2006 BMW 3 Series Insurance Rates
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UPDATED: Aug 23, 2022
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Comparing auto insurance rates online might seem complicated at first if you’re new to online rate quotes. Don’t let that stop you because online price shopping is actually quite simple.
Automobile Insurance Quotes
Most major insurance companies provide pricing online. The process doesn’t take a lot of time as you simply enter the coverages you want as detailed in the form. After the form is submitted, their rating system automatically orders information on your driving record and credit history and generates a price based on many factors.
Being able to quote online streamlines rate comparisons, but the time it takes to visit many different websites and complete many quote forms gets old quite quickly. But it’s very important to perform this step in order to get the lowest possible prices on insurance.
Quote rates the easy way
The preferred way to find cheaper rates uses one form that analyzes rates from several companies at one time. It saves time, eliminates repetitive work, and makes rate comparisons much easier to do. As soon as the form is sent, it gets priced and you can choose your choice of the quote results.
If a lower price is quoted, you can simply submit the application and buy the policy. The entire process takes less than 15 minutes and you will find out if you’re overpaying now.
If you want to find out what other companies charge, click here to open in new window and input your coverage information. If you have coverage now, it’s recommended you duplicate coverages and limits as shown on your current policy. Using the same limits helps guarantee you will have a price comparison for the exact same coverage.
Discounts are basically free money
Properly insuring your vehicles can get expensive, but you can get discounts that you may not even be aware of. Most are applied at quote time, but some may not be applied and must be manually applied before they will apply.
- Seat Belts Save more than Lives – Buckling up and requiring all passengers to use their safety belts could save 15% off the personal injury premium cost.
- Sign Early and Save – Some insurance companies reward drivers for switching policies before your current expiration date. It can save you around 10%.
- Auto/Life Discount – Select insurance companies reward you with a discount if you purchase life insurance.
- Theft Prevention Discount – Vehicles equipped with anti-theft or alarm systems can help prevent theft and therefore earn up to a 10% discount.
- Safe Driver Discount – Safe drivers can pay as much as 50% less for 3 Series insurance than drivers with accident claims.
- Organization Discounts – Participating in certain professional organizations may earn a discount when buying insurance coverage for 3 Series insurance.
- Lower Rates for Military – Being deployed with a military unit can result in better rates.
- Employee of Federal Government – Simply working for the federal government could cut as much as 10% off for 3 Series insurance with a few insurance coverage companies.
Drivers should understand that some credits don’t apply to your bottom line cost. The majority will only reduce the cost of specific coverages such as comprehensive or collision. Just because it seems like all those discounts means the company will pay you, companies don’t profit that way. Any qualifying discounts will bring down the cost of coverage.
Companies that may offer these money-saving discounts may include but are not limited to:
- Mercury Insurance
- Farmers Insurance
- Auto-Owners Insurance
- Liberty Mutual
Double check with all companies you are considering which discounts they offer. Savings might not be offered in every state.
Which insurance is the “right” coverage?
When it comes to buying the right insurance coverage for your personal vehicles, there really is no perfect coverage plan. Your needs are not the same as everyone else’s.
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For example, these questions can aid in determining if you might need professional guidance.
- What happens if I owe more than my 2006 BMW 3 Series is worth?
- How do I file an SR-22 for a DUI in my state?
- Can my babysitter drive my car?
- Am I covered if I hit a deer?
- How much liability insurance is required?
- Am I covered if I wreck a rental car?
- Can I drive in Mexico and have coverage?
If it’s difficult to answer those questions, then you may want to think about talking to an agent. If you want to speak to an agent in your area, simply complete this short form.
BMW 3 Series insurance rates can be determined by these details
Smart consumers have a good feel for the factors that help determine insurance rates. Knowing what impacts premium levels empowers consumers to make smart changes that can help you get much lower annual insurance costs.
- Mature drivers pay less – Youthful drivers are known to be less responsible when behind the wheel so insurance rates are higher. Older insureds tend to be more responsible, tend to file fewer claims and get fewer tickets.
- Bad driving skills means higher rates – Whether or not you get tickets has a big impact on rates. Only having one speeding ticket may increase your cost forty percent or more. Drivers with clean records receive lower rates compared to drivers with tickets. Drivers with flagrant tickets such as hit and run, DWI or reckless driving convictions are required to file a SR-22 with their state DMV in order to keep their license.
- Having a spouse can save you money – Having a spouse can get you a discount on your insurance policy. Having a spouse means you’re more responsible and it’s proven that married drivers get in fewer accidents.
- Credit scores impact insurance rates – A driver’s credit score is a big factor in determining what you pay for insurance. Drivers with high credit scores tend to file fewer claims and have better driving records as compared to drivers with lower ratings. Therefore, if your credit rating is low, you could be paying less to insure your 2006 BMW 3 Series by improving your credit score.
- Do you need the policy add-ons? – There are a lot of extra bells and whistles that you can get tricked into buying on your 3 Series policy. Coverages for rental car reimbursement, accidental death and membership fees may be wasting your money. They may seem like a good idea when talking to your agent, but your needs may have changed so eliminate them to save money.
Do drivers who switch really save?
Companies like State Farm and Allstate regularly use ads on television and other media. All the ads say the same thing that you can save if you move your policy. How can each company say the same thing? This is how they do it.
Different companies are able to cherry pick for the type of customer that earns them a profit. An example of a driver they prefer could be between the ages of 40 and 55, has no tickets, and drives less than 7,500 miles a year. A customer that hits that “sweet spot” will get very good rates and is almost guaranteed to cut their rates substantially.
Potential customers who fall outside these standards will be charged higher prices and this can result in business not being written. Company advertisements say “drivers who switch” but not “drivers who get quotes” save that much money. This is how companies can truthfully make those claims.
That is why you need to get quotes from several different companies. You cannot predict which insurance coverage company will provide you with the cheapest BMW 3 Series insurance rates.
Specific coverages for a BMW 3 Series
Learning about specific coverages of your insurance policy helps when choosing which coverages you need and the correct deductibles and limits. The coverage terms in a policy can be confusing and nobody wants to actually read their policy.
Auto liability insurance
Liability insurance will cover injuries or damage you cause to other’s property or people that is your fault. It protects you from legal claims by others. Liability doesn’t cover damage to your own property or vehicle.
Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. Your policy might show limits of 50/100/50 which stand for a limit of $50,000 per injured person, a total of $100,000 of bodily injury coverage per accident, and property damage coverage for $50,000. Alternatively, you may have one number which is a combined single limit which combines the three limits into one amount without having the split limit caps.
Liability insurance covers claims such as medical services, medical expenses, pain and suffering and bail bonds. The amount of liability coverage you purchase is a decision to put some thought into, but you should buy as large an amount as possible.
Medical payments coverage and PIP
Medical payments and Personal Injury Protection insurance pay for bills for rehabilitation expenses, pain medications, EMT expenses and ambulance fees. They are often used to cover expenses not covered by your health insurance policy or if there is no health insurance coverage. Coverage applies to not only the driver but also the vehicle occupants and will also cover any family member struck as a pedestrian. Personal Injury Protection is only offered in select states and gives slightly broader coverage than med pay
Comprehensive insurance pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first then your comprehensive coverage will pay.
Comprehensive can pay for things such as fire damage, theft, falling objects and a tree branch falling on your vehicle. The highest amount you can receive from a comprehensive claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.
Collision insurance pays for damage to your 3 Series from colliding with another car or object. You first must pay a deductible then your collision coverage will kick in.
Collision insurance covers things like crashing into a ditch, damaging your car on a curb, hitting a mailbox, colliding with another moving vehicle and crashing into a building. Collision is rather expensive coverage, so consider removing coverage from older vehicles. You can also choose a higher deductible to save money on collision insurance.
Uninsured/Underinsured Motorist coverage
This coverage gives you protection when the “other guys” either are underinsured or have no liability coverage at all. It can pay for medical payments for you and your occupants as well as your vehicle’s damage.
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 a good idea. Normally these coverages are identical to your policy’s liability coverage.
Get your money’s worth
In this article, we covered a lot of tips how to lower your 2006 BMW 3 Series insurance rates. The key thing to remember is the more providers you compare, the higher your chance of finding lower rates. Consumers may even find the lowest premiums are with the least-expected company.
Consumers switch companies for a number of reasons such as lack of trust in their agent, delays in paying claims, being labeled a high risk driver and even high prices. Regardless of your reason, switching companies can be less work than you think.
Affordable insurance is possible online and also from your neighborhood agents, and you should compare price quotes from both to have the best rate selection. A few companies may not provide the ability to get a quote online and most of the time these smaller companies sell through independent agents.
Even more information can be read in the articles below:
- Understanding Your Insurance Deductible (Insurance Information Insitute)
- Frontal Crash Tests (iihs.org)
- Vehicle Insurance in the U.S. (Wikipedia)
- What is Covered by GAP Insurance? (Allstate)
- What is a Telematics Device? (Allstate)
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