Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years’ experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent Benji Carr

UPDATED: Nov 27, 2017

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Looking for lower insurance coverage rates for your BMW M3? Think you have high-priced insurance coverage? Don’t sweat it because there are many people just like you. Since you have so many insurance coverage companies to choose from, it’s nearly impossible to pick a more affordable insurance company.

Consumers need to quote other rates every six months due to the fact that insurance rates go up and down regularly. If you had the lowest premium rates for M3 coverage last year there is a good chance you can find better prices now. There is a lot of bad information regarding insurance coverage on the internet, but you can learn some great ways to find affordable insurance coverage.

How to lower your insurance cost

Lowering your 1990 BMW M3 insurance rates isn’t really that difficult. All you need to do is take time getting comparison quotes to find the company with inexpensive insurance coverage quotes. This is very easy and can be done by following the guidelines below.

The best way to get quotes for comparison is an all-inclusive rate comparison click to view form in new window. This quick form eliminates the need for repetitive form submissions for every prospective company. In just a few minutes this one form gets you price quotes direct from many companies.

Another way to shop for insurance online requires visiting the website for every company you want to comare and request a quote. For instance, let’s assume you want to compare rates from Auto-Owners, Safeco and Liberty Mutual. You would have to visit each site to input your insurance information, which is why first method is reommended.

To view a list of companies in your area, click here.

Compare rates however you want, just be certain you are entering the same coverage limits and deductibles for each price quote. If you compare different liability limits you can’t possibly make an equal comparison.

Enter your zip code below to view companies that have cheap auto insurance rates.

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Cheap insurance rates with discounts

Not too many consumers would say insurance is affordable, but you may be missing some discounts that you may not know about. Some of these disounts will be visible at the time of purchase, but once in a while a discount must be requested specifically prior to receiving the credit.

  • Air Bag Discount – Vehicles equipped with air bags can receive discounts of 20% or more.
  • Driver’s Ed – It’s a good idea to have your young drivers take driver’s ed class if it’s offered in school.
  • Fewer Miles Equal More Savings – Fewer annual miles on your BMW can earn cheaper rates.
  • Early Signing – A few companies give discounts for buying a new policy before your current expiration date. The savings is around 10%.
  • Life Insurance Discount – Some insurance carriers give a lower rate if you buy a life insurance policy as well.
  • Military Discounts – Having a family member in the military could be rewarded with lower rates.

It’s important to understand that most credits do not apply to the overall cost of the policy. The majority will only reduce the cost of specific coverages such as comp or med pay. Just because you may think it’s possible to get free car insurance, it doesn’t quite work that way.

A list of insurance companies and the discounts they provide are detailed below.

  • GEICO has savings for defensive driver, federal employee, military active duty, multi-vehicle, driver training, five-year accident-free, and anti-theft.
  • Travelers offers premium reductions for continuous insurance, IntelliDrive, multi-car, student away at school, hybrid/electric vehicle, and good student.
  • Farm Bureau has discounts for good student, driver training, renewal discount, 55 and retired, and safe driver.
  • Liberty Mutual includes discounts for safety features, teen driver discount, multi-car, exclusive group savings, multi-policy, new vehicle discount, and preferred payment discount.
  • American Family policyholders can earn discounts including mySafetyValet, TimeAway discount, good student, Steer into Savings, bundled insurance, and air bags.
  • Progressive discounts include homeowner, good student, multi-policy, multi-vehicle, online quote discount, and continuous coverage.

Check with every prospective company to give you their best rates. Depending on the company, some discounts might not apply in every state.

Tailor your insurance coverage coverage to you

When choosing the best insurance coverage coverage for your vehicles, there really is not a “best” method to buy coverage. Every situation is different and your policy should reflect that. These are some specific questions might help in determining whether you could use an agent’s help.

  • Does my insurance cover my expensive audio equipment?
  • How do I buy GAP insurance?
  • Am I covered when pulling a rental trailer?
  • How high should deductibles be on a 1990 BMW M3?
  • Should I get collision insurance on every vehicle?
  • What if I owe more than I can insure my car for?

If you don’t know the answers to these questions but a few of them apply then you might want to talk to an agent. To find an agent in your area, fill out this quick form or click here for a list of insurance coverage companies in your area. It’s fast, doesn’t cost anything and can provide invaluable advice.

Insurance coverage breakdown

Knowing the specifics of insurance can help you determine appropriate coverage and proper limits and deductibles. Insurance terms can be difficult to understand and reading a policy is terribly boring. Listed below are typical coverages available from insurance companies.

Uninsured/Underinsured Motorist coverage

This coverage protects you and your vehicle’s occupants when the “other guys” are uninsured or don’t have enough coverage. This coverage pays for medical payments for you and your occupants as well as damage to your BMW M3.

Due to the fact that many drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. So UM/UIM coverage is important protection for you and your family.

Collision coverage protection

Collision coverage pays for damage to your M3 caused by collision with another vehicle or an object, but not an animal. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage pays for things such as sideswiping another vehicle, hitting a parking meter and driving through your garage door. Collision coverage makes up a good portion of your premium, so consider removing coverage from lower value vehicles. Drivers also have the option to choose a higher deductible to get cheaper collision coverage.

Liability coverage

This coverage will cover damage that occurs to other’s property or people that is your fault. It protects YOU against claims from other people, and doesn’t cover your injuries or vehicle damage.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see liability limits of 25/50/25 that means you have $25,000 bodily injury coverage, $50,000 for the entire accident, and $25,000 of coverage for damaged propery.

Liability coverage protects against claims like repair costs for stationary objects, funeral expenses and structural damage. How much coverage you buy is a personal decision, but buy as high a limit as you can afford.

Comprehensive coverage

Comprehensive insurance coverage pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for claims such as theft, damage from a tornado or hurricane, fire damage, hitting a bird and damage from flooding. The maximum payout your insurance company will pay is the ACV or actual cash value, so if the vehicle’s value is low consider removing comprehensive coverage.

Medical payments coverage and PIP

Medical payments and Personal Injury Protection insurance reimburse you for bills like nursing services, funeral costs and pain medications. They can be used in conjunction with a health insurance policy or if you do not have health coverage. They cover you and your occupants and also covers if you are hit as a while walking down the street. Personal Injury Protection is not universally available but it provides additional coverages not offered by medical payments coverage