Five Minutes to Cheaper BMW M3 Insurance
If buying car insurance was fun, we'd do it as a recreational sport. But the premiums we pay always seem to be too high and most of use would rather get a tooth pulled. Finding affordable insurance for your BMW M3 is probably the same story.
Step One: Insurance Quotes
Up until about ten years ago, the only way to shop for car insurance was in the office of a local insurance agent where you'd get a hard sell into a policy. Now you can compare rates and buy a policy online!
All the major car insurance companies sell insurance for a BMW M3 and you don't even have to visit each individual website!
Compare rates now by clicking the link below. In just a few minutes you'll have a good idea of what insurance will cost for your BMW M3.
Use the Same Coverages! It's really important that when doing multiple quotes for your M3 that you use identical coverages for liability, comprehensive and collision. If you use different values, it's impossible to determine which company has the lower rates.
Step Two: Tried and True Ways to Save on M3 Insurance
Once you have quotes in hand, you can then consider some of the other techniques for lowering your M3 insurance rates.
- Vehicles that are considered high performance will have a higher insurance price tag that your average family sedan. The BMW M3 is no exception.
- Reduce your rates by buying a car that is not a hot model for car thieves. Certain makes and models are more tempting than others, and high-frequency stolen vehicles get charged a higher rate.
- Repairing accident damage generally costs more for the M3 because the replacement parts cost more. You can expect your car insurance bill to reflect these higher costs for repair.
- With age comes cheaper rates! If you're a senior citizen, many car insurance companies will give you a discount. Also, if you belong to a professional organization, check to see if your company gives discounts to members.
- Even if you don't take advantage of the sporty nature of the M3, other people will and you'll pay more for insurance based on the higher rating class of the vehicle.
- If you have tended to file small claims with your car insurance company in the past, you're most likely going to pay higher premiums in the future. Consider paying minor claims out-of-pocket instead of blemishing your claim history.
- If you are a renter rather than a homeowner, you might pay a little more to insure your car. Owning a home takes financial repsonsibility and insurance companies reward those policy holders.
- Most BMW vehicles come with standard safety features such as air bags and passive restraints, and those will help keep your insurance costs down.
- Allowing your insurance to lapse for any length of time will increase the cost of a new policy. Always keep coverage in force.
- Speeding and other minor violations can impact your car insurance rates for up to three years. The increased cost can easily exceed the fine and court costs for the original ticket.
- If your teen driver has completed a driver's education class in school, check to see if your insurance company offers any discounts for this.
- If you have any teenage drivers in your household, expect to fork out quite a bit more for insurance. Rating them on a low profile vehicle with liability only coverage is the best way to save money.
- Each year make a habit of checking your credit score. If you find problems that may be dragging down your credit rating, address them immediately. This will result in significant savings on car insurance.
- If you're willing to shoulder more of the cost at claim time, consider raising your comprehensive and collision deductibles. This can easily cut 30% or more from your policy premium.
Step Three: Finalize your Car Insurance Policy
Knowing which company to insure your M3 with is more than just choosing the lowest rate. You also need to be ready to put a down payment on your policy and make sure you have all the proper coverages in place.
An important thing to keep in mind when buying a new policy is you want the effective date of the new policy to be the exact same as the date you are cancelling your old policy.
If the BMW M3 is a new purchase and you already have car insurance, then you will have some coverage that extends to the vehicle. But if you let your old policy lapse or have never had coverage, you don't have any protection once you buy the vehicle. When driving off the lot, you may have coverage that extends from your current policy. But it will only be equal to the most coverage you have on any vehicle. So if you only carry liability coverage, you won't be covered for full coverage until you specify it on your policy.
Be sure to replace any old proof-of-insurance cards in your car. You must always have the current card in your vehicle as required by state law. High risk drivers may be required to submit an SR-22 with their state DMV's. If you have been convicted of reckless driving, DUI or had an uninsured accident, you may qualify. Make sure your new policy reflects the need for the SR-22 filing.
More Resources for Insurance Buying
The Insurance Information Institute website has a great library of car insurance topics that cover claims, replacement parts, rental cars and more.
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