Cheapest 1999 BMW M3 Insurance Rates in 2023

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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: Jun 1, 2023

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Are you a victim of an underperforming, overpriced car insurance policy? Believe me, there are a lot of people just like you who feel imprisoned by their car insurance policy.

Having so many companies to choose from, it can be impossible to choose the best company.

This information will help educate you on the most effective way to quote insurance and some money-saving tips. If you have car insurance now, you should be able to cut costs considerably using these techniques. But drivers benefit from understanding how big insurance companies compete online and take advantage of how the system works.

Compare Insurance Costs

All the larger insurance companies such as State Farm and Allstate provide price estimates on their websites. Getting online quotes is quite easy as you just enter the coverage amounts you desire into the quote form. After you submit the form their rating system pulls information on your driving record and credit history and returns a price determined by many factors. Online quotes makes it a lot easier to compare rates but the work required to visit a lot of sites and complete many quote forms can get tiresome after awhile. But it is imperative to do this in order to find the best price on insurance.

The smarter way to get multiple rate quotes utilizes a single form to get prices from multiple companies. This type of form saves time, requires much less work on your part, and makes rate comparisons much more enjoyable and efficient. After sending the form, your coverage is rated and you can select any one of the quote results.

If one or more price quotes are lower than your current rates, it’s easy to complete the application and purchase the new policy. The whole process takes just a few minutes to complete and can result in significant savings.

In order to find out how much you can save on insurance, simply click here to open in new window and fill out the form. If you currently have coverage, we recommend you copy your coverages as close as possible to your current policy. This way, you will have a fair comparison using the same coverage and limits.

Policy discounts you shouldn’t miss

Properly insuring your vehicles can get expensive, buy you may qualify for discounts to cut the cost considerably. Most are applied at quote time, but less common discounts must be asked for before they will apply.

  • Theft Prevention Discount – Vehicles with anti-theft systems can help prevent theft and therefore earn up to a 10% discount.
  • Claim Free – Good drivers with no accidents can save substantially as compared to drivers who are more careless.
  • New Vehicle Savings – Insuring a new car can cost up to 25% less compared to insuring an older model.
  • Passive Restraints and Air Bags – Vehicles equipped with air bags can qualify for discounts of 20% or more.
  • Multi-car Discount – Insuring more than one vehicle on one policy may reduce the rate for each vehicle.
  • Life Insurance Discount – Select insurance companies reward you with better rates if you take out life insurance from them.
  • Safe Driver Discount – Drivers who don’t get into accidents may receive a discount up to 45% less on M3 insurance than drivers with accident claims.

It’s important to note that most discount credits are not given to all coverage premiums. The majority will only reduce the price of certain insurance coverages like comprehensive or collision. Just because it seems like you would end up receiving a 100% discount, it doesn’t quite work that way. But all discounts will bring down the amount you have to pay.

For a list of companies with discount auto insurance rates, follow this link.

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Insurance agents can help

When choosing coverage, there really is no “best” method to buy coverage. Everyone’s situation is a little different and a cookie cutter policy won’t apply. For instance, these questions can aid in determining if your situation will benefit from professional help.

  • Why am I required to buy liability insurance?
  • What discounts do I qualify for?
  • What can I do if my company won’t pay a claim?
  • Can I afford low physical damage deductibles?
  • Is my business laptop covered if it gets stolen from my vehicle?
  • Why is insurance for a teen driver so high?
  • What is the difference between comprehensive and collision coverage?
  • Do I need more liability coverage?
  • Am I better off with higher deductibles on my 1999 BMW M3?
  • Am I covered if I hit a deer?

If you don’t know the answers to these questions but a few of them apply then you might want to talk to a licensed insurance agent. If you don’t have a local agent, complete this form or you can go here for a list of companies in your area.

Why you might be paying too much to insure your BMW M3

Smart consumers have a good feel for the rating factors that go into determining the rates you pay for insurance coverage. Knowing what determines base rates helps enable you to make changes that may reward you with big savings.

Listed below are a few of the “ingredients” that factor into rates.

  • Multiple policies with one company can save – Some insurance companies provide better rates to customers who carry more than one policy, otherwise known as a multi-policy discount. Even though this discount sounds good, it’s in your best interest to shop around to make sure you are getting the best deal.
  • Don’t get talked into coverage you don’t need – There are a lot of extra coverages that you can buy when buying insurance coverage. Insurance for rental car reimbursement, towing coverage and term life insurance are examples of these. These coverages may sound good at first, but if they’re wasting money eliminate the coverages to reduce your premium.
  • High deductibles save money – Physical damage deductibles represent how much money you are required to spend before your insurance coverage pays a claim. Insurance for physical damage to your car, termed comprehensive and collision coverage on your policy, covers damage that occurs to your car. Examples of covered claims could be colliding with a building, damage caused by hail, and burglary. The more expense you’re willing to pay, the less your company will charge you for insurance on M3 insurance.
  • Protect your assets with liability insurance – Your policy’s liability coverage will protect you if ever you are found to be at fault for personal injury or accident damage. Liability provides for a legal defense starting from day one. This coverage is very inexpensive as compared to coverage for physical damage, so buy as much as you can afford.

Beware of misleading auto insurance ads

State Farm and Allstate regularly use ads on TV and radio. All the companies have a common claim about savings if you move your policy. How does each company say the same thing?

Insurance companies have a certain “appetite” for the type of driver that makes them money. An example of a desirable insured could possibly be between 30 and 50, a clean driving record, and drives newer vehicles. A customer that hits that “sweet spot” will get the preferred rates and as a result will probably save when switching.

Drivers who don’t meet these standards will have to pay higher rates which leads to the customer not buying. The ads say “customers that switch” not “everybody who quotes” save that kind of money. That’s the way insurance companies can confidently claim big savings.

Because of the profiling, you absolutely need to get a wide range of price quotes. You cannot predict the company that will give you the biggest savings on BMW M3 insurance.

Car insurance coverages 101

Having a good grasp of car insurance can be of help when determining the best coverages and the correct deductibles and limits. The coverage terms in a policy can be impossible to understand and coverage can change by endorsement. These are typical coverage types available from car insurance companies.

Comprehensive coverages

This covers 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, hitting a bird, vandalism, damage from flooding and a broken windshield. The most you can receive from a comprehensive claim 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.

Liability car insurance

Liability coverage can cover damage or injury you incur to other people or property by causing an accident. It protects you from legal claims by others, and doesn’t cover your own vehicle damage or injuries.

Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see policy limits of 25/50/25 which means $25,000 in coverage for each person’s injuries, a per accident bodily injury limit of $50,000, and a limit of $25,000 paid for damaged property. Alternatively, you may have a combined limit that pays claims from the same limit without having the split limit caps.

Liability coverage protects against claims like repair costs for stationary objects, legal defense fees and medical services. The amount of liability coverage you purchase is a personal decision, but buy as high a limit as you can afford.

Coverage for medical payments

Medical payments and Personal Injury Protection insurance kick in for expenses for things like ambulance fees, dental work, X-ray expenses, nursing services and EMT expenses. The coverages can be used to fill the gap from your health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover both the driver and occupants as well as any family member struck as a pedestrian. PIP coverage is not an option in every state but can be used in place of medical payments coverage

Uninsured and underinsured coverage

Your UM/UIM coverage protects you and your vehicle’s occupants when the “other guys” either are underinsured or have no liability coverage at all. It can pay for injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.

Due to the fact that many drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is a good idea. Most of the time the UM/UIM limits are identical to your policy’s liability coverage.

Coverage for collisions

This coverage pays for damage to your M3 resulting from colliding with another car or object. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision coverage protects against things like damaging your car on a curb, crashing into a building, rolling your car, colliding with a tree and scraping a guard rail. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Drivers also have the option to bump up the deductible in order to get cheaper collision rates.

One last thing about your coverage

We covered a lot of information how to shop for 1999 BMW M3 insurance online. The most important thing to understand is the more times you quote, the better your comparison will be. You may even discover the most savings is with a smaller regional carrier. Regional companies often have lower prices on specific markets compared to the large companies like State Farm or Progressive.

As you shop your coverage around, make sure you don’t skimp on critical coverages to save a buck or two. Too many times, an insured cut liability limits or collision coverage and discovered at claim time they didn’t have enough coverage. Your goal should be to buy a smart amount of coverage for the lowest price.

Additional information can be read at the links below

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Frequently Asked Questions

What factors determine the insurance rates for a 1999 BMW M3?

Several factors can influence the insurance rates for a 1999 BMW M3, including the driver’s age, location, driving record, credit history, coverage options, deductible amount, and the level of insurance required by the state. Additionally, the high value, performance, and repair costs associated with the BMW M3 may impact insurance premiums.

Are there any specific features of the 1999 BMW M3 that may impact insurance rates?

Yes, certain features of the 1999 BMW M3 can impact insurance rates. Factors such as the vehicle’s high-performance capabilities, repair costs, and the cost of specialized parts can result in higher insurance premiums.

How can I find the cheapest insurance rates for my 1999 BMW M3?

To find the cheapest insurance rates for your 1999 BMW M3, it’s recommended to shop around and compare quotes from multiple insurance providers. Given the unique characteristics of a high-performance car like the BMW M3, it’s essential to consider specialty insurers that understand and cater to the needs of such vehicles. Compare quotes, coverage options, and discounts offered by different insurers to find the most affordable option for your specific needs.

What are some tips for reducing insurance costs for a 1999 BMW M3?

While insurance costs for a BMW M3 are generally higher due to the vehicle’s value and performance, here are a few tips that may help reduce insurance costs:

  • Maintain a clean driving record with no accidents or traffic violations.
  • Opt for a higher deductible, which can lower your premium but also means you will pay more out of pocket in the event of a claim.
  • Inquire about any available discounts, such as safe driver discounts or discounts for having anti-theft devices installed in your vehicle.
  • Consider bundling your BMW M3 insurance with other policies, such as home or umbrella insurance, to potentially qualify for multi-policy discounts.
  • Shop around and compare quotes from specialty insurers that understand the unique needs of high-performance vehicles.

Are there any specific insurance companies that offer particularly low rates for a 1999 BMW M3?

Insurance rates for a 1999 BMW M3 can vary significantly between companies. While some insurance providers may specialize in high-performance vehicles and offer competitive rates, it’s essential to obtain quotes from multiple insurers to find the best option for your specific circumstances.

Can I qualify for classic car insurance for my 1999 BMW M3?

Classic car insurance is typically designed for vehicles that are considered collectible or antique, usually older than 20-25 years. As a 1999 BMW M3 does not typically meet the criteria for classic car insurance, it may not be eligible for such coverage. However, it’s advisable to check with insurance providers specializing in classic car insurance to confirm their eligibility criteria.

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