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: Nov 3, 2018

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Want cheaper auto insurance rates for your BMW M3? No normal person likes paying for auto insurance, particularly when it costs too dang much.

Drivers have multiple insurance companies to purchase coverage from, and although it’s nice to be able to choose, it makes it harder to compare rates.

Verify you’re getting every discount

Insurance is expensive, but discounts can save money and there are some available that can help lower your rates. Many of these discounts will be applied automatically at the time of purchase, but lesser-known reductions have to be asked about before they will apply. If you aren’t receiving every discount you qualify for, you could be paying more than you need to.

  • Pay Early and Save – By paying your policy upfront as opposed to paying monthly you can actually save on your bill.
  • Military Deployment Discount – Having an actively deployed family member could qualify you for better premium rates.
  • Defensive Driver – Taking part in a course in defensive driving can save you 5% or more and easily recoup the cost of the course.
  • Organization Discounts – Being in a qualifying organization can get you a small discount on your policy.
  • Discounts for Responsible Drivers – Accident-free drivers can get discounts for up to 45% lower rates on M3 coverage compared to accident prone drivers.
  • ABS and Traction Control Discounts – Vehicles with ABS braking systems or traction control have fewer accidents and will save you 10% or more.
  • Discounts for Government Workers – Federal government employees may reduce rates when you quote insurance coverage on M3 coverage with a few insurance companies.
  • Claim Free – Good drivers with no accidents have much lower rates compared to drivers with a long claim history.

One thing to note about discounts is that many deductions do not apply the the whole policy. Some only apply to the price of certain insurance coverages like medical payments or collision. So when the math indicates it’s possible to get free car insurance, insurance companies wouldn’t stay in business.

A few of the larger companies and their offered discounts are:

  • GEICO offers discounts including multi-policy, five-year accident-free, military active duty, membership and employees, good student, and anti-lock brakes.
  • Mercury Insurance offers premium reductions for ease of repair, good driver, anti-theft, multi-car, accident-free, and professional/association.
  • Farmers Insurance may include discounts for early shopping, youthful driver, homeowner, mature driver, and switch companies.
  • Auto-Owners Insurance has savings for air bags, company car, group or association, good student, safe vehicle, multiple vehicles, and paid in full.
  • Liberty Mutual discounts include multi-policy, multi-car, safety features, hybrid vehicle, teen driver discount, and exclusive group savings.
  • SAFECO offers discounts for bundle discounts, drive less, anti-lock brakes, teen safety rewards, homeowner, and anti-theft.
  • Progressive includes discounts for continuous coverage, online signing, good student, homeowner, and multi-vehicle.
  • USAA may have discounts that include safe driver, military installation, family discount, vehicle storage, annual mileage, and multi-vehicle.

If you need lower rates, check with each company how you can save money. Some discounts listed above might not be available to policyholders in your area. To choose providers who offer free insurance quotes, click this link.

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

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Where can I get the cheapest auto insurance?

There are multiple methods to shop for auto insurance, but one way is less labor-intensive and much quicker. You could waste time driving to local insurance agents in your area, or you can utilize online quoting to quickly compare rates.

The majority of car insurance companies belong to an insurance system that enables customers to enter their coverage request one time, and each participating company returns a rated price based on the submitted data. This eliminates the need for repetitive form submissions to every company.

To submit your quote information now, click here to open in new window.

The only drawback to comparing rates this way is you cannot specify which providers to get pricing from. So if you prefer to pick individual companies to compare, we have a listing of auto insurance companies in your area. Click here to view list.

It’s up to you how you get prices quotes, just compare the exact same coverage information on every quote you get. If you compare different data it will be very difficult to get a fair rate comparison. Just a small difference in coverages could mean much higher rates. Keep in mind that comparing all the rates in your area helps increase your odds of locating a better price. Not every company allows you to get prices over the internet, so it’s important to also get rates from those companies as well.

What affects BMW M3 insurance rates?

Many factors are part of the calculation when pricing auto insurance. Some factors are common sense such as your driving history, although others are less apparent such as your credit history or your vehicle rating.A large part of saving on car insurance is knowing some of the factors that help calculate the rates you pay for car insurance. When consumers understand what positively or negatively impacts your premiums, this allows you to make educated decisions that may result in much lower annual insurance costs.

  • More traffic equals higher costs – Having an address in small towns and rural areas can save you money when insuring your vehicles. Lower population translates into fewer accident claims in addition to lower liability claims Drivers who live in large cities regularly have more aggressive driving styles and more time behind the wheel. More time commuting means a statistically higher chance of an accident.
  • Save by driving vehicles with better crash test results – Vehicles that have high safety ratings tend to have better insurance rates. Highly rated vehicles help reduce the chance of injuries in an accident and lower rates of occupant injuries means less money paid by your insurance company and more competitive rates for policyholders. If the BMW M3 is rated at least four stars on you may be receiving a better rate.
  • Vehicles with better crash test results that cut car insurance rates – Selecting a car model with a theft deterrent system can earn a premium discount. Theft deterrent systems such as GM’s OnStar, tamper alarm systems and vehicle immobilizers can help prevent auto theft and help lower rates.
  • Never let your coverage lapse – Allowing your coverage to lapse is a sure-fire way to pay more for car insurance. Not only will you pay higher rates, the inability to provide proof of insurance may result in fines or a revoked license.
  • Do you need those extra coverages? – Insurance companies have many extra coverages that can waste your money if you don’t pay attention. Coverages like rental car coverage, towing coverage, and term life insurance are examples of these. These may sound like a good investment when you first buy your policy, but your money might be better spent on other coverage so remove them and pocket the money.
  • Annual miles is a factor – The higher the mileage driven in a year’s time the more you’ll pay to insure your vehicle. Almost all companies calculate rates determined by how the vehicle is used. Cars and trucks that do not get driven very much can be on a lower rate level compared to those used for work or business. It’s always a good idea to double check that your car insurance declarations sheet is rated on the right rating data. An incorrectly rated M3 may be wasting your money.
  • Combine policies with the same company – Most companies give better rates to clients that have more than one policy, otherwise known as a multi-policy discount. Even if you already get this discount, it’s in your best interest to shop around to guarantee you are still saving the most.
  • Your age impacts your costs – Young drivers have a tendency to be careless and easily distracted in a vehicle therefore car insurance rates are much higher. Older drivers are shown to be more cautious, file fewer claims , and usually have better credit.

When should I discuss my situation with an agent?

When it comes to choosing coverage for your vehicles, there really is no perfect coverage plan. Every situation is different so this has to be addressed. These are some specific questions may help you determine if your insurance needs would benefit from professional advice.

  • Is motorclub coverage worth it?
  • Will my vehicle be repaired with OEM or aftermarket parts?
  • Am I covered if I wreck a rental car?
  • What is the rate difference between pleasure use and commuting?
  • Am I covered by my spouse’s policy after a separation?
  • If I drive on a suspended license am I covered?
  • Can I rent a car in Mexico?
  • Is other people’s property covered if stolen from my vehicle?
  • Can I pay claims out-of-pocket if I buy high deductibles?
  • Do I benefit by insuring my home with the same company?

If you can’t answer these questions, you may need to chat with a licensed insurance agent. To find an agent in your area, take a second and complete this form or you can go here for a list of companies in your area.

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

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Specific coverages for a BMW M3

Having a good grasp of your policy can be of help when determining appropriate coverage for your vehicles. Policy terminology can be difficult to understand and nobody wants to actually read their policy. These are typical coverage types found on the average insurance policy.

Collision – This coverage pays for damage to your M3 resulting from colliding with an object or car. You have to pay a deductible then your collision coverage will kick in.

Collision insurance covers claims like sideswiping another vehicle, hitting a mailbox, damaging your car on a curb, hitting a parking meter and crashing into a ditch. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are older. You can also bump up the deductible to get cheaper collision coverage.

Comprehensive protection – This covers 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 can pay for things such as a broken windshield, a tree branch falling on your vehicle, theft, vandalism and damage from a tornado or hurricane. The most a insurance company will pay at claim time is the actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.

Medical expense coverage – Coverage for medical payments and/or PIP kick in for expenses such as prosthetic devices, hospital visits and funeral costs. They are often used to fill the gap from your health insurance program or if you are not covered by health insurance. They cover all vehicle occupants as well as being hit by a car walking across the street. Personal Injury Protection is only offered in select states and may carry a deductible

Liability auto insurance – This can cover injuries or damage you cause to a person or their property in an accident. This coverage protects you against claims from other people, and does not provide coverage for damage sustained by your vehicle in an accident.

Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. You might see limits of 100/300/100 that translate to a $100,000 limit per person for injuries, a total of $300,000 of bodily injury coverage per accident, and $100,000 of coverage for damaged propery. Some companies may use 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 pays for things such as loss of income, funeral expenses, medical expenses and medical services. How much coverage you buy is your choice, but buy as high a limit as you can afford.

Uninsured or underinsured coverage – Uninsured or Underinsured Motorist coverage provides protection when the “other guys” either have no liability insurance or not enough. This coverage pays for medical payments for you and your occupants as well as damage to your BMW M3.

Since many drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is very important. Frequently the UM/UIM limits do not exceed the liability coverage limits.

Don’t be a big spender

Cheap 2012 BMW M3 insurance can be purchased online in addition to local insurance agencies, so get free insurance coverage quotes from both of them to have the best selection. There are still a few companies who may not provide internet price quotes and usually these regional carriers only sell coverage through independent agents.

While you’re price shopping online, never reduce needed coverages to save money. In many instances, consumers will sacrifice physical damage coverage only to find out that they should have had better coverage. Your objective should be to buy the best coverage you can find for the lowest price, but do not sacrifice coverage to save money.

More detailed insurance coverage information can be read in the articles below: