How Much Does 2003 BMW M3 Insurance Cost?

Looking for the cheapest auto insurance rates for your BMW M3? Finding lower premiums on auto insurance can be nearly impossible for people who are new to shopping for insurance online. You have so many options available that it can turn into a real challenge to find lower rates.

The quickest method we recommend to compare car insurance rates is to know most of the bigger providers will pay a fee to compare rate quotes. To start a quote, the only thing you need to do is provide a little information such as driver details, if you have a valid license, types of safety features, and your general credit rating. That rating data is instantly provided to multiple top-rated companies and they respond with quotes instantly.

Don’t miss out on these money-saving discounts

Car insurance can cost a lot, but there are discounts available to cut the cost considerably. Larger premium reductions will be automatically applied when you get a quote, but a few need to be specially asked for before you get the savings.

  • Safe Driver Discount – Safe drivers can pay as much as 50% less on M3 insurance than drivers with accidents.
  • Senior Citizens – Mature drivers may receive a small decrease in premiums on M3 insurance.
  • Passive Restraints and Air Bags – Vehicles with factory air bags or automatic seat belts can get savings of up to 25% or more.
  • Accident Free – Drivers who don’t have accidents pay less when compared to accident-prone drivers.
  • College Student – Any of your kids living away from home attending college and do not have a car can be insured at a reduced rate.
  • Lower Rates for Military – Being deployed with a military unit could mean lower rates.
  • Low Mileage Discounts – Driving fewer miles can earn better rates on cars that stay parked.

It’s important to understand that most credits do not apply to the overall cost of the policy. Most only reduce the price of certain insurance coverages like liability, collision or medical payments. Just because it seems like you can get free auto insurance, companies don’t profit that way. Any qualifying discounts will bring down the cost of coverage.

For a list of companies who offer car insurance discounts, click here to view.

Do I need special coverages?

When choosing proper insurance 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 might help in determining if you might need an agent’s assistance.

  • Will filing a claim cost me more?
  • What is covered by UM/UIM coverage?
  • At what point should I drop full coverage?
  • What can I do if my company denied a claim?
  • Is my nanny covered when driving my vehicle?
  • When should my teen driver be added to my policy?

If you can’t answer these questions, then you may want to think about talking to an agent. If you don’t have a local agent, fill out this quick form.

Coverages available on your policy

Having a good grasp of your policy aids in choosing appropriate coverage for your vehicles. Insurance terms can be difficult to understand and reading a policy is terribly boring.

Auto collision coverage

This pays for damage to your M3 resulting from colliding with another car or object. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers things like hitting a parking meter, scraping a guard rail, backing into a parked car and crashing into a building. Collision is rather expensive coverage, so you might think about dropping it from vehicles that are 8 years or older. You can also choose a higher deductible to get cheaper collision coverage.

Liability auto insurance

This protects you from injuries or damage you cause to other’s property or people that is your fault. This coverage protects you against other people’s claims, and doesn’t cover damage sustained by your vehicle in an accident.

Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show liability limits of 25/50/25 that means you have $25,000 in coverage for each person’s injuries, $50,000 for the entire accident, and a total limit of $25,000 for damage to vehicles and property. Occasionally you may see one limit called combined single limit (CSL) which combines the three limits into one amount and claims can be made without the split limit restrictions.

Liability coverage protects against claims such as emergency aid, attorney fees and repair costs for stationary objects. How much liability should you purchase? That is up to you, but you should buy as high a limit as you can afford.

Comprehensive insurance

Comprehensive insurance coverage pays to fix your vehicle from damage that is not covered by collision coverage. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against claims such as hitting a deer, a tree branch falling on your vehicle, damage from a tornado or hurricane, falling objects and hail damage. The highest amount your insurance company will pay is the market value of your vehicle, so if the vehicle is not worth much it’s not worth carrying full coverage.

Coverage for uninsured or underinsured drivers

Uninsured or Underinsured Motorist coverage protects you and your vehicle when the “other guys” either have no liability insurance or not enough. Covered claims include medical payments for you and your occupants and also any damage incurred to your 2003 BMW M3.

Due to the fact that many drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. So UM/UIM coverage should not be overlooked. Usually your uninsured/underinsured motorist coverages do not exceed the liability coverage limits.

Coverage for medical expenses

Personal Injury Protection (PIP) and medical payments coverage kick in for bills for surgery, funeral costs, ambulance fees and pain medications. They are often used to fill the gap from your health insurance program or if there is no health insurance coverage. Coverage applies to all vehicle occupants and will also cover being hit by a car walking across the street. PIP coverage is only offered in select states and gives slightly broader coverage than med pay