Compare 1997 BMW M3 Insurance Quotes

Trying to find better insurance coverage rates for your BMW M3? Having to pay for expensive BMW M3 insurance can dry up your monthly budget, especially in this economy. Performing a price comparison can lower your rates and help to cut your insurance bill.

People have so many insurance companies to buy insurance from, and although it’s nice to have a selection, it makes it harder to find a good deal.

It is always a good idea to quote other rates at least once a year since insurance prices change quite often. If you had the lowest quotes for M3 coverage a year ago a different company probably has better rates today. You can find a lot of wrong information about insurance coverage online but you can learn the best ways to slash your insurance coverage rates.

Ways to get insurance coverage quotes

When shopping for the cheapest insurance quotes, there are a couple of ways of comparing rate quotes from insurance coverage companies in your area. The best way to find the cheapest 1997 BMW M3 insurance rates is to jump online and get quotes. It is quite easy and can be accomplished in a couple of different ways.

  1. The easiest and least time consuming way to find the lowest comparison rates is an all-inclusive rate comparison (click to open form in new window). This type of form saves time by eliminating a different quote for each price estimate. Filling out one form will get you price quotes from multiple low-cost companies.
  2. Another way to find more affordable insurance is to manually visit each individual company website to request a price quote. For example, we’ll assume you want comparison quotes from State Farm, 21st Century and Progressive. In order to compare rates, you need to spend time going to each site individually and enter your policy data, which is why the first method is more popular. For a list of companies in your area, click here.

You can use whichever method you prefer to find lower rates, just make sure you use the same information for each quote you get. If you are comparing mixed coverages it will be impossible to decipher which rate is best. Having just a slight variation in insurance coverages or limits may cause a big price difference. Just remember that quoting more will increase your chances of finding more affordable insurance. Some smaller insurers to not give quotes online, so you need to compare prices on coverage from those companies, too.

Don’t overlook these insurance coverage discounts

Buying insurance coverage is not cheap, but discounts can save money and there are some available to help bring down the price. Some discounts will apply when you purchase, but a few must be specially asked for prior to getting the savings.

  • Driver’s Education for Students – Make teen driver coverage more affordable by requiring them to take driver’s ed class in school.
  • Early Payment Discounts – If paying your policy premium upfront rather than paying monthly you may have a lower total premium amount.
  • Federal Employees – Employees or retirees of the government could provide a small rate reduction for M3 coverage depending on your insurance coverage provider.
  • Sign Online – Some of the larger companies provide a small discount for buying your policy online.
  • Accident Forgiveness Coverage – Not necessarily a discount, but companies like State Farm, Progressive and GEICO will let one accident slide without getting socked with a rate hike as long as you don’t have any claims before the accident.
  • Active Service Discounts – Having a deployed family member may qualify for rate reductions.
  • Defensive Driver – Taking time to complete a driver safety course could save 5% or more if your company offers it.
  • Discount for Life Insurance – Some insurance carriers give lower insurance coveragerates if you buy a life insurance policy as well.

You should keep in mind that some credits don’t apply to your bottom line cost. Most cut the cost of specific coverages such as medical payments or collision. Despite the appearance that all the discounts add up to a free policy, it doesn’t quite work that way.

Popular insurance coverage companies and their possible discounts include:

  • State Farm offers discounts for safe vehicle, defensive driving training, good student, passive restraint, Drive Safe & Save, and Steer Clear safe driver discount.
  • GEICO offers premium reductions for defensive driver, multi-vehicle, anti-theft, driver training, military active duty, and good student.
  • SAFECO has discounts for anti-lock brakes, safe driver, bundle discounts, drive less, accident prevention training, and anti-theft.
  • Farmers Insurance may include discounts for alternative fuel, mature driver, early shopping, electronic funds transfer, homeowner, and teen driver.
  • AAA includes discounts for multi-car, good driver, multi-policy, education and occupation, good student, and anti-theft.
  • USAA offers discounts including military installation, safe driver, multi-policy, vehicle storage, and family discount.

When getting free insurance quotes, it’s a good idea to every prospective company the best way to save money. Discounts may not be available in your area. If you would like to view insurance companies that offer some of these discounts, follow this link.

When to get professional advice

When it comes to buying proper insurance coverage for your vehicles, there really is no “perfect” insurance plan. Everyone’s needs are different and your policy should reflect that. These are some specific questions might help in determining if your situation would benefit from professional advice.

  • Does my insurance cover damage caused when ticketed for reckless driving?
  • What are the best liability limits?
  • What is no-fault insurance?
  • Should I have combined single limit or split liability limits?
  • Are rental cars covered under my policy?
  • Should I carry comprehensive and collision coverage?
  • How do I insure my teen driver?

If you don’t know the answers to these questions but a few of them apply then you might want to talk to an agent. If you want to speak to an agent in your area, simply complete this short form or click here for a list of insurance coverage companies in your area.

Insurance price influencing factors

Many different elements are used in the calculation when premium rates are determined. Some are pretty understandable such as your driving record, but others are less apparent like where you live or your commute time.

The list below includes some of the major factors used by your company to calculate your prices.

  • Pay more by driving carelessly – Careful drivers pay less for auto insurance as compared to those with violations. Even one moving violation may increase your cost by twenty percent. Drivers with severe violations such as DUI or reckless driving may find that they have to to prove financial responsibility with their state in order to drive a vehicle legally.
  • Age of drivers impacts premiums – Inexperience drivers are statistically shown to be more careless when behind the wheel therefore insurance rates are much higher. Older drivers are shown to be more cautious, statistically cause fewer accidents .
  • Which gender costs less? – Over the last 50 years, statistics have shown that females tend to be a little less risky than males. It does not mean men are WORSE drivers than women. They both have auto accidents at about the same rate, but men tend to have more serious accidents. Men also have more aggressive citations like DUI and reckless driving. Male drivers age 16 to 19 have the highest risk to insure and are penalized with high insurance rates.
  • Location can influence price – Choosing to live in a small town may provide you with better prices when it comes to insurance. Lower population means reduced accidents and a lower car theft rate. People in densly populated areas have more traffic problems and much longer commute distances. The longer drive time means a statistically higher chance of an accident.
  • Safeguard your assets with liability coverage – Liability coverage will protect you when you are found liable for damages caused by your negligence. Your liability coverage provides you with a defense in court which can cost thousands of dollars. Carrying liability coverage is mandatory and cheap compared to comp and collision, so buy as much as you can afford.
  • Put fewer miles on your vehicle – The higher the miles on your BMW annually the more you’ll pay to insure it. Almost all companies apply a rate based on how the vehicle is used. Cars that are left in the garage receive better premium rates as compared to vehicles used primarily for driving to work. Having the wrong rating on your M3 is throwing money out the window. It’s a smart idea to ensure your vehicle rating states the proper vehicle usage.
  • Rates can drop if you have more than one policy – Most larger insurers will give lower prices to people that purchase more than one policy in the form of a multi-policy discount. Even though this discount sounds good, it’s in your best interest to compare other company rates to help ensure you have the lowest rates. You may still save money even if you have your coverage with different companies
  • Know your credit history – A driver’s credit score factor in determining premium rates. Drivers with good credit tend to be more responsible and file fewer claims than those with poor credit. Therefore, if your credit can be improved, you could pay less to insure your 1997 BMW M3 by taking the time to improve your credit score.

Advertising myths

Popular insurance providers such as Progressive, Allstate and GEICO seem to constantly run ads in print and on television. They all try to convey promises about how much you will save if you change your coverage to them. It sounds good, but how can they all offer you a better deal? This is the way they can do it.

Different companies require specific criteria for the driver that will be a good risk. A good example of a desirable risk may be over the age of 45, has no driving citations, and chooses high deductibles. Someone that hits that “sweet spot” will qualify for the lowest rates and most likely will save when switching.

Potential insureds who may not quite match this stringent profile will be charged higher premiums which translates to the customer buying from someone else. If you pay close attention to the ads, they say “drivers who switch” not “everyone that quotes” will save that much if they switch. That is how companies can truthfully make those claims.

Because each company has a different risk profile, drivers should get insurance quotes as often as possible. Because you cannot predict with any certainty which company will have the lowest prices for your situation.

Insurance coverage specifics

Understanding the coverages of a insurance policy aids in choosing which coverages you need and the correct deductibles and limits. The coverage terms in a policy can be difficult to understand and coverage can change by endorsement. Listed below are typical coverage types available from insurance companies.

Coverage for medical expenses

Coverage for medical payments and/or PIP reimburse you for expenses for rehabilitation expenses, nursing services, prosthetic devices, hospital visits and X-ray expenses. They are utilized in addition to your health insurance policy or if you do not have health coverage. It covers not only the driver but also the vehicle occupants and will also cover any family member struck as a pedestrian. PIP coverage is only offered in select states and gives slightly broader coverage than med pay

Collision protection

This covers damage to your M3 from colliding with a stationary object or other vehicle. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers claims like sustaining damage from a pot hole, sideswiping another vehicle, hitting a parking meter and rolling your car. Collision coverage makes up a good portion of your premium, so consider removing coverage from lower value vehicles. Another option is to increase the deductible to bring the cost down.

Coverage for liability

Liability coverage provides protection from damages or injuries you inflict on other people or property by causing an accident. This coverage protects you from legal claims by others, and doesn’t cover your injuries or vehicle damage.

Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see values of 50/100/50 that means you have a $50,000 limit per person for injuries, a total of $100,000 of bodily injury coverage per accident, and a total limit of $50,000 for damage to vehicles and property. Occasionally you may see a combined limit which combines the three limits into one amount and claims can be made without the split limit restrictions.

Liability can pay for things like attorney fees, pain and suffering, court costs, funeral expenses and repair costs for stationary objects. How much liability should you purchase? That is a personal decision, but it’s cheap coverage so purchase as much as you can afford.

Coverage for uninsured or underinsured drivers

This coverage gives you protection when the “other guys” either have no liability insurance or not enough. Covered losses include injuries to you and your family as well as your vehicle’s damage.

Since many drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage should not be overlooked. Normally the UM/UIM limits are similar to your liability insurance amounts.

Comprehensive insurance

This covers damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive insurance covers things such as a broken windshield, hitting a deer and damage from flooding. The highest amount you’ll receive from a claim is the actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.

Get your money’s worth

You just learned a lot of ways to compare 1997 BMW M3 insurance premium rates online. The most important thing to understand is the more you quote insurance, the better chance you’ll have of finding affordable insurance. Drivers may discover the most savings is with a small mutual company. They often have lower prices on specific markets compared to the large companies like Allstate, GEICO and Progressive.

When you buy insurance online, never sacrifice coverage to reduce premiums. In many instances, consumers will sacrifice collision coverage and discovered at claim time that a couple dollars of savings turned into a financial nightmare. Your strategy should be to buy the best coverage you can find at the lowest possible cost, not the least amount of coverage.

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