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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Trying to find the cheapest auto insurance rates for your BMW M3? Do you get exhausted from paying out the nose to pay auto insurance each month? You are in the same boat as many other drivers.

Because there are so many options when it comes to auto insurance, it is hard for the average consumer to locate the lowest price auto insurance company.

Buying car insurance is easy if you know what you’re doing. If you have car insurance now, you will most likely be able to lower your premiums substantially using these techniques. Although drivers can benefit by having an understanding of the way companies market insurance on the web because it can help you find the best coverage.

The method we recommend to compare rates is to understand most insurance companies pay for the opportunity to give free rates quotes. To begin a comparison, all you need to do is spend a couple of minutes providing details like if you went to college, the type of vehicles you drive, types of safety features, and how your vehicles are used. Your details gets transmitted to multiple companies and they return cost estimate with very little delay.

Don’t overlook these insurance coverage discounts

Insurance can cost an arm and a leg, but discounts can save money and there are some available that many people don’t even know exist. Certain discounts will be applied when you complete an application, but a few must be asked about before you get the savings.

  • Safety Restraint Discount – Drivers who require all vehicle occupants to wear their seat belts can save 10% or more off the medical payments premium.
  • Active Military Service – Having a family member in the military could mean lower prices.
  • Fewer Miles Equal More Savings – Low mileage vehicles could earn discounted prices on garaged vehicles.
  • Discount for New Cars – Buying a new car instead of a used car may earn a small discount because newer models are generally safer.
  • Government Employee Discount – Employees or retirees of the government could cut as much as 10% off for M3 insurance with a few insurance coverage companies.
  • Air Bag Discount – Factory options such as air bags and/or automatic seat belt systems can qualify for discounts up to 30%.
  • Onboard Data Collection – Insureds that choose to allow driving data submission to monitor driving patterns by using a telematics device in their vehicle such as Progressive’s Snapshot could save a few bucks if their driving habits are good.
  • Sign Early and Save – A few insurance companies offer discounts for switching policies before your current policy expires. Ten percent is about the average savings.
  • Save with More Vehicles Insured – Buying a policy with multiple cars with the same insurance coverage company qualifies for this discount.
  • Student Driver Training – Cut your cost by having your teen driver sucessfully take a drivers education course as it can save substantially.

Don’t be shocked that most of the big mark downs will not be given to your bottom line cost. Most cut individual premiums such as comp or med pay. Despite the appearance that you can get free auto insurance, it doesn’t quite work that way.

To view companies with the best discounts, click this link.

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

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When to get professional advice

When it comes to choosing the right insurance coverage, there really is no “perfect” insurance plan. Everyone’s needs are different so your insurance needs to address that. Here are some questions about coverages that may help highlight if you may require specific advice.

  • What is medical payments coverage?
  • How can I force my company to pay a claim?
  • How high should my uninsured/underinsured coverage be in my state?
  • Do I have coverage when making deliveries for my home business?
  • Does insurance cover damages from a DUI accident?
  • When should I remove comp and collision on my 2002 BMW M3?
  • Is extra glass coverage worth it?
  • Will my rates increase for filing one claim?
  • Do I really need UM/UIM coverage?
  • What is the difference between comprehensive and collision coverage?

If you can’t answer these questions but one or more may apply to you then you might want to talk to an agent. If you don’t have a local agent, fill out this quick form or click here for a list of insurance coverage companies in your area.

Decisions you make can impact your insurance rates

Multiple criteria are used when pricing auto insurance. Some of the criteria are obvious such as your driving record, but others are less obvious such as whether you are married or your commute time.

  • Save money by having multiple policies – Lots of companies will award a discount to people who buy several policies from them such as combining an auto and homeowners policy. The discount can be ten percent or more. If you currently are using one company, you may still want to compare other insurance prices to guarantee you are still saving the most.There is a good possibility that you can find lower rates even if you have your coverage with different companies
  • Men pay higher prices – Over time, data shows women are more cautious behind the wheel. However, this does not mean males are worse at driving than females. Both genders are in auto accidents in similar percentages, but guys have costlier accidents. In addition to higher claims, males also get ticketed for serious violations such as reckless driving. Male teenagers are several times more likely to be in an accident and therefore are the most expensive to insure.
  • Do you have enough liability protection? – A critical coverage on your policy, liability insurance kicks in when a court rules you are at fault for damages caused by your negligence. It provides legal defense coverage up to the limits shown on your policy. This coverage is relatively inexpensive when compared with rates for comp and collision, so drivers should make sure they buy enough to cover all assets.
  • Alarms and GPS tracking lower premiums – Driving a car with anti-theft technology or alarm system can get you a discount on your insurance. Theft deterrent systems like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar can thwart car theft.
  • Buy a safe car and pay less – Safer cars cost less to insure. Vehicles engineered for safety reduce injuries and lower injury rates means less money paid by your insurance company passed on to you as lower rates. If your BMW M3 is rated at a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website you may be receiving a better rate.
  • Raise comp and collision deductibles and save – Comprehensive and collision coverage deductibles are how much you are willing to pay if a claim is determined to be covered. Insurance for physical damage to your car, commonly called comprehensive (or other-than-collision) and collision coverage, protects your car from damage. Examples of covered claims are collision with another vehicle, fire damage, and having a roll-over accident. The more expense you’re willing to pay, the bigger discount you will receive for M3 insurance.
  • Driving citations drive up costs – Being a careful driver has a huge affect on how much you pay. Having a single chargable violation may cause rates to rise by twenty percent. Drivers who don’t get tickets have lower premiums than bad drivers. Drivers with flagrant violations such as DUI, reckless driving or excessive speeding may be required to maintain a SR-22 with their state in order to continue driving.

Insurance advertising tricks

Insurance coverage providers like Progressive, Allstate and GEICO continually stream ads on television and other media. All the companies advertise claims about how much you will save just by switching to them. It sounds good, but how can they all charge less that you’re paying now? This is the way they can do it.

Many companies have underwriting criteria for the right customer that will be a good risk. One example of this type of driver may need to be a female over age 40, has a low-risk occupation, and drives less than 10,000 miles a year. Any person who meets those qualifications will probably get the lowest car insurance rates and most likely will save a lot if they switch.

Insureds who don’t qualify for these stringent criteria will probably have to pay higher premium rates which leads to the prospect going elsewhere. If you pay attention, the ads say “drivers who switch” not “everyone that quotes” save money. That’s why companies can truthfully make those claims. Each company has different criteria, so it is so important to do a rate comparison at every renewal. You cannot predict with any certainty which company will provide you with the cheapest prices.

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

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Parts of your insurance policy

Knowing the specifics of your policy can help you determine the best coverages at the best deductibles and correct limits. The terms used in a policy can be confusing and coverage can change by endorsement. Listed below are typical coverage types available from insurance companies.

Auto liability insurance – This coverage will cover injuries or damage you cause to a person or their property in an accident. It protects you against claims from other people. It does not cover your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see policy limits of 50/100/50 that translate to $50,000 in coverage for each person’s injuries, $100,000 for the entire accident, and $50,000 of coverage for damaged propery.

Liability insurance covers claims such as pain and suffering, bail bonds and court costs. How much liability should you purchase? That is up to you, but it’s cheap coverage so purchase higher limits if possible.

Med pay and Personal Injury Protection (PIP) – Med pay and PIP coverage reimburse you for expenses for things like hospital visits, dental work and ambulance fees. They are often used to fill the gap from your health insurance program or if you lack health insurance entirely. Medical payments and PIP cover all vehicle occupants and will also cover any family member struck as a pedestrian. Personal Injury Protection is not universally available but can be used in place of medical payments coverage

Collision coverage – This coverage will pay to fix damage to your M3 caused by collision with an object or car. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision coverage pays for things like sustaining damage from a pot hole, damaging your car on a curb and rolling your car. Collision is rather expensive coverage, so consider removing coverage from older vehicles. Drivers also have the option to raise the deductible in order to get cheaper collision rates.

Comprehensive insurance – This coverage covers damage that is not covered by collision coverage. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for things such as falling objects, vandalism and damage from flooding. The maximum payout your insurance company will pay is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

Uninsured/Underinsured Motorist (UM/UIM) – Your UM/UIM coverage provides protection from other drivers when they either have no liability insurance or not enough. Covered losses include injuries sustained by your vehicle’s occupants as well as damage to your BMW M3.

Since a lot of drivers carry very low liability coverage limits, their limits can quickly be used up. So UM/UIM coverage is important protection for you and your family.

And the best car insurance company is…

There are still a few companies who may not provide rate quotes online and usually these smaller providers only sell through independent agents. Cost effective 2002 BMW M3 insurance can be bought online in addition to many insurance agents, and you should compare price quotes from both to have the best chance of lowering rates.

You just learned some good ideas how to reduce 2002 BMW M3 insurance rates online. The key concept to understand is the more quotes you get, the better your comparison will be. Drivers may discover the lowest priced insurance coverage comes from the smaller companies. These companies may often insure only within specific states and give getter rates compared to the large companies like State Farm or Progressive.

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