Compare 2017 BMW M3 Car Insurance Quotes

Searching for better insurance prices for a BMW M3 could be a painful process, but you can learn a few tricks to save time.

There are both good and bad ways to compare insurance coverage rates so we’re going to tell you the quickest way to get price quotes for a new or used BMW and obtain the best price possible either online or from local insurance agents.

It’s a great practice to take a look at other company’s rates every six months since insurance rates are adjusted regularly by insurance companies. Just because you had the best deal for M3 coverage at your last renewal you may be paying too much now. Ignore everything you know about insurance coverage because you’re going to learn the tricks you need to know to lower your annual insurance bill.

More affordable rates by earning discounts

Car insurance companies don’t always advertise every policy discount in an easy-to-find place, so the below list has a few of the more common and also the lesser-known discounts that you can inquire about if you buy insurance coverage online.

  • Theft Deterent – Cars, trucks, and SUVs equipped with anti-theft or alarm systems are less likely to be stolen and can earn a small discount on your policy.
  • Full Payment Discount – If paying your policy premium upfront rather than spreading payments over time you can avoid monthly service charges.
  • Accident Forgiveness – Not necessarily a discount, but companies like Progressive and Allstate will turn a blind eye to one accident without getting socked with a rate hike so long as you are claim-free for a certain period of time.
  • Professional Memberships – Having an affiliation with a qualifying organization could earn you a nice discount when shopping for car insurance.
  • Bundle and Save – If you can combine your auto and homeowners policy with the same insurance company you could earn a discount of 10% to 20% off each policy.
  • Service Members Pay Less – Being deployed in the military may qualify for rate reductions.
  • Government Employee Discount – Having worked for a branch of the government could qualify for a slight premium decrease for M3 coverage depending on your car insurance provider.

Drivers should understand that some credits don’t apply to the entire cost. Most only apply to the price of certain insurance coverages like comp or med pay. So when the math indicates you could get a free car insurance policy, it doesn’t quite work that way.

Car insurance companies who may offer these benefits include:

If you want cheaper insurance coverage quotes, ask each company or agent to apply every possible discount. Some discounts listed above might not be offered in your area. To see a list of car insurance companies with the best car insurance discounts, click here.

Four factors that influence insurance premiums

It’s important that you understand the rating factors that aid in calculating the price you pay for auto insurance. If you know what impacts premium levels, this allows you to make educated decisions that may result in lower premium levels. Many factors are part of the calculation when you get your auto insurance bill. Some are pretty understandable like a motor vehicle report, although others are less obvious like where you live or how financially stable you are.

The following are a partial list of the pieces that factor into your premiums.

  • Single vs. married – Getting married may cut your premiums on your auto insurance bill. Marriage may mean you are more responsible and statistics prove married drivers tend to file fewer claims.
  • Good credit equals lower costs – Having a good credit score is a big factor in determining what you pay for auto insurance. If your credit can use some improvement, you could potentially save money when insuring your 2017 BMW M3 if you improve your credit rating. People that have good credit tend to be more responsible and file fewer claims than those with lower credit ratings.
  • Do you qualify for a multi-policy discount? – Many insurance companies will award a discount to people who carry more than one policy, otherwise known as a multi-policy discount. Even if you’re getting this discount you may still want to comparison shop to ensure the best deal. Drivers may still find better rates even if you insure with multiple companies
  • Why do you need liability protection? – The liability section of your policy will protect you if you are ruled to be at fault for causing personal injury or damage in an accident. Your policy’s liability insurance provides you with a defense in court up to the limits shown on your policy. Liability insurance is pretty cheap compared to comp and collision, so drivers should carry high limits.

Your insurance coverage should be tailored to you

When choosing the best insurance coverage for your vehicles, there really is not a cookie cutter policy. Each situation is unique.

These are some specific questions may help you determine if your insurance needs may require specific advice.

  • Why am I required to buy high-risk coverage?
  • Does my car insurance cover rental cars?
  • What vehicles should carry emergency assistance coverage?
  • Will my rates increase for filing one claim?
  • Is my teen driver covered when they drive my company car?
  • Am I missing any policy discounts?
  • Should I drop comprehensive coverage on older vehicles?
  • What is the difference between comprehensive and collision coverage?
  • Does liability extend to a camper or trailer?
  • How can I find cheaper teen driver insurance?

If you don’t know the answers to these questions but you know they apply to you, then you may want to think about talking to an insurance agent. To find lower rates from a local agent, simply complete this short form. It is quick, free and you can get the answers you need.

Don’t be fooled by advertising claims

Drivers can’t escape the ads that promise big savings for switching by companies like Allstate, GEICO and Progressive. They all seem to tend to make the same promise of big savings if you change to them.

But how can every company offer drivers better rates? It’s all in the numbers.

All companies have a certain “appetite” for the type of driver that will be a good risk. For example, a desirable insured may be a married female, carries full coverage, and drives a vehicle with a low ISO rating. Someone who matches that profile receive the lowest rate quotes and most likely will cut their rates if they switch.

Potential customers who may not quite match the “perfect” profile may be forced to pay a higher premium and business going elsewhere. If you pay close attention to the ads, they say “drivers that switch” not “everyone who quotes” save the amount stated. That is how companies can make claims like that.

Because of these techniques, you absolutely need to quote coverage with many companies. It is just not possible to predict which insurance companies will have the lowest rate quotes.

Insurance coverage basics

Understanding the coverages of a insurance policy can be of help when determining the right coverages and the correct deductibles and limits. Policy terminology can be confusing and nobody wants to actually read their policy.

Liability coverages

This provides protection from damages or injuries you inflict on other people or property in an accident. This coverage protects you from claims by other people. Liability doesn’t cover your own vehicle damage or injuries.

Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. Your policy might show limits of 100/300/100 which means a limit of $100,000 per injured person, a total of $300,000 of bodily injury coverage per accident, and a limit of $100,000 paid for damaged property. Another option is a combined limit which combines the three limits into one amount rather than limiting it on a per person basis.

Liability insurance covers things like court costs, funeral expenses and pain and suffering. The amount of liability coverage you purchase is your choice, but you should buy as much as you can afford.

Comprehensive insurance

This covers damage OTHER than collision with another vehicle or object. You first must pay your deductible and then insurance will cover the rest of the damage.

Comprehensive coverage protects against things like theft, damage from a tornado or hurricane, damage from flooding, a broken windshield and a tree branch falling on your vehicle. The maximum amount you’ll receive from a claim is the actual cash value, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Collision insurance

This 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 insurance covers things such as hitting a mailbox, scraping a guard rail, damaging your car on a curb, rolling your car and sideswiping another vehicle. Collision is rather expensive coverage, so you might think about dropping it from vehicles that are 8 years or older. It’s also possible to raise the deductible to bring the cost down.

Coverage for medical expenses

Personal Injury Protection (PIP) and medical payments coverage pay for expenses like nursing services, ambulance fees, surgery and dental work. They are used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. Coverage applies to you and your occupants in addition to if you are hit as a while walking down the street. Personal Injury Protection is not available in all states but it provides additional coverages not offered by medical payments coverage

Coverage for uninsured or underinsured drivers

This protects you and your vehicle’s occupants from other drivers when they either have no liability insurance or not enough. It can pay for injuries to you and your family as well as damage to your BMW M3.

Since a lot of drivers only purchase the least amount of liability that is required, their limits can quickly be used up. This is the reason having UM/UIM coverage is very important. Usually the UM/UIM limits are identical to your policy’s liability coverage.

At the end of the day…

As you prepare to switch companies, make sure you don’t skimp on coverage in order to save money. There are too many instances where someone sacrificed liability limits or collision coverage and discovered at claim time that the small savings ended up costing them much more. The proper strategy is to buy a smart amount of coverage at the lowest possible cost, not the least amount of coverage.

Low-cost 2017 BMW M3 insurance is available from both online companies as well as from insurance agents, so you need to quote insurance coverage with both to get a complete price analysis. A few companies may not offer rates over the internet and usually these small insurance companies sell through independent agents.

In this article, we covered quite a bit of information on how to save on 2017 BMW M3 insurance. It’s most important to understand that the more quotes you get, the more likely it is that you will get a better rate. Consumers may even find the biggest savings come from an unexpected company.

More tips and info about insurance is located by following these links: