1996 BMW M3 Car Insurance Quotes – 10 Tips to Save

Looking for lower insurance rates for your BMW M3? Feel like you’re a prisoner to high-priced insurance? Believe me when I say you’re not the only one.

Multiple car insurance companies compete for your business, so it’s not easy to compare every company to find the absolute best price available.

If you currently have car insurance, you will most likely be able to reduce your rates substantially using these tips. Choosing the best insurance company for you is not that difficult. But car owners should learn the way companies sell online because it can help you find the best coverage.

Save with discounts on BMW M3 insurance

Insurance can cost an arm and a leg, but companies offer discounts that you may not know about. Certain discounts will be applied at the time of quoting, but lesser-known reductions have to be specifically requested before you get the savings.

  • Military Rewards – Having a deployed family member could be rewarded with lower premiums.
  • Multiple Cars – Insuring all your vehicles on one policy may reduce the rate for each vehicle.
  • Discount for Life Insurance – Some companies give a break if you buy life insurance from them.
  • Low Mileage – Low mileage vehicles could qualify for better rates on cars that stay parked.
  • Government Employees – Employees or retirees of the government can save as much as 8% on M3 coverage with select insurance companies.
  • Passive Restraint Discount – Vehicles with factory air bags or motorized seat belts can get savings of 20% or more.
  • Theft Prevention System – Vehicles with anti-theft systems prevent vehicle theft and earn discounts up to 10%.
  • Senior Discount – Mature drivers can possibly qualify for a discount up to 10% on M3 coverage.
  • Good Student Discount – Performing well in school can be rewarded with saving of up to 25%. Earning this discount can benefit you well after school through age 25.
  • Safe Driver Discount – Safe drivers can get discounts for up to 45% lower rates on M3 coverage than drivers with accidents.

A little note about advertised discounts, most of the big mark downs will not be given to your bottom line cost. The majority will only reduce the price of certain insurance coverages like physical damage coverage or medical payments. So even though it sounds like all the discounts add up to a free policy, companies don’t profit that way. But any discount will cut the amount you have to pay.

Insurance companies that may have these money-saving discounts are:

Double check with all companies you are considering how you can save money. All car insurance discounts might not be offered in every state.

How to Get Insurance Coverage Comparison Quotes

There are several ways you can shop for BMW M3 insurance coverage but there is one way that is less time-consuming than others. You could waste a few hours discussing policy coverages with local insurance agents in your area, or you can stay home and use online quotes to achieve your goal.

The majority of car insurance companies participate in a marketplace that allows shoppers to enter their coverage request one time, and each participating company then gives them pricing determined by their information. This prevents consumers from doing quote forms to every company.

To find out how much you can save on insurance coverage click to open in new window.

The only downside to doing it this way is you are unable to specify which companies to get quotes from. If you prefer to choose specific providers to compare, we put together a list of the cheapest insurance coverage companies in your area. View list of insurance companies.

It’s up to you which method you use, but make darn sure you compare apples-to-apples coverage limits and deductibles on every quote you get. If the quotes have higher or lower deductibles it will be very difficult to determine the best price for your BMW M3. Just a small difference in limits can mean a large discrepancy in price. And when comparing insurance coverage rates, know that having more price comparisons gives you a better chance of getting a lower rate.

Tailor your coverage to you

When buying proper insurance coverage for your vehicles, there is no cookie cutter policy. Every situation is different so your insurance needs to address that. These are some specific questions might help in determining whether your personal situation would benefit from professional advice.

  • Am I covered when driving on a suspended license?
  • Should I waive the damage coverage when renting a car?
  • Should I drop comprehensive coverage on older vehicles?
  • What happens if I owe more than my 1996 BMW M3 is worth?
  • Will I be non-renewed for getting a DUI or other conviction?
  • Does my policy pay for OEM or aftermarket parts?
  • Am I covered if I hit my neighbor’s mailbox?
  • Will my rates increase for filing one claim?
  • Am I covered when pulling a rental trailer?

If you’re not sure about those questions then you might want to talk to an agent. To find an agent in your area, take a second and complete this form or click here for a list of car insurance companies in your area.

Information about specific coverages

Learning about specific coverages of insurance can be of help when determining the right coverages for your vehicles. The coverage terms in a policy can be ambiguous and even agents have difficulty translating policy wording. Listed below are the usual coverages found on most insurance policies.

Comprehensive auto coverage

Comprehensive insurance coverage pays to fix your vehicle from damage from a wide range of events other than collision. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against things like damage from flooding, damage from a tornado or hurricane and damage from getting keyed. The highest amount you can receive from a comprehensive claim is the market value of your vehicle, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

Liability coverage

Liability insurance protects you from injuries or damage you cause to other’s property or people in an accident. It protects YOU against claims from other people. It does not cover your injuries or vehicle damage.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show limits of 25/50/25 which means $25,000 bodily injury coverage, $50,000 for the entire accident, and property damage coverage for $25,000. Some companies may use one limit called combined single limit (CSL) which combines the three limits into one amount with no separate limits for injury or property damage.

Liability can pay for claims such as repair costs for stationary objects, repair bills for other people’s vehicles, pain and suffering, attorney fees and funeral expenses. How much liability coverage do you need? That is your choice, but you should buy as much as you can afford.

Coverage for collisions

Collision coverage pays for damage to your M3 caused by collision with another car or object. You will need to pay your deductible and then insurance will cover the remainder.

Collision can pay for things such as crashing into a ditch, sustaining damage from a pot hole, colliding with a tree and backing into a parked car. This coverage can be expensive, so consider dropping it from vehicles that are 8 years or older. It’s also possible to bump up the deductible to bring the cost down.

Medical payments and PIP coverage

Personal Injury Protection (PIP) and medical payments coverage provide coverage for short-term medical expenses like funeral costs, nursing services and EMT expenses. The coverages can be used to fill the gap from your health insurance program or if you do not have health coverage. They cover all vehicle occupants as well as being hit by a car walking across the street. PIP is not available in all states but can be used in place of medical payments coverage

UM/UIM (Uninsured/Underinsured Motorist) coverage

Your UM/UIM coverage protects you and your vehicle’s occupants when other motorists either are underinsured or have no liability coverage at all. It can pay for medical payments for you and your occupants as well as your vehicle’s damage.

Because many people only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is a good idea. Most of the time the UM/UIM limits are identical to your policy’s liability coverage.

Make an honest buck

As you shop your coverage around, make sure you don’t buy less coverage just to save a little money. Too many times, someone dropped liability coverage limits only to regret at claim time that the small savings ended up costing them much more. The aim is to buy the best coverage you can find at an affordable rate, not the least amount of coverage.

Budget-conscious 1996 BMW M3 insurance is possible from both online companies in addition to many insurance agents, and you need to price shop both to have the best selection. Some auto insurance companies do not provide online quoting and these small insurance companies work with independent agents.

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