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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Want lower insurance rates for your BMW M3? Are you overwhelmed by the number of insurance providers in your area? People have so many choices that it can quickly become hard work to find lower rates.

You need to get comparison quotes periodically due to the fact that insurance prices are constantly changing. Even if you got the best price for M3 coverage a couple years back other companies may now be cheaper. There is a lot of bad advice regarding insurance on the internet, but you can learn some solid techniques on how to stop overpaying for insurance.

If you currently have car insurance, you will be able to lower your premiums substantially using this information. This article will help educate you on how to effectively get price quotes. Although drivers do need to understand the methods companies use to market insurance on the web and take advantage of how the system works.

Cheaper rates with these discounts

Companies offering auto insurance don’t always publicize all available discounts very clearly, so here is a list some of the more common as well as the least known discounts you could be receiving when you buy insurance coverage online.

  • No Claim Discounts – Good drivers with no accidents are rewarded with significantly better rates on insurance coverage quote in comparison to accident-prone drivers.
  • Student Driver Training – Have your child successfully complete driver’s ed class in school.
  • Multi-Vehicle Discounts – Buying coverage for more than one vehicle on one policy may reduce the rate for each vehicle.
  • One Accident Forgiven – This one isn’t a discount, but companies like Progressive, State Farm and GEICO will forgive one accident before hitting you with a surcharge if your claims history is clear for a particular time prior to the accident.
  • Payment Method – By paying your entire bill at once rather than paying monthly you can avoid the installment charge.
  • E-sign – A few companies will discount your bill up to fifty bucks for signing up on the web.

As a disclaimer on discounts, most credits do not apply to all coverage premiums. Most only cut the cost of specific coverages such as medical payments or collision. Even though it may seem like you could get a free car insurance policy, nobody gets a free ride. Any amount of discount will definitely lower your overall premium however.

Large car insurance companies and a selection of discounts are detailed below.

  • The Hartford discounts include defensive driver, anti-theft, good student, vehicle fuel type, driver training, bundle, and air bag.
  • American Family offers premium reductions for accident-free, multi-vehicle, good student, air bags, TimeAway discount, and good driver.
  • Progressive includes discounts for good student, continuous coverage, multi-policy, online quote discount, and homeowner.
  • Travelers has discounts for new car, multi-policy, multi-car, student away at school, driver training, and payment discounts.
  • Farmers Insurance has savings for homeowner, youthful driver, business and professional, pay in full, bundle discounts, switch companies, and distant student.
  • USAA offers discounts for defensive driver, family discount, military installation, vehicle storage, multi-policy, good student, and driver training.
  • Liberty Mutual offers discounts including multi-car, preferred payment discount, new vehicle discount, new graduate, exclusive group savings, and good student.

Double check with each company which discounts you qualify for. A few discounts may not be available in your state. To locate insurers with significant discounts, click here to view.

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

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How to shop car insurance online

There are several ways you can shop for car insurance but some are easier and takes less work. You could waste a few hours talking to agents in your area, or you could save time and use the internet to get the quickest rates.

Most of the larger companies belong to a marketplace where insurance shoppers enter their coverage request one time, and every company returns a rated price for coverage. This saves time by eliminating repetitive form submissions to every company. To get comparison pricing now click here to start a free quote.

The only downside to comparing rates this way is that you can’t choose which providers you want to price. So if you prefer to pick individual companies to compare prices, we have a page of car insurance companies in your area. Click to view list.

It’s up to you which method you use, but make absolute certain that you use the same coverage limits for every quote you compare. If you have higher or lower deductibles you can’t possibly decipher which rate is best. Just slight variations in insurance coverages or limits can make a big difference in price. And when comparing car insurance rates, know that comparing more company’s prices increases the change that you will find better pricing. Some regional insurers cannot provide price estimates online, so it’s important to also get prices from those companies as well.

Insurance can be complex

When it comes to buying adequate coverage for your vehicles, there really is no perfect coverage plan. Each situation is unique.

These are some specific questions may help you determine if your situation will benefit from professional help.

  • How much liability coverage do I need in my state?
  • Is my nanny covered when driving my vehicle?
  • Does liability extend to a camper or trailer?
  • What are the best liability limits?
  • What is no-fault insurance?
  • Will filing a claim cost me more?
  • How can I get high-risk coverage after a DUI?
  • Why do I need rental car insurance?
  • Exactly who is provided coverage by my policy?
  • What if I total my 2001 BMW M3 and owe more than it’s worth?

If you don’t know the answers to these questions but one or more may apply to you, you might consider talking to a licensed agent. To find an agent in your area, fill out this quick form.

Car insurance coverage basics

Knowing the specifics of your policy can be of help when determining the best coverages and the correct deductibles and limits. Policy terminology can be difficult to understand and even agents have difficulty translating policy wording.

Liability coverage

This coverage protects you from injuries or damage you cause to a person or their property that is your fault. It protects you from claims by other people, and doesn’t cover your own vehicle damage or injuries.

It consists of three limits, bodily injury per person, bodily injury per accident and property damage. Your policy might show policy limits of 50/100/50 that means you have a $50,000 limit per person for injuries, $100,000 for the entire accident, and a limit of $50,000 paid for damaged property. Alternatively, you may have a combined limit which limits claims to one amount rather than limiting it on a per person basis.

Liability coverage protects against things such as structural damage, repair costs for stationary objects, repair bills for other people’s vehicles and legal defense fees. The amount of liability coverage you purchase is your choice, but you should buy higher limits if possible.

Uninsured/Underinsured Motorist (UM/UIM)

Your UM/UIM coverage protects you and your vehicle when other motorists do not carry enough liability coverage. It can pay for injuries sustained by your vehicle’s occupants and also any damage incurred to your BMW M3.

Since many drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea. Most of the time your uninsured/underinsured motorist coverages do not exceed the liability coverage limits.

Med pay and Personal Injury Protection (PIP)

Med pay and PIP coverage provide coverage for immediate expenses for pain medications, doctor visits, prosthetic devices and ambulance fees. They are often used to fill the gap from your health insurance program or if you do not have health coverage. It covers all vehicle occupants and also covers being hit by a car walking across the street. Personal Injury Protection is not an option in every state and may carry a deductible

Comprehensive insurance

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

Comprehensive coverage pays for things such as hitting a deer, rock chips in glass, damage from getting keyed and vandalism. The most you’ll receive from a claim is the actual cash value, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.

Collision insurance

This coverage pays for damage to your M3 from colliding with a stationary object or other vehicle. You have to pay a deductible then your collision coverage will kick in.

Collision can pay for things like rolling your car, hitting a parking meter and damaging your car on a curb. Collision coverage makes up a good portion of your premium, so consider dropping it from lower value vehicles. You can also raise the deductible in order to get cheaper collision rates.

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

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Saving money is sweet as honey

As you shop your coverage around, you should never sacrifice coverage to reduce premiums. In too many instances, someone sacrificed uninsured motorist or liability limits only to discover later that the few dollars in savings costed them thousands. The goal is to purchase plenty of coverage at the best price while not skimping on critical coverages.

Consumers change insurance companies for any number of reasons including denial of a claim, lack of trust in their agent, an unsatisfactory settlement offer or even poor customer service. Regardless of your reason for switching companies, choosing a new insurance company is pretty simple and you could end up saving a buck or two.

The cheapest 2001 BMW M3 insurance can be found online and with local insurance agents, so you need to shop insurance coverage with both in order to have the best price selection to choose from. Some insurance companies do not offer price quotes online and usually these smaller providers provide coverage only through local independent agents.

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