2008 BMW M3 Car Insurance Rates

Looking for lower auto insurance rates for your BMW M3? Did you fall for a flashy sales pitch and buy high-priced auto insurance? It’s quite common and you are not the only one feeling buyer’s remorse. Multiple insurance companies compete for your hard-earned dollar, and it can be difficult to compare rates and get the best coverage at the lowest cost out there.

Ways to get car insurance price quotes

Finding cheap car insurance prices doesn’t have to be difficult. Just spend a little time comparing rates from different insurance companies. You can get a good selection of rate quotes in just a few minutes using one of these methods.

The easiest and least time consuming way to find the lowest comparison rates would be an industry-wide quote request form click here to open form in new window. This easy form eliminates the need for boring form submissions for each company you want a rate for. In just a few minutes this one form will return quotes from multiple low-cost companies.

Another way to shop for car insurance online requires visiting the website of each company and complete a new quote form. For example, let’s say you want to see prices from Nationwide, Farmers and Allstate. You would have to spend time going to each site individually and repeatedly enter your information, which can take a lot of time. For a handy list of car insurance company links in your area, click here.

You can choose any of those ways to find more affodable coverage, but do your best to use apples-to-apples coverage information for every company. If you compare different deductibles it’s not possible to determine which rate is truly the best.

More discounts mean affordable premiums

Auto insurance is easily one of your largest bills, but you might find some hidden discounts that many consumers don’t even know exist. Some of these disounts will be visible when you get a quote, but a few must be asked for prior to getting the savings.

  • Discount for Good Grades – Maintaining excellent grades can earn a discount of 20% or more. Most companies allow this discount up until you turn 25.
  • Government Employees – Employees or retirees of the government could qualify for a slight premium decrease on M3 insurance but check with your company.
  • Discounts for Good Drivers – Accident-free drivers may save up to 50% more on M3 insurance compared to rates paid by drivers with frequent claims.
  • Club Memberships – Being in a civic or occupational organization is a good way to get lower rates when shopping for auto insurance.
  • Full Payment Discount – By making one initial payment instead of making monthly payments you can avoid the installment charge.
  • Theft Prevention System – Cars, trucks, and SUVs equipped with anti-theft or alarm systems have a lower chance of being stolen and therefore earn up to a 10% discount.
  • Waiver for an Accident – This isn’t a discount exactly, but a few companies such as Allstate and State Farm will forgive one accident before raising your premiums so long as you haven’t had any claims before the accident.
  • Telematics Devices – Policyholders that allow driving data collection to track where and when they drive by using a small device installed in their vehicle such as State Farm’s In-Drive could save a few bucks if they show good driving skills.
  • Early Signing – A few insurance companies offer discounts for buying a policy before your current coverage expires. The savings is around 10%.
  • Fewer Miles Equal More Savings – Driving less could earn slightly better auto insurancerates than normal.

Discounts lower rates, but some of the credits will not apply to the entire policy premium. Most only apply to the cost of specific coverages such as comprehensive or collision. So even though it sounds like all those discounts means the company will pay you, you won’t be that lucky. Any amount of discount should definitely cut your policy premium.

A list of companies and the discounts they provide are outlined below.

  • Progressive policyholders can earn discounts including good student, online signing, homeowner, multi-policy, online quote discount, continuous coverage, and multi-vehicle.
  • MetLife offers premium reductions for good driver, multi-policy, defensive driver, accident-free, and claim-free.
  • Mercury Insurance discounts include low natural disaster claims, good student, ease of repair, annual mileage, anti-theft, and multi-policy.
  • Nationwide may have discounts that include accident-free, good student, defensive driving, family plan, and anti-theft.
  • GEICO may offer discounts for good student, military active duty, anti-lock brakes, federal employee, emergency military deployment, and multi-vehicle.
  • AAA has discounts for education and occupation, good driver, multi-car, good student, and anti-theft.

If you want inexpensive insurance coverage quotes, ask each company or agent how you can save money. A few discounts may not be offered in every state. To choose auto insurance companies offering auto insurance discounts, click this link.

Smart consumers save more

When buying car insurance it’s important to understand some of the factors that help calculate the price you pay for car insurance. When you understand what positively or negatively impacts your premiums, this enables informed choices that may result in much lower annual insurance costs.

The items below are some of the major factors used by insurance companies to determine premiums.

  • Don’t buy extra coverages that aren’t used – Insurance policies have a lot of additional coverages that sound like a good idea at the time if you aren’t diligent. Things like roadside assistance, accident forgiveness, and additional equipment coverage are probably not needed. The coverages may be enticing when talking to your agent, but if you don’t need them eliminate them to save money.
  • Car insurance rates and your vocation – Did you know your career choice can influence rates? Jobs like military generals, social workers and dentists tend to pay higher rates than the rest of us because of high stress and incredibly demanding work hours. On the other hand, careers like actors, engineers and homemakers pay lower than average rates on M3 insurance.
  • Frequent claims will cost more – Auto insurance companies generally give cheaper rates to drivers who do not file claims often. If you are a frequent claim filer, you can look forward to increased rates or even have your policy non-renewed. Your insurance policy is intended to be relied upon for claims that pose a financial burden.
  • Liability coverage – Your policy’s liability coverage provides coverage if you are responsible for causing personal injury or damage in an accident. Your policy’s liability insurance provides you with a defense in court which can cost a lot. Liability is cheap compared to insuring for physical damage coverage, so insureds should have plenty of protection for their assets.

It’s not one size fits all

When it comes to choosing the right insurance coverage, there really is not a single plan that fits everyone. Each situation is unique so your insurance needs to address that. For instance, these questions can help discover if your insurance needs would benefit from professional advice.

  • At what point should I drop full coverage?
  • Am I covered if I wreck a rental car?
  • Why does it cost so much to insure a teen driver?
  • Is my 2008 BMW M3 covered for flood damage?
  • Why am I required to buy liability insurance?
  • What is the ISO rating for a 2008 BMW M3?

If you don’t know the answers to these questions but you know they apply to you then you might want to talk to an agent. If you don’t have a local agent, fill out this quick form or click here for a list of insurance companies in your area. It is quick, free and may give you better protection.

Brand name doesn’t guarantee savings

Consumers can’t ignore all the ads that claim the lowest premium rates by Allstate and Progressive. All the companies try to convey promises about how much you will save just by switching your car insurance policy to them.

How does every company save you money? It’s all in how they say it.

All companies are able to cherry pick for the type of driver that earns them a profit. A good example of this type of insured might be described as over the age of 40, has never had a policy lapse, and chooses high deductibles. A propective insured who meets those qualifications gets the lowest auto insurance rates and will most likely save money with a new company.

Consumers who do not match the requirements may receive more expensive rates and this results in the prospect going elsewhere. The trick is to say “customers who switch” but not “everyone who gets a quote” will save that much if they switch. That’s why insurance companies can make it sound like they have such great premium rates.

Different companies use different criteria so you really need to do a quote comparison often. It’s just too difficult to predict which company will have the best auto insurance rates at this point in time.

Insurance coverage specifics

Having a good grasp of your policy helps when choosing which coverages you need for your vehicles. The terms used in a policy can be confusing and reading a policy is terribly boring. These are typical coverages offered by insurance companies.

Comprehensive coverage

Comprehensive insurance pays for damage that is not covered by collision coverage. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive insurance covers things like hitting a deer, damage from getting keyed and hail damage. The maximum amount a insurance company will pay at claim time is the cash value of the vehicle, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Liability coverages

This coverage can cover damage or injury you incur to a person or their property that is your fault. It protects YOU against claims from other people. Liability doesn’t cover your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have liability limits of 25/50/25 that means you have a $25,000 limit per person for injuries, a total of $50,000 of bodily injury coverage per accident, and $25,000 of coverage for damaged propery. Occasionally you may see one limit called combined single limit (CSL) which limits claims to one amount and claims can be made without the split limit restrictions.

Liability coverage pays for things such as repair bills for other people’s vehicles, funeral expenses, repair costs for stationary objects and legal defense fees. How much coverage you buy is your choice, but consider buying as large an amount as possible.

Medical payments coverage and PIP

Med pay and PIP coverage pay for immediate expenses like rehabilitation expenses, nursing services and prosthetic devices. They are used in conjunction with a health insurance policy or if you lack health insurance entirely. It covers both the driver and occupants in addition to getting struck while a pedestrian. Personal Injury Protection is not an option in every state and may carry a deductible

Uninsured/Underinsured Motorist coverage

Your UM/UIM coverage gives you protection when the “other guys” either are underinsured or have no liability coverage at all. This coverage pays for injuries sustained by your vehicle’s occupants and damage to your BMW M3.

Because many people have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage should not be overlooked. Most of the time your uninsured/underinsured motorist coverages are similar to your liability insurance amounts.

Collision protection

This coverage pays to fix your vehicle from damage resulting from a collision with another car or object. You have to pay a deductible then your collision coverage will kick in.

Collision can pay for claims such as hitting a mailbox, crashing into a ditch and driving through your garage door. This coverage can be expensive, so consider dropping it from lower value vehicles. You can also choose a higher deductible to save money on collision insurance.

Buy Smart and Save

Cheap 2008 BMW M3 insurance can be found both online in addition to local insurance agencies, so you need to quote insurance coverage with both in order to have the best chance of saving money. There are still a few companies who may not provide internet price quotes and most of the time these regional insurance providers only sell through local independent agencies.

When shopping online for car insurance, it’s not a good idea to buy less coverage just to save a little money. Too many times, someone dropped physical damage coverage and learned later that saving that couple of dollars actually costed them tens of thousands. Your focus should be to purchase a proper amount of coverage at the best possible price, but do not skimp to save money.

Much more information about car insurance can be found on the following sites: