Lower Your 2002 BMW M3 Car Insurance Cost

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Jeffrey Johnson graduated summa cum laude from the University of Baltimore School of Law and has worked in legal offices and nonprofits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman University and worked in film, education, and publishing. His professional writing has appeared on sites like The Manifest and Vice, and he is the author of a novel ...

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Written by Jeffrey Johnson
Insurance Lawyer Jeffrey Johnson

UPDATED: Apr 27, 2020

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Consumers have lots of choices when looking for the lowest priced BMW M3 insurance. They can either waste time driving around to get rate comparisons or save time using the internet to make rate comparisons. There is a right way and a wrong way to shop for insurance so you’re going to learn the absolute fastest way to quote coverages for a new or used BMW and locate the best price possible.

You should make it a habit to get comparison quotes on a regular basis because rates are adjusted regularly by insurance companies. Just because you found the best price on M3 insurance a couple years back the chances are good that you can find a lower rate today. You can find a lot of wrong information about insurance online but with this article, you’re going to get some good information on how to find cheap insurance.

BMW M3 rates are in the details

An important part of buying insurance is that you know some of the elements that play a part in calculating the rates you pay for insurance. Having a good understanding of what influences your rates helps enable you to make changes that could result in much lower annual insurance costs.

Shown below are some of the factors that factor into premiums.

  • Do you know you’re credit rating? – Having a bad credit score is a important factor in determining what you pay for insurance. If your credit score is lower than you’d like, you could be paying less to insure your 2002 BMW M3 by spending a little time repairing your credit. Drivers who have high credit scores tend to be better drivers and file fewer claims as compared to drivers with poor credit.
  • Multiple policies with one company can save – Most insurance companies give discounts to people who buy several policies from them such as combining an auto and homeowners policy. Discounts can add up to ten or even up to twenty percent in some cases. If you currently are using one company, you may still want to compare rates to confirm you are receiving the best rates possible. You may still be able to find better rates by buying insurance from a different company.
  • Women pay lower rates – Statistics demonstrate that men are more aggressive behind the wheel. Now that doesn’t mean women are better drivers. Women and men tend to get into accidents at about the same rate, but the men tend to have more serious accidents. Men also statistically get more serious tickets like DUI and reckless driving.
  • Your occupation can affect rates – Did you know your job can affect your rates? Occupations such as real estate brokers, executives and dentists tend to have the highest average rates in part from job stress and lengthy work days. Other jobs such as scientists, historians and homemakers receive lower rates on M3 insurance.

Quick Insurance Coverage Quotes

There are several ways to compare BMW M3 insurance coverage prices and some are less time-consuming than others. You could waste a few hours discussing policy coverages with local insurance agents in your area, or you can utilize the web to get rate comparisons in just a few minutes.

Many insurance companies take part in a program where insurance shoppers complete one form, and each company can provide price quotes based on the submitted data. This eliminates the need for quote requests for each company. To find out what other companies charge for 2002 BMW M3 insurance click here to start a free quote.

The one downside to getting quotes like this is that you can’t choose the companies you want to price. If you wish to select specific insurance companies to request quotes from, we have assembled a list of the cheapest insurance coverage companies in your area. Click here to view list.

It’s up to you which method you use, but ensure you’re using exactly the same coverage limits for each price quote. If your comparisons have mixed coverages it’s not possible to determine the best price for your BMW M3.

Discounts can save BIG

Companies that sell car insurance do not advertise all their discounts in an easy-to-find place, so we break down some of the best known as well as the least known insurance coverage savings. If they aren’t giving you every credit you deserve, you are paying more than you should be.

  • Student in College – Children who live away from home and do not have a car may be able to be covered for less.
  • No Charge for an Accident – Certain companies allow you one accident before hitting you with a surcharge so long as you haven’t had any claims for a set time period.
  • Multiple Policy Discount – If you have multiple policies with the same insurance company you will save 10% to 20% off each policy.
  • Federal Government Employee – Being employed by or retired from a federal job can save as much as 8% on M3 insurance depending on your company.
  • Driver’s Ed – Make teen driver coverage more affordable by requiring them to successfully complete driver’s ed class in high school.

It’s important to understand that some credits don’t apply to all coverage premiums. Some only apply to the price of certain insurance coverages like liability, collision or medical payments. Just because it seems like adding up those discounts means a free policy, you won’t be that lucky.

For a list of providers who offer insurance coverage discounts, follow this link.

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Will just any policy work for me?

When it comes to buying the right insurance coverage for your vehicles, there is no perfect coverage plan. Every insured’s situation is different.

These are some specific questions can aid in determining if your insurance needs may require specific advice.

  • Do I get a pro-rated refund if I cancel my policy early?
  • Is my custom paint covered by insurance?
  • What are the best liability limits?
  • Which companies will insure high-risk drivers?
  • When should I not file a claim?
  • Are split liability limits better than a combined single limit?

If you don’t know the answers to these questions but you know they apply to you, you may need to chat with an insurance agent. If you want to speak to an agent in your area, simply complete this short form. It’s fast, doesn’t cost anything and can provide invaluable advice.

Coverages available on your policy

Learning about specific coverages of your policy aids in choosing the right coverages for your vehicles. Car insurance terms can be difficult to understand and even agents have difficulty translating policy wording.

Collision coverage protection

This coverage will pay to fix damage to your M3 resulting from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible then your collision coverage will kick in.

Collision coverage pays for things such as sideswiping another vehicle, colliding with another moving vehicle, hitting a mailbox and backing into a parked car. This coverage can be expensive, so you might think about dropping it from vehicles that are older. Another option is to bump up the deductible to get cheaper collision coverage.

Liability coverages

This provides protection from damage that occurs to other’s property or people. It protects YOU against claims from other people. It does not cover damage sustained by your vehicle in an accident.

Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see liability limits of 25/50/25 which means $25,000 bodily injury coverage, a limit of $50,000 in injury protection per accident, and a total limit of $25,000 for damage to vehicles and property.

Liability coverage protects against things like emergency aid, repair costs for stationary objects, loss of income, legal defense fees and funeral expenses. How much liability coverage do you need? That is up to you, but consider buying as much as you can afford.

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage pay for expenses such as nursing services, EMT expenses, prosthetic devices, ambulance fees and hospital visits. They are used to cover expenses not covered by your health insurance program or if you lack health insurance entirely. It covers all vehicle occupants in addition to being hit by a car walking across the street. Personal Injury Protection is not an option in every state but it provides additional coverages not offered by medical payments coverage

Uninsured/Underinsured Motorist (UM/UIM)

Uninsured or Underinsured Motorist coverage protects you and your vehicle when other motorists are uninsured or don’t have enough coverage. Covered losses include injuries to you and your family and damage to your BMW M3.

Because many people have only the minimum liability required by law, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea.

Comprehensive insurance

This coverage pays for damage that is not covered by collision coverage. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive insurance covers things like a tree branch falling on your vehicle, damage from flooding, hitting a bird, hail damage and theft. The maximum amount a car insurance company will pay at claim time is the actual cash value, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

Save for a rainy day

Insureds change insurance companies for a variety of reasons including unfair underwriting practices, denial of a claim, being labeled a high risk driver and even extreme rates for teen drivers. Regardless of your reason, switching companies is easier than you think.

We’ve covered some good ideas how to lower your 2002 BMW M3 insurance rates. The key thing to remember is the more rate comparisons you have, the higher the chance of saving money. Consumers could even find that the best prices are with some of the smallest insurance companies.

Affordable insurance is available online in addition to many insurance agents, so you should compare both in order to have the best chance of saving money. Some insurance providers do not provide online price quotes and these regional insurance providers work with independent agents.

Additional learning opportunities

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