Cheapest 2002 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 2, 2023

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Finding low-cost insurance for your BMW 3 Series can be difficult, but you can follow the following methods to make it easier. There is a right way and a wrong way to buy insurance coverage and we’ll show you the absolute fastest way to compare rates on a BMW and find the cheapest rates.

If you have a current car insurance policy or are shopping for new coverage, you can use these techniques to reduce the price you pay and possibly find even better coverage. Buying the best protection is simple if you know the tricks. Drivers just need to understand the most effective way to shop for car insurance online.

Vehicle Insurance Comparison

Shopping for lower car insurance rates can take time and effort if you aren’t aware of the fastest way to get free quotes. You can spend your afternoon talking about coverages with agents in your area, or you could save time and use online quoting to achieve your goal.

Many insurance companies take part in a program where insurance shoppers submit one quote, and at least one company can give them a price based on that information. This system prevents you from having to do repetitive form submissions for each company.

To fill out one form to compare multiple rates now click here to start a free quote.

The one downside to using this type of system is you cannot specify which carriers you want to price. So if you prefer to choose individual companies to compare rates, we put together a list of companies who write car insurance in your area. Click here to view list.

However you get your quotes, double check that you are using apples-to-apples quote information on every quote. If you have differing limits it’s impossible to find the best deal for your BMW 3 Series.

Are you getting all your discounts?

Auto insurance companies don’t always publicize all their discounts very well, so we took the time to find some of the best known as well as the least known auto insurance savings. If you don’t get every credit possible, you are paying more than you should be.

  • Resident Student – Any of your kids who live away from home and do not have access to a covered vehicle may qualify for this discount.
  • Organization Discounts – Affiliation with a professional or civic organization could qualify you for a break when buying auto insurance for 3 Series insurance.
  • Theft Prevention Discount – Anti-theft and alarm systems help deter theft and earn discounts up to 10%.
  • Senior Citizens – If you’re over the age of 55, you can possibly qualify for better auto insurance rates for 3 Series insurance.
  • Low Mileage Discounts – Low mileage vehicles could qualify for lower rates on the low mileage vehicles.
  • Service Members Pay Less – Being on active duty in the military could mean lower rates.
  • Employee of Federal Government – Active or retired federal employment can earn a discount up to 10% for 3 Series insurance with certain companies.
  • Accident Forgiveness – Some insurance companies permit an accident before raising your premiums as long as you don’t have any claims prior to the accident.

Drivers should understand that some of the credits will not apply to the overall cost of the policy. Most only apply to specific coverage prices like collision or personal injury protection. Even though it may seem like you would end up receiving a 100% discount, it doesn’t quite work that way.

To see a list of insurers offering auto insurance discounts, click this link.

Factors determining your BMW 3 Series insurance premium

It’s important that you understand the rating factors that help determine car insurance rates. When you know what positively or negatively determines base rates empowers consumers to make smart changes that could result in better car insurance rates.

  • High deductibles save money – Physical damage deductibles represent how much money you are willing to pay out-of-pocket in the event of a claim. Physical damage coverage, otherwise known as comp (or other than collision) and collision, is used to repair damage to your car. Some examples of claims that would be covered would be colliding with a building, damage from fire, or theft. The more money the insured has to pay upfront, the less your car insurance will be for 3 Series insurance.
  • Drive a safer car and pay less – Vehicles with high crash test scores can get you lower premiums. Safe vehicles have better occupant injury protection and fewer injuries translates into savings for insurance companies and thus lower rates. If your BMW has ratings of a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website you are probably receiving a discount.
  • More miles equals more premium – Driving more miles every year the higher your rate. Most insurance companies price each vehicle’s coverage based upon how you use the vehicle. Cars and trucks used primarily for pleasure use qualify for better rates than vehicles that are driven to work every day. Double check that your car insurance coverage shows the proper vehicle usage. If your policy improperly rates your 3 Series may be costing you.
  • Lower rates come with age – Teen drivers are known to be more careless when behind the wheel so they pay higher car insurance rates. Older insureds are viewed as being more responsible, file fewer claims and are safer drivers.
  • Lower rates with optional equipment – Owning a car with a theft deterrent system can save you a little every year. Anti-theft features such as LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system can help prevent your vehicle from being stolen.
  • Being married can save on car insurance – Having a spouse actually saves money on your policy. Having a spouse is viewed as being more mature and statistics show drivers who are married are more cautious.

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Tailor your coverage to you

When buying coverage for your personal vehicles, there really is not a cookie cutter policy. Your needs are not the same as everyone else’s.

For example, these questions may help you determine if your situation might need an agent’s assistance.

  • Will my rates increase for filing one claim?
  • When can I cancel my policy?
  • What companies insure drivers after a DUI or DWI?
  • Do I really need UM/UIM coverage?
  • How much can I save by bundling my policies?
  • Should I buy additional glass protection?
  • Am I covered when using my vehicle for business?
  • If my 2002 BMW 3 Series is totaled, can I afford another vehicle?
  • Does my car insurance cover rental cars?

If it’s difficult to answer those questions but a few of them apply then you might want to talk to an insurance agent. If you want to speak to an agent in your area, take a second and complete this form. It’s fast, doesn’t cost anything and can provide invaluable advice.

Coverage specifics

Learning about specific coverages of insurance aids in choosing the right coverages at the best deductibles and correct limits. The coverage terms in a policy can be difficult to understand and even agents have difficulty translating policy wording.

Collision protection

This coverage pays for damage to your 3 Series from colliding with another car or object. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers things such as hitting a mailbox, crashing into a building, sustaining damage from a pot hole and colliding with a tree. This coverage can be expensive, so consider dropping it from vehicles that are older. You can also raise the deductible to bring the cost down.

UM/UIM (Uninsured/Underinsured Motorist) coverage

This protects you and your vehicle from other drivers when they are uninsured or don’t have enough coverage. Covered losses include injuries sustained by your vehicle’s occupants and damage to your BMW 3 Series.

Since many drivers have only the minimum liability required by law, their limits can quickly be used up. For this reason, having high UM/UIM coverages should not be overlooked.

Comprehensive auto coverage

This pays to fix your vehicle from damage that is not covered by collision coverage. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive insurance covers claims like rock chips in glass, hitting a deer and damage from a tornado or hurricane. The maximum amount you’ll receive from a claim is the ACV or actual cash value, so if the vehicle’s value is low consider removing comprehensive coverage.

Auto liability insurance

This coverage protects you from damage or injury you incur to other’s property or people in an accident. This coverage protects you against other people’s claims, and doesn’t cover your injuries or vehicle damage.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show values of 25/50/25 that means you have $25,000 in coverage for each person’s injuries, $50,000 for the entire accident, and $25,000 of coverage for damaged property.

Liability insurance covers claims like attorney fees, medical services, repair bills for other people’s vehicles and emergency aid. How much liability should you purchase? That is your choice, but you should buy as high a limit as you can afford.

Medical payments and PIP coverage

Medical payments and Personal Injury Protection insurance provide coverage for short-term medical expenses for things like nursing services, surgery, doctor visits and EMT expenses. The coverages can be used to fill the gap from your health insurance plan or if you lack health insurance entirely. Medical payments and PIP cover both the driver and occupants as well as any family member struck as a pedestrian. PIP is not available in all states but can be used in place of medical payments coverage

Best coverage at the best price

Throughout this article, we presented a lot of tips how to save on 2002 BMW 3 Series insurance. The most important thing to understand is the more rate quotes you have, the better chance you’ll have of finding lower rates. Drivers may discover the best prices are with a smaller regional carrier.

People change insurance companies for many reasons like lack of trust in their agent, policy non-renewal, an unsatisfactory settlement offer and being labeled a high risk driver. Regardless of your reason, choosing a new company is easier than you think.

While you’re price shopping online, don’t be tempted to skimp on coverage in order to save money. There are too many instances where someone sacrificed liability limits or collision coverage only to discover later that the small savings ended up costing them much more. Your strategy should be to buy a smart amount of coverage at a price you can afford.

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Frequently Asked Questions

How can I find the cheapest auto insurance rates for my 2002 BMW 3 Series?

To find the cheapest auto insurance rates for your 2002 BMW 3 Series, you can follow these methods:

  • Use online quoting tools to compare rates from multiple insurance companies.
  • Take advantage of insurance programs where you submit one quote and receive prices from multiple companies.
  • Ensure that you are comparing apples-to-apples quote information on every quote to find the best deal.
  • Consider working with an insurance agent who can provide valuable advice and assistance tailored to your needs.

Are there any discounts available for auto insurance that I might be missing?

Auto insurance companies offer various discounts that can help lower your premiums. While some discounts are well-known, others may not be widely publicized. It’s important to ask your insurance provider about potential discounts. Keep in mind that not all credits will apply to the overall cost of the policy but may apply to specific coverage prices.

What factors determine the insurance premium for my BMW 3 Series?

Several factors influence the insurance premium for your BMW 3 Series. Some of the key factors include:

  • Your driving record
  • Your age and gender
  • Your location
  • The make and model of your vehicle
  • Your credit history
  • The coverage options and limits you choose
  • The deductible you select

What coverages should I consider for my BMW 3 Series?

The specific coverages you should consider for your BMW 3 Series depend on your needs and preferences. However, some common coverages to consider include:

  • Collision protection: Covers damage to your vehicle from colliding with another car or object.
  • Uninsured/underinsured motorist coverage: Protects you and your vehicle when involved in an accident with an uninsured or underinsured driver.
  • Comprehensive auto coverage: Pays for damage to your vehicle from events other than collisions, such as theft, vandalism, or natural disasters.
  • Auto liability insurance: Provides coverage for damage or injury you cause to others in an accident.
  • Medical payments and personal injury protection (PIP) coverage: Offers coverage for medical expenses resulting from an accident.

How can I ensure I get the best coverage at the best price for my BMW 3 Series?

To find the best coverage at the best price for your BMW 3 Series, follow these tips:

  • Obtain multiple rate quotes from different insurance companies.
  • Compare coverage options, limits, and deductibles to ensure you have the right level of protection.
  • Don’t sacrifice coverage just to save money. It’s important to have adequate protection in case of an accident.
  • Consider working with smaller regional carriers, as they may offer competitive rates.
  • Review your coverage periodically and make adjustments as needed.

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