How Much Does 2024 BMW M3 Insurance Cost?

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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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Trying to find low cost Driverscar insurance is always challenging for people not familiar with online rate comparisons. Because there are so many insurers to choose from, it can quickly become a real hassle to locate the lowest price.

It’s a great practice to shop coverage around before your policy renews due to the fact that insurance prices change quite often. If you had the best price on M3 insurance at your last renewal you can probably find a better rate quote now. Block out anything you think you know about car insurance because it’s time to teach you the easiest way to remove unneeded coverages and save money.

Locating cheaper insurance coverage is easy if you know what you’re doing. Essentially every driver who has to buy insurance stands a good chance to be able to save money. Nevertheless, car owners can benefit by having an understanding of how companies market on the web and apply this information to your search.

The method we recommend to compare rates utilizes the fact auto insurance companies actually pay money for the chance to provide you with free rate quotes. All you need to do is provide information such as if it has an alarm system, how many miles driven, how much school you completed, and which vehicles you own. That rating data gets sent immediately to insurance companies and they return cost estimate very quickly.

To get price quotes for your 2024 BMW M3 now, click here and complete the quick form.

Verify you’re applying every discount

Buying insurance coverage is not cheap, but you may qualify for discounts that many consumers don’t even know exist. Some trigger automatically at the time of purchase, but once in a while a discount must be inquired about before being credited.

  • Cautious Drivers – Safe drivers can pay as much as 50% less on M3 insurance than less cautious drivers.
  • Safety Course Discount – Completing a defensive driving course could earn you a small percentage discount and easily pay for the cost of the class.
  • Senior Citizen Discount – Older drivers may receive a discount up to 10% on M3 insurance.
  • Savings for New Vehicles – Buying a new car instead of a used car can be considerably cheaper because new model year vehicles keep occupants safer.
  • Driver’s Education for Students – Have your child successfully complete driver’s ed class in high school.
  • Theft Deterrent System – Vehicles equipped with anti-theft or alarm systems have a lower chance of being stolen and qualify for as much as a 10% discount.
  • Paperwork-free – A handful of insurance companies will provide an incentive for completing your application digitally online.
  • Pay Upfront and Save – If you pay your entire premium ahead of time instead of making monthly payments you could save 5% or more.
  • ABS Braking Discount – Cars with ABS and/or traction control prevent accidents and will save you 10% or more.
  • Active Service Discounts – Being on active deployment in the military could mean lower insurance coverage rates.

Please keep in mind that most discounts do not apply to the entire policy premium. Most only apply to specific coverage prices like liability, collision or medical payments. If you do the math and it seems like it’s possible to get free car insurance, companies don’t profit that way. Any qualifying discounts will bring down your policy premiums.

Some of the insurance companies who may offer many of the previously listed discounts include:

  • State Farm
  • Farmers Insurance
  • AAA
  • USAA

It’s a good idea to ask each insurance company to apply every possible discount. A few discounts may not apply to policies in your state.

When should I discuss my situation with an agent?

When choosing coverage, there isn’t really a best way to insure your cars. Everyone’s situation is a little different.

Here are some questions about coverages that may help you determine whether or not you could use an agent’s help.

  • Do I need medical payments coverage since I have good health insurance?
  • Who is covered by my policy?
  • How can I get my company to pay me more for my totalled car?
  • Do I need PIP (personal injury protection) coverage in my state?
  • Why am I be forced to buy a membership to get insurance from some companies?
  • When would I need additional glass coverage?

If it’s difficult to answer those questions, you might consider talking to a licensed agent. To find lower rates from a local agent, simply complete your zip code.

Auto insurance 101

Understanding the coverages of your policy helps when choosing the right coverages for your vehicles. The terms used in a policy can be ambiguous and coverage can change by endorsement.

Uninsured/Underinsured Motorist (UM/UIM)

This gives you protection when the “other guys” either are underinsured or have no liability coverage at all. Covered losses include hospital bills for your injuries as well as your vehicle’s damage.

Since many drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is very important. Most of the time these limits are set the same as your liability limits.

Comprehensive insurance

This pays to fix your vehicle from damage that is not covered by collision coverage. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers things like a tree branch falling on your vehicle, hitting a deer and a broken windshield. The maximum payout a auto insurance company will pay at claim time is the actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage reimburse you for short-term medical expenses for X-ray expenses, nursing services and ambulance fees. They can be used in conjunction with a health insurance plan or if you do not have health coverage. Coverage applies to not only the driver but also the vehicle occupants in addition to any family member struck as a pedestrian. PIP is not universally available but it provides additional coverages not offered by medical payments coverage

Liability insurance

This can cover damages or injuries you inflict on people or other property in an accident. It protects you against claims from other people. It does not cover your injuries or vehicle damage.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You commonly see liability limits of 100/300/100 that translate to a $100,000 limit per person for injuries, $300,000 for the entire accident, and $100,000 of coverage for damaged property. Alternatively, you may have one limit called combined single limit (CSL) which provides one coverage limit rather than limiting it on a per person basis.

Liability insurance covers things such as pain and suffering, medical services and court costs. How much coverage you buy is your choice, but consider buying as much as you can afford.

Collision protection

This coverage will pay to fix damage to your M3 from colliding with an object or car. You will need to pay your deductible and then insurance will cover the remainder.

Collision coverage protects against things such as backing into a parked car, colliding with another moving vehicle and rolling your car. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are older. You can also increase the deductible in order to get cheaper collision rates.

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