How Much Does 1998 BMW M3 Car Insurance Cost?

Want cheaper insurance rates for your BMW M3? No one looks forward to buying insurance, in particular when they are paying too much. With consumers having so many options, it can be impossible to find the lowest price provider.

This article will tell you the best way to quote coverages and some money-saving tips. If you currently have car insurance, you stand a good chance to be able to reduce your rates substantially using these methods. Vehicle owners just need to learn the proper way to compare prices on the web.

How to Lower Your Auto Insurance Cost

There are a variety of methods to compare 1998 BMW M3 auto insurance prices but one way is less time-consuming than others. You can waste a few hours (or days) talking to agents in your area, or you could use online quoting to get rate comparisons in just a few minutes.

Most of the larger companies take part in a program that allows shoppers to complete one form, and each company provides a quote for coverage. This prevents consumers from doing quotation requests for every auto insurance company.

To participate in this free quote system, click to open in new window.

One minor caviat to pricing coverage this way is you cannot specify the companies you will receive quotes from. If you prefer to choose individual companies to compare, we put together a list of auto insurance companies in your area. View list of insurance companies.

It’s up to you which method you use, but make sure you use identical coverages on every quote. If each company quotes differing limits you can’t possibly decipher which rate is best.

Discounts to lower BMW M3 insurance rates

The price of auto insurance can be rather high, but companies offer discounts that you may not even be aware of. Some trigger automatically at the time of purchase, but less common discounts must be manually applied before they will apply. If you’re not getting every credit you qualify for, you’re just leaving money on the table.

  • Paperless Signup – A few companies give back up to $50 simply for signing on their website.
  • New Vehicle Savings – Insuring a new car can cost up to 25% less because new vehicles have to meet stringent safety requirements.
  • No Claims – Drivers with accident-free driving histories pay much less as compared to frequent claim filers.
  • Good Students Pay Less – Performing well in school can earn a discount of 20% or more. The discount lasts until age 25.
  • Life Insurance Discount – Select insurance companies reward you with a break if you buy a life insurance policy as well.
  • Accident Forgiveness – Certain companies will forgive one accident before your rates go up so long as you haven’t had any claims for a set time period.
  • Organization Discounts – Affiliation with a professional or civic organization could trigger savings when shopping for car insurance on M3 coverage.
  • Driver’s Ed – Make teen driver coverage more affordable by requiring them to take driver’s ed class if it’s offered in school.
  • Low Mileage – Low mileage vehicles could qualify for lower rates on the low mileage vehicles.
  • Government Employees – Employees or retirees of the government can save as much as 8% on M3 coverage with a few car insurance companies.

It’s important to understand that most credits do not apply to the entire policy premium. Most cut specific coverage prices like liability, collision or medical payments. So when it seems like it’s possible to get free car insurance, companies don’t profit that way. Any qualifying discounts will help reduce your overall premium however.

Companies that possibly offer these discounts include:

Double check with each company which discounts they offer. Discounts may not apply everywhere.

Tailor your coverage to you

When it comes to buying adequate coverage for your personal vehicles, there isn’t really a perfect coverage plan. Every insured’s situation is different so this has to be addressed. For example, these questions might help in determining whether or not you might need professional guidance.

  • Does my insurance cover my expensive audio equipment?
  • Does my policy cover my teen driver if they drive my company car?
  • What is no-fault insurance?
  • How can I get my company to pay me more for my totalled car?
  • Are rock chip repairs covered?
  • Can I afford low physical damage deductibles?
  • What discounts do I qualify for?

If it’s difficult to answer those questions but one or more may apply to you, then you may want to think about talking to a licensed insurance agent. To find lower rates from a local agent, fill out this quick form or you can go here for a list of companies in your area. It only takes a few minutes and can provide invaluable advice.

Insurance coverage options for a 1998 BMW M3

Learning about specific coverages of your policy aids in choosing which coverages you need and the correct deductibles and limits. The coverage terms in a policy can be ambiguous and reading a policy is terribly boring. These are the usual coverages available from insurance companies.

Uninsured Motorist or Underinsured Motorist insurance – Your UM/UIM coverage gives you protection from other motorists when they do not carry enough liability coverage. Covered claims include hospital bills for your injuries as well as damage to your BMW M3.

Because many people only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage should not be overlooked. Most of the time these coverages are set the same as your liablity limits.

Collision coverages – Collision coverage will pay to fix damage to your M3 resulting from colliding with another vehicle or an object, but not an animal. You first must pay a deductible and then insurance will cover the remainder.

Collision coverage pays for claims like backing into a parked car, colliding with a tree, sideswiping another vehicle, colliding with another moving vehicle and crashing into a ditch. Paying for collision coverage can be pricey, so you might think about dropping it from vehicles that are older. Another option is to choose a higher deductible to get cheaper collision coverage.

Insurance for medical payments – Medical payments and Personal Injury Protection insurance kick in for immediate expenses like funeral costs, surgery, doctor visits, nursing services and ambulance fees. They are used in conjunction with a health insurance policy or if you are not covered by health insurance. They cover you and your occupants and also covers any family member struck as a pedestrian. PIP coverage is not universally available but it provides additional coverages not offered by medical payments coverage

Comprehensive coverage (or Other than Collision) – This covers damage from a wide range of events other than collision. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive insurance covers things such as damage from a tornado or hurricane, a tree branch falling on your vehicle, fire damage, hail damage and vandalism. The maximum payout your insurance company will pay is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Liability coverage – Liability insurance will cover damages or injuries you inflict on other’s property or people that is your fault. This insurance protects YOU against other people’s claims. It does not cover damage to your own property or vehicle.

Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. As an example, you may have limits of 50/100/50 that means you have $50,000 bodily injury coverage, a total of $100,000 of bodily injury coverage per accident, and property damage coverage for $50,000. Another option is one number which is a combined single limit which limits claims to one amount and claims can be made without the split limit restrictions.

Liability can pay for things such as court costs, medical expenses and loss of income. How much coverage you buy is a decision to put some thought into, but it’s cheap coverage so purchase as much as you can afford.