Compare 2002 BMW 3 Series Car Insurance Cost

Trying to find cheaper auto insurance rates for your BMW 3 Series? Finding the best price on auto insurance can seem complicated if you are a beginner to online quoting. Don’t let that stop you because we’re going to show you how.

Parts of the BMW 3 Series rate equation

Smart consumers have a good feel for the rating factors that come into play when calculating the price you pay for car insurance. Having a good understanding of what determines base rates allows you to make educated decisions that will entitle you to much lower annual insurance costs.

  • Liability coverage is cheap – Liability coverage is the protection when a court rules you are at fault for causing damage or personal injury in an accident. It will provide legal defense which can be incredibly expensive. Liability insurance is quite affordable when compared with rates for comp and collision, so do not skimp.
  • Allowing your policy to lapse raises rates – Driving with no insurance can get your license suspended and car insurance companies will penalize you for letting your coverage lapse. And not only will your rates increase, failure to provide proof of insurance might get you a revoked license or a big fine.
  • Younger drivers pay higher rates – More mature drivers are more cautious drivers, tend to cause fewer accidents and get fewer tickets. Young drivers are known to get distracted easily when driving and because of this, their car insurance rates are much higher.
  • Where you live – Living in a rural area can be a good thing when it comes to car insurance. Urban drivers regularly have much more traffic and longer commute times. Fewer people translates into fewer accidents.
  • Small claims can cost you – If you frequently file small claims, you can definitely plan on higher rates. Insurance companies generally give cheaper rates to insureds who do not rely on their insurance for small claims. Insurance coverage is intended for major claims that would cause financial hardship.
  • Do you know your deductibles? – Physical damage insurance, also known as collision and other-than-collision, protects your BMW from damage. A few examples of covered claims are running into the backend of another car, damage caused by hail, or theft. The deductibles are the amount of money you are willing to pay before a claim is paid by your company. The more money you have to pay, the lower your rates will be on 3 Series coverage.
  • Your car’s features help determine rates – Choosing a vehicle that has an advanced theft prevention system can save you a little every year. Anti-theft devices like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar can thwart your vehicle from being stolen.
  • Rates may be higher depending on your occupation – Jobs such as doctors, executives and stock brokers are shown to have the highest rates in part from stressful work requirements and long work hours. On the other hand, jobs such as actors, students and retirees pay the least on 3 Series coverage.

Discounts are available to cut your rates

Insurance can be prohibitively expensive, but discounts can save money and there are some available to reduce the price significantly. Some discounts apply automatically at the time of quoting, but some must be specially asked for prior to receiving the credit.

  • Fewer Miles Equal More Savings – Fewer annual miles on your BMW can qualify you for better rates on cars that stay parked.
  • Sign Online – A handful of insurance companies will discount your bill up to fifty bucks for buying your policy digitally online.
  • Discount for New Cars – Putting insurance coverage on a new car can cost up to 25% less due to better safety requirements for new cars.
  • Defensive Driving Course – Successfully completing a course in driver safety could cut 5% off your bill if you qualify.
  • Multi-policy Discount – If you have multiple policies with the same insurance company you may save up to 20% off your total premium.

It’s important to understand that some credits don’t apply to the entire policy premium. Some only reduce specific coverage prices like comprehensive or collision. So even though it sounds like adding up those discounts means a free policy, it just doesn’t work that way. But all discounts will help reduce your premiums.

For a list of companies with discount car insurance rates, click here.

Car insurance myths debunked

Companies like Progressive, Geico, Allstate and State Farm continually stream ads on television and other media. All the ads make the same claim about savings after switching to them. But how can every company make the same claim? It’s all in the numbers.

All companies have a preferred profile for the right customer they prefer to insure. For example, a desirable insured might be over the age of 40, a clean driving record, and chooses high deductibles. Any new insured who matches those parameters will get the preferred rates and as a result will probably save when switching.

Potential customers who don’t meet the requirements will be quoted a higher premium which leads to the driver buying from a lower-cost company. The ad wording is “drivers who switch” not “people who quote” save money. This is how insurance companies can confidently make the claims of big savings.

This emphasizes why you should get quotes from several different companies. Because you never know which company will provide you with the cheapest BMW 3 Series insurance rates.

Everyone needs different coverages

When buying the best insurance coverage coverage, there really is no single plan that fits everyone. Everyone’s situation is a little different.

For instance, these questions can help discover whether or not you might need an agent’s assistance.

  • Do all my vehicles need collision coverage?
  • Do I have any recourse if my insurance company denies a claim?
  • How much liability do I need to cover my assets?
  • What if I total my 2002 BMW 3 Series and owe more than it’s worth?
  • How high should deductibles be on a 2002 BMW 3 Series?
  • How much liability coverage do I need in my state?
  • Am I covered if I drive in a foreign country?
  • Does my medical payments coverage pay my health insurance deductible?

If you can’t answer these questions but one or more may apply to you then you might want to talk to an agent. If you want to speak to an agent in your area, fill out this quick form.

Insurance coverages and their meanings

Understanding the coverages of your policy aids in choosing which coverages you need and the correct deductibles and limits. The coverage terms in a policy can be impossible to understand and nobody wants to actually read their policy.

Medical expense coverage

Personal Injury Protection (PIP) and medical payments coverage kick in for short-term medical expenses such as pain medications, prosthetic devices, chiropractic care, X-ray expenses and funeral costs. The coverages can be used to cover expenses not covered by your health insurance program or if you are not covered by health insurance. It covers both the driver and occupants as well as being hit by a car walking across the street. PIP coverage is not available in all states but can be used in place of medical payments coverage

Comprehensive protection

This pays for damage OTHER than collision with another vehicle or object. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against claims such as rock chips in glass, hitting a bird, hail damage, damage from flooding and a tree branch falling on your vehicle. The highest amount you’ll receive from a claim is the market value of your vehicle, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Collision coverage

This coverage pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision coverage pays for claims such as colliding with another moving vehicle, scraping a guard rail and crashing into a building. 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 raise the deductible to save money on collision insurance.

Liability

Liability coverage provides protection from damage that occurs to people or other property that is your fault. It protects YOU against claims from other people. It does not 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. You commonly see policy limits of 50/100/50 that means you have $50,000 bodily injury coverage, a limit of $100,000 in injury protection per accident, and a limit of $50,000 paid for damaged property. Some companies may use a combined single limit or CSL which provides one coverage limit with no separate limits for injury or property damage.

Liability insurance covers things like pain and suffering, medical services, funeral expenses, attorney fees and bail bonds. How much liability coverage do you need? That is a decision to put some thought into, but consider buying as much as you can afford.

Uninsured or underinsured coverage

This coverage protects you and your vehicle when the “other guys” either are underinsured or have no liability coverage at all. It can pay for injuries to you and your family as well as your vehicle’s damage.

Since many drivers have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Normally your uninsured/underinsured motorist coverages are identical to your policy’s liability coverage.

Saving money makes a lot of cents

People switch companies for any number of reasons including being labeled a high risk driver, policy cancellation, delays in responding to claim requests and extreme rates for teen drivers. No matter why you want to switch, choosing a new insurance company is less work than it seems.

As you restructure your insurance plan, do not reduce coverage to reduce premium. In many cases, an insured dropped liability coverage limits only to discover later that a couple dollars of savings turned into a financial nightmare. The proper strategy is to buy a smart amount of coverage at a price you can afford, not the least amount of coverage.

The cheapest 2002 BMW 3 Series insurance is possible from both online companies and also from your neighborhood agents, so you should be comparing quotes from both to have the best rate selection. Some companies may not provide the ability to get a quote online and most of the time these small, regional companies sell through independent agents.

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