View 2008 BMW M3 Car Insurance Rates

Looking for the cheapest insurance coverage rates for your BMW M3? Finding the cheapest insurance for a BMW M3 could be difficult, but you can use the following methods to find lower rates. There is a better way to shop for insurance coverage and we’ll show you the best way to price shop coverage on a BMW and get the best price possible from local insurance agents and online providers.

Cut your premium with discounts

Auto insurance companies don’t always list every discount very well, so we researched both the well known as well as the least known savings tricks you should be using. If you don’t get every credit possible, you’re just leaving money on the table.

  • Drivers Education – Make teen driver coverage more affordable by requiring them to take driver’s ed class in school.
  • Passive Restraints and Air Bags – Vehicles equipped with air bags and/or automatic seat belt systems may earn rate discounts up to 30%.
  • Lower Rates for Military – Being on active duty in the military may qualify for rate reductions.
  • Driver Safety – Successfully completing a course teaching defensive driving skills could cut 5% off your bill depending on where you live.
  • Senior Citizens – Older drivers may be able to get a small decrease in premiums on M3 coverage.
  • Seat Belts Save more than Lives – Using a seat belt and requiring all passengers to use their safety belts can save 10% or more on the medical payments or PIP coverage costs.
  • Anti-lock Brakes – Anti-lock brake equipped vehicles can reduce accidents and qualify for as much as a 10% discount.
  • Low Mileage Discounts – Keeping the miles down on your BMW can earn better rates on cars that stay parked.

As a disclaimer on discounts, most discounts do not apply to the overall cost of the policy. Some only apply to individual premiums such as comprehensive or collision. Even though it may seem like it’s possible to get free car insurance, it just doesn’t work that way.

For a list of providers with discount auto insurance rates, click here to view.

How to Get Insurance Coverage

Getting a cheaper price on 2008 BMW M3 insurance is surprisingly easy. You just need to invest a little time to compare quotes online from several insurance companies. This can be accomplished using a couple different methods.

  1. The single most time-saving way consumers can make multiple comparisons is to use a rate comparison form like this one (opens in new window). This form eliminates the need for separate quote forms for each company. One form submission will return price quotes from several companies. This is by far the quickest method.
  2. A slightly less efficient method to shop for insurance coverage online requires you to visit the website for every company you want to comare and request a quote. For instance, we’ll assume you want rates from Auto-Owners, Safeco and GMAC. To get rate quotes you would need to take the time to go to each site to enter your coverage information, which is why the first method is more popular.

    For a list of links to insurance companies in your area, click here.

It’s up to you how you get prices quotes, just ensure you are comparing exactly the same coverages and limits for each price quote. If you are comparing different values for each quote it’s impossible to determine the lowest rate for your BMW M3.

Factors that can influence BMW M3 insurance rates

An important part of buying insurance is that you know the factors that come into play when calculating the price you pay for car insurance. Understanding what controls the rates you pay helps enable you to make changes that may reward you with better car insurance rates.

  • Don’t sacrifice liability coverage – Liability insurance provides coverage if you are found to be at fault for personal injury or accident damage. Liability provides legal defense coverage starting from day one. Carrying liability coverage is mandatory and cheap compared to physical damage coverage, so do not cut corners here.
  • Credit scores impact car insurance rates – Credit score is a big factor in determining your rates. If your credit score is lower than you’d like, you could be paying less to insure your 2008 BMW M3 by improving your credit score. Consumers who have good credit tend to be less risk to insure than those with poor credit.
  • Lower rates with optional equipment – Purchasing a vehicle that has an advanced theft prevention system can help lower your rates. Anti-theft features such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all aid in stopping your car from being stolen.
  • Your location is important – Residing in a rural area can save you money when buying car insurance. Less people living in that area means fewer accidents as well as less vandalism and auto theft. City drivers tend to have traffic congestion and a longer drive to work. Longer commute distances translates into higher accident risk.
  • Males pay more for insurance – Statistics demonstrate that men are more aggressive behind the wheel. That doesn’t necessarily mean that men are WORSE drivers than women. Women and men cause accidents in similar numbers, but men cause more damage. Men also receive more costly citations like DUI and reckless driving. Young males are the most expensive to insure and are penalized with high car insurance rates.
  • Choose a safe vehicle and save – Vehicles with high crash test scores are cheaper to insure. These vehicles reduce injuries and any reduction in injury severity translates into savings for insurance companies passed on to you as lower rates. If your BMW has ratings of a minimum four stars on Safercar.gov or an “acceptable” rating on iihs.org you may qualify for a discount.
  • Never allow your policy to lapse – Driving with no insurance is a misdemeanor and car insurance companies will penalize you for letting your insurance expire. Not only will rates go up, getting caught without coverage can result in a license revocation or jail time.
  • Pay less if you’re married – Getting married helps lower the price when buying car insurance. Marriage means you’re more mature and responsible and statistics show being married results in fewer claims.

What is the best insurance coverage?

When it comes to buying proper insurance coverage for your personal vehicles, there isn’t really a “best” method to buy coverage. Every insured’s situation is different.

For example, these questions can aid in determining whether or not you might need professional guidance.

  • What exactly is covered by my policy?
  • Does my car insurance cover rental cars?
  • Am I insured when driving a different vehicle?
  • Is my teenager covered with friends in the car?
  • What vehicles should carry emergency assistance coverage?
  • What are the best liability limits?

If you can’t answer these questions, you might consider talking to a licensed agent. To find an agent in your area, simply complete this short form. It is quick, free and can help protect your family.

Is there truth in advertising?

Consumers get pounded daily by advertisements for car insurance savings from the likes of State Farm, Allstate and Geico. All the ads make an identical promise about savings if you switch your coverage to them.

How do they all make almost identical claims? This is how they do it.

Different companies can use profiling for the driver they prefer to insure. A good example of a profitable customer could possibly be a mature driver, has no prior claims, and chooses high deductibles. Any driver who meets those qualifications will get very good rates and most likely will pay quite a bit less when switching companies.

Consumers who don’t qualify for the “perfect” profile will have to pay higher premiums and this can result in the driver buying from a lower-cost company. The ad wording is “people who switch” not “everybody who quotes” save that kind of money. That is how companies can claim big savings. Because of the profiling, it’s extremely important to compare many company’s rates. You cannot predict the company that will fit your personal profile best.

Specifics of your car insurance policy

Having a good grasp of your car insurance policy can help you determine the best coverages and the correct deductibles and limits. Car insurance terms can be impossible to understand and nobody wants to actually read their policy.

Liability coverages – Liability insurance protects you from damages or injuries you inflict on other people or property. It protects YOU from claims by other people, and does not provide coverage for your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show limits of 25/50/25 that translate to a $25,000 limit per person for injuries, $50,000 for the entire accident, and property damage coverage for $25,000.

Liability coverage pays for things such as medical services, funeral expenses, loss of income, court costs and structural damage. How much liability coverage do you need? That is a personal decision, but you should buy higher limits if possible.

Uninsured and underinsured coverage – This coverage gives you protection from other drivers when they do not carry enough liability coverage. Covered losses include injuries sustained by your vehicle’s occupants as well as damage to your BMW M3.

Since many drivers only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is important protection for you and your family.

Comprehensive coverages – Comprehensive insurance covers damage from a wide range of events other than collision. A deductible will apply then your comprehensive coverage will pay.

Comprehensive insurance covers claims like damage from a tornado or hurricane, damage from flooding and hitting a deer. The maximum amount you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle’s value is low consider removing comprehensive coverage.

Collision coverages – This coverage will pay to fix damage to your M3 from colliding with another vehicle or an object, but not an animal. You first must pay a deductible and then insurance will cover the remainder.

Collision can pay for things such as driving through your garage door, colliding with a tree, sustaining damage from a pot hole and sideswiping another vehicle. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are older. It’s also possible to choose a higher deductible in order to get cheaper collision rates.

Coverage for medical payments – Medical payments and Personal Injury Protection insurance pay for short-term medical expenses like chiropractic care, surgery, X-ray expenses and dental work. They are used in conjunction with a health insurance policy or if there is no health insurance coverage. They cover all vehicle occupants as well as any family member struck as a pedestrian. Personal Injury Protection is not available in all states but it provides additional coverages not offered by medical payments coverage

Better coverage you can count on

Cheaper 2008 BMW M3 insurance is possible both online as well as from independent agents, so you should be comparing quotes from both so you have a total pricing picture. Some companies don’t offer you the ability to get quotes online and most of the time these small, regional companies sell through independent agents.

While you’re price shopping online, you should never buy poor coverage just to save money. There have been many situations where an accident victim reduced collision coverage only to regret that saving that couple of dollars actually costed them tens of thousands. Your strategy should be to buy a smart amount of coverage at a price you can afford, not the least amount of coverage.

Throughout this article, we presented many tips how you can save on insurance. The most important thing to understand is the more rate quotes you have, the higher the chance of saving money. Consumers may even find the lowest premiums are with the smaller companies.

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