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 28, 2017

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Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from top car companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

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Trying to find better insurance rates for your BMW M3? Trying to come up with a payment for high-priced insurance can stress out your checking account and require stricter spending habits. Getting a rate comparison is a great way to make sure you’re not throwing money away.

Insurance companies such as State Farm, Allstate, GEICO and Progressive increase brand awareness with advertising and it is challenging if not impossible to ignore the propoganda and effectively compare rates to find the best deal.

The best way we recommend to compare car insurance company rates is to know the fact car insurance companies participate in a system to provide you with free rate quotes. All you need to do is give them some information like driver details, an estimate of your credit level, whether you are single or married, and your education level. Your details gets transmitted to many different companies and you will get price comparisons instantly.

Lower-cost insurance rates with discounts

Car insurance companies do not advertise every available discount very clearly, so we break down both well-publicized and also the lesser-known discounts you could be receiving when you buy car insurance online.

  • Switch and Save Discount – Select larger companies give a discount for renewing your policy before your current coverage expires. You could save around 10% when you buy car insurance online.
  • Good Students Pay Less – Getting good grades may save you up to 25%. The good student discount can last up to age 25.
  • E-sign – Certain larger companies will give a small break get car insurance on your computer.
  • Save with More Vehicles Insured – Purchasing coverage when you have multiple cars on the same insurance policy can get a discount for every vehicle.
  • Include Life Insurance and Save – Some insurance companies give better rates if you take out a life insurance policy as well.
  • Anti-lock Brakes – Cars that have anti-lock braking systems are safer to drive and will save you 10% or more.
  • Drivers Education – Require your teen driver to take driver’s ed class in high school.
  • Mature Driver Discount – Drivers that qualify as senior citizens can possibly qualify for a discount up to 10% for M3 insurance.

A little note about advertised discounts, most credits do not apply the the whole policy. Most only reduce the price of certain insurance coverages like liability and collision coverage. If you do the math and it seems like adding up those discounts means a free policy, nobody gets a free ride. But all discounts will definitely reduce your policy premiums.

A list of insurance companies and some of the premium reductions they offer are:

  • State Farm offers premium reductions for multiple autos, accident-free, student away at school, good student, good driver, and driver’s education.
  • Farmers Insurance may have discounts that include homeowner, business and professional, pay in full, good student, multi-car, and youthful driver.
  • GEICO includes discounts for anti-theft, emergency military deployment, membership and employees, good student, and seat belt use.
  • American Family discounts include good student, multi-vehicle, bundled insurance, accident-free, and TimeAway discount.
  • Nationwide may offer discounts for defensive driving, family plan, multi-policy, accident-free, Farm Bureau membership, anti-theft, and good student.
  • Progressive offers discounts including homeowner, continuous coverage, multi-policy, online quote discount, and multi-vehicle.

When comparing rates, check with all companies you are considering which discounts you may be entitled to. Some discounts listed above may not apply to policyholders everywhere. To locate insurance companies with significant discounts, follow this link.

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

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Tailor your insurance coverage coverage to you

When buying proper insurance coverage for your personal vehicles, there really is not a best way to insure your cars. Everyone’s situation is a little different and a cookie cutter policy won’t apply. For example, these questions might point out whether or not you would benefit from professional advice.

  • Should I bundle my homeowners policy with my auto?
  • I have health insurance so do I need medical payments coverage?
  • How do I insure my teen driver?
  • What is medical payments coverage?
  • Should I have combined single limit or split liability limits?
  • What is the ISO rating for a 2003 BMW M3?
  • Do I need higher collision deductibles?
  • Can my teen drive my company car?

If you can’t answer these questions, then you may want to think about talking to an insurance agent. If you don’t have a local agent, simply complete this short form or go to this page to view a list of companies.

Coverage specifics

Learning about specific coverages of a insurance policy can be of help when determining the right coverages for your vehicles. The terms used in a policy can be difficult to understand and even agents have difficulty translating policy wording. Listed below are the normal coverages available from insurance companies.

Liability insurance

Liability insurance will cover injuries or damage you cause to people or other property that is your fault. This insurance protects YOU from legal claims by others, and doesn’t cover your injuries or vehicle damage.

It consists of three limits, bodily injury per person, bodily injury per accident and property damage. As an example, you may have limits of 100/300/100 that translate to $100,000 in coverage for each person’s injuries, $300,000 for the entire accident, and property damage coverage for $100,000. Alternatively, you may have one number which is a combined single limit which limits claims to one amount with no separate limits for injury or property damage.

Liability coverage protects against claims like structural damage, funeral expenses, pain and suffering and attorney fees. The amount of liability coverage you purchase is your choice, but consider buying higher limits if possible.

Medical payments and PIP coverage

Personal Injury Protection (PIP) and medical payments coverage reimburse you for immediate expenses for dental work, surgery, hospital visits, funeral costs and EMT expenses. The coverages can be used to fill the gap from your health insurance policy or if you are not covered by health insurance. They cover all vehicle occupants as well as any family member struck as a pedestrian. Personal injury protection coverage is not available in all states and gives slightly broader coverage than med pay

UM/UIM (Uninsured/Underinsured Motorist) coverage

This coverage provides protection when other motorists are uninsured or don’t have enough coverage. Covered losses include hospital bills for your injuries and also any damage incurred to your BMW M3.

Because many people 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 a good idea. Most of the time your uninsured/underinsured motorist coverages are identical to your policy’s liability coverage.

Comprehensive auto coverage

This pays to fix your vehicle from damage that is not covered by collision coverage. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for things such as fire damage, a tree branch falling on your vehicle and a broken windshield. The maximum amount you can receive from a comprehensive claim is the actual cash value, so if the vehicle is not worth much consider dropping full coverage.

Auto collision coverage

This covers damage to your M3 caused by collision with a stationary object or other vehicle. You have to pay a deductible then your collision coverage will kick in.

Collision can pay for claims such as sustaining damage from a pot hole, scraping a guard rail, crashing into a building and colliding with another moving vehicle. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are older. Another option is to increase the deductible to get cheaper collision coverage.