Cheapest 1998 BMW M3 Insurance Rates in 2023
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UPDATED: Nov 17, 2021
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Finding the cheapest insurance for a BMW M3 can turn out to be a painful process, but you can learn a few tricks and make it easy. There are more efficient ways to compare insurance coverage rates and we’ll show you the quickest way to price shop coverage for a new or used BMW and obtain the lowest price from both online companies and local agents.
You should make it a habit to check insurance coverage prices yearly since rates tend to go up over time. Even if you got the best deal for M3 coverage a few years ago you may be paying too much now. So forget anything you know (or think you know) about insurance coverage because you’re going to get a crash course in how to use the internet to lower your annual insurance bill.
If you have insurance now or need new coverage, you will benefit by learning to reduce the price you pay and still get good coverage. Shopping for affordable coverage can be fairly easy. Vehicle owners just need to learn how to compare rates online.
Elements that influence BMW M3 insurance rates
An important part of buying insurance is that you know the rating factors that play a part in calculating the rates you pay for auto insurance. Knowing what controls the rates you pay empowers consumers to make smart changes that can help you get lower auto insurance prices.
- Higher deductibles cost less – Deductibles for physical damage define the amount you are willing to pay out-of-pocket in the event of a claim. Physical damage insurance, termed comprehensive and collision coverage on your policy, is used to repair damage to your car. Some instances where coverage would apply would be running into the backend of another car, damage from fire, or theft. The more you are required to pay out-of-pocket, the less your company will charge you for insurance for M3 coverage.
- More miles equals more premium – The more miles you rack up on your BMW every year the higher your rates will be. Almost all companies price each vehicle’s coverage based on how the vehicle is used. Cars left parked in the garage qualify for better rates than those used for commuting. Improper usage on your M3 may be wasting your money. Make sure your auto insurance policy is showing how each vehicle is driven.
- Allowing your policy to lapse raises rates – Not having insurance can get your license suspended and as a result your rates will increase for letting your insurance lapse. And not only will your rates increase, getting caught without coverage can result in a revoked license or a big fine.Then you may be required to prove you have insurance by filing a SR-22 with your state department of motor vehicles.
- Consolidate policies to earn discounts – Many insurance companies will give a discount to customers who have multiple policies with them. It’s known as a multi-policy discount. Discounts can be 10 percent or more. If you currently are using one company, it’s still a good idea to compare rates to ensure the best deal.
- More people means more accidents – Choosing to live in a rural area can be a good thing when it comes to auto insurance. City drivers have to deal with much more traffic and longer commute times. Lower population means reduced accidents.
- Liability coverage protects you – The liability section of your policy is the coverage that protects you when you are found to be at fault for causing damage or personal injury in an accident. Liability provides legal defense coverage which can cost thousands of dollars. Liability insurance is quite affordable compared to insuring for physical damage coverage, so do not skimp.
- How your age affects price – Older drivers are viewed as being more responsible, statistically cause fewer accidents and tend to be better behind the wheel. Teenage drivers are known to be less responsible behind the wheel and because of this, their auto insurance rates are much higher.
Discounts are basically free money
Auto insurance companies do not list all their discounts in a way that’s easy to find, so we researched some of the more common and the more hidden ways to save on insurance. If you aren’t receiving every discount you qualify for, you’re paying more than you need to.
- No Claims – Drivers with accident-free driving histories can earn big discounts as compared to accident-prone drivers.
- Braking Control Discount – Vehicles with anti-lock braking systems are safer to drive and will save you 10% or more.
- Pay Upfront and Save – If you pay your entire premium ahead of time instead of making monthly payments you could save up to 5%.
- Senior Citizens – If you qualify as a senior citizen, you can possibly qualify for better insurance rates for M3 coverage.
- Theft Prevention System – Anti-theft and alarm systems prevent vehicle theft and will save you 10% or more.
- Homeowners Savings – Being a homeowner may trigger a insurance policy discount because of the fact that having a home is proof that your finances are in order.
- Safety Course Discount – Successfully completing a course teaching defensive driving skills could save 5% or more if your company offers it.
As a disclaimer on discounts, most discount credits are not given to the entire policy premium. A few only apply to specific coverage prices like collision or personal injury protection. So when the math indicates all the discounts add up to a free policy, it just doesn’t work that way.
Companies that possibly offer these discounts are:
- State Farm
- American Family
- Mercury Insurance
- Farmers Insurance
Double check with all companies you are considering how you can save money. Some discounts may not apply everywhere.
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Which insurance is the “right” coverage?
When choosing the best car insurance coverage, there is no one size fits all plan. Everyone’s situation is unique.
For instance, these questions could help you determine whether you may require specific advice.
- Do I benefit by insuring my home with the same company?
- Do I need higher collision deductibles?
- Am I covered if I wreck a rental car?
- Am I covered if my car is in a flood?
- Does my personal policy cover me when driving out-of-state?
- What are the financial responsibility laws in my state?
If you don’t know the answers to these questions, then you may want to think about talking to an insurance agent. To find an agent in your area, complete this form. It is quick, free and can help protect your family.
Car insurance coverages explained
Knowing the specifics of a car insurance policy aids in choosing the best coverages and the correct deductibles and limits. Car insurance terms can be difficult to understand and coverage can change by endorsement.
Uninsured/Underinsured Motorist (UM/UIM)
This coverage protects you and your vehicle when the “other guys” do not carry enough liability coverage. This coverage pays for medical payments for you and your occupants as well as damage to your BMW M3.
Due to the fact that many drivers have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is a good idea.
Med pay and Personal Injury Protection (PIP)
Personal Injury Protection (PIP) and medical payments coverage provide coverage for expenses such as X-ray expenses, hospital visits and funeral costs. They can be used to cover expenses not covered by your health insurance plan or if there is no health insurance coverage. It covers all vehicle occupants and will also cover being hit by a car walking across the street. PIP is not an option in every state and may carry a deductible
This will cover injuries or damage you cause to a person or their property. This coverage protects you against claims from other people, and does not provide coverage for damage to your own property or vehicle.
Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You might see liability limits of 25/50/25 which means a $25,000 limit per person for injuries, a total of $50,000 of bodily injury coverage per accident, and a total limit of $25,000 for damage to vehicles and property.
Liability can pay for claims such as pain and suffering, legal defense fees, emergency aid and repair bills for other people’s vehicles. How much liability should you purchase? That is a decision to put some thought into, but buy higher limits if possible.
Comprehensive insurance coverage covers damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage pays for things like falling objects, hitting a deer, hitting a bird, vandalism and damage from flooding. The highest amount a car insurance company will pay at claim time is the market value of your vehicle, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.
Collision coverage protection
This coverage will pay to fix damage to your M3 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 insurance covers claims such as crashing into a building, crashing into a ditch and colliding with a tree. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are older. You can also choose a higher deductible to save money on collision insurance.
More choices the merrier
In this article, we presented a lot of ways to shop for 1998 BMW M3 insurance online. The key concept to understand is the more you quote, the more likely it is that you will get a better rate. Consumers may even find the best prices are with the smaller companies.
Consumers who switch companies do it for a variety of reasons including extreme rates for teen drivers, policy non-renewal, questionable increases in premium and even high rates after DUI convictions. It doesn’t matter why you want to switch choosing a new insurance company can be easier than you think.
As you go through the steps to switch your coverage, it’s very important that you do not reduce needed coverages to save money. In too many instances, someone dropped liability limits or collision coverage only to regret that a couple dollars of savings turned into a financial nightmare. The proper strategy is to buy the best coverage you can find at the best price, not the least amount of coverage.
- Car Insurance: When not to Skimp (BankRate.com)
- Safety Features for Your New Car (State Farm)
- State Laws for Cellphones and Texting (iihs.org)
- Teen Driver Statistics (Insurance Information Insitute)
- Property Damage Coverage (Liberty Mutual)
- Vehicle Safety Ratings (iihs.org)
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