2001 BMW M3 Car Insurance Rates

Did you fall for a flashy sales pitch and buy an overpriced car insurance policy? Believe me when I say there are lots of people in the same boat. Lots of insurers contend for your business, and it can be difficult to compare rates to discover the definitive best price available.

Consumers should take time to compare rates on a regular basis since insurance rates change regularly. Despite the fact that you may have had the best price on M3 insurance a couple years back you can probably find a lower rate today. There is too much inaccurate information about car insurance online but by reading this article, you’re going to learn some excellent ideas to slash your car insurance rates.

BMW M3 insurance rates are influenced by…

It’s important that you understand the factors that play a part in calculating insurance rates. When you know what positively or negatively determines base rates helps enable you to make changes that may reward you with better insurance rates.

  • Discounts for married couples – Having a wife or husband actually saves money when buying insurance. Marriage translates into being more mature it has been statistically shown that drivers who are married are more cautious.
  • Bad driving skills means higher rates – Your driving citation history impacts your car insurance rates tremendously. Good drivers receive lower rates than people who have multiple driving citations. Only having one speeding ticket can increase rates forty percent or more. Drivers who have severe citations such as DWI, reckless driving or hit and run convictions may need to submit a SR-22 or proof of financial responsibility to the state department of motor vehicles in order to drive a vehicle legally.
  • Where do you drive? – The more miles you rack up on your BMW each year the more you will pay for insurance. Most insurance companies price each vehicle’s coverage determined by how the vehicle is used. Cars and trucks that are left in the garage can get a lower rate compared to those used for work or business. An improperly rated M3 can result in significantly higher rates. Verify your insurance policy is rated on how each vehicle is driven, because it can save money.
  • Small claims can cost you – Insurance companies award discounts to people who are claim-free. If you file claims often, you can pretty much guarantee either policy cancellation or increased premiums. Your insurance policy is intended to be relied upon for larger claims.
  • Never allow your policy to lapse – Having an insurance coverage lapse will be a fast way to increase your insurance rates. And not only will insurance be more expensive, but not being able to provide proof of insurance might get you a hefty fine and possibly a revoked license.Then you may be required to submit proof of financial responsibility or a SR-22 with your state motor vehicle department.
  • Your credit rating is important – Having a bad credit rating is a important factor in determining your rates. People with good credit tend to be more responsible as compared to drivers with lower ratings. Therefore, if your credit history can use some improvement, you could potentially save money when insuring your 2001 BMW M3 by repairing your credit.
  • Men fork out a little more – Statistics demonstrate that men are more aggressive behind the wheel. However, don’t assume that men are worse drivers. Men and women cause accidents in similar percentages, but men cause more damage and cost insurance companies more money. Men also get more serious tickets such as DWI and reckless driving.
  • Rural vs Urban Areas – Being located in a rural area is a positive aspect when it comes to insurance. City drivers have to deal with more traffic problems and a longer drive to work. Lower population means fewer accidents and a lower car theft rate.

Verify you’re getting all your discounts

Car insurance companies don’t always list every discount in an easy-to-find place, so we break down some of the more common as well as the least known savings tricks you should be using. If they aren’t giving you every credit you qualify for, you are paying more than you should be.

  • Senior Citizens – If you’re over the age of 55, you may receive better car insurance rates on M3 insurance.
  • Student Driver Training – Have your child take driver’s ed class in high school.
  • No Charge for an Accident – Certain companies will forgive one accident before your rates go up so long as you haven’t had any claims for a particular time prior to the accident.
  • Discounts for Safe Drivers – Insureds without accidents can pay as much as 50% less on M3 insurance than less cautious drivers.
  • Theft Prevention Discount – Anti-theft and alarm systems prevent vehicle theft and therefore earn up to a 10% discount.
  • E-sign – A few companies may give you up to $50 for buying a policy and signing up digitally online.

It’s important to note that some credits don’t apply to the overall cost of the policy. The majority will only reduce specific coverage prices like medical payments or collision. So even though it sounds like you could get a free car insurance policy, it just doesn’t work that way.

A partial list of companies that may offer these benefits are:

Double check with all companies you are considering which discounts you may be entitled to. Some discounts may not apply everywhere.

Drivers who switch save $409 a year? Really?

Consumers constantly see and hear ads for the lowest price auto insurance by companies like State Farm, Allstate and Geico. All the companies make the same claim that you’ll save big if you move to them.

How can each company make the same claim?

Different companies have a certain “appetite” for the right customer that makes them money. A good example of a driver they prefer might be profiled as between the ages of 30 and 50, insures multiple vehicles, and has a high credit rating. Any driver who matches those parameters will qualify for the lowest rates and most likely will save a lot of money.

Drivers who don’t meet this ideal profile will have to pay more money and this can result in business not being written. The ads state “customers who switch” but not “drivers who get quotes” save that kind of money. That’s the way insurance companies can confidently state the savings. Because of the profiling, it is so important to get a wide range of price quotes. It is impossible to predict the company that will have the lowest BMW M3 insurance rates.

When should I talk to an agent?

When choosing coverage for your personal vehicles, there is no one size fits all plan. Your needs are not the same as everyone else’s so your insurance needs to address that. For example, these questions could help you determine whether or not you would benefit from professional advice.

  • Am I covered if I wreck a rental car?
  • Do I need an umbrella policy?
  • How can I find cheaper teen driver insurance?
  • Do I get a pro-rated refund if I cancel my policy early?
  • Is my trailer covered?
  • I have good health insurance, so how much medical payments coverage do I need?
  • Is my camper covered by my car insurance policy?
  • Does my insurance cover my expensive audio equipment?

If it’s difficult to answer those questions but one or more may apply to you, then you may want to think about talking to a licensed agent. If you don’t have a local agent, take a second and complete this form or you can also visit this page to select a carrier It’s fast, doesn’t cost anything and may give you better protection.

Car insurance 101

Learning about specific coverages of your insurance policy helps when choosing which coverages you need and the correct deductibles and limits. The terms used in a policy can be impossible to understand and reading a policy is terribly boring. Shown next are the usual coverages found on most insurance policies.

Liability – This coverage will cover damages or injuries you inflict on people or other property in an accident. This insurance protects YOU from legal claims by others, and does not provide coverage for your own vehicle damage or injuries.

It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see values of 50/100/50 that translate to a $50,000 limit per person for injuries, a total of $100,000 of bodily injury coverage per accident, and $50,000 of coverage for damaged propery.

Liability insurance covers things such as loss of income, medical services, repair costs for stationary objects, legal defense fees and emergency aid. How much coverage you buy is a personal decision, but consider buying higher limits if possible.

Collision – Collision insurance pays for damage to your M3 caused by collision with another car or object. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers claims such as sustaining damage from a pot hole, scraping a guard rail and driving through your garage door. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are 8 years or older. You can also choose a higher deductible to bring the cost down.

Medical costs insurance – Personal Injury Protection (PIP) and medical payments coverage pay for immediate expenses for things like funeral costs, chiropractic care and X-ray expenses. They are often used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover you and your occupants as well as being hit by a car walking across the street. Personal Injury Protection is not universally available and gives slightly broader coverage than med pay

Comprehensive or Other Than Collision – This pays for damage that is not covered by collision coverage. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive can pay for claims such as a tree branch falling on your vehicle, vandalism, damage from flooding and a broken windshield. The maximum amount you’ll receive from a claim is the cash value of the vehicle, so if the vehicle is not worth much consider removing comprehensive coverage.

UM/UIM Coverage – This gives you protection from other drivers when they either are underinsured or have no liability coverage at all. Covered claims include injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.

Because many people only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is very important.

Save for a rainy day

Low-cost 2001 BMW M3 insurance can be sourced both online in addition to many insurance agents, so compare prices from both to have the best selection. Some insurance companies do not provide the ability to get a quote online and many times these small insurance companies only sell through independent insurance agents.

When buying insurance coverage, don’t be tempted to reduce coverage to reduce premium. There are many occasions where consumers will sacrifice physical damage coverage and found out when filing a claim that the savings was not a smart move. The ultimate goal is to get the best coverage possible at the best price.

Much more information about insurance can be found on the following sites: