Cheapest 1998 BMW 3 Series Insurance Rates in 2024

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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: Jun 1, 2023

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No one enjoys paying for insurance coverage, especially when they are paying too much. Many car insurance companies vie for your hard-earned dollar, so it’s not easy to compare every provider to find the best price available.

It’s important to check insurance coverage prices on a regular basis because insurance rates tend to go up over time. Even if you think you had the best rates on 3 Series insurance two years ago the chances are good that you can find a lower rate today. So ignore everything you know about insurance coverage because you’re going to get a crash course in one of the easiest ways to save on insurance coverage.

If you have a policy now or are looking for a new policy, you can follow these tips to find the best rates while maximizing coverage. Finding the best rates is quite easy. Drivers just need to learn the proper methods to compare price quotes on the web.

Compare Quotes for Insurance

Performing a rate comparison can be exhausting if you don’t utilize the best way to get rate quotes. You can spend your afternoon talking about coverages with insurance companies in your area, or you could save time and use the internet to get the quickest rates.

Many insurance companies belong to a marketplace where insurance shoppers submit one quote, and each company then gives them pricing for coverage. This prevents consumers from doing form submissions to every company.

To submit your quote information now, click here to start a free quote.

One minor caviat to using this type of system is buyers cannot specifically choose which companies you will receive quotes from. If you wish to select specific insurance companies for rate comparison, we have a listing of insurance companies in your area. Click to view list.

Whichever method you choose, compare exactly the same information for every company. If you use different limits and deductibles on each one you will not be able to truly determine the lowest rate.

Tailor your coverage to you

When it comes to buying the right insurance coverage for your personal vehicles, there is no one size fits all plan. Each situation is unique so your insurance needs to address that. For example, these questions may help you determine whether or not you may require specific advice.

  • When can my company non-renew my policy?
  • Do I need PIP (personal injury protection) coverage in my state?
  • What is the ISO rating for a 1998 BMW 3 Series?
  • How can I get my company to pay me more for my totalled car?
  • I have good health insurance, so how much medical payments coverage do I need?
  • If my 1998 BMW 3 Series is totaled, can I afford another vehicle?
  • What are the financial responsibility laws in my state?

If you’re not sure about those questions but you know they apply to you then you might want to talk to a licensed agent. If you don’t have a local agent, complete this form or you can also visit this page to select a carrier It only takes a few minutes and can provide invaluable advice.

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Educate yourself about auto insurance coverages

Learning about specific coverages of auto insurance helps when choosing the right coverages and the correct deductibles and limits. The coverage terms in a policy can be impossible to understand and even agents have difficulty translating policy wording. These are the usual coverages found on the average auto insurance policy.

Liability car insurance – Liability coverage provides protection from damages or injuries you inflict on people or other property that is your fault. It protects YOU against other people’s claims. Liability doesn’t cover your own vehicle damage or injuries.

Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show policy limits of 25/50/25 which stand for a limit of $25,000 per injured person, a limit of $50,000 in injury protection per accident, and a limit of $25,000 paid for damaged property.

Liability coverage protects against things such as medical services, funeral expenses and loss of income. How much liability coverage do you need? That is a personal decision, but you should buy as large an amount as possible.

Collision coverages – This coverage pays for damage to your 3 Series resulting from colliding with another car or object. You will need to pay your deductible and then insurance will cover the remainder.

Collision insurance covers things like sideswiping another vehicle, colliding with a tree, colliding with another moving vehicle, driving through your garage door and backing into a parked car. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from older vehicles. You can also bump up the deductible in order to get cheaper collision rates.

Comprehensive (Other than Collision) – This covers damage from a wide range of events other than collision. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against claims like a tree branch falling on your vehicle, hail damage, damage from a tornado or hurricane, rock chips in glass and theft. The maximum amount you’ll receive from a claim is the market value of your vehicle, so if the vehicle’s value is low it’s not worth carrying full coverage.

Protection from uninsured/underinsured drivers – Your UM/UIM coverage protects you and your vehicle from other drivers when they either are underinsured or have no liability coverage at all. Covered claims include medical payments for you and your occupants as well as your vehicle’s damage.

Since a lot of drivers have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is very important.

Medical expense insurance – Coverage for medical payments and/or PIP reimburse you for short-term medical expenses for doctor visits, prosthetic devices and pain medications. They are often used in conjunction with a health insurance policy or if there is no health insurance coverage. Coverage applies to all vehicle occupants and will also cover getting struck while a pedestrian. Personal injury protection coverage is not available in all states and gives slightly broader coverage than med pay

Use our FREE quote tool to compare rates now!

Frequently Asked Questions

How can I find the cheapest insurance for a 1998 BMW 3 Series?

To find the cheapest insurance for a 1998 BMW 3 Series, you can follow these steps:

  1. Shop around: Obtain quotes from multiple insurance providers to compare rates. Each insurer may offer different premiums based on their evaluation of risk factors associated with your car.
  2. Consider different coverage options: Evaluate the coverage options available and choose the ones that meet your needs while keeping the cost in mind. Opting for basic coverage or adjusting deductibles can help lower premiums.
  3. Maintain a good driving record: A clean driving record without any accidents or traffic violations can help you secure lower insurance rates.
  4. Explore discounts: Inquire about any available discounts, such as safe driver discounts, multi-policy discounts, or discounts for installing anti-theft devices. These can help reduce your insurance costs.
  5. Join an auto club: Some auto clubs offer insurance policies at discounted rates to their members. Consider joining one if it provides insurance options for your 1998 BMW 3 Series.

What factors can affect the cost of insurance for a 1998 BMW 3 Series?

Several factors can influence the cost of insurance for a 1998 BMW 3 Series, including:

  • Age and driving history: Younger drivers or those with a history of accidents or traffic violations may face higher insurance premiums.
  • Location: Insurance rates can vary based on where you live. Areas with higher crime rates or accident frequencies might result in higher premiums.
  • Coverage options: The type and extent of coverage you choose can impact the cost. Basic liability coverage is generally less expensive than comprehensive coverage.
  • Deductibles: Higher deductibles usually lead to lower insurance premiums, but it means you will have to pay more out of pocket in the event of a claim.
  • Vehicle usage: If you use your 1998 BMW 3 Series for business purposes or extensive commuting, it can affect your insurance rates.
  • Credit history: Some insurance companies consider credit history when determining premiums. A good credit score may result in lower rates.

Are there any specific insurance considerations for older car models like the 1998 BMW 3 Series?

Yes, there are a few insurance considerations specific to older car models like the 1998 BMW 3 Series:

  • Actual cash value (ACV) coverage: As vehicles age, their value decreases. Insuring an older car like the 1998 BMW 3 Series for its ACV instead of its replacement cost can help lower premiums.
  • Comprehensive and collision coverage: Consider whether comprehensive and collision coverage is necessary for an older car. If the cost of coverage exceeds the potential payout, it might be more cost-effective to exclude these coverages.
  • Maintenance and repairs: Older cars may require more frequent repairs or maintenance. Be prepared for potential out-of-pocket expenses not covered by insurance.
  • Specialty insurance providers: Some insurers specialize in providing coverage for classic or older cars. These providers may offer tailored coverage options that consider the unique needs of older vehicles.

Can I get classic car insurance for a 1998 BMW 3 Series?

While the definition of a classic car may vary between insurance companies, most insurers consider vehicles at least 25-30 years old as classics. Since the 1998 BMW 3 Series is not yet considered a classic by age alone, it may not qualify for classic car insurance. However, you can explore specialty insurers that offer coverage for older vehicles, which may provide more suitable options than traditional insurance policies.

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