BMW BMW 3-Series Insurance Rates
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UPDATED: Jan 13, 2020
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Locating cheaper insurance for a BMW 3 Series could be a painful process, but you can learn a few tricks to find lower rates. There are both good and bad ways to compare insurance coverage rates so you’re going to learn the quickest way to quote coverages for a new or used BMW and get the cheapest rates either online or from local insurance agents.
It’s smart to take a look at other company’s rates occasionally because rates go up and down regularly. Despite the fact that you may have had the best rates for 3 Series insurance two years ago the chances are good that you can find a lower rate today. So just forget all the misinformation about insurance coverage because it’s time to teach you one of the quickest ways to find lower rates on insurance coverage.
Comparison of Insurance Coverage
Effectively comparing insurance coverage prices can be challenging if you aren’t aware of the fastest way to get free quotes. You could spend the better part of a day talking about coverages with insurance agencies in your area, or you can utilize the internet for quick rates.
Most major companies participate in an industry program where insurance shoppers complete one form, and each company then returns a price quote based on that data. This prevents consumers from doing form submissions for every insurance coverage company.
To find out what other companies charge for 1993 BMW 3 Series insurance click here to start a free quote.
The one disadvantage to using this type of system is you don’t know exactly the providers you want to price. If you would rather choose from a list of companies to compare rates, we put together a list of the cheapest insurance coverage companies in your area. Click here for list of insurance companies.
It’s up to you how you get prices quotes, just be sure to compare the exact same deductibles and coverage limits for each comparison quote. If you are comparing higher or lower deductibles you will not be able to determine the lowest rate for your BMW 3 Series.
How much can you save with discounts?
Companies that sell car insurance do not advertise every discount in a way that’s easy to find, so we took the time to find both well-publicized and the harder-to-find discounts you could be receiving. If you aren’t receiving every discount possible, you are paying more than you should be.
- Claim Free – Drivers who don’t have accidents can earn big discounts when compared with accident-prone drivers.
- Pay Upfront and Save – If paying your policy premium upfront instead of paying each month you could save 5% or more.
- Organization Discounts – Being a member of certain professional organizations may earn a discount when buying insurance coverage for 3 Series insurance.
- Sign Early and Save – A few companies offer discounts for buying a policy before your current policy expires. It can save you around 10%.
- Safe Driver Discount – Drivers who don’t get into accidents may receive a discount up to 45% less for 3 Series insurance than drivers with accident claims.
- New Vehicle Savings – Putting insurance coverage on a new car can be considerably cheaper since new cars are generally safer.
- Life Insurance – Some companies give a discount if you purchase auto and life insurance together.
- Braking Control Discount – Anti-lock brake equipped vehicles can avoid accidents and therefore earn up to a 10% discount.
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It’s important to understand that most credits do not apply to the entire policy premium. A few only apply to the cost of specific coverages such as liability, collision or medical payments. Just because it seems like adding up those discounts means a free policy, companies don’t profit that way.
Companies who might offer these money-saving discounts are:
Double check with every prospective company which discounts they offer. All car insurance discounts may not apply in your area.
How much car insurance do I need?
When it comes to choosing the best insurance coverage for your personal vehicles, there really is not a “perfect” insurance plan. Every insured’s situation is different.
For example, these questions could help you determine whether or not you might need an agent’s assistance.
- Do I need added coverage for expensive stereo equipment?
- Is motorclub coverage worth it?
- Do I need medical payments coverage since I have good health insurance?
- Will my insurance pay for OEM parts?
- Should I buy full coverage?
- Am I covered when driving in Canada or Mexico?
- Are rock chip repairs covered?
- Is a fancy paint job covered?
- Am I covered when delivering products for my home-based business?
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. If you don’t have a local agent, take a second and complete this form. It’s fast, doesn’t cost anything and you can get the answers you need.
BMW 3 Series rates are complex
It’s important that you understand the factors that play a part in calculating car insurance rates. Understanding what controls the rates you pay allows you to make educated decisions that could result in better car insurance rates.
- Higher deductibles cost less – Physical damage coverage, commonly called comprehensive (or other-than-collision) and collision coverage, is used to repair damage to your BMW. Some instances where coverage would apply could be running into the backend of another car, damage from fire, and rolling your vehicle. The deductibles are how much you are willing to pay in the event of a claim. The more money you are required to pay out-of-pocket, the bigger discount you will receive for 3 Series insurance.
- Don’t cancel a policy without a new one in place – Not having insurance is illegal and you will pay a penalty because you let your coverage lapse. And not only will insurance be more expensive, but not being able to provide proof of insurance can result in a revoked license or a big fine.You may need to prove you have insurance by filing a SR-22 with your state motor vehicle department.
- Theft deterrents lower rates – Purchasing a vehicle that has an advanced theft prevention system can help bring down rates. Theft prevention features like LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all aid in stopping auto theft.
- Safer cars cost less to insure – Vehicles with good safety scores can get you lower premiums. Safer cars reduce injuries and fewer injuries translates into savings for insurance companies and more competitive rates for policyholders. If your BMW 3 Series has ratings of a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website it is probably cheaper to insure.
What insurance coverages do you need?
Learning about specific coverages of your policy can be of help when determining appropriate coverage at the best deductibles and correct limits. The coverage terms in a policy can be ambiguous and even agents have difficulty translating policy wording.
Uninsured/Underinsured Motorist coverage
Your UM/UIM coverage gives you protection when other motorists do not carry enough liability coverage. It can pay for hospital bills for your injuries as well as damage to your BMW 3 Series.
Due to the fact that many drivers only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is very important.
This pays for damage to your 3 Series from colliding with another car or object. You first must pay a deductible and then insurance will cover the remainder.
Collision coverage pays for things such as crashing into a ditch, hitting a parking meter and colliding with another moving vehicle. This coverage can be expensive, so you might think about dropping it from vehicles that are older. Another option is to choose a higher deductible to get cheaper collision coverage.
This pays for 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 can pay for claims such as damage from a tornado or hurricane, damage from flooding, vandalism, falling objects and damage from getting keyed. The maximum amount your insurance company will pay is the ACV or actual cash value, so if the vehicle is not worth much it’s not worth carrying full coverage.
Medical payments coverage and PIP
Personal Injury Protection (PIP) and medical payments coverage provide coverage for expenses like dental work, hospital visits, nursing services, chiropractic care and doctor visits. The coverages can be utilized in addition to your health insurance program or if you are not covered by health insurance. They cover both the driver and occupants and also covers being hit by a car walking across the street. PIP is not an option in every state but can be used in place of medical payments coverage
Liability coverage protects you from injuries or damage you cause to a person or their property. This insurance protects YOU from legal claims by others, and doesn’t cover your injuries or vehicle damage.
Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show policy limits of 100/300/100 which means $100,000 in coverage for each person’s injuries, $300,000 for the entire accident, and a limit of $100,000 paid for damaged property.
Liability coverage protects against claims such as emergency aid, pain and suffering and attorney fees. How much coverage you buy is your choice, but you should buy as high a limit as you can afford.
At the end of the day…
We just showed you many ideas to save on 1993 BMW 3 Series insurance. It’s most important to understand that the more price quotes you have, the higher the chance of saving money. Drivers may discover the lowest premiums are with some of the smallest insurance companies.
When trying to cut insurance costs, it’s not a good idea to sacrifice coverage to reduce premiums. In many instances, consumers will sacrifice comprehensive coverage or liability limits and found out when filing a claim that the small savings ended up costing them much more. The aim is to buy a smart amount of coverage at an affordable rate, not the least amount of coverage.
Discount insurance can be found both online and with local insurance agents, and you should compare price quotes from both so you have a total pricing picture. Some insurance companies do not offer you the ability to get quotes online and usually these regional insurance providers provide coverage only through local independent agents.
Additional auto insurance information can be found below:
- Safety Belts FAQ (iihs.org)
- Five Tips to Save on Auto Insurance (Insurance Information Insitute)
- What is a Telematics Device? (Allstate)
- Event Data Recorders FAQ (iihs.org)
- Child Safety FAQ (iihs.org)
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