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...

Full Bio →

Written by

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.

Full Bio →

Reviewed by Benji Carr
Former Licensed Life Insurance Agent Benji Carr

UPDATED: Oct 5, 2015

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance company and cannot guarantee quotes from any single company.

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.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.

Trying to find cheaper auto insurance rates for your BMW M3? Searching for cheaper insurance for your BMW M3 could be difficult, but you can learn the following methods to save time. There are both good and bad ways to find auto insurance online so we’re going to tell you the proper way to quote coverages on a BMW and find the lowest price either online or from local insurance agents.

How to buy insurance coverage online

Shopping for lower insurance coverage rates is a ton of work if you aren’t aware of the easiest way. You can spend countless hours talking to agents in your area, or you can utilize the internet to get prices fast.

The majority of car insurance companies belong to a marketplace that enables customers to submit one quote, and every company returns a competitive quote. This system prevents you from having to do quote requests for each company.

To access this free quoting program, click here to open in new window.

The only downside to doing it this way is you are unable to specify which companies you will receive quotes from. So if you want to select individual companies to compare prices, we have a page of low cost insurance coverage companies in your area. Click to view list.

Whichever way you choose to compare rates, double check that you are using identical coverage information with every price quote. If each company quotes different coverage information it will be impossible to decipher which rate is best.

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

secured lock Secured with SHA-256 Encryption

Reduce your insurance rates with discounts

Some providers do not advertise every disount available very well, so the list below contains some of the more common and also the lesser-known ways to save on insurance.

  • Discount for Good Grades – Excelling in school may save you up to 25%. You can use this discount normally well after school through age 25.
  • Theft Deterent – Cars and trucks that have factory anti-theft systems can help prevent theft and can earn a small discount on your policy.
  • Active Service Discounts – Being on active duty in the military may qualify for rate reductions.
  • Accident Waiver – Not necessarily a discount, but some insurance companies will let one accident slide before hitting you with a surcharge if you have no claims prior to being involved in the accident.
  • Accident Free – Insureds who avoid accidents and claims have much lower rates in comparison to drivers who are more careless.
  • Safe Driver Discounts – Insureds who avoid accidents can get discounts for up to 45% lower rates for M3 insurance compared to accident prone drivers.
  • Anti-lock Brakes – Vehicles that have anti-lock braking systems can reduce accidents and earn discounts up to 10%.

Drivers should understand that many deductions do not apply to the entire cost. Some only reduce the cost of specific coverages such as liability, collision or medical payments. So even though they make it sound like having all the discounts means you get insurance for free, that’s just not realistic.

If you would like to see a list of providers offering insurance discounts, follow this link.

You are unique and your car insurance should be too

When choosing the right insurance coverage, there is no single plan that fits everyone. Coverage needs to be tailored to your specific needs.

Here are some questions about coverages that could help you determine if your insurance needs may require specific advice.

  • What vehicles should carry emergency assistance coverage?
  • Why does it cost so much to insure a teen driver?
  • Who is covered by my policy?
  • If my pet gets injured in an accident are they covered?
  • Will I lose any money if I cancel my policy before it expires?
  • Does my 2004 BMW M3 qualify for pleasure use?
  • What is no-fault insurance?
  • Should I buy additional glass protection?
  • How high should deductibles be on a 2004 BMW M3?
  • Is my ex-spouse still covered by my policy?

If you’re not sure about those questions then you might want to talk to a licensed agent. If you want to speak to an agent in your area, fill out this quick form. It is quick, free and can provide invaluable advice.

Buy BMW M3 insurance cheaper

Consumers need to have an understanding of the different types of things that go into determining your premiums. When you know what positively or negatively determines premiums, this empowers consumers to make smart changes that could result in lower premium levels.

  • Defend yourself with liability coverage – The liability coverage on your policy is the protection when you are found to be at fault for physical damage or personal injury to other. Your liability coverage provides legal defense coverage which can cost a lot. This coverage is very inexpensive as compared to coverage for physical damage, so buy as much as you can afford.
  • Annual mileage impacts prices – Driving more miles in a year the more you’ll pay to insure it. The majority of insurers rate vehicles based on how the vehicle is used. Vehicles that have low annual miles cost less to insure as compared to vehicles used primarily for driving to work. It’s a smart idea to ensure your car insurance policy is rated on the correct driver usage. Having an incorrect usage rating on your M3 can cost quite a bit.
  • Extra policy coverages that aren’t used – Policies have extra add-on coverages you can purchase on your M3 policy. Add-on coverages like coverage for rental cars, high-cost glass coverage, and membership fees could be just wasting money. These may sound like a good investment when buying your policy, but if you don’t need them remove them and pocket the money.
  • Insurance rates in urban areas – Living in smaller towns and rural areas of the country has it’s advantages when talking about car insurance. Less people living in that area means fewer accidents in addition to fewer liability claims. City drivers regularly have more aggressive driving styles and much longer commute distances. More time on the road means higher likelihood of an accident.

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

secured lock Secured with SHA-256 Encryption

Can you really save $433 a year?

Consumers can’t escape the ads that promise big savings from companies such as State Farm, Allstate and GEICO. They all seem to make the promise about how much you will save if you change your coverage to them.

It sounds good, but how can they all cost less than your current company? Here is how they do it.

Most companies look for specific characteristics for the driver that makes them money. For instance, this type of driver should be between the ages of 30 and 50, has never had a claim, and drives a safe vehicle. Any customer who matches those parameters will get low prices and as a result will probably cut their rates if they switch.

Consumers who may not quite match the “perfect” profile must pay higher premium rates and the driver buying from a lower-cost company. The ads state “people that switch” but not “all drivers who get quotes” save that much money. This is how insurance companies can make those claims. This illustrates why drivers should get car insurance quotes from several different companies. Because without a comparison, you cannot know which company will have better premium rates than you’re paying now.

Car insurance coverages for a 2004 BMW M3

Having a good grasp of your insurance policy aids in choosing the best coverages and the correct deductibles and limits. Policy terminology can be difficult to understand and reading a policy is terribly boring.

Comprehensive coverage (or Other than Collision)

This coverage will pay to fix 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 protects against claims such as damage from flooding, theft, hitting a deer, a tree branch falling on your vehicle and vandalism. The highest amount you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle’s value is low consider removing comprehensive coverage.

Collision protection

This coverage will pay to fix damage to your M3 resulting from colliding with an object or car. A deductible applies and then insurance will cover the remainder.

Collision insurance covers claims like scraping a guard rail, sustaining damage from a pot hole and colliding with another moving vehicle. This coverage can be expensive, so you might think about dropping it from lower value vehicles. Another option is to bump up the deductible to bring the cost down.

Uninsured Motorist or Underinsured Motorist insurance

This gives you protection from other motorists when they either are underinsured or have no liability coverage at all. This coverage pays for injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.

Due to the fact that many drivers only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked.

Insurance for medical payments

Med pay and PIP coverage pay for expenses like pain medications, X-ray expenses and dental work. They can be used in conjunction with a health insurance program or if you lack health insurance entirely. They cover all vehicle occupants and will also cover any family member struck as a pedestrian. PIP is not available in all states and may carry a deductible

Liability insurance

This coverage will cover damage or injury you incur to other’s property or people. It protects you from claims by other people, 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. You might see liability limits of 50/100/50 that means you have $50,000 bodily injury coverage, $100,000 for the entire accident, and $50,000 of coverage for damaged propery.

Liability coverage pays for things such as medical expenses, repair bills for other people’s vehicles, loss of income and legal defense fees. How much liability should you purchase? That is your choice, but consider buying higher limits if possible.

In Summary

We just showed you a lot of tips how to save on 2004 BMW M3 insurance. The key concept to understand is the more quotes you get, the better chance you’ll have of finding cheaper car insurance. You may even find the lowest premium rates come from a company that doesn’t do a lot of advertising.

Cheaper car insurance is possible online and with local insurance agents, so you need to shop car insurance with both to have the best rate selection. Some insurance providers may not have online rate quotes and most of the time these regional insurance providers only sell through independent agencies.

When searching for the cheapest car insurance quotes, it’s a bad idea to buy poor coverage just to save money. In too many instances, an insured dropped liability limits or collision coverage only to regret at claim time that a couple dollars of savings turned into a financial nightmare. The goal is to purchase a proper amount of coverage at an affordable rate, but don’t skip important coverages to save money.

Additional detailed information is located at these sites: