2012 BMW M3 Insurance Rates

Average insurance rates for a 2012 BMW M3 are $1,436 a year for full coverage. Comprehensive costs around $296, collision costs $522, and liability costs around $460. Buying a liability-only policy costs as low as $510 a year, with high-risk insurance costing around $3,116. Teen drivers receive the highest rates at $5,414 a year or more.

Annual premium for full coverage: $1,436

Rate estimates for 2012 BMW M3 Insurance

Rate data is compiled from all 50 U.S. states and averaged for all 2012 BMW M3 models. Rates are based on a 40-year-old male driver, $500 comprehensive and collision deductibles, and a clean driving record. Remaining premium consists of UM/UIM coverage, Medical/PIP, and policy fees.

Price Range by Coverage and Risk

View Chart as Image

These differences show why everyone should compare prices for a specific zip code and risk profile, instead of making a decision based on price averages.

Use the form below to get rates for your location.

Trying to find better auto insurance rates? Buyers have lots of choices when searching for low-cost BMW M3 insurance. You can either spend your time struggling with agents getting price quotes or save time using the internet to get rate quotes. There are both good and bad ways to compare auto insurance rates so we’re going to tell you the best way to get price quotes for a BMW and locate the lowest possible price either online or from local insurance agents.

These factors can influence BMW M3 insurance rates

Smart consumers have a good feel for some of the elements that help determine the rates you pay for auto insurance. Having a good understanding of what controls the rates you pay empowers consumers to make smart changes that could result in better auto insurance rates.

The following are some of the factors used by your company to calculate premiums.

• Multi-policy discounts can save money – The majority of insurance companies provide better rates to customers who carry more than one policy such as combining an auto and homeowners policy. Discounts can amount to 10 percent or more. If you currently are using one company, you may still want to compare other company rates to confirm you are receiving the best rates possible. Consumers may find better rates by buying auto insurance from a different company.
• Having a spouse can save you money – Getting married helps lower the price when buying auto insurance. Having a spouse means you’re more responsible it has been statistically shown that married drivers get in fewer accidents.
• Never let your coverage lapse – Having an insurance coverage lapse will be a quick way to increase your auto insurance rates. And not only will your rates increase, failure to provide proof of insurance can result in a license revocation or jail time.
• Men fork out a little more – Statistics show women are more cautious behind the wheel. However, this does not mean women are better drivers. Men and women have accidents at about the same rate, but the males have costlier accidents. They also receive more costly citations such as reckless driving. Male drivers age 16 to 19 tend to get in the most accidents and are penalized with high auto insurance rates.
• Do you have a high stress job? – Did you know your auto insurance rates can be affected by your occupation? Occupations such as lawyers, business owners and accountants are shown to have higher rates than average due to stressful work requirements and lengthy work days. On the flip side, jobs such as actors, athletes and homemakers pay the least on M3 coverage.
• Better crash test results mean better rates – Vehicles with good safety scores can get you lower premiums. These vehicles reduce injuries and lower injury rates means less money paid by your insurance company and more competitive rates for policyholders. If your BMW M3 is rated at least an “acceptable” rating on the Insurance Institute for Highway Safety website it is probably cheaper to insure.
• Pleasure use or commuting – The higher the mileage driven in a year the more you’ll pay to insure your vehicle. Almost all companies apply a rate based on their usage. Autos that are left in the garage receive lower rates compared to those used for work or business. Verify your auto insurance declarations sheet is showing the correct usage for each vehicle, because improper ratings can cost you money. Incorrect usage on your M3 may be wasting your money.
• High deductibles save money – Coverage for physical damage, otherwise known as comp (or other than collision) and collision, is used to repair damage to your BMW. Examples of covered claims would be running into the backend of another car, collision with an animal, and rolling your vehicle. Physical damage deductibles are how much you are required to spend out-of-pocket if you file a covered claim. The higher the amount you’re willing to pay, the less your auto insurance will be on M3 coverage.

Pay less by taking advantage of discounts

Companies do not advertise all available discounts very clearly, so we researched both well-publicized as well as the least known ways to save on car insurance. If you’re not getting every credit possible, you are paying more than you should be.

• One Accident Forgiven – Certain companies permit an accident before your rates go up so long as you haven’t had any claims for a set time period.
• Homeowners Savings – Owning a home can help you save on car insurance due to the fact that maintaining a home is proof that your finances are in order.
• Bundle and Save – When you combine your home and auto insurance with the same company you may earn at least 10% off all policies.
• Lower Rates for Military – Having a family member in the military could be rewarded with lower premiums.
• Life Insurance Discount – Select insurance companies reward you with lower rates if you buy life insurance from them.
• Driver’s Ed – Make teen driver coverage more affordable by requiring them to enroll in driver’s education if offered at their school.

It’s important to understand that many deductions do not apply to the entire policy premium. Most only apply to specific coverage prices like collision or personal injury protection. So even though it sounds like you would end up receiving a 100% discount, companies don’t profit that way.

Car insurance companies that may have these discounts include:

• Progressive
• SAFECO
• American Family
• MetLife
• GEICO
• The Hartford

It’s a good idea to ask each insurance company which discounts you may be entitled to. Some discounts might not be offered everywhere.

How can Allstate and Progressive save drivers who switch?

Drivers get pounded daily by advertisements that promise big savings by companies like Allstate and Progressive. They all have a common claim that you’ll save big after switching to them.

How do they all say the same thing? This is how they do it.

All companies are able to cherry pick for the type of driver that earns them a profit. A good example of a profitable customer could be over the age of 50, has no prior claims, and drives less than 7,500 miles a year. A driver who meets those qualifications will get the preferred rates and is almost guaranteed to cut their rates substantially.

Potential customers who don’t meet the requirements must pay more money which usually ends up with the customer not buying. Company advertisements say “drivers who switch” not “everyone that quotes” save that much money. This is how companies can make the claims of big savings. This illustrates why drivers should get as many quotes as possible. You cannot predict which insurance company will provide you with the cheapest BMW M3 insurance rates.

Your coverage should be tailored to you

When choosing coverage, there really is no single plan that fits everyone. Every situation is different.

For instance, these questions may help you determine if your insurance needs might need an agent’s assistance.

• Should I get collision insurance on every vehicle?
• What are the financial responsibility laws in my state?
• Should I carry comprehensive and collision coverage?
• What companies insure drivers after a DUI or DWI?
• Am I covered if I hit my neighbor’s mailbox?
• What is the minimum liability in my state?
• Are my tools covered if they get stolen from my vehicle?
• Why am I required to buy liability insurance?

If you don’t know the answers to these questions but one or more may apply to you then you might want to talk to a licensed agent. To find an agent in your area, fill out this quick form. It is quick, free and can provide invaluable advice.

The coverage is in the details

Having a good grasp of a auto insurance policy can be of help when determining appropriate coverage for your vehicles. The terms used in a policy can be difficult to understand and even agents have difficulty translating policy wording.

Uninsured/Underinsured Motorist (UM/UIM) – This coverage protects you and your vehicle’s occupants when other motorists do not carry enough liability coverage. Covered losses include injuries to you and your family as well as damage to your 2012 BMW M3.

Since a lot of drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea.

Comprehensive insurance – Comprehensive insurance will pay to fix damage that is not covered by collision coverage. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for things such as damage from flooding, falling objects and hitting a deer. The most you’ll receive from a claim is the market value of your vehicle, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

Liability coverages – Liability insurance protects you from damage or injury you incur to other’s property or people in an accident. It protects YOU from legal claims by others, and does not provide coverage for your injuries or vehicle damage.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have limits of 25/50/25 which means a $25,000 limit per person for injuries, $50,000 for the entire accident, and property damage coverage for $25,000.

Liability can pay for claims like pain and suffering, court costs, loss of income and funeral expenses. How much liability coverage do you need? That is your choice, but it’s cheap coverage so purchase higher limits if possible.

Collision coverage – This coverage pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision coverage protects against things like crashing into a building, crashing into a ditch, hitting a mailbox and colliding with a tree. 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.

Med pay and Personal Injury Protection (PIP) – Coverage for medical payments and/or PIP pay for short-term medical expenses for rehabilitation expenses, pain medications and surgery. The coverages can be used to fill the gap from your health insurance plan or if there is no health insurance coverage. Coverage applies to you and your occupants and also covers getting struck while a pedestrian. Personal Injury Protection is not available in all states but can be used in place of medical payments coverage

The best insurance company isn’t always the cheapest

Drivers change insurance companies for many reasons like poor customer service, delays in paying claims, denial of a claim or questionable increases in premium. It doesn’t matter why you want to switch choosing a new company is easier than you think.

As you prepare to switch companies, you should never reduce coverage to reduce premium. There are a lot of situations where drivers have reduced uninsured motorist or liability limits only to regret that their decision to reduce coverage ended up costing them more. Your strategy should be to get the best coverage possible at a price you can afford while still protecting your assets.

Lower-priced 2012 BMW M3 insurance is possible on the web as well as from independent agents, so you should compare both in order to have the best price selection to choose from. Some insurance companies don’t offer the ability to get a quote online and usually these smaller companies provide coverage only through local independent agents.

For more information, link through to the articles below:

• Coverage Information (Progressive Insurance)
• Driving in Bad Weather (Insurance Information Insitute)
• Comprehensive Coverage (Liberty Mutual)
• Side Impact Crash Tests (iihs.org)
• Choosing an Insurance Company (Insurance Information Insitute)