BMW BMW 3-Series Insurance Rates
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UPDATED: Jan 13, 2020
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Finding cheaper insurance for your BMW 3 Series can turn out to be a lot of work, but you can learn these tips to find lower rates.
There are more efficient ways to shop for insurance coverage and we’ll show you the quickest way to quote coverages for a BMW and find the best price possible from both online companies and local agents.
Locating cheaper insurance can be fairly easy. If you have a current insurance policy or are just looking to switch companies, you can use these tips to cut your premiums and still get good coverage. Drivers only need an understanding of the proper way to compare price quotes online.
These factors can influence what you pay for BMW 3 Series insurance
Smart consumers have a good feel for the different types of things that help determine the price you pay for insurance coverage. When you know what positively or negatively influences your rates helps enable you to make changes that can help you get much lower annual insurance costs.
- What are your deductibles? – The deductibles define the amount you are willing to pay out-of-pocket before your insurance coverage pays a claim. Insurance for physical damage to your car, otherwise known as comp (or other than collision) and collision, insures against damage to your car. Examples of covered claims are running into the backend of another car, damage from fire, and rolling your vehicle. The more expense you’re willing to pay, the less your insurance coverage will be for 3 Series insurance.
- Marriage pays dividends – Having a spouse can actually save you money when buying insurance coverage. It translates into being more mature and it’s statistically proven that married drivers get in fewer accidents.
- Do you need those extra coverages? – There are a ton of additional coverages you can purchase on your 3 Series policy. Coverages like personal injury protection, better glass coverage and term life insurance may be costing you every month. They may seem good initially, but if they’re wasting money get rid of them and save.
- Your credit rating is important – Having a bad credit rating is a important factor in determining what you pay for insurance coverage. Drivers who have excellent credit tend to be better drivers and file fewer claims than drivers with lower ratings. If your credit history can use some improvement, you could save money insuring your 2001 BMW 3 Series by repairing your credit.
- With age comes lower rates – Older drivers are more responsible, statistically cause fewer accidents and tend to be better behind the wheel. Youthful drivers tend to be more careless behind the wheel and because of this, their insurance coverage rates are much higher.
- How many coverages with the same company – Many insurance coverage companies will give a discount to customers who consolidate policies with them. It’s known as a multi-policy discount. Discounts can add up to ten or even up to twenty percent in some cases. Even with this discount, it’s in your best interest to compare other company rates to make sure you are getting the best deal. You may still find a better deal by splitting coverages up.
Compare the Market for Insurance
Lowering your 2001 BMW 3 Series insurance rates is actually quite simple. Just take a couple of minutes to get quotes online with multiple companies. This can be accomplished using a couple different methods.
The most efficient way consumers can analyze rates is an all-inclusive rate comparison like this one (opens in new window). This easy form prevents you from having to do multiple quote forms to each individual insurance company. Completing one form will return quotes from several companies.It’s the quickest way to get rates.
A slightly less efficient method to obtain and compare quotes online requires visiting each company’s website to complete a price quote. For sake of this example, we’ll assume you want comparison quotes from GEICO, Safeco and Allstate. To get each rate you have to spend time on each company’s site to input your insurance information, and that’s why the first method is more popular. For a handy list of car insurance company links in your area, click here.
Which method you use is up to you, but be sure to compare identical quote information with every price quote. If your comparisons have higher or lower deductibles you can’t possibly make a fair comparison for your BMW 3 Series.
The fine print in car insurance ads
Consumers can’t get away from ads for cheaper car insurance by companies like State Farm and Allstate. All the ads say the same thing about savings if you switch to them.
How can each company make almost identical claims?
Insurance companies are able to cherry pick for the driver they prefer to insure. An example of a driver they prefer could possibly be a mature driver, is a homeowner, and drives less than 7,500 miles a year. A propective insured who matches those parameters is entitled to the best price and is almost guaranteed to save when they switch companies.
Potential insureds who don’t qualify for this ideal profile will be charged higher premiums and ends up with the driver buying from a lower-cost company. Company advertisements say “people who switch” not “people who quote” save that kind of money. That’s why insurance companies can make the claims of big savings.
That is why you need to compare as many rates as you can. It’s impossible to know the company that will fit your personal profile best.
Are you getting all your discounts?
The cost of insuring your cars can be expensive, but companies offer discounts that you may not even be aware of. Certain discounts will be applied at the time of quoting, but a few must be inquired about prior to getting the savings. If you don’t get every credit you qualify for, you’re just leaving money on the table.
- Drivers Education – Have your child take driver’s ed class if it’s offered in school.
- Homeowners Savings – Owning a house may trigger a auto insurance policy discount because maintaining a house shows financial diligence.
- No Charge for an Accident – Some insurance companies will forgive one accident without raising rates as long as you don’t have any claims for a certain period of time.
- Life Insurance Discount – Larger companies have lower rates if you buy life insurance from them.
- Safe Drivers – Drivers who avoid accidents may save up to 50% more for 3 Series insurance than drivers with accident claims.
- Low Mileage Discounts – Keeping the miles down on your BMW could qualify for better rates on cars that stay parked.
- Seat Belts Save more than Lives – Using a seat belt and requiring all passengers to use a seat belt can save 10% or more off the personal injury premium cost.
As a disclaimer on discounts, some credits don’t apply to your bottom line cost. Some only reduce the price of certain insurance coverages like physical damage coverage or medical payments. So even though they make it sound like all those discounts means the company will pay you, you’re out of luck. Any amount of discount will reduce your premiums.
To see a list of insurance companies with the best auto insurance discounts, click this link.
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Tailor your coverage to you
When choosing proper insurance coverage for your personal vehicles, there is no “perfect” insurance plan. Every insured’s situation is different.
For example, these questions could help you determine whether your personal situation may require specific advice.
- Does my medical payments coverage pay my health insurance deductible?
- Do I need medical payments coverage since I have good health insurance?
- Am I covered if I hit my neighbor’s mailbox?
- I have a DUI can I still get coverage?
- Can I afford to buy a different vehicle if my 2001 BMW 3 Series is totaled?
- Should I waive the damage coverage when renting a car?
If you don’t know the answers to these questions but you know they apply to you, then you may want to think about talking to a licensed insurance agent. If you want to speak to an agent in your area, fill out this quick form. It only takes a few minutes and can provide invaluable advice.
Coverages available on your insurance policy
Having a good grasp of a insurance policy aids in choosing which coverages you need and proper limits and deductibles. The coverage terms in a policy can be difficult to understand and reading a policy is terribly boring.
Liability insurance – This coverage provides protection from damage that occurs to people or other property that is your fault. This coverage protects you from claims by other people. Liability 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. You might see values of 25/50/25 that translate to a limit of $25,000 per injured person, a limit of $50,000 in injury protection per accident, and $25,000 of coverage for damaged property. Occasionally you may see a combined single limit or CSL which provides one coverage limit rather than limiting it on a per person basis.
Liability can pay for things like attorney fees, court costs and loss of income. How much liability should you purchase? That is up to you, but buy as large an amount as possible.
Collision coverage – This coverage pays for damage to your 3 Series resulting from a collision with another car or object. A deductible applies then the remaining damage will be paid by your insurance company.
Collision coverage pays for claims such as driving through your garage door, colliding with a tree and sustaining damage from a pot hole. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are 8 years or older. Another option is to increase the deductible to save money on collision insurance.
UM/UIM (Uninsured/Underinsured Motorist) coverage – This gives you protection when the “other guys” do not carry enough liability coverage. Covered claims include medical payments for you and your occupants as well as damage to your BMW 3 Series.
Since a lot of drivers only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. So UM/UIM coverage is very important. Frequently these coverages are set the same as your liablity limits.
Medical payments and PIP coverage – Personal Injury Protection (PIP) and medical payments coverage kick in for bills such as rehabilitation expenses, surgery, dental work and hospital visits. They are often used to cover expenses not covered by your health insurance program or if you lack health insurance entirely. It covers you and your occupants and also covers 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
Comprehensive auto coverage – Comprehensive insurance pays for damage that is not covered by collision coverage. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive insurance covers claims like fire damage, hitting a deer and vandalism. The maximum amount a insurance company will pay at claim time is the actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.
More choices the merrier
We just showed you a lot of tips how to get a better price on 2001 BMW 3 Series insurance. The most important thing to understand is the more quotes you get, the higher your chance of finding lower rates. You may even find the biggest savings come from the smaller companies.
As you prepare to switch companies, it’s very important that you do not reduce needed coverages to save money. There have been many situations where drivers have reduced collision coverage only to regret that their decision to reduce coverage ended up costing them more. Your goal should be to buy enough coverage at a price you can afford while not skimping on critical coverages.
Drivers who switch companies do it for a number of reasons such as policy non-renewal, delays in responding to claim requests, an unsatisfactory settlement offer and even extreme rates for teen drivers. Regardless of your reason, finding a great new company can be less work than you think.
Additional auto insurance information is located below:
- Understanding Car Crashes Video (iihs.org)
- What is a Telematics Device? (Allstate)
- Frontal Crash Tests (iihs.org)
- A Tree Fell on Your Car: Now What? (Allstate)
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