How Much Does 2016 BMW M3 Car Insurance Cost in 2024?

Having to pay for pricey BMW M3 insurance can bleed your accounts and force you to make tough financial choices. Getting a rate comparison is a smart way to make sure you’re not throwing money away.

With vehicle owners having so many choices of insurance companies, it is hard for the average consumer to locate a lower cost insurance coverage provider.

Components of your BMW M3 insurance premiums

Many different elements are used when you get your auto insurance bill. Some of the criteria are obvious such as your driving history, but others are less apparent such as whether you are married or how financially stable you are. Smart consumers have a good feel for the different types of things that help determine the price you pay for insurance. When consumers understand what influences your rates, this empowers consumers to make smart changes that can earn you cheaper rates.

• Gender and insurance – Over the last 30 years, statistics show females are less aggressive when driving. However, this does not mean men are WORSE drivers than women. Males and females get in accidents at a similar rate, but men cause more damage and cost insurance companies more money. Not only are claims higher, but men get cited for more serious violations like DWI (DUI) or reckless driving. Young men ages 16 to 20 are the most expensive to insure and therefore pay the highest rates.
• Add-on coverages can add up – There are many extra bells and whistles that can add up when buying insurance. Coverage for things like personal injury protection, towing, and extra life insurance coverage may be costing you every month. These may sound like a good investment when discussing your needs, but if you don’t need them consider taking them off your policy.
• Do you work long hours in a tough vocation? – Careers like real estate brokers, air traffic controllers and miners are shown to have higher average rates attributed to intense work situations and lengthy work days. On the flip side, occupations such as professors, athletes and retirees have the lowest average rates on M3 insurance.
• Accidents are costly – Drivers who don’t get tickets receive lower rates as compared to careless drivers. Even a single ticket can bump up the cost twenty percent or more. Drivers who get careless violations such as DUI, reckless driving or excessive speeding may be required to file a SR-22 with their state DMV in order to keep their license.
• Don’t skimp on liability insurance – Your policy’s liability coverage is the protection when you are responsible for damages from an accident. Liability provides for a legal defense which can cost a lot. It is affordable coverage compared to other policy coverages, so drivers should make sure they buy enough to cover all assets.

Finding car insurance

Getting a cheaper price on 2016 BMW M3 insurance is an easy way to save money. You just have to take time to get quotes from some recommended companies. Insurance prices can be quoted by following the guidelines below.

• The best way to find the lowest comparison rates would be an industry-wide quote request form. This easy form eliminates the need for repetitive form submissions for each company. One form will get you price quotes from multiple companies.
• A different way to get quotes online consists of going to each company’s website to complete a price quote. For sake of this example, we’ll assume you want to compare rates from Nationwide, Esurance and State Farm. You would be required to spend time going to each site individually and repeatedly enter your information, and that explains why we recommend the first method.

Whichever method you choose, ensure you’re using equivalent coverage limits and deductibles for every quote you compare. If you use differing limits you will not be able to decipher which rate is best.

Do drivers who switch really save?

Consumers can’t escape the ads that promise big savings by companies like State Farm, GEICO and Progressive. They all seem to advertise claims that drivers will save a bundle if you get a free insurance coverage quote and switch your coverage to them.

How does each company charge less that you’re paying now? It’s all in the wording.

All companies offer their best rates for the type of insured that will be a good risk. For example, a preferred risk could be over age 30, has few claims, and the vehicle is rated for pleasure use. Anyone who meets those qualifications will get a cheap rate quote and therefore will save if they switch.

Potential customers who cannot meet this stringent profile will be charged higher premium rates and this results in the customer buying from someone else. If you pay close attention to the ads, they say “customers who switch” not “everyone who quotes” save the amount stated. That is how insurance companies can claim big savings.

Because of the profiling, you really need to get a wide range of price quotes. It’s just not possible to know which insurance companies will provide the lowest car insurance rates.

Insurance coverage discounts help cut rates

Car insurance companies don’t always advertise their entire list of discounts in a way that’s easy to find, so we researched a few of the more well known as well as some of the hidden credits available to bring down your rates.

• Save with More Vehicles Insured – Purchasing coverage when you have multiple cars or trucks with the same insurance coverage company can get a discount on all vehicles.
• New Vehicle Savings – Insuring a new car is cheaper because new model year vehicles keep occupants safer.
• Clubs and Organizations – Being a member of a professional or civic organization is a good way to get lower rates on your next renewal.
• Military Rewards – Having a deployed family member may lower your premium rates slightly.
• Drive Less and Save – Low mileage vehicles can earn slightly better premium rates than normal.
• Data Collection Discounts – Policyholders that allow companies to scrutinize when and where they use their vehicle through the use of a telematics system such as State Farm’s In-Drive could see a rate decrease as long as the data is positive.

Discounts lower rates, but some credits don’t apply to your bottom line cost. Most cut individual premiums such as liability and collision coverage. Even though it appears adding up those discounts means a free policy, it’s just not the way it works. But all discounts will positively reduce your policy premiums.

A few of the larger companies and some of the discounts are included below.

• GEICO has discounts for driver training, five-year accident-free, defensive driver, anti-theft, and emergency military deployment.
• Mercury Insurance may have discounts that include good student, good driver, annual mileage, low natural disaster claims, and anti-theft.
• Farmers Insurance has savings for youthful driver, electronic funds transfer, alternative fuel, business and professional, mature driver, good student, and teen driver.
• Auto-Owners Insurance offers discounts for student away at school, group or association, anti-theft, good student, and safe driver.
• Liberty Mutual discounts include hybrid vehicle, teen driver discount, exclusive group savings, newly married, new graduate, newly retired, and multi-policy.
• SAFECO offers premium reductions for anti-theft, teen safe driver, safe driver, drive less, homeowner, multi-car, and bundle discounts.
• Progressive may include discounts for good student, multi-vehicle, online quote discount, online signing, continuous coverage, homeowner, and multi-policy.
• USAA may offer discounts for loyalty savings, good student, military installation, defensive driver, vehicle storage, multi-policy, and safe driver.

If you need the cheapest insurance coverage quotes, ask all the companies which discounts can lower your rates. Some discounts listed above may not apply to policyholders in your state. To view insurance coverage companies who offer insurance coverage discounts, enter your zip code here.

Which is the best car insurance?

When it comes to buying coverage, there is no best way to insure your cars. Your needs are not the same as everyone else’s so your insurance should reflect that Here are some questions about coverages that can help discover whether your personal situation might need professional guidance.

• When would I need rental car insurance?
• Do I need Motor Club coverage?
• Will my rates increase for filing one claim?
• Do I have coverage when pulling a U-Haul trailer?
• Am I missing any policy discounts?
• Can I make deliveries for my home business?
• Do I need roadside assistance coverage?
• What can I do if my company denied a claim?
• Is a fancy paint job covered?
• Am I covered if I break a side mirror?

If you’re not sure about those questions but you think they might apply to your situation then you might want to talk to a licensed insurance agent. To find an agent in your area, take a second and enter your zip code. It’s fast, free and can help protect your family.

Car insurance coverage information

Knowing the specifics of a car insurance policy helps when choosing appropriate coverage for your vehicles. The coverage terms in a policy can be confusing and nobody wants to actually read their policy. Shown next are typical coverage types offered by car insurance companies.

Liability coverage

Liability insurance provides protection from damages or injuries you inflict on people or other property. This coverage protects you against other people’s claims. It does not cover damage sustained by your vehicle in an accident.

It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show liability limits of 25/50/25 which means a limit of $25,000 per injured person, a per accident bodily injury limit of $50,000, and $25,000 of coverage for damaged property. Some companies may use one number which is a combined single limit which combines the three limits into one amount with no separate limits for injury or property damage.

Liability can pay for claims like legal defense fees, emergency aid, pain and suffering and structural damage. How much liability should you purchase? That is a personal decision, but buy higher limits if possible.

Comprehensive (Other than Collision)

This coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive insurance covers things like rock chips in glass, a tree branch falling on your vehicle, fire damage, theft and hitting a deer. The most a car insurance company will pay at claim time is the ACV or actual cash value, so if the vehicle is not worth much consider dropping full coverage.

Medical expense insurance

Personal Injury Protection (PIP) and medical payments coverage provide coverage for short-term medical expenses like dental work, ambulance fees, surgery and prosthetic devices. The coverages can be used in conjunction with a health insurance plan or if you are not covered by health insurance. Coverage applies to both the driver and occupants and also covers getting struck while a pedestrian. PIP is not available in all states and gives slightly broader coverage than med pay

Protection from uninsured/underinsured drivers

This protects you and your vehicle from other drivers when they are uninsured or don’t have enough coverage. Covered losses include injuries to you and your family as well as your vehicle’s damage.

Since many drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is very important. Usually your uninsured/underinsured motorist coverages are set the same as your liability limits.

Collision insurance

Collision insurance will pay to fix damage to your M3 caused by collision with another vehicle or an object, but not an animal. You first must pay a deductible and then insurance will cover the remainder.

Collision coverage pays for things like crashing into a building, damaging your car on a curb, hitting a mailbox, hitting a parking meter and sideswiping another vehicle. This coverage can be expensive, so consider dropping it from vehicles that are 8 years or older. It’s also possible to choose a higher deductible in order to get cheaper collision rates.

Feed the piggy bank

When searching for cheaper insurance coverage quotes, make sure you don’t buy poor coverage just to save money. There are too many instances where someone sacrificed full coverage to discover at claim time that the small savings ended up costing them much more. Your strategy should be to buy the best coverage you can find at an affordable rate but still have enough coverage for asset protection.

In this article, we covered many ideas to reduce 2016 BMW M3 insurance prices online. The key concept to understand is the more quotes you get, the better likelihood of getting the cheapest insurance coverage. Drivers may discover the best prices are with some of the smallest insurance companies. These companies may often insure only within specific states and give getter rates than their larger competitors like Progressive and GEICO.