View 2013 BMW M3 Car Insurance Quotes

No one enjoys paying for insurance coverage, particularly when the price is too high.

You have multiple insurers to insure vehicles with, and though it is a good thing to have multiple companies, it can be more difficult to compare rates and cut insurance costs.

Consumers need to take a look at other company’s rates yearly since rates tend to go up over time. Just because you had the best rates for M3 insurance six months ago the chances are good that you can find a lower rate today. Block out anything you think you know about insurance coverage because I’m going to let you in on the secrets to how to use the internet to find great coverage at a great price.

How to Get Auto Insurance

Comparing auto insurance rates can take time and effort if you don’t know the most efficient way. You can spend countless hours discussing policy coverages with local insurance agents in your area, or you can utilize online quotes to get rate comparisons in just a few minutes.

Many companies belong to an insurance system that allows shoppers to enter their policy data once, and each participating company returns a rated price based on that information. This system prevents you from having to do quote forms to each individual auto insurance company.

To fill out one form to compare multiple rates now click to open in new window.

The one downside to using this type of form is you are unable to specify the companies you want to price. So if you want to select from a list of companies to compare, we have a page of auto insurance companies in your area. Click to view list.

Whichever method you choose, double check that you are using the exact same coverage limits and deductibles for every quote you compare. If you compare differing limits then you won’t be able to decipher which rate is best. Having just a slight variation in coverage limits can mean a large discrepancy in price. Just keep in mind that obtaining a wide range of quotes will improve the odds of getting a better price.

More discounts equal less premium

Companies that sell car insurance don’t list all their discounts in an easy-to-find place, so here is a list both the well known and also the lesser-known savings tricks you should be using.

  • Discount for Life Insurance – Some companies give lower rates if you buy life insurance.
  • Paperless Signup – A handful of insurance companies will give a small break simply for signing online.
  • Homeowners Pay Less – Owning a house can save you money because of the fact that having a home is proof that your finances are in order.
  • Braking Control Discount – Cars that have steering control and anti-lock brakes can reduce accidents and will save you 10% or more.
  • Discount for Swiching Early – A few companies offer discounts for switching policies before your current policy expires. The savings is around 10%.
  • Low Mileage Discounts – Driving fewer miles could qualify for discounted rates on garaged vehicles.

It’s important to understand that many deductions do not apply to the overall cost of the policy. Most only cut the cost of specific coverages such as liability and collision coverage. Just because you may think having all the discounts means you get insurance for free, it doesn’t quite work that way.

For a list of insurance companies who offer auto insurance discounts, click here.

BMW M3 insurance rates are influenced by…

Smart consumers have a good feel for the rating factors that help determine the rates you pay for insurance. Understanding what determines base rates helps enable you to make changes that may reward you with better insurance rates.

  • Do you have a high stress job? – Occupations such as doctors, executives and financial analysts tend to have higher average rates in part from job stress and lots of time spent at work. Conversely, occupations like actors, engineers and the unemployed receive lower rates for M3 insurance.
  • How credit affects insurance rates – A driver’s credit history is a big factor in determining your rates. If your credit rating is not that good, you could be paying less to insure your 2013 BMW M3 by improving your rating. Consumers who have good credit tend to be less risk to insure as compared to drivers with lower credit scores.
  • How many coverages with the same company – Most insurance companies give discounts to customers who carry more than one policy. It’s known as a multi-policy discount. This can amount to 10 percent or more. Even if you’re getting this discount it’s in your best interest to shop around to verify if the discount is saving money.
  • More miles equals more premium – Driving more miles in a year’s time the more you’ll pay to insure your vehicle. Almost all companies price each vehicle’s coverage based on how the vehicle is used. Cars and trucks used primarily for pleasure use get more affordable rates as compared to vehicles used primarily for driving to work. Double check that your insurance coverage is rated on the proper vehicle usage. Incorrect usage on your M3 may be costing you.
  • Extra add-on coverages are wasting money – There are many extra bells and whistles that you can buy on your insurance policy. Things like rental car reimbursement, towing coverage and additional equipment coverage may be wasting your money. They may seem like a good idea when talking to your agent, but now you might not need them so remove them from your policy.
  • Equipment add-ons that lower insurance rates – Purchasing a vehicle with a theft deterrent system can save you a little every year. Anti-theft features such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all aid in stopping your car from being stolen.
  • Never go without insurance – Having an insurance coverage lapse is a fast way to increase your insurance rates. Not only will rates go up, but being ticketed for driving with no insurance can result in a revoked license or a big fine.Then you may be required to file a SR-22 with your state DMV.

It’s not one size fits all

When it comes to choosing proper insurance coverage, there really is not a cookie cutter policy. Your needs are not the same as everyone else’s and your policy should reflect that. For instance, these questions can help discover whether your personal situation might need professional guidance.

  • Will I be non-renewed for getting a DUI or other conviction?
  • Should I buy full coverage?
  • Should I file a claim if it’s only slightly more than my deductible?
  • Do I need more liability coverage?
  • How do I buy GAP insurance?
  • What is UM/UIM insurance?
  • Will I lose any money if I cancel my policy before it expires?

If you don’t know the answers to these questions then you might want to talk to a licensed insurance agent. To find lower rates from a local agent, take a second and complete this form or you can go here for a list of companies in your area.

Insurance coverage specifics

Having a good grasp of your policy aids in choosing the right coverages at the best deductibles and correct limits. Insurance terms can be impossible to understand and reading a policy is terribly boring. Listed below are typical coverage types offered by insurance companies.

UM/UIM (Uninsured/Underinsured Motorist) coverage – Your UM/UIM coverage protects you and your vehicle’s occupants from other motorists when they do not carry enough liability coverage. This coverage pays for injuries to you and your family as well as damage to your BMW M3.

Because many people only carry the minimum required liability limits, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked.

Collision coverages – Collision coverage covers damage to your M3 resulting from colliding with an object or car. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage protects against claims such as colliding with another moving vehicle, hitting a parking meter, backing into a parked car, damaging your car on a curb and sideswiping another vehicle. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are 8 years or older. Drivers also have the option to choose a higher deductible to save money on collision insurance.

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

Comprehensive coverage protects against things such as theft, hail damage, damage from a tornado or hurricane, a tree branch falling on your vehicle and falling objects. The most 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 it’s not worth carrying full coverage.

Medical payments and PIP coverage – Personal Injury Protection (PIP) and medical payments coverage pay for bills for things like X-ray expenses, nursing services and rehabilitation expenses. The coverages can be used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover both the driver and occupants as well as being hit by a car walking across the street. Personal Injury Protection is only offered in select states but can be used in place of medical payments coverage

Liability coverages – This provides protection from injuries or damage you cause to other people or property by causing an accident. It protects YOU from claims by other people. It does not cover damage sustained by your vehicle in an accident.

Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have liability limits of 50/100/50 that means you have $50,000 bodily injury coverage, a limit of $100,000 in injury protection per accident, and a total limit of $50,000 for damage to vehicles and property.

Liability coverage protects against claims such as funeral expenses, structural damage and loss of income. How much liability coverage do you need? That is up to you, but it’s cheap coverage so purchase as much as you can afford.

Power to the consumer

In this article, we covered a lot of information how to reduce 2013 BMW M3 insurance prices online. The most important thing to understand is the more rate comparisons you have, the higher the chance of saving money. You may even discover the most savings is with the least-expected company. These companies may only write in your state and offer lower rates compared to the large companies like State Farm and Allstate.

When trying to cut insurance costs, don’t be tempted to skimp on coverage in order to save money. In many instances, an insured dropped liability limits or collision coverage and found out when filing a claim that the savings was not a smart move. The aim is to purchase plenty of coverage at a price you can afford while still protecting your assets.

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