2006 BMW M3 Insurance Cost

Trying to find better insurance rates for your BMW M3? Scraping up a payment for high-priced BMW M3 insurance can draw down your personal savings and put a big crunch on your finances. You have so many car insurance companies to choose from, and although it’s nice to be able to choose, more options can take longer to compare rates.

Compare insurance coverage rates

The majority of larger companies allow consumers to get prices for coverage from their websites. Doing online quotes is pretty painless as you just enter your coverage information on the page. After you submit the form their rating system will order your credit score and driving record and generates a price based on these factors. This simplifies rate comparisons, but the time it takes to visit a lot of sites and type in your information is not the best way to spend an afternoon. But it’s very important to have as many quotes as possible if you want to find better prices.

Online rates the easy way

The easiest way to locate the lowest prices uses one simple form to get prices from several companies at one time. The form is fast, helps eliminate reptitive entry, and makes online quotes much more enjoyable. Immediately after you send the form, it gets priced and you can select any one of the quote results. If a lower price is quoted, you simply finish the application and buy the policy. The entire process takes just a few minutes to complete and you will know how your current rates stack up.

If you want to compare pricing, click here and submit your coverage information. If you have a policy now, it’s recommended you enter the coverage information as shown on your current policy. This guarantees you will get rate quotes based on identical coverages.

Do you qualify for discount insurance coverage?

Not too many consumers would say insurance coverage is affordable, but you might find some hidden discounts that may help make it more affordable. Some discounts apply automatically at the time of quoting, but some must be requested specifically before you will receive the discount.

  • Seat Belt Discounts – Forcing all vehicle occupants to use their safety belts can save 10% or more off the personal injury premium cost.
  • Passive Restraint Discount – Cars that have air bags or automatic seat belts may earn rate discounts of 20% or more.
  • New Vehicle Savings – Adding a new car to your policy can save you some money because new model year vehicles have to meet stringent safety requirements.
  • Multi-line Discount – If the company offers life insurance, you could get a small discount if you purchase some life insurance too.
  • Telematics Discount – Policyholders that allow driving data collection to look at driving manner by using a small device installed in their vehicle such as Snapshot from Progressive or Drivewise from Allstate could see a rate decrease as long as the data is positive.
  • Discounts for Responsible Drivers – Drivers without accidents can save as much as half off their rates for M3 insurance compared to rates paid by drivers with frequent claims.
  • Accident Free – Good drivers with no accidents are rewarded with significantly better rates on insurance quote compared to frequent claim filers.
  • Low Miles Discount – Driving fewer miles can qualify you for slightly better prices than normal.
  • Professional Memberships – Affiliation with a civic or occupational organization could trigger savings on your next insurance coverage statement.

One last thing about discounts, many deductions do not apply the the whole policy. Most only reduce specific coverage prices like comprehensive or collision. Just because you may think all those discounts means the company will pay you, insurance coverage companies aren’t that generous. But all discounts will bring down your policy cost.

A list of companies and their offered discounts are:

  • State Farm offers discounts including student away at school, multiple autos, good student, defensive driving training, and anti-theft.
  • American Family discounts include early bird, air bags, defensive driver, multi-vehicle, and good student.
  • GEICO includes discounts for membership and employees, air bags, five-year accident-free, military active duty, and multi-vehicle.
  • 21st Century may have discounts that include homeowners, student driver, teen driver, theft prevention, defensive driver, and anti-lock brakes.
  • Progressive offers discounts for continuous coverage, online signing, good student, online quote discount, homeowner, multi-policy, and multi-vehicle.

Before buying, ask each company to give you their best rates. Some credits might not apply in your area.

Six factors that impact insurance premiums

Lots of factors are part of the equation when you get a price on insurance. Some factors are common sense like your driving record, but other factors are more obscure like your continuous coverage or how financially stable you are.

The factors shown below are some of the items used by companies to determine prices.

  • Small coverages can add up – There are many optional add-on coverages that may not really be needed if you aren’t careful. Coverage for things like personal injury protection, towing, and extra life insurance coverage may be costing you every month. These coverages may sound good initially, but if you’ve never needed them in the past eliminate the coverages to reduce your premium.
  • Better rates on safer cars – Vehicles with high crash test scores tend to be cheaper to insure. Highly rated vehicles result in less severe injuries and fewer serious injuries translates into fewer and smaller insurance claims and cheaper rates on your policy. If your BMW M3 is rated at least four stars on Safercar.gov you may qualify for a discount.
  • Save mileage and save money – Driving more miles annually the higher your rate. A lot of companies charge to insure your cars based upon how you use the vehicle. Cars and trucks that have low annual miles can get a lower rate than those used for commuting. Incorrect rating for your M3 can cost quite a bit. Verify your vehicle rating is rated on how each vehicle is driven, because improper ratings can cost you money.
  • Alarms and GPS tracking lowers premiums – Purchasing a vehicle with advanced anti-theft systems can earn a premium discount. Theft deterrent systems like vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all help prevent your vehicle from being stolen.
  • Car plus home equals more savings – Most larger insurers will give lower prices to people who carry more than one policy. It’s known as a multi-policy discount. Even with this discount, drivers will still want to compare other company rates to help guarantee you have the best rates.
  • Responsible drivers pay less – Being a careful driver impacts your car insurance rates tremendously. Having just one driving citation may increase your cost by twenty percent. Drivers who don’t get tickets have lower premiums than their less careful counterparts. Drivers with serious citations such as hit and run, DWI or reckless driving convictions may find they need to file a proof of financial responsibility form (SR-22) to the state department of motor vehicles in order to continue driving.

What insurance coverages do I need?

When it comes to choosing proper insurance coverage for your vehicles, there isn’t really a best way to insure your cars. Every situation is different so your insurance needs to address that. These are some specific questions might point out whether you might need an agent’s assistance.

  • Is other people’s property covered if stolen from my vehicle?
  • Is my 2006 BMW M3 covered for smoke damage?
  • Am I covered when driving someone else’s vehicle?
  • At what point should I drop full coverage?
  • Is my custom paint covered by insurance?
  • When would I need rental car insurance?
  • What happens if I owe more than my 2006 BMW M3 is worth?
  • When can I cancel my policy?

If you can’t answer these questions then you might want to talk to 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. It only takes a few minutes and you can get the answers you need.

Auto insurance coverage breakdown

Having a good grasp of your policy can help you determine appropriate coverage at the best deductibles and correct limits. Auto insurance terms can be ambiguous and coverage can change by endorsement. Listed below are typical coverage types found on the average auto insurance policy.

Uninsured/Underinsured Motorist (UM/UIM)

This coverage provides protection when other motorists either have no liability insurance or not enough. Covered losses include injuries to you and your family as well as damage to your BMW M3.

Since many drivers have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked.

Auto liability insurance

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

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 commonly see values of 100/300/100 which means $100,000 in coverage for each person’s injuries, a total of $300,000 of bodily injury coverage per accident, and a total limit of $100,000 for damage to vehicles and property.

Liability coverage protects against things such as court costs, medical services, repair bills for other people’s vehicles and bail bonds. How much liability coverage do you need? That is up to you, but you should buy as high a limit as you can afford.

Collision insurance

This coverage covers damage to your M3 caused by collision with another car or object. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision coverage pays for claims like crashing into a ditch, scraping a guard rail and hitting a mailbox. Paying for collision coverage can be pricey, so consider removing coverage from lower value vehicles. Drivers also have the option to increase the deductible to get cheaper collision coverage.

Med pay and Personal Injury Protection (PIP)

Med pay and PIP coverage kick in for short-term medical expenses for dental work, doctor visits, EMT expenses, nursing services and prosthetic devices. The coverages can be used to cover expenses not covered by your health insurance plan or if there is no health insurance coverage. Coverage applies to not only the driver but also the vehicle occupants in addition to being hit by a car walking across the street. Personal injury protection coverage is not an option in every state and gives slightly broader coverage than med pay

Comprehensive insurance

This coverage pays to fix your vehicle from 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 insurance covers things such as a tree branch falling on your vehicle, damage from getting keyed, hail damage and hitting a bird. The maximum payout you can receive from a comprehensive claim is the ACV or actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.

Pennies from heaven

You just read many ways to save on 2006 BMW M3 insurance. The key concept to understand is the more companies you get prices for, the better your comparison will be. Consumers may even find the biggest savings come from some of the lesser-known companies. Smaller companies may only write in your state and offer lower prices as compared to the big name companies such as Progressive or GEICO.

While you’re price shopping online, don’t be tempted to sacrifice coverage to reduce premiums. There are many occasions where an accident victim reduced physical damage coverage and found out when filing a claim that the few dollars in savings costed them thousands. The aim is to purchase plenty of coverage for the lowest cost, not the least amount of coverage.

Much more information about insurance coverage is located at these links: