Cheaper 2016 BMW M3 Insurance Quotes

Did a good deal turn out to be an overpriced insurance policy? Trust us when we tell you there are many people just like you.

Online insurance companies like GEICO, Farmers Insurance and State Farm increase brand awareness with TV and radio ads and consumers find it hard to separate fact from fiction and find the best price available.

Auto insurance discounts are available to slash your rates

Auto insurance can be pricey, but you might find some hidden discounts that can dramatically reduce your bill. Many discounts should be triggered when you purchase, but some must be requested specifically before being credited. If you check and find you aren’t receiving every discount you deserve, you could be getting lower rates.

  • Discounts for Seat Belt Usage – Drivers who require all occupants to buckle their seat belts could cut 10% or more on medical payment and PIP coverage.
  • Homeowners Pay Less – Owning a home can earn you a little savings because owning a home is proof of financial responsibility.
  • Renewal Discounts – A few auto insurance companies offer discounts for renewing your policy prior to your current policy expiring. It’s a savings of about 10%.
  • Telematics Devices – Drivers who elect to allow companies to spy on where and when they drive by using a telematics device in their vehicle such as State Farm’s In-Drive might see lower rates as long as they are good drivers.
  • Distant Student – Older children who live away from home to go to college and won’t have access to an insured vehicle could qualify for this discount.
  • Drive Less and Save – Fewer annual miles on your BMW could earn lower auto insurancerates due to less chance of an accident.
  • Good Student Discount – Excelling in school can get you a discount of up to 25%. Most companies allow this discount well after school through age 25.
  • Policy Bundle Discount – If you insure your home and vehicles with the same company you could earn a discount of approximately 10% to 15%.

Don’t be shocked that most discount credits are not given to the overall cost of the policy. Some only reduce the price of certain insurance coverages like physical damage coverage or medical payments. So when it seems like all the discounts add up to a free policy, insurance companies wouldn’t stay in business.

To see a list of insurance companies with discount rates, click this link.

Components of your BMW M3 insurance costs

One of the most helpful ways to save on insurance is to to have a grasp of a few of the rating criteria that come into play when calculating your premiums. When you know what positively or negatively influences your rates, this enables you to make decisions that can earn you big savings.

  • Qualify for multi-policy discounts – The majority of companies give better rates to insureds who have multiple policies with them, otherwise known as a multi-policy discount. The amount of the discounts can be as much as ten percent or more Even with this discount, you may still want to get quotes from other companies to guarantee you are still saving the most.
  • Fewer miles means better premiums – Driving more miles every year the more it will cost to insure it. Most insurance companies apply a rate based upon how you use the vehicle. Vehicles used primarily for pleasure use qualify for better rates than cars that get driven a lot. Incorrect rating for your M3 may be costing you. Ask your agent if your insurance declarations sheet is showing the correct usage for each vehicle, because improper ratings can cost you money.
  • Avoid unnecessary extra coverages – There are quite a few add-on coverages that you can get tricked into buying on your M3 policy. Insurance for personal injury protection, accidental death, and Farm Bureau memberships are examples of these. These may sound like a good investment when buying your policy, but now you might not need them so consider taking them off your policy.
  • Safer occupants lowers prices – Vehicles with good safety scores can get you lower premiums. Highly rated vehicles have better occupant injury protection and reduced instances of injuries means your insurance company pays less and cheaper rates on your policy.

Everyone needs different auto insurance coverages

When buying proper insurance coverage for your personal vehicles, there isn’t really a “perfect” insurance plan. Everyone’s situation is a little different so your insurance should reflect that For example, these questions may help you determine if your situation could use an agent’s help.

  • Am I covered when using my vehicle for business?
  • Why do I need rental car insurance?
  • When should I buy a commercial auto policy?
  • How much liability do I need to cover my assets?
  • Is a fancy paint job covered?
  • I have health insurance so do I need medical payments coverage?
  • Which companies will insure high-risk drivers?
  • Will my rates increase for filing one claim?
  • When should I drop full coverage on my 2016 BMW M3?
  • Does coverage extend to a rental car in a foreign country?

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

Can switching companies really save?

Popular car insurance providers such as GEICO, State Farm and Progressive regularly use television and radio advertisements. All the ads state the claim that you can save if you just switch your policy. But how can every company say the same thing? You have to listen carefully.

Most companies have an ideal profile for the type of driver they prefer to insure. An example of a profitable risk profile may need to be over the age of 35, has a clean driving record, and has a high credit rating. Any customer that hits that “sweet spot” may get the lowest rates and is almost guaranteed to save when switching.

Insureds who are not a match for these criteria will have to pay higher premiums and ends up with the driver buying from a lower-cost company. If you listen to the ad wording, they say “drivers who switch” not “everybody who quotes” save that much when switching. That is how companies can truthfully advertise the savings.

Because each company has a different risk profile, drivers should quote coverage with many companies. It is impossible to predict which insurance companies will give you lower premium rates than your current company.

Auto insurance 101

Knowing the specifics of your insurance policy helps when choosing the right coverages at the best deductibles and correct limits. The coverage terms in a policy can be impossible to understand and reading a policy is terribly boring. Shown next are typical coverages available from insurance companies.

Insurance for medical payments

Coverage for medical payments and/or PIP pay for immediate expenses such as chiropractic care, rehabilitation expenses, ambulance fees, hospital visits and EMT expenses. They are used to cover expenses not covered by your health insurance plan or if you are not covered by health insurance. Coverage applies to not only the driver but also the vehicle occupants and will also cover any family member struck as a pedestrian. PIP coverage is not available in all states and may carry a deductible

Coverage for collisions

Collision insurance covers damage to your M3 resulting from colliding with an object or car. You will need to pay your deductible and then insurance will cover the remainder.

Collision coverage pays for claims like sideswiping another vehicle, damaging your car on a curb and crashing into a building. This coverage can be expensive, so consider removing coverage from lower value vehicles. It’s also possible to raise the deductible to get cheaper collision coverage.

Uninsured Motorist or Underinsured Motorist insurance

Uninsured or Underinsured Motorist coverage provides protection when other motorists do not carry enough liability coverage. Covered losses include injuries to you and your family and also any damage incurred to your BMW M3.

Since a lot of drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family. Normally these coverages are set the same as your liablity limits.

Auto liability

This coverage protects you from damage or injury you incur to a person or their property that is your fault. This insurance protects YOU from claims by other people. It does not cover your injuries or vehicle damage.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show limits of 100/300/100 which means $100,000 in coverage for each person’s injuries, a per accident bodily injury limit of $300,000, and a total limit of $100,000 for damage to vehicles and property. Alternatively, you may have one limit called combined single limit (CSL) which combines the three limits into one amount and claims can be made without the split limit restrictions.

Liability insurance covers claims like medical services, legal defense fees, court costs and repair bills for other people’s vehicles. How much liability coverage do you need? That is a decision to put some thought into, but it’s cheap coverage so purchase higher limits if possible.

Comprehensive coverage (or Other than Collision)

Comprehensive insurance coverage pays to fix your vehicle from damage from a wide range of events other than collision. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against claims like hitting a bird, vandalism and fire damage. The highest amount a insurance company will pay at claim time is the cash value of the vehicle, so if the vehicle’s value is low consider removing comprehensive coverage.

Find Good Coverage for Less

Cost effective 2016 BMW M3 insurance can be found from both online companies and also from your neighborhood agents, and you need to price shop both to have the best selection. There are still a few companies who don’t offer rates over the internet and most of the time these regional insurance providers work with local independent agencies.

As you go through the steps to switch your coverage, don’t be tempted to reduce coverage to reduce premium. Too many times, an insured dropped uninsured motorist or liability limits and learned later that the few dollars in savings costed them thousands. Your objective should be to buy the best coverage you can find at the best possible price and still be able to protect your assets.

In this article, we covered many tips how you can compare 2016 BMW M3 insurance rates online. The most important thing to understand is the more you quote insurance, the higher the chance of saving money. Drivers may discover the best price on insurance coverage is with the smaller companies. Regional companies can often provide lower car insurance rates in certain areas compared to the large companies like GEICO and State Farm.

For more information, link through to the articles below: