Save on 2017 BMW M3 Insurance Quotes in 2024

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: May 4, 2024

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Looking for better auto insurance rates for your BMW M3? Finding better insurance prices for a BMW M3 can be difficult, but you can use the following methods to save time.

There is a better way to compare auto insurance rates and we’ll show you the best way to get price quotes on a BMW and get the lowest possible price from local insurance agents and online providers.

Shopping for more affordable car insurance coverage is quite easy. If you are insured now or are looking for a new policy, you can follow these tips to reduce the price you pay while maximizing coverage. Vehicle owners just need to learn how to shop over the internet.

Save money with these car insurance discounts

Insurance can be prohibitively expensive, but you may find discounts to cut the cost considerably. Some discounts apply automatically when you get a quote, but some discounts are required to be specifically requested before you get the savings.

  • Federal Government Employee – Active or retired federal employment could cut as much as 10% off on M3 coverage depending on your company.
  • Passenger Safety Discount – Vehicles equipped with air bags can get savings of more than 20%.
  • Discounts for New Vehicles – Buying a new car instead of a used car can save you some money compared to insuring an older model.
  • Multiple Vehicles – Having multiple vehicles with one company can get a discount on all vehicles.
  • Student Discounts – A discount for being a good student may save you up to 25%. Most companies allow this discount up until you turn 25.
  • Telematics Discount – Drivers who elect to allow driving data submission to scrutinize vehicle usage by using a telematic data system such as Snapshot from Progressive or Drivewise from Allstate may get a rate reduction as long as they are good drivers.
  • College Student Discount – Children who are enrolled in higher education away from home and don’t have a car could qualify for this discount.
  • Multi-policy Discount – If you can combine your home and auto policy and place coverage with the same company you may earn at least 10 to 15 percent or more.
  • Service Members Pay Less – Having an actively deployed family member could be rewarded with lower car insurance rates.
  • Safety Course Discount – Passing a course teaching driver safety skills may get you a small discount if your company offers it.

A little disclaimer on discounts, some of the credits will not apply to your bottom line cost. Most cut individual premiums such as medical payments or collision. So despite the fact that it appears having all the discounts means you get insurance for free, it just doesn’t work that way.

The best car insurance companies and their offered discounts are detailed below.

  • State Farm may have discounts that include passive restraint, student away at school, multiple autos, multiple policy, good student, accident-free, and Steer Clear safe driver discount.
  • American Family offers premium reductions for bundled insurance, air bags, defensive driver, good student, multi-vehicle, and mySafetyValet.
  • AAA discounts include AAA membership discount, good driver, anti-theft, pay-in-full, education and occupation, multi-policy, and good student.
  • GEICO includes discounts for federal employee, daytime running lights, military active duty, membership and employees, and defensive driver.
  • Mercury Insurance offers discounts for anti-theft, low natural disaster claims, accident-free, age of vehicle, location of vehicle, and annual mileage.
  • Farmers Insurance offers discounts including mature driver, teen driver, distant student, bundle discounts, and good student.
  • Progressive may include discounts for good student, multi-vehicle, online signing, continuous coverage, and multi-policy.

If you are trying to find cheaper insurance coverage quotes, ask all the companies to apply every possible discount. Some credits might not apply in your area.

Compare quotes for car insurance

Finding cheap car insurance prices is actually quite simple. The only thing you need to do is spend a few minutes comparing rates from different insurance companies. Price comparisons can be done in several different ways.

  1. The fastest and easiest way to find the lowest comparison rates is a comparison rater form. This quick form eliminates the need for separate forms for each company. A single form will return quotes from car insurance companies with the best prices. This is by far the quickest method.
  2. A more difficult way to find lower rates is to take the time to go to each individual company website to complete their respective quote request forms. For example, we’ll pretend you want rates from Liberty Mutual, State Farm and Farmers. You would be required to spend time on each company’s site to enter the same coverage data repeatedly, which is why first method is recommended.

Whichever way you choose to compare rates, be sure you’re using identical coverage data on every quote you get. If you compare different data you will not be able to make a fair comparison for your BMW M3.

Insurance can get complicated

When it comes to choosing the best insurance coverage for your personal vehicles, there isn’t really a cookie cutter policy. Your needs are not the same as everyone else’s.

For example, these questions could help you determine if your situation might need professional guidance.

  • Am I covered when pulling a rental trailer?
  • Am I covered by my spouse’s policy after a separation?
  • Why is insurance for a teen driver so high?
  • Is my nanny covered when driving my vehicle?
  • I have good health insurance, so how much medical payments coverage do I need?
  • Does my personal policy cover me when driving out-of-state?
  • Do I need more liability coverage?

If you can’t answer these questions but you think they might apply to your situation, you might consider talking to a licensed insurance agent. To find lower rates from a local agent, complete your zip code. It is quick, free and you can get the answers you need.

Car insurance policy coverages for a BMW M3

Knowing the specifics of your car insurance policy aids in choosing the best coverages and the correct deductibles and limits. Policy terminology can be difficult to understand and even agents have difficulty translating policy wording.

Liability auto insurance

Liability coverage protects you from damage that occurs to other’s property or people that is your fault. It protects YOU from claims by other people. It does not cover your injuries or vehicle damage.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have limits of 100/300/100 that means you have $100,000 bodily injury coverage, a per accident bodily injury limit of $300,000, and property damage coverage for $100,000. Some companies may use a combined single limit or CSL that pays claims from the same limit rather than limiting it on a per person basis.

Liability can pay for claims such as legal defense fees, bail bonds, medical expenses and funeral expenses. How much liability coverage do you need? That is a decision to put some thought into, but you should buy higher limits if possible.

Medical payments and PIP coverage

Personal Injury Protection (PIP) and medical payments coverage reimburse you for short-term medical expenses such as pain medications, EMT expenses, doctor visits and funeral costs. They are often used to cover expenses not covered by your health insurance program or if you lack health insurance entirely. They cover not only the driver but also the vehicle occupants in addition to if you are hit as a while walking down the street. PIP is only offered in select states and may carry a deductible

UM/UIM (Uninsured/Underinsured Motorist) coverage

Your UM/UIM coverage protects you and your vehicle’s occupants from other motorists when they are uninsured or don’t have enough coverage. Covered losses include injuries to you and your family as well as your vehicle’s damage.

Since many drivers only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is important protection for you and your family. Usually these coverages are similar to your liability insurance amounts.

Comprehensive auto coverage

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

Comprehensive coverage protects against things like hitting a deer, damage from flooding, rock chips in glass, hitting a bird and falling objects. The maximum payout you’ll receive from a claim is the actual cash value, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Auto collision coverage

Collision insurance pays for damage to your M3 from colliding with an object or car. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision coverage protects against claims like colliding with another moving vehicle, sustaining damage from a pot hole and colliding with a tree. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are older. It’s also possible to raise the deductible to bring the cost down.

A fool and his money are soon parted

Consumers switch companies for a variety of reasons including delays in responding to claim requests, poor customer service, extreme rates for teen drivers and even denial of a claim. Regardless of your reason, finding a new company is not as hard as you think.

Cheaper 2017 BMW M3 insurance can be bought on the web and with local insurance agents, so you should be comparing quotes from both to have the best selection. Some companies do not provide online rate quotes and most of the time these regional carriers sell through independent agents.

As you shop your coverage around, do not skimp on critical coverages to save a buck or two. There are many occasions where consumers will sacrifice physical damage coverage and learned later that the small savings ended up costing them much more. The proper strategy is to buy the best coverage you can find at the best possible price and still be able to protect your assets.

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