered by UM/UIM coverage?
• Can I afford to buy a different vehicle if my 2017 BMW M3 is totaled?

If it’s difficult to answer those questions but a few of them apply, you may need to chat with an insurance agent. If you want to speak to an agent in your area, fill out this quick form. It’s fast, free and can help protect your family.

Insurance coverage breakdown

Learning about specific coverages of your policy helps when choosing which coverages you need and the correct deductibles and limits. Policy terminology can be impossible to understand and coverage can change by endorsement.

Comprehensive protection – This will pay to fix damage OTHER than collision with another vehicle or object. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive insurance covers things like vandalism, hail damage and a broken windshield. The maximum amount your insurance company will pay is the actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.

Auto liability – This coverage can cover injuries or damage you cause to a person or their property. This insurance protects YOU against other people’s claims, and doesn’t cover damage sustained by your vehicle in an accident.

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 25/50/25 which stand for $25,000 in coverage for each person’s injuries, a total of $50,000 of bodily injury coverage per accident, and a total limit of $25,000 for damage to vehicles and property. Another option is one limit called combined single limit (CSL) which provides one coverage limit and claims can be made without the split limit restrictions.

Liability insurance covers claims like repair costs for stationary objects, medical services, bail bonds and emergency aid. How much liability should you purchase? That is up to you, but you should buy higher limits if possible.

Uninsured or underinsured coverage – This coverage protects you and your vehicle’s occupants from other motorists when they either are underinsured or have no liability coverage at all. This coverage pays for hospital bills for your injuries and also any damage incurred to your BMW M3.

Since a lot of drivers only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is important protection for you and your family. Frequently these limits are similar to your liability insurance amounts.

Collision coverages – Collision coverage covers damage to your M3 resulting from colliding with an object or car. You will need to pay your deductible then your collision coverage will kick in.

Collision insurance covers things such as backing into a parked car, hitting a parking meter, rolling your car, sideswiping another vehicle and hitting a mailbox. Collision is rather expensive coverage, so consider dropping it from vehicles that are 8 years or older. It’s also possible to increase the deductible to save money on collision insurance.

Medical expense coverage – Personal Injury Protection (PIP) and medical payments coverage kick in for expenses such as surgery, X-ray expenses, EMT expenses, rehabilitation expenses and pain medications. They are used in conjunction with a health insurance policy or if there is no health insurance coverage. It covers both the driver and occupants as well as if you are hit as a while walking down the street. PIP is not universally available and gives slightly broader coverage than med pay

Power to the consumer

When trying to cut insurance costs, it’s a bad idea to reduce coverage to reduce premium. There have been many situations where drivers have reduced physical damage coverage only to find out that the small savings ended up costing them much more. Your goal is to find the BEST coverage at the best price while still protecting your assets.

Budget-friendly insurance coverage can be purchased online and from local agencies, and you should compare price quotes from both to get a complete price analysis. Some insurance coverage companies may not have the ability to get a quote online and these regional carriers prefer to sell through local independent agencies.

In this article, we presented some good ideas how you can get a better price on 2017 BMW M3 insurance. It’s most important to understand that the more price quotes you have, the better your chances of lowering your premium rates. Consumers may even find the lowest car insurance rates are with a lesser-known regional company.

For more information, feel free to browse the articles below:

• Shopping for a Safe Car (Insurance Information Insitute)
• Help Your Teen Be a Better Driver (State Farm)
• Your Car has been Stolen: Now What? (Allstate)
• Safe Vehicles for Teens (iihs.org)