Cheap 2020 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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Advertiser Disclosure: We strive to help you make confident car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance provider and cannot guarantee quotes from any single provider.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

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Feel like you have an overpriced auto insurance policy? Trust us, many drivers feel the same as you. Insurance companies such as Allstate, Progressive and GEICO continually hit you with catchy ads and it is challenging if not impossible to not get sucked in by the cute commercials and effectively compare rates to find the best deal.

It’s a great practice to get comparison quotes quite often because insurance rates are constantly changing. Despite the fact that you may have had the best rate on M3 insurance a couple years back you may be paying too much now. Ignore everything you know about auto insurance because you’re going to get a crash course in the fastest way to reduce your cost while increasing coverage.

If you have insurance now or are looking for a new policy, you can follow these tips to find better prices and still get good coverage. Finding affordable coverage is not that difficult. Consumers just need to learn the most efficient way to buy car insurance over the internet.

How to find affordable auto insurance

Shopping for lower auto insurance rates can be a lot of work if you don’t understand the fastest way to get free quotes. You could spend your day talking to agents in your area, or you could use online quotes to maximize your effort.

Many companies belong to an insurance system where prospective buyers enter their policy data once, and each company can provide price quotes based on that information. This system prevents you from having to do repetitive form submissions for each company. To compare pricing enter your zip code here.

The one downside to using this type of system is that consumers can’t choose the providers you want to price. If you prefer to choose from a list of companies for rate comparison, we have a page of the cheapest auto insurance companies in your area. Click to enter zip code.

Whichever way you choose to compare rates, make absolute certain that you use the exact same coverages on every quote. If you use higher or lower deductibles it will be nearly impossible to find the best deal for your BMW M3.

Are you receiving every discount?

Not many people think insurance is cheap, but you might find some hidden discounts to help offset the cost. Certain discounts will be triggered automatically when you complete an application, but lesser-known reductions have to be asked about prior to receiving the credit. If you do not double check each discount you qualify for, you are throwing money away.

  • Paperwork-free – A handful of insurance coverage companies may give you up to $50 get insurance online.
  • Policy Bundle Discount – If you have multiple policies with the same company you could save as much as 10 to 15 percent.
  • Anti-lock Brakes – Cars with ABS and/or traction control have fewer accidents and qualify for as much as a 10% discount.
  • Discount for Low Mileage – Driving fewer miles could qualify for lower insurance coverage rates due to less chance of an accident.
  • Save over 55 – Drivers that qualify as senior citizens may receive a small discount on rates on M3 insurance.
  • Payment Discounts – If you pay your entire premium ahead of time rather than spreading payments over time you can avoid the installment charge.
  • Defensive Driving Course – Successfully completing a defensive driving course could save 5% or more and also improve your driving technique.

It’s important to understand that most of the big mark downs will not be given to the whole policy. Most only apply to specific coverage prices like comprehensive or collision. Despite the appearance that you can get free auto insurance, it doesn’t quite work that way.

The best insurance coverage companies and the discounts they provide include:

  • Farm Bureau offers premium reductions for good student, driver training, renewal discount, youthful driver, 55 and retired, and multi-policy.
  • Liberty Mutual includes discounts for newly married, preferred payment discount, multi-car, exclusive group savings, and new vehicle discount.
  • State Farm has savings for student away at school, Drive Safe & Save, multiple policy, good driver, Steer Clear safe driver discount, multiple autos, and anti-theft.
  • Auto-Owners Insurance may have discounts that include student away at school, anti-theft, group or association, anti-lock brakes, and good student.
  • GEICO has discounts for driver training, defensive driver, multi-vehicle, seat belt use, air bags, and good student.
  • SAFECO may include discounts for teen safe driver, homeowner, safe driver, drive less, anti-theft, and anti-lock brakes.

If you are trying to find the cheapest insurance quotes, ask every prospective company how many discounts you can get. A few discounts might not be offered in every state. To choose providers that offer discounts, enter your zip code here.

When in doubt talk to an agent

When buying adequate coverage for your personal vehicles, there isn’t really a perfect coverage plan. Every situation is different so this has to be addressed. For example, these questions can aid in determining if your insurance needs will benefit from professional help.

  • Am I covered if I hit my neighbor’s mailbox?
  • Can I afford to pay high deductible claims out of pocket?
  • Does my liability insurance cover pulling a trailer or camper?
  • Should I waive the damage coverage when renting a car?
  • Is other people’s property covered if stolen from my vehicle?
  • Do I need roadside assistance coverage?
  • What is an SR-22 filing?
  • Do I pay less if my vehicle is kept in my garage?

If it’s difficult to answer those questions but you think they might apply to your situation, you may need to chat with a licensed agent. To find lower rates from a local agent, take a second and enter your zip code. It is quick, free and can help protect your family.

Car insurance coverages 101

Understanding the coverages of your car insurance policy can be of help when determining the right coverages and proper limits and deductibles. Car insurance terms can be ambiguous and coverage can change by endorsement. Shown next are the normal coverages offered by car insurance companies.

Coverage for uninsured or underinsured drivers – This gives you protection from other drivers when they either are underinsured or have no liability coverage at all. Covered claims include injuries sustained by your vehicle’s occupants and also any damage incurred to your BMW M3.

Since many drivers only purchase the least amount of liability that is required, their limits can quickly be used up. So UM/UIM coverage is very important. Usually these coverages are similar to your liability insurance amounts.

Collision coverage – This coverage will pay to fix damage to your M3 resulting from a collision with a stationary object or other vehicle. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers things such as driving through your garage door, colliding with another moving vehicle, crashing into a ditch, scraping a guard rail and damaging your car on a curb. Collision coverage makes up a good portion of your premium, so you might think about dropping it from older vehicles. It’s also possible to choose a higher deductible to bring the cost down.

Auto liability insurance – Liability insurance will cover damage that occurs to people or other property by causing an accident. It protects you against claims from other people. Liability doesn’t cover damage sustained by your vehicle in an accident.

Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see values of 25/50/25 which stand for $25,000 in coverage for each person’s injuries, a limit of $50,000 in injury protection per accident, and a limit of $25,000 paid for damaged property. Some companies may use a combined limit which limits claims to one amount and claims can be made without the split limit restrictions.

Liability coverage protects against claims such as pain and suffering, legal defense fees, structural damage, repair costs for stationary objects and loss of income. The amount of liability coverage you purchase is your choice, but it’s cheap coverage so purchase as high a limit as you can afford.

Coverage for medical expenses – Medical payments and Personal Injury Protection insurance kick in for immediate expenses for things like doctor visits, prosthetic devices, surgery and nursing services. They can be used to fill the gap from your health insurance policy or if you are not covered by health insurance. Coverage applies to both the driver and occupants in addition to any family member struck as a pedestrian. PIP coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage

Comprehensive car insurance – This coverage pays for damage OTHER than collision with another vehicle or object. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive insurance covers things like damage from getting keyed, a tree branch falling on your vehicle and a broken windshield. The most your car insurance company will pay is the actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.

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