2016 BMW M3 Insurance Cost

Have you fallen victim to overpriced insurance coverage? Believe me when I say you are not the only one feeling buyer’s remorse. Insurance companies such as State Farm, Allstate, GEICO and Progressive continually hit you with fancy advertisements and it can be hard to see through the cute green geckos and mayhem and take the time to shop coverage around.

How to buy auto insurance online

Many insurance companies such as 21st Century, Allstate and State Farm provide prices for coverage online. The process is easy for anyone because it’s just a matter of typing in the coverage amounts you desire as detailed in the form. When complete, the quote system orders reports for credit and driving violations and generates pricing information. This simplifies rate comparisons, but the time it takes to visit several different sites and type in the same data can be a bit repetitive. But it’s also necessary to perform this step if you are searching for the lowest auto insurance rates.

The smarter way to find lower prices uses just one form that gets prices from multiple companies. This type of form saves time, eliminates repetitive work, and makes quoting online a little more enjoyable. As soon as you send your information, it is rated and you can select any of the resulting price quotes.

If you find a better price you can click and sign and purchase the new policy. This process just takes a couple of minutes and you’ll know if lower rates are available.

To find out how much you’re overpaying now, click here to open in a new tab and fill out the form. To compare your current rates, we recommend you input deductibles and limits exactly as shown on your declarations page. This makes sure you will have rate quotes based on identical coverages.

Lower rates by qualifying for discounts

Some insurers do not list every disount available in an easy-to-find place, so the following list contains a few of the more well known and the harder-to-find discounts that you may qualify for. If you aren’t receiving every discount you qualify for, you are throwing money away.

  • Low Mileage – Low mileage vehicles can earn better premium rates on cars that stay parked.
  • Discount for Home Ownership – Just owning your own home can save a few bucks because it is proof that your finances are in order.
  • Theft Prevention Discount – Vehicles that have factory anti-theft systems have a lower chance of being stolen so companies will give you a small discount.
  • Multiple Policy Discount – When you have multiple policies and insure them with the same company you will save at least 10 to 15 percent or more.
  • ABS Braking Discount – Cars, trucks, and SUVs with ABS and/or traction control are safer to drive and earn discounts up to 10%.
  • Early Switch Discount – A few car insurance companies allow discounts for switching policies before your current coverage expires. You may see this discount when you get insurance coverage quotes online.

A quick disclaimer, most discounts do not apply to the overall cost of the policy. The majority will only reduce specific coverage prices like medical payments or collision. So even though they make it sound like having all the discounts means you get insurance for free, it’s just not the way it works.

A few companies that may offer policyholders these money-saving discounts include:

If you need inexpensive insurance coverage quotes, ask all the companies which discounts you qualify for. Some of the discounts discussed earlier may not be offered in your state. To see a list of providers with discount rates, click here.

Car insurance is unique, just like you

When it comes to choosing the right insurance coverage, there is no cookie cutter policy. Every situation is different and your policy should reflect that. For instance, these questions may help highlight whether you would benefit from an agent’s advice.

  • How do I buy GAP insurance?
  • Is my cargo covered for damage or theft?
  • What happens if I owe more than my 2016 BMW M3 is worth?
  • How does medical payments coverage work?
  • Can my teen drive my company car?
  • Do I need replacement cost coverage on my 2016 BMW M3?
  • What is covered by UM/UIM coverage?
  • Am I covered if I crash into my own garage door?
  • I have health insurance so do I need medical payments coverage?
  • Does having multiple vehicles earn me a discount?

If you’re not sure about those questions but you know they apply to you, you might consider talking to an insurance agent. If you don’t have a local agent, simply complete this short form or go to this page to view a list of companies. It is quick, free and you can get the answers you need.

Insurance policy specifics

Learning about specific coverages of your insurance policy helps when choosing appropriate coverage for your vehicles. The coverage terms in a policy can be difficult to understand and reading a policy is terribly boring. These are typical coverages offered by insurance companies.

Medical expense coverage

Personal Injury Protection (PIP) and medical payments coverage pay for short-term medical expenses such as EMT expenses, dental work, prosthetic devices and surgery. They are used to fill the gap from your health insurance policy or if you do not have health coverage. Medical payments and PIP cover you and your occupants as well as getting struck while a pedestrian. Personal injury protection coverage is not universally available and gives slightly broader coverage than med pay

Auto collision coverage

Collision coverage covers damage to your M3 resulting from a collision with another car or object. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision can pay for claims like sideswiping another vehicle, crashing into a ditch, sustaining damage from a pot hole and colliding with a tree. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are 8 years or older. Another option is to choose a higher deductible to get cheaper collision coverage.

Comprehensive protection

This pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for claims such as damage from flooding, fire damage and damage from a tornado or hurricane. The maximum amount you’ll receive from a claim is the cash value of the vehicle, so if the vehicle’s value is low it’s not worth carrying full coverage.

Liability auto insurance

Liability coverage protects you from injuries or damage you cause to other people or property by causing an accident. This coverage protects you from claims by other people. Liability doesn’t cover damage sustained by your vehicle in an accident.

It consists of three limits, bodily injury per person, bodily injury per accident and property damage. As an example, you may have values of 25/50/25 that means you have a limit of $25,000 per injured person, a limit of $50,000 in injury protection per accident, and a total limit of $25,000 for damage to vehicles and property. Occasionally you may see a combined limit which provides one coverage limit without having the split limit caps.

Liability coverage protects against claims such as emergency aid, bail bonds and structural damage. How much liability should you purchase? That is up to you, but you should buy higher limits if possible.

Uninsured or underinsured coverage

Uninsured or Underinsured Motorist coverage gives you protection when other motorists either are underinsured or have no liability coverage at all. Covered losses include medical payments for you and your occupants as well as your vehicle’s damage.

Because many people carry very low liability coverage limits, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is very important. Usually these limits are identical to your policy’s liability coverage.