2003 BMW M3 Insurance Quotes – 8 Tips to Save

Have you had enough of trying to scrape together enough money to insure your BMW every month? You are no different than many other drivers.

Insurance companies such as Allstate and Progressive all promote huge savings with TV and radio ads and consumers find it hard to see past the geckos and flying pigs and find the best price available.

You should take the time to check car insurance prices at least once a year since insurance rates are usually higher with each renewal. Even if you got the best price for M3 coverage a couple years back you can probably find a better price now. Forget anything you know (or think you know) about car insurance because I’m going to let you in on the secrets to one of the quickest ways to find great coverage at a great price.

How to Get Cheap Insurance Coverage

There are several ways to compare rate quotes from different insurance companies. The fastest way to find the lowest 2003 BMW M3 rates consists of obtaining rate quotes online. It is quite easy and can be accomplished in just a few minutes using one of these methods.

  1. The single most time-saving way to find low rates is to use a rate comparison form (click to open form in new window). This method saves time by eliminating separate quotation requests for each company. One form submission will get you rate comparisons from many national carriers.
  2. A less efficient way to obtain and compare quotes online requires you to visit the website of each company and fill out their own quote form. For examples sake, let’s assume you want rates from Allstate, State Farm and Liberty Mutual. To find out each rate you need to go to every website and enter your policy data, which is why most consumers use the first method.

    For a list of links to companies insuring cars in your area, click here.

Which method you use is up to you, but be sure to compare exactly the same deductibles and coverage limits with every price quote. If the quotes have differing limits it’s impossible to decipher which rate is best. Quoting even small variations in coverage limits can mean a large discrepancy in price. And when quoting insurance coverage, remember that comparing a large number of companies helps locate the best price.

Discounts are basically free money

Companies offering auto insurance don’t always advertise every discount very clearly, so here is a list both the well known and also the lesser-known savings tricks you should be using.

  • Auto/Home Discount – When you have multiple policies with the same company you may earn up to 20% off your total premium.
  • Save with a New Car – Putting insurance coverage on a new car is cheaper compared to insuring an older model.
  • Sign Early and Save – A few companies offer discounts for switching to them prior to your current policy expiration. It can save you around 10%.
  • Distant Student – Kids in college who live away from home and do not have access to a covered vehicle can receive lower rates.
  • Homeowners Savings – Owning a house may earn you a small savings because of the fact that having a home demonstrates responsibility.
  • Use Seat Belts – Drivers who require all occupants to wear their seat belts could cut 10% or more on the medical payments or PIP coverage costs.
  • Discount for Good Grades – A discount for being a good student can be rewarded with saving of up to 25%. Earning this discount can benefit you up to age 25.
  • No Charge for an Accident – Certain companies will forgive one accident before raising your premiums as long as you don’t have any claims prior to the accident.

Drivers should understand that some of the credits will not apply the the whole policy. A few only apply to the cost of specific coverages such as physical damage coverage or medical payments. So when the math indicates adding up those discounts means a free policy, it just doesn’t work that way.

For a list of companies with the best car insurance discounts, click here.

Which insurance is the “right” coverage?

When it comes to buying the best insurance coverage coverage, there isn’t really a perfect coverage plan. Everyone’s needs are different and a cookie cutter policy won’t apply. Here are some questions about coverages that can help discover whether your personal situation might need professional guidance.

  • Do I have coverage when using my vehicle for my home business?
  • Can I still get insurance after a DUI?
  • What are the best liability limits?
  • Should I buy full coverage?
  • What is roadside assistance coverage?
  • Is borrowed equipment or tools covered if stolen or damaged?

If it’s difficult to answer those questions but you know they apply to you then you might want to talk to an insurance agent. If you don’t have a local agent, take a second and complete this form or go to this page to view a list of companies.

Insurance coverage breakdown

Having a good grasp of insurance can be of help when determining appropriate coverage at the best deductibles and correct limits. The terms used in a policy can be difficult to understand and nobody wants to actually read their policy. Listed below are typical coverage types found on the average insurance policy.

Coverage for collisions

This pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. A deductible applies then your collision coverage will kick in.

Collision coverage pays for claims like sustaining damage from a pot hole, colliding with a tree, damaging your car on a curb, hitting a parking meter and scraping a guard rail. Paying for collision coverage can be pricey, so consider dropping it from vehicles that are 8 years or older. Another option is to increase the deductible to bring the cost down.

Protection from uninsured/underinsured drivers

Your UM/UIM coverage gives you protection from other motorists when they do not carry enough liability coverage. It can pay for injuries sustained by your vehicle’s occupants as well as damage to your 2003 BMW M3.

Since a lot of drivers only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is a good idea.

Liability auto insurance

This coverage provides protection from damages or injuries you inflict on people or other property that is your fault. It protects you against other people’s claims. Liability doesn’t cover your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see values of 100/300/100 which stand for a limit of $100,000 per injured person, a limit of $300,000 in injury protection per accident, and $100,000 of coverage for damaged propery.

Liability coverage pays for things such as medical services, structural damage, funeral expenses and medical expenses. The amount of liability coverage you purchase is your choice, but consider buying as large an amount as possible.

Comprehensive (Other than Collision)

Comprehensive insurance covers damage from a wide range of events other than collision. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for things like vandalism, hail damage, hitting a bird and a tree branch falling on your vehicle. The most a insurance company will pay at claim time is the cash value of the vehicle, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

Medical expense insurance

Personal Injury Protection (PIP) and medical payments coverage provide coverage for immediate expenses for prosthetic devices, chiropractic care, pain medications and hospital visits. The coverages can be used to cover expenses not covered by your health insurance plan or if you lack health insurance entirely. Coverage applies to both the driver and occupants and also covers being hit by a car walking across the street. PIP is not universally available but can be used in place of medical payments coverage

In conclusion

As you shop your coverage around, it’s not a good idea to skimp on critical coverages to save a buck or two. There have been many situations where an insured cut full coverage only to regret that their decision to reduce coverage ended up costing them more. Your strategy should be to buy enough coverage for the lowest price, not the least amount of coverage.

Affordable 2003 BMW M3 insurance can be bought online and also from your neighborhood agents, so compare prices from both to have the best selection. Some companies may not provide online price quotes and most of the time these small, regional companies sell through independent agents.

More tips and info about auto insurance is located in the articles below: