Lower Your 1998 BMW M3 Insurance Cost

Having to pay for pricey BMW M3 insurance can eat up your accounts and require stricter spending habits. Consumers have so many auto insurance companies to choose from, and although it’s nice to have a choice, having more auto insurance companies makes it harder to locate the cheapest rates.

Smart consumers take time to get comparison quotes occasionally because rates are variable and change quite frequently. Just because you had the lowest premium rates for M3 coverage on your last policy you can probably find a lower rate today. You can find a lot of wrong information about insurance coverage on the internet, but you can learn some of the best techniques to reduce your insurance coverage bill.

The purpose of this post is to help you learn how car insurance quotes work and some tips to save money. If you have car insurance now, you stand a good chance to be able to save some money using these methods. Drivers only need an understanding of the most effective way to get comparison rates over the internet.

Buy auto insurance online

Getting cheaper 1998 BMW M3 auto insurance pricing is surprisingly easy. Just spend a few minutes on the computer getting comparison quotes online from several insurance companies. It’s super easy and can be done using a couple different methods.

  • The most recommended method to find low rates is to use a rate comparison form like this one (opens in new window). This quick form saves time by eliminating separate forms for every auto insurance company. A single, simple form gets you price quotes from multiple low-cost companies.
  • A more time consuming way to analyze rates requires you to visit the website for each individual company and fill out a new quote form. For examples sake, we’ll assume you want to compare rates from USAA, GEICO and American Family. To get rate quotes you would need to go to each individual site and enter your information, which is why the first method is quicker. To view a list of companies in your area, click here.
  • Even if you have time, the least recommended method to get rate quotes is going to all the different insurance agencies. Comparing rate quotes online eliminates the middleman unless you require the professional assistance that only a licensed agent can provide. Some companies do allow you to comparison shop online but have a local agent actually write the policy.

You can use whichever method you prefer to find lower rates, just make absolute certain that you use the same coverage data for each price quote. If you compare higher or lower deductibles you will not be able to determine which rate is truly the best.

Auto insurance advertising gotchas

Consumers can’t escape the ads that claim the cheapest premium rates from companies such as Allstate, GEICO and Progressive. All the ads say the same thing that you can save just by switching to them.

Is it even possible that every company can make the same claim? Just pay attention to how they say it.

Companies have strict underwriting profiles for the type of driver that earns them a profit. For instance, this type of risk profile could be over the age of 50, has other policies, and has a short commute. Someone who matches that profile will get the preferred car insurance rates and will most likely save when switching.

Drivers who fall outside those criteria will see higher prices with the end result being the customer buying from someone else. If you listen closely, the ads state “customers that switch” but not “all drivers who get quotes” can get the lowest rates when switching. That’s the way companies can make it sound like they have such great rates.

This really drives home the point why you really should do a rate comparison at every renewal. It is impossible to predict the company that will have the lowest prices for your situation.

Save money with these tips

The best way to find cheaper insurance is to take a look at some of the factors that help calculate your premiums. If you know what determines base rates, this enables informed choices that may reward you with much lower annual insurance costs. Multiple criteria are used in the calculation when premium rates are determined. A few of the factors are predictable such as traffic violations, although others are not quite as obvious like your continuous coverage or your commute time.

  • Poor credit decisions can cost you – Having a good credit score is a large factor in determining what you pay. If your credit could use some work, you could save money insuring your 1998 BMW M3 by improving your rating. Consumers who have high credit ratings tend to be better risks to insure as compared to drivers with poor credit.
  • Physical damage deductibles – The deductibles you choose define the amount you are willing to pay out-of-pocket before a claim is paid by your company. Physical damage insurance, also known as collision and other-than-collision, protects your car from damage. Some examples of claims that would be covered are collision with another vehicle, collision with a deer, and damage from wind. The more you are required to pay out-of-pocket, the less your insurance will be for M3 coverage.
  • Better drivers pay lower premiums – Your driving record impacts your car insurance rates tremendously. Attentive drivers get better rates than bad drivers. Getting just one speeding ticket can increase the cost of insurance substantially. Drivers unfortunate enough to have serious citations such as DUI, reckless driving or excessive speeding may be required to submit a SR-22 form to the state department of motor vehicles in order to prevent their license from being revoked.
  • Never allow your policy to lapse – Driving your car without having proper coverage is not a good idea and any future policy may cost more because you let your insurance lapse. Not only will rates go up, failure to provide proof of insurance could result in a license revocation or jail time. You may then be required to submit proof of financial responsibility or a SR-22 with your state motor vehicle department.
  • Low mileage costs less – The more miles you rack up on your BMW annually the higher your rates will be. A lot of insurance companies calculate prices based upon how you use the vehicle. Cars and trucks used primarily for pleasure use receive lower rates than cars that get driven a lot. A policy that improperly rates your M3 is just wasting money. Verify your declarations sheet reflects the correct usage for each vehicle, because it can save money.
  • Discounts for married couples – Walking down the aisle may save some money when buying insurance. It means you’re more mature and responsible and insurance companies like that married couples file fewer claims.
  • Liability coverage limits are a factor – Liability insurance is the protection in the event that you are determined to be liable for causing personal injury or damage in an accident. Liability provides for a legal defense starting from day one. This coverage is relatively inexpensive when compared with rates for comp and collision, so drivers should carry high limits.
  • Cheap premiums for being claim-free – If you are the type of insured that files lots of claims you can pretty much guarantee higher premiums or even policy non-renewal. Auto insurance companies give most affordable rates to insureds who are not frequent claim filers. Your car insurance is designed for the bigger claims that can’t be paid out-of-pocket.

Get affordable car insurance quotes with discounts

Insurance can cost an arm and a leg, but you might be missing out on some discounts that may help make it more affordable. A few discounts will be applied when you quote, but once in a while a discount must be asked for in order for you to get them.

  • Military Deployment Discount – Being on active deployment in the military could be rewarded with lower car insurance rates.
  • Employee of Federal Government – Federal government employees may qualify for a discount when you quote insurance coverage for M3 coverage with some car insurance companies.
  • Passive Restraint Discount – Options like air bags and/or automatic seat belt systems can get savings of more than 20%.
  • Multiple Policy Discount – If you can combine your home and auto policy and insure them both with the same insurance company they may give you a discount of nearly 15% which can help you find cheap insurance coverage.
  • Good Driver Discount – Accident-free drivers can save up to 40% or more on their insurance coverage quote for M3 coverage compared to rates paid by drivers with frequent claims.
  • One Accident Forgiven – This one isn’t a discount, but a few companies such as Progressive and Allstate will allow you to have one accident before raising your premiums if your claims history is clear for a specific time period.
  • Payment Method – If paying your policy premium upfront rather than spreading payments over time you can avoid the installment charge.

Policy discounts save money, but some of the credits will not apply to your bottom line cost. Some only apply to the cost of specific coverages such as liability, collision or medical payments. Even though the math looks like you would end up receiving a 100% discount, it just doesn’t work that way. But all discounts will reduce the cost of coverage.

A few of the larger companies and the discounts they provide include:

  • State Farm policyholders can earn discounts including good driver, driver’s education, Steer Clear safe driver discount, multiple autos, and Drive Safe & Save.
  • Farmers Insurance offers premium reductions for early shopping, electronic funds transfer, distant student, business and professional, and good student.
  • GEICO discounts include anti-lock brakes, five-year accident-free, anti-theft, federal employee, and driver training.
  • American Family offers discounts for air bags, good student, accident-free, bundled insurance, and early bird.
  • Nationwide offers discounts including multi-policy, anti-theft, defensive driving, family plan, and business or organization.
  • Progressive may offer discounts for multi-policy, multi-vehicle, continuous coverage, online signing, and online quote discount.

Double check with all the companies which discounts can lower your rates. Discounts may not apply to policies in your area. If you would like to choose from a list of car insurance companies with discount rates, click here to view.

Tailor your insurance coverage coverage to you

When it comes to buying proper insurance coverage, there is no “perfect” insurance plan. Every situation is different so this has to be addressed. Here are some questions about coverages that may help highlight whether your personal situation will benefit from professional help.

  • Can my teen drive my company car?
  • Is my babysitter covered when using my vehicle?
  • Can I still get insurance after a DUI?
  • Am I covered if I crash into my own garage door?
  • Is my BMW M3 covered if I use it for business?
  • Why am I required to buy liability insurance?
  • Does coverage extend to my business vehicle?
  • Am I getting all the discounts available?

If you don’t know the answers to these questions but a few of them apply, you might consider talking to an agent. To find an agent in your area, simply complete this short form or click here for a list of insurance coverage companies in your area. It only takes a few minutes and can provide invaluable advice.

What car insurance coverages do you need?

Understanding the coverages of a car insurance policy aids in choosing the right coverages and proper limits and deductibles. The terms used in a policy can be ambiguous and reading a policy is terribly boring. These are the usual coverages offered by car insurance companies.

Uninsured or underinsured coverage – This coverage gives you protection from other motorists when they either have no liability insurance or not enough. Covered claims include injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.

Due to the fact that many drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Usually these limits are similar to your liability insurance amounts.

Collision coverages – Collision insurance pays to fix your vehicle from damage resulting from colliding with another vehicle or an object, but not an animal. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers claims like crashing into a building, damaging your car on a curb and sideswiping another vehicle. Collision coverage makes up a good portion of your premium, so you might think about dropping it from vehicles that are older. It’s also possible to bump up the deductible to bring the cost down.

Liability auto insurance – This coverage protects you from damages or injuries you inflict on other’s property or people by causing an accident. This coverage protects you from claims by other people. Liability doesn’t cover damage sustained by your vehicle in an accident.

Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show values of 50/100/50 that means you have a $50,000 limit per person for injuries, $100,000 for the entire accident, and $50,000 of coverage for damaged propery. Some companies may use a combined single limit or CSL which limits claims to one amount without having the split limit caps.

Liability insurance covers things like attorney fees, court costs and medical services. How much liability should you purchase? That is a personal decision, but buy as large an amount as possible.

Medical expense coverage – Coverage for medical payments and/or PIP kick in for immediate expenses for rehabilitation expenses, surgery, prosthetic devices, EMT expenses and doctor visits. They are often utilized in addition to your health insurance policy or if you lack health insurance entirely. They cover all vehicle occupants as well as getting struck while a pedestrian. PIP coverage is only offered in select states but can be used in place of medical payments coverage

Comprehensive protection – Comprehensive insurance coverage pays for damage that is not covered by collision coverage. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive can pay for things such as theft, damage from getting keyed and hitting a bird. The highest amount you’ll receive from a claim is the cash value of the vehicle, so if the vehicle is not worth much consider removing comprehensive coverage.

Take this to the bank

When shopping online for auto insurance, it’s very important that you do not sacrifice coverage to reduce premiums. In many instances, an accident victim reduced liability limits or collision coverage only to discover later they didn’t purchase enough coverage. Your aim should be to buy a smart amount of coverage for the lowest cost, but don’t skip important coverages to save money.

In this article, we presented many ways to get a better price on 1998 BMW M3 insurance. The key thing to remember is the more providers you compare, the more likely it is that you will get a better rate. Drivers may discover the best premium rates are with a small local company. These companies can often insure niche markets at a lower cost as compared to the big name companies such as Allstate and Progressive.

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