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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Searching for lower insurance rates for your BMW M3? Are you regretting buying high-priced insurance? You’re preaching to the choir because there are lots of people in the same boat.

You have so many car insurance companies to purchase coverage from, and though it is a good thing to have a selection, lots of choices makes it harder to find a good deal.

Shopping for affordable insurance coverage coverage is easy if you know what you’re doing. Basically, everyone who carries insurance coverage most likely will be able to cut their insurance bill. But consumers can benefit by having an understanding of the way insurance companies sell online and use this information to your advantage.

How car insurance companies determine BMW M3 insurance prices

Smart consumers have a good feel for a few of the rating criteria that aid in calculating your policy premiums. When you know what positively or negatively controls the rates you pay, this allows you to make good choices that can earn you lower rates. Lots of factors are taken into consideration when pricing auto insurance. Some of the criteria are obvious such as your driving record, but some are less obvious like where you live or how safe your car is.

The itemized list below are most of the major factors that factor into prices.

  • Safer the car lower the rate – Vehicles with high crash test scores can get you lower premiums. Vehicles built for safety reduce injuries and lower injury rates translates directly to fewer claims and more competitive rates for policyholders. If your BMW M3 is rated at least four stars on it is probably cheaper to insure.
  • With age comes responsibility – Older, more experienced drivers are more cautious drivers, are lower risk to insure and tend to be get fewer driving tickets.Teen drivers are statistically shown to be easily distracted when behind the wheel so car insurance rates are higher.
  • Being married pays dividends – Getting married helps lower the price on your policy. Having a spouse generally demonstrates drivers are more financially stable and insurance companies like that married drivers get in fewer accidents.
  • Your gender affects rates – The statistics show that men are more aggressive behind the wheel. However, don’t assume that females are better at driving than males. Both genders get in auto accidents at about the same rate, but the males have accidents that have higher claims. Men also statistically get more serious tickets like DWI (DUI) or reckless driving.
  • File a car insurance claims and pay more – Car insurance companies provide most affordable rates to drivers who do not file claims often. If you file a lot of claims you can pretty much guarantee either higher rates or even cancellation. Insurance coverage is designed for more catestrophic claims.
  • Low mileage costs less – Driving a lot of miles in a year’s time the more it will cost to insure it. Most companies rate vehicles partially by how you use the vehicle. Cars and trucks that do not get driven very much qualify for better rates than cars that get driven a lot. Improper usage on your M3 can result in significantly higher rates. Ask your agent if your vehicle rating reflects the correct usage for each vehicle.
  • Your address can impact premiums – Being located in a small town can save you money when trying to find low car insurance rates. Less people translates into fewer accident claims as well as less vandalism and auto theft. People in densly populated areas regularly have more auto accidents and much longer commute distances. Spending more time driving means more chances of being involved in an auto accident.
  • Don’t let your car insurance policy lapse – Not having insurance is a big no-no and companies may charge more for letting your insurance coverage expire. And not only will insurance be more expensive, the inability to provide proof of insurance will get you a fine, jail time, or a revoked license. You may have to prove you have insurance by filing a SR-22 with your state motor vehicle department to get your license reinstated.

The fastest way that we advise to compare car insurance rates is to understand almost all companies have advanced systems to compare their rates. The only thing you need to do is give the companies some data like if you lease or own, marital status, the year, make and model of vehicles, and how much school you completed. Your details is instantly provided to multiple different insurance companies and they return rate quotes almost instantly.

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

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Discounts for lower-cost insurance rates

Companies that sell car insurance don’t necessarily list every policy discount very well, so the following list contains both the well known and the harder-to-find ways to save on insurance.

  • 55 and Retired – If you qualify as a senior citizen, you may be able to get a small decrease in premiums on M3 insurance.
  • Pay Now and Pay Less – If you pay your entire premium ahead of time rather than spreading payments over time you may have a lower total premium amount.
  • Driving Data Discount – Policyholders that allow data collection to look at when and where they use their vehicle by using a telematics device in their vehicle like In-Drive from State Farm and Progressive’s Snapshot might get better premium rates if they show good driving skills.
  • Discount for New Cars – Adding a new car to your policy can get you a discount due to better safety requirements for new model year vehicles.
  • Switch and Save Discount – Some insurance companies reward drivers for switching policies prior to the expiration date on your current policy. Ten percent is about the average savings.
  • Seat Belts Save – Drivers who always wear seat belts and also require passengers to use a seat belt can save up to 10 percent (depending on the company) on the premium charged for medical payments and/or PIP.
  • Driver Education Discount – It’s a good idea to have your young drivers enroll and complete driver’s education in high school.

Remember that some of the credits will not apply to the overall cost of the policy. Most only cut the cost of specific coverages such as liability and collision coverage. So when it seems like you could get a free insurance policy, company stockholders wouldn’t be very happy.

Insurance companies that have most of the discounts above possibly include:

When getting free auto insurance quotes, it’s a good idea to every insurance company how many discounts you can get. Some credits may not be available in your state. To find insurance companies with discount insurance rates, click this link.

Tailor your car insurance coverage to you

When choosing coverage for your personal vehicles, there really is no single plan that fits everyone. Coverage needs to be tailored to your specific needs and your policy should reflect that. For example, these questions may help highlight whether your personal situation might need an agent’s assistance.

  • Do I have coverage when using my vehicle for my home business?
  • Why is insurance for a teen driver so high?
  • If my 2016 BMW M3 is totaled, can I afford another vehicle?
  • Can I make deliveries for my home business?
  • Is there coverage for injuries to my pets?
  • Are split liability limits better than a combined single limit?
  • Am I covered if hit by an uninsured driver?
  • Does my insurance cover damage caused when ticketed for reckless driving?
  • Are my friends covered when driving my car?
  • Is my ex-spouse still covered by my policy?

If you don’t know the answers to these questions but a few of them apply, you may need to chat with an agent. To find an agent in your area, fill out this quick form or click here for a list of car insurance companies in your area.

Car insurance coverages for a 2016 BMW M3

Learning about specific coverages of a insurance policy can be of help when determining the best coverages and the correct deductibles and limits. Insurance terms can be difficult to understand and even agents have difficulty translating policy wording. Listed below are typical coverages found on the average insurance policy.

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage reimburse you for short-term medical expenses such as funeral costs, pain medications and EMT expenses. The coverages can be utilized in addition to your health insurance plan or if you are not covered by health insurance. Medical payments and PIP cover both the driver and occupants as well as getting struck while a pedestrian. PIP coverage is only offered in select states and gives slightly broader coverage than med pay

Uninsured/Underinsured Motorist (UM/UIM)

Your UM/UIM coverage provides protection when other motorists do not carry enough liability coverage. This coverage pays for hospital bills for your injuries as well as damage to your BMW M3.

Due to the fact that many drivers carry very low liability coverage limits, their limits can quickly be used up. So UM/UIM coverage is very important. Usually these coverages are set the same as your liablity limits.

Coverage for collisions

This covers damage to your M3 resulting from colliding with a stationary object or other vehicle. A deductible applies and then insurance will cover the remainder.

Collision insurance covers claims like crashing into a building, sideswiping another vehicle, driving through your garage door and scraping a guard rail. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Another option is to increase the deductible to get cheaper collision coverage.

Liability insurance

Liability coverage provides protection from injuries or damage you cause to other’s property or people in an accident. This insurance protects YOU from claims by other people. It does not cover damage sustained by your vehicle in an accident.

It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see liability limits of 25/50/25 which means a $25,000 limit per person for injuries, a total of $50,000 of bodily injury coverage per accident, and a total limit of $25,000 for damage to vehicles and property. Occasionally you may see one limit called combined single limit (CSL) which combines the three limits into one amount rather than limiting it on a per person basis.

Liability coverage pays for claims such as repair bills for other people’s vehicles, court costs, structural damage and funeral expenses. How much liability should you purchase? That is a decision to put some thought into, but it’s cheap coverage so purchase as much as you can afford.

Comprehensive insurance

Comprehensive insurance coverage pays for damage from a wide range of events other than collision. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive insurance covers claims such as damage from a tornado or hurricane, a tree branch falling on your vehicle and rock chips in glass. The maximum amount a insurance company will pay at claim time is the ACV or actual cash value, so if the vehicle is not worth much it’s not worth carrying full coverage.

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

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More quotes mean more savings

As you prepare to switch companies, make sure you don’t buy lower coverage limits just to save a few bucks. There are a lot of situations where an accident victim reduced liability limits or collision coverage to discover at claim time that the small savings ended up costing them much more. Your goal should be to buy the best coverage you can find at an affordable rate but still have enough coverage for asset protection.

We just covered many ideas to get a better price on 2016 BMW M3 insurance. The key concept to understand is the more providers you compare, the better chance you’ll have of finding cheap auto insurance. You may even find the best price on insurance is with a small mutual company. Some small companies may only write in your state and offer lower premium rates as compared to the big name companies such as State Farm and Allstate.

Discount 2016 BMW M3 insurance is available on the web and also from your neighborhood agents, and you should compare rates from both in order to have the best chance of saving money. Some insurance providers may not have online quoting and many times these small, regional companies provide coverage only through independent agents.

More tips and info about insurance is located in these articles: