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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Looking for better insurance coverage rates for your BMW M3? Being forced to pay for pricey insurance coverage premiums can empty your savings account and force you to make sacrifices. Performing a price comparison is a fast and free way to lower your monthly bill.

Many auto insurance companies compete for your insurance dollar, so it can be very hard to choose a company and get the best coverage at the lowest rate

If you have a current auto insurance policy or need new coverage, you can use these techniques to shop for the lowest rates and possibly find even better coverage. Finding affordable coverage is quite easy. Drivers just need to understand the most effective way to compare price quotes online.

Are you qualifying for every discount?

Some insurers don’t always list their entire list of discounts in an easy-to-find place, so the following is a list of both well-publicized and also the lesser-known discounts you could be receiving when you buy car insurance online.

  • Drivers Ed for Students – Make teen driver coverage more affordable by requiring them to enroll and complete driver’s education as it can save substantially.
  • ABS and Traction Control Discounts – Anti-lock brake equipped vehicles are much safer to drive and therefore earn up to a 10% discount.
  • No Claim Discounts – Good drivers with no accidents get the best car insurance rates when compared to drivers who are more careless.
  • Multiple Cars – Buying coverage for primary and secondary vehicles with the same car insurance company may reduce the rate for each vehicle.
  • 55 and Retired – If you qualify as a senior citizen, you are able to get reduced rates on M3 coverage.
  • Anti-theft System – Cars, trucks, and SUVs equipped with anti-theft or alarm systems are stolen with less frequency and will qualify for a discount on a car insurance quote.
  • Policy Bundle Discount – If you insure your home and vehicles with one insurance company they may give you a discount of up to 20% off your total premium.

Policy discounts save money, but most discounts do not apply the the whole policy. A few only apply to specific coverage prices like comp or med pay. Despite the fact that it seems like all those discounts means the company will pay you, company stockholders wouldn’t be very happy.

Large car insurance companies and some of the discounts are detailed below.

  • State Farm may offer discounts for good driver, driver’s education, good student, multiple policy, student away at school, and accident-free.
  • GEICO has savings for five-year accident-free, multi-policy, anti-theft, federal employee, daytime running lights, and membership and employees.
  • SAFECO policyholders can earn discounts including bundle discounts, accident prevention training, homeowner, anti-lock brakes, drive less, teen safety rewards, and teen safe driver.
  • Farmers Insurance offers discounts for switch companies, business and professional, teen driver, bundle discounts, alternative fuel, and early shopping.
  • AAA may have discounts that include education and occupation, multi-policy, AAA membership discount, pay-in-full, and good student.
  • USAA offers discounts including safe driver, defensive driver, multi-policy, vehicle storage, and military installation.

Before purchasing a policy, check with each company or agent how many discounts you can get. Some discounts might not apply in your area. If you would like to view companies with discount car insurance rates, click here.

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

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When in doubt talk to an agent

When it comes to choosing the best insurance coverage coverage for your personal vehicles, there is no one size fits all plan. Each situation is unique so your insurance needs to address that. For example, these questions can aid in determining if you would benefit from an agent’s advice.

  • Do I pay less for low miles?
  • Does my 2010 BMW M3 qualify for pleasure use?
  • Will my vehicle be repaired with OEM or aftermarket parts?
  • Do I have coverage for damage caused while driving under the influence?
  • Do I benefit by insuring my home with the same company?
  • Are my friends covered when driving my 2010 BMW M3?
  • When would I need additional glass coverage?
  • What if I owe more than I can insure my car for?
  • Am I covered if hit by an uninsured driver?
  • Why am I be forced to buy a membership to get insurance from some companies?

If you can’t answer these questions but you think they might apply to your situation, you might consider talking to an insurance agent. If you don’t have a local agent, take a second and complete this form or go to this page to view a list of companies. It’s fast, doesn’t cost anything and can provide invaluable advice.

Do drivers who switch really save $449 a year?

Drivers can’t avoid all the ads that claim the cheapest prices from companies such as State Farm and Allstate. All the companies make an identical promise that you’ll save big if you get a free car insurance quote and switch your coverage.

How is it possible that every company can charge you a lower premium? It’s all in how they say it.

Car insurance companies have an ideal profile for the type of driver that is profitable for them. For instance, this type of driver could be between the ages of 30 and 50, owns their home, and drives a car with an anti-theft system. A customer getting a price quote who matches those parameters will most likely get cheap prices and will save money with a new company.

Potential customers who cannot meet these stringent criteria will probably be forced to pay a higher rate which translates to the customer buying from a different company. The ads state “drivers who switch” but not “all drivers who get quotes” save money. That’s why companies can make claims that they all have the best rates.

This illustrates why drivers should compare free car insurance quotes often. Because without a comparison, you cannot know with any certainty which company will give you lower prices than your current company.

Auto insurance coverages and their meanings

Knowing the specifics of auto insurance can be of help when determining the right coverages for your vehicles. The coverage terms in a policy can be ambiguous and reading a policy is terribly boring. Below you’ll find the normal coverages offered by auto insurance companies.

Coverage for medical payments

Med pay and PIP coverage pay for short-term medical expenses for things like prosthetic devices, dental work and surgery. They are often used to cover expenses not covered by your health insurance program or if there is no health insurance coverage. They cover you and your occupants and will also cover getting struck while a pedestrian. Personal injury protection coverage is not an option in every state and may carry a deductible

Uninsured and underinsured coverage

This gives you protection from other drivers when they do not carry enough liability coverage. This coverage pays for hospital bills for your injuries and damage to your 2010 BMW M3.

Since a lot of drivers only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. So UM/UIM coverage is important protection for you and your family. Normally your uninsured/underinsured motorist coverages are similar to your liability insurance amounts.

Comprehensive coverages

Comprehensive insurance pays to fix your vehicle from damage that is not covered by collision coverage. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against claims such as vandalism, damage from getting keyed, a broken windshield, fire damage and a tree branch falling on your vehicle. The maximum payout your auto insurance company will pay is the cash value of the vehicle, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Liability insurance

Liability coverage can cover damage or injury you incur to people or other property by causing an accident. It protects you from claims by other people. It does not cover damage to your own property or vehicle.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You might see liability limits of 50/100/50 which stand for a limit of $50,000 per injured person, $100,000 for the entire accident, and property damage coverage for $50,000. Alternatively, you may have a combined limit that pays claims from the same limit rather than limiting it on a per person basis.

Liability coverage pays for things such as court costs, medical expenses and repair bills for other people’s vehicles. How much coverage you buy is a decision to put some thought into, but it’s cheap coverage so purchase as high a limit as you can afford.

Collision coverage

Collision coverage pays to fix your vehicle from damage resulting from colliding with another car or object. A deductible applies then your collision coverage will kick in.

Collision coverage pays for things such as crashing into a ditch, hitting a mailbox and colliding with another moving vehicle. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are 8 years or older. Another option is to bump up the deductible to save money on collision insurance.

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

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You can do this!

There are still a few companies who don’t offer online rate quotes and most of the time these small insurance companies sell through independent insurance agents. More affordable insurance coverage is definitely available from both online companies as well as from independent agents, so you should be comparing quotes from both to get a complete price analysis.

As you quote car insurance, you should never skimp on coverage in order to save money. Too many times, an insured dropped collision coverage only to find out that the few dollars in savings costed them thousands. Your goal should be to find the BEST coverage at an affordable rate but still have enough coverage for asset protection.

Additional insurance coverage information can be read on the following sites: