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: Oct 5, 2015

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Do you get exhausted from not being able to scrape enough together to buy insurance? You are in the same boat as the majority of other vehicle owners. Many car insurance companies compete to insure your vehicles, and because of this it can be hard to compare insurers to find the absolute cheapest price

You should take the time to check insurance prices once or twice a year because insurance prices tend to go up over time. Even if you think you had the lowest rate on M3 coverage on your last policy other companies may now be cheaper. Block out anything you think you know about insurance because we’re going to demonstrate the proper way to eliminate unnecessary coverages and save money.

How much is car insurance?

Reducing your 1991 BMW M3 insurance rates is actually easier than you may think. All that’s required is to spend a few minutes to get quotes from online providers. It’s super easy and can be done using a couple different methods.

  1. The most efficient way to get the best comparison quotes is to use a rate comparison form (click to open form in new window). This quick form eliminates the need for multiple quote forms for every car insurance company. Taking the time to complete one form will return price quotes from multiple low-cost companies.
  2. A different way to get quotes online consists of visiting the website for each individual company to complete a price quote. For sake of this example, we’ll assume you want to get rates from Progressive, Farmers and GEICO. To find out each rate you need to spend time on each company’s site to enter the same coverage data repeatedly, which is why the first method is quicker. For a list of links to companies insuring cars in your area, click here.
  3. The least recommended method to quote and compare insurance rates is driving around to different agent offices. Comparing online rate quotes eliminates the need for an insurance agent unless your situation requires the advice and guidance that you can only get from talking to an agent. However, consumers can get prices online but buy from a local insurance agent.

Whichever way you choose to compare rates, make sure you compare nearly identical coverages for each quote you get. If the quotes have different coverage information it will be impossible to determine which rate is truly the best.

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

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Learn how to find insurance coverage more affordably

A large part of saving on insurance coverage is knowing some of the elements that help determine insurance coverage rates. If you have a feel for what determines premiums, this empowers consumers to make smart changes that can earn you lower rates. Multiple criteria are part of the calculation when quoting car insurance. Some are obvious such as your driving history, but some are less apparent like where you live or your financial responsibility.

  • Do thieves like your car? – Purchasing a vehicle with advanced anti-theft systems can help lower your premiums. Anti-theft features such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack all help stop car theft and help bring rates down.
  • Your address can affect costs – Living in smaller towns and rural areas of the country is a positive aspect when trying to find low car insurance rates. Lower population means less chance of accidents and a lower car theft rate. Drivers in populated areas regularly have more road rage incidents and much longer commute distances. Higher commute times means a statistically higher chance of an accident.
  • Put fewer miles on your vehicle – Driving a lot of miles in a year’s time the more you’ll pay to insure your vehicle. Most companies price each vehicle’s coverage based upon how much you drive. Autos left parked in the garage get more affordable rates compared to those used for work or business. Improper usage on your M3 is throwing money out the window. It’s a smart idea to ensure your insurance coverage policy reflects the proper vehicle usage, because it can save money.
  • Car plus home equals more savings – Most insurance coverage companies will give lower prices to customers who buy several policies from them, otherwise known as a multi-policy discount. Even if you’re getting this discount drivers will still want to compare rates to ensure the best deal.
  • Low coverage deductibles cost more – Insurance for physical damage, otherwise known as comp (or other than collision) and collision, covers your vehicle from damage. Examples of some claims that would be covered would be a broken side mirror, vandalism, and rolling your vehicle. Deductibles for physical damage define the amount the insured will be required to pay in the event of a claim. The higher the amount you are required to pay out-of-pocket, the better rate you will receive on M3 coverage.
  • Does insurance cost more for men? – The statistics show women are more cautious behind the wheel. Now that doesn’t mean men are WORSE drivers than women. They both have fender benders at about the same rate, but guys tend to have higher claims. Not only that, but men also receive more major tickets like DWI (DUI) or reckless driving.
  • Your stress level may be raising your insurance coverage rates – Occupations such as military personnelpolice officers and accountants tend to have higher premiums than the average policyholder attributed to high stress levels and extremely grueling work hours. On the other hand, jobs like farmers, engineers and performers pay lower than average rates on M3 coverage.
  • Never let your policy lapse – Driving without insurance is a big no-no and you may have a hard time finding new coverage because you let your coverage have a gap. In addition to paying higher rates, getting caught without coverage could earn you a hefty fine and possibly a revoked license.

Lower-cost auto insurance rates with discounts

Some providers don’t always advertise the entire discount list very clearly, so the list below contains both well-publicized and also the more inconspicuous auto insurance savings.

  • Full Payment Discount – By paying your policy upfront rather than paying in monthly installments you can avoid the installment charge.
  • Fewer Miles Equal More Savings – Low annual miles can earn lower prices on the low mileage vehicles.
  • Discount for Life Insurance – Not every insurance company offers life insurance, but if they do you may earn a discount if you purchase life insurance from them.
  • Discounts for Seat Belt Usage – Requiring all passengers to use their safety belts can save up to 15% off the PIP or medical payment premium.
  • Driver’s Ed – Cut your cost by having your teen driver sucessfully take a drivers education course as it will make them better drivers and lower rates.

As a sidenote, most of the big mark downs will not be given to the entire policy premium. Most only cut specific coverage prices like comprehensive or collision. Even though the math looks like it’s possible to get free car insurance, companies don’t profit that way.

A few companies that may have most of these discounts are:

If you need affordable car insurance quotes, ask every prospective company which discounts you qualify for. Some discounts may not be offered in your area.

Tailor your car insurance coverage to you

When it comes to buying the best car insurance coverage, there really is no “best” method to buy coverage. Everyone’s situation is unique and a cookie cutter policy won’t apply. Here are some questions about coverages that may help you determine if your situation may require specific advice.

  • What should my uninsured motorist coverage limits be in my state?
  • Does my medical payments coverage pay my health insurance deductible?
  • Can my teen drive my company car?
  • Is borrowed equipment or tools covered if stolen or damaged?
  • Can I get a multi-policy discount for packaging my home and auto coverage?
  • Is my cargo covered for damage or theft?
  • Is my business laptop covered if it gets stolen from my vehicle?
  • What is roadside assistance coverage?

If you’re not sure about those questions but you know they apply to you, then you may want to think about talking to a licensed insurance agent. To find lower rates from a local agent, simply complete this short form or you can go here for a list of companies in your area. It’s fast, free and you can get the answers you need.

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

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Specific coverages for a 1991 BMW M3

Understanding the coverages of a insurance policy can help you determine appropriate coverage and proper limits and deductibles. The coverage terms in a policy can be difficult to understand and even agents have difficulty translating policy wording. These are typical coverage types available from insurance companies.

Medical expense coverage

Coverage for medical payments and/or PIP kick in for bills like doctor visits, hospital visits and ambulance fees. They can be used in conjunction with a health insurance policy or if you lack health insurance entirely. Coverage applies to you and your occupants and will also cover being hit by a car walking across the street. PIP coverage is not universally available but can be used in place of medical payments coverage

Comprehensive protection

Comprehensive insurance coverage pays to fix your vehicle from damage OTHER than collision with another vehicle or object. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for claims like a tree branch falling on your vehicle, damage from getting keyed, damage from a tornado or hurricane, a broken windshield and rock chips in glass. The highest amount you can receive from a comprehensive claim is the cash value of the vehicle, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.

Uninsured or underinsured coverage

This gives you protection when the “other guys” either have no liability insurance or not enough. Covered claims include injuries to you and your family as well as damage to your 1991 BMW M3.

Since a lot of drivers have only the minimum liability required by law, their limits can quickly be used up. So UM/UIM coverage is a good idea. Most of the time your uninsured/underinsured motorist coverages are set the same as your liablity limits.

Auto liability

Liability coverage protects you from damage that occurs to people or other property in an accident. It protects YOU against other people’s claims, and does not provide coverage for your own vehicle damage or injuries.

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 policy limits of 100/300/100 which means a limit of $100,000 per injured person, a limit of $300,000 in injury protection per accident, and $100,000 of coverage for damaged propery. Another option is one number which is a combined single limit which provides one coverage limit and claims can be made without the split limit restrictions.

Liability coverage protects against things like repair bills for other people’s vehicles, repair costs for stationary objects and pain and suffering. How much coverage you buy is up to you, but you should buy higher limits if possible.

Collision protection

Collision coverage pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers claims like hitting a parking meter, crashing into a ditch, sustaining damage from a pot hole, sideswiping another vehicle and rolling your car. Collision is rather expensive coverage, so consider removing coverage from vehicles that are 8 years or older. It’s also possible to bump up the deductible to get cheaper collision coverage.

At the end of the day…

Lower-priced 1991 BMW M3 insurance is available on the web and from local agencies, so you need to shop car insurance with both to have the best chance of lowering rates. A few companies may not offer rate quotes online and most of the time these smaller providers only sell through independent agencies.

When you buy car insurance online, do not buy lower coverage limits just to save a few bucks. There are a lot of situations where consumers will sacrifice liability limits or collision coverage only to discover later that a couple dollars of savings turned into a financial nightmare. Your objective should be to find the BEST coverage for the lowest price but still have enough coverage for asset protection.

Additional car insurance information can be found on the following sites: