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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Searching for the cheapest insurance rates for your BMW M3? Are you irritated from not being able to scrape enough together to make your insurance payment? You are in the same boat as many other people. Lots of car insurance companies contend for your hard-earned dollar, and because of this it can be hard to compare auto insurance companies and uncover the absolute best price available.

You need to price shop coverage at least once a year because insurance prices change frequently. Despite the fact that you may have had the lowest quotes on M3 coverage last year the chances are good that you can find a lower rate today. There are lots of tips to save on insurance out there, but in just a couple of minutes you can learn some of the best ways to slash your insurance rates.

Decisions you make can impact your insurance prices

Many factors are considered when premium rates are determined. Some are obvious like a motor vehicle report, but other criteria are less apparent such as your credit history or how financially stable you are.When buying auto insurance it’s important to understand some of the things that help calculate the level of your policy premiums. If you have some idea of what controls the rates you pay, this helps enable you to make changes that can help you get lower auto insurance prices.

  • Location can modify price – Residing in a rural area may provide you with better prices when insuring your vehicles. Fewer drivers translates into fewer accident claims in addition to fewer liability claims. People who live in big cities have more aggressive driving styles and a longer drive to work. More time on the road means more chance of being in an accident.
  • Is you job costing you more? – Did you know your job can affect your rates? Jobs like military generals, architects and miners generally have higher rates than the rest of us in part from intense work-related stress and lots of time spent at work. Other occupations such as professors, athletes and retirees have the lowest average rates on M3 coverage.
  • Vehicle features impact premiums – Buying a car with a theft deterrent system can get you a discount on your auto insurance. Systems that thwart theives like OnStar, LoJack tracking, and tamper alarms all aid in stopping auto theft and help lower rates.
  • Poor credit rating equals high prices – Having a good credit score can be an important factor in determining what you pay. Therefore, if your credit is low, you could be paying less to insure your 1999 BMW M3 by improving your rating. People that have high credit ratings tend to file fewer claims than drivers who have worse credit.
  • Policy add-ons could be costing you – There are a ton of add-on coverages that you can get tricked into buying on your M3 policy. Add-on coverages like coverage for rental cars, better glass coverage, and extra equipment coverage are probably not needed. The coverages may be enticing when talking to your agent, but your needs may have changed so remove them from your policy.
  • Lower rates for married couples – Getting married helps lower the price when shopping for auto insurance. Having a spouse demonstrates that you tend to be more financially stable and it’s statistically proven that drivers who are married file infrequent claims.
  • More miles driven equals more premium – Driving a lot of miles every year the higher your rate. Most companies charge to insure your cars partially by how you use the vehicle. Vehicles left parked in the garage get more affordable rates than those that get driven frequently. A policy that improperly rates your M3 can cost quite a bit. Make sure your vehicle rating is showing the proper vehicle usage, because improper ratings can cost you money.
  • Safer cars cost less to insure – Vehicles with high crash test scores tend to be cheaper to insure. Vehicles engineered for safety result in less severe injuries and fewer serious injuries translates directly to fewer claims and cheaper rates on your policy.

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More discounts mean affordable premiums

Insurance can be prohibitively expensive, but there could be available discounts to help offset the cost. Some trigger automatically when you purchase, but some must be specifically requested before you will receive the discount. If you do not check that you are getting every discount possible, you are throwing money away.

  • Onboard Data Collection – Drivers who agree to allow their company to track driving habits by using a telematics device like Drivewise from Allstate or In-Drive from State Farm could save a few bucks as long as they are good drivers.
  • Low Miles Discount – Driving less could qualify for cheaper auto insurancerates.
  • Anti-lock Brakes – Vehicles with ABS and/or traction control prevent accidents and qualify for as much as a 10% discount.
  • Discount for Multiple Policies – When you have multiple policies with the same company you could save over 10 percent off each policy depending on the company.
  • Payment Discounts – By paying your policy upfront instead of paying each month you could save 5% or more.
  • Discount for Life Insurance – Insurance carriers who offer life insurance give a discount if you purchase a life policy as well.

Drivers should understand that most discount credits are not given to your bottom line cost. Most only apply to individual premiums such as collision or personal injury protection. Just because it seems like you could get a free auto insurance policy, companies wouldn’t make money that way.

A list of companies and some of their more popular discounts are detailed below.

  • GEICO discounts include multi-policy, anti-theft, five-year accident-free, emergency military deployment, and anti-lock brakes.
  • Auto-Owners Insurance has savings for good student, safe vehicle, anti-lock brakes, company car, and paperless.
  • American Family offers discounts including mySafetyValet, air bags, good driver, multi-vehicle, bundled insurance, and good student.
  • Esurance includes discounts for good student, emergency road assistance, anti-theft, multi-car, DriveSense, and claim free.
  • Progressive offers discounts for good student, online quote discount, multi-vehicle, homeowner, multi-policy, and continuous coverage.
  • State Farm may have discounts that include anti-theft, Drive Safe & Save, good student, accident-free, and driver’s education.
  • AAA offers premium reductions for good student, AAA membership discount, pay-in-full, anti-theft, good driver, and multi-policy.

If you need cheaper auto insurance quotes, ask all companies you are considering which discounts can lower your rates. Discounts may not apply in your state.

It’s not one size fits all

When it comes to buying the right insurance coverage, there is no cookie cutter policy. Everyone’s needs are different so this has to be addressed. Here are some questions about coverages that might point out if your insurance needs might need an agent’s assistance.

  • Is my teenager covered with friends in the car?
  • When should I buy a commercial auto policy?
  • Where can I find DUI or SR-22 insurance?
  • Am I covered when driving in Canada or Mexico?
  • What is medical payments coverage?
  • Will my rates increase for filing one claim?

If you can’t answer these questions but one or more may apply to you, you might consider talking to a licensed insurance agent. To find an agent in your area, take a second and complete this form or you can go here for a list of companies in your area. It’s fast, doesn’t cost anything and can help protect your family.

Insurance policy specifics

Learning about specific coverages of your policy can help you determine which coverages you need for your vehicles. Policy terminology can be impossible to understand and reading a policy is terribly boring. Listed below are typical coverages offered by insurance companies.

Collision protection

This covers damage to your M3 resulting from a collision with another car or object. You first must pay a deductible and then insurance will cover the remainder.

Collision insurance covers things such as crashing into a ditch, driving through your garage door and sideswiping another vehicle. Collision is rather expensive coverage, so consider dropping it from vehicles that are older. Another option is to raise the deductible in order to get cheaper collision rates.

Protection from uninsured/underinsured drivers

Your UM/UIM coverage gives you protection from other drivers when they either are underinsured or have no liability coverage at all. Covered claims include hospital bills for your injuries and damage to your BMW M3.

Since many drivers only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Most of the time these limits are identical to your policy’s liability coverage.

Medical expense insurance

Medical payments and Personal Injury Protection insurance pay for immediate expenses for things like pain medications, hospital visits, chiropractic care and X-ray expenses. They can be used to cover expenses not covered by your health insurance policy or if you do not have health coverage. Medical payments and PIP cover you and your occupants in addition to if you are hit as a while walking down the street. Personal injury protection coverage is only offered in select states and may carry a deductible


This coverage will cover damage or injury you incur to other’s property or people by causing an accident. It protects YOU against other people’s claims, and does not provide coverage for damage sustained by your vehicle in an accident.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see policy limits of 50/100/50 which means $50,000 bodily injury coverage, a limit of $100,000 in injury protection per accident, and $50,000 of coverage for damaged propery. Another option is a combined single limit or CSL that pays claims from the same limit without having the split limit caps.

Liability coverage protects against claims like funeral expenses, pain and suffering, loss of income, bail bonds and medical services. How much coverage you buy is a personal decision, but you should buy higher limits if possible.

Comprehensive (Other than Collision)

This will pay to fix damage OTHER than collision with another vehicle or object. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against things such as vandalism, hitting a bird, damage from flooding, theft and a broken windshield. The maximum payout a insurance company will pay at claim time is the actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.

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A penny saved is a penny earned

We covered many ideas to get a better price on 1999 BMW M3 insurance. It’s most important to understand that the more quotes you get, the higher the chance of saving money. Consumers could even find that the lowest rates are with the least-expected company. Some small companies may have significantly lower car insurance rates on certain market segments than their larger competitors like State Farm or Progressive.

When searching for low cost auto insurance quotes, it’s not a good idea to reduce coverage to reduce premium. In many instances, drivers have reduced physical damage coverage and discovered at claim time that the few dollars in savings costed them thousands. Your focus should be to buy a smart amount of coverage at the best price, but do not skimp to save money.

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