2011 BMW 3 Series Car Insurance Rates – 7 Tips to Save

No one looks forward to buying auto insurance, in particular when the cost is too high. Having so many companies to choose from, it can be challenging to locate the most cost effective insurer.

It is always a good idea to do rate comparisons periodically due to the fact that insurance rates trend upward over time. Even if you got the best rates for 3 Series insurance two years ago there may be better deals available now. Forget anything you know (or think you know) about auto insurance because you’re about to find out the tricks you need to know to find great coverage at a great price.

How to Compare Insurance Costs

There are multiple methods you can shop for 2011 BMW 3 Series insurance but there is one way that is less labor-intensive and much quicker. You could spend your day talking about coverages with insurance companies in your area, or you can stay home and use online quotes to get pricing more quickly.

Most of the larger companies enroll in a system where prospective buyers complete one form, and each company returns a competitive quote for coverage. This system prevents you from having to do repetitive form submissions for every insurance company.

To find out how much you can save on insurance click here (opens in new window).

One minor caviat to using this type of system is you are unable to specify the insurers to receive prices from. If you prefer to choose specific insurance companies to receive pricing from, we put together a list of the cheapest insurance companies in your area. Click to view list.

It’s up to you which method you use, but ensure you are comparing the exact same information with each company. If you have mixed coverages you can’t possibly determine the lowest rate for your BMW 3 Series.

Discounts are basically free money

Insuring your fleet can be pricey, but there are discounts available that you may not even be aware of. Most are applied at quote time, but a few must be requested specifically before you get the savings. If you’re not getting every credit available, you’re just leaving money on the table.

  • Anti-theft Discount – Vehicles equipped with anti-theft or alarm systems help deter theft and therefore earn up to a 10% discount.
  • Multiple Policy Discount – When you combine your home and auto insurance with one insurance company you will save at least 10% off all policies.
  • Clubs and Organizations – Belonging to certain professional organizations is a good way to get lower rates on insurance coverage for 3 Series insurance.
  • Discounts for Safe Drivers – Insureds without accidents can get discounts for up to 45% lower rates for 3 Series insurance than drivers with accident claims.
  • Student Driver Training – Make teen driver coverage more affordable by requiring them to successfully complete driver’s ed class if offered at their school.
  • Low Mileage – Driving fewer miles can earn discounted rates on garaged vehicles.
  • One Accident Forgiven – Some insurance companies will allow you to have one accident without raising rates if your claims history is clear for a particular time prior to the accident.

Consumers should know that most discount credits are not given to the entire cost. Most only cut individual premiums such as comprehensive or collision. So when it seems like having all the discounts means you get insurance for free, it just doesn’t work that way. Any amount of discount will help reduce the cost of coverage.

For a list of companies offering insurance coverage discounts, click here to view.

Which insurance is the “right” coverage?

When choosing the right insurance coverage, there isn’t really a single plan that fits everyone. Each situation is unique so your insurance needs to address that. Here are some questions about coverages that may help highlight if your insurance needs will benefit from professional help.

  • What are the best liability limits?
  • Am I covered if my car is in a flood?
  • Is my cargo covered for damage or theft?
  • I have health insurance so do I need medical payments coverage?
  • Can I get a multi-policy discount?
  • Are all vehicle passengers covered by medical payments coverage?
  • Does liability extend to a camper or trailer?
  • When should I buy a commercial auto policy?

If it’s difficult to answer those questions but a few of them apply then you might want to talk to an agent. To find lower rates from a local agent, take a second and complete this form or click here for a list of insurance companies in your area. It is quick, free and you can get the answers you need.

Are you falling for claims of savings?

Consumers can’t get away from ads for the lowest price auto insurance from the likes of Allstate, Geico and Progressive. All the ads make the same claim that you can save if you move your coverage to them.

How does each company claim to save you money? This is how they do it.

Different companies have a preferred profile for the right customer that is profitable for them. For instance, a desirable insured could be between the ages of 40 and 55, insures multiple vehicles, and drives less than 10,000 miles a year. A propective insured who meets those qualifications will get very good rates and most likely will pay quite a bit less when switching companies.

Drivers who don’t measure up to these standards will be charged higher premiums which leads to the customer not buying. Company advertisements say “customers who switch” but not “drivers who get quotes” save that kind of money. That’s the way companies can truthfully claim big savings.

That is why you need to get as many comparisons as possible. You cannot predict the company that will have the lowest BMW 3 Series insurance rates.

Insurance specifics

Understanding the coverages of your insurance policy can be of help when determining the best coverages and the correct deductibles and limits. Insurance terms can be confusing and nobody wants to actually read their policy. Listed below are the normal coverages offered by insurance companies.

Liability

This coverage protects you from injuries or damage you cause to people or other property by causing an accident. It protects you against claims from other people, and does not provide coverage for your injuries or vehicle damage.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show values of 100/300/100 that means you have a $100,000 limit per person for injuries, $300,000 for the entire accident, and $100,000 of coverage for damaged propery. Alternatively, you may have one limit called combined single limit (CSL) which combines the three limits into one amount with no separate limits for injury or property damage.

Liability insurance covers claims such as repair costs for stationary objects, repair bills for other people’s vehicles, structural damage, pain and suffering and medical services. The amount of liability coverage you purchase is your choice, but you should buy higher limits if possible.

Medical payments coverage and PIP

Personal Injury Protection (PIP) and medical payments coverage kick in for bills like surgery, dental work, nursing services and rehabilitation expenses. They can be used to fill the gap from your health insurance program or if you lack health insurance entirely. They cover 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 may carry a deductible

Coverage for collisions

Collision insurance covers damage to your 3 Series from colliding with an object or car. A deductible applies then your collision coverage will kick in.

Collision insurance covers claims such as backing into a parked car, crashing into a building, colliding with another moving vehicle, hitting a mailbox and sideswiping another vehicle. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from lower value vehicles. You can also increase the deductible in order to get cheaper collision rates.

Comprehensive coverage

Comprehensive insurance coverage covers damage that is not covered by collision coverage. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers things like hitting a bird, hail damage, fire damage, a broken windshield and rock chips in glass. The maximum payout you can receive from a comprehensive claim is the market value of your vehicle, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.

Uninsured/Underinsured Motorist coverage

This coverage protects you and your vehicle when other motorists are uninsured or don’t have enough coverage. This coverage pays for injuries to you and your family and damage to your 2011 BMW 3 Series.

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 should not be overlooked. Normally your uninsured/underinsured motorist coverages are similar to your liability insurance amounts.

Final thoughts

We just covered a lot of techniques to reduce 2011 BMW 3 Series insurance prices online. The key concept to understand is the more rate comparisons you have, the higher the chance of saving money. You may be surprised to find that the lowest priced insurance comes from a company that doesn’t do a lot of advertising. These smaller insurers can often provide lower rates in certain areas than their larger competitors like State Farm or Progressive.

While you’re price shopping online, never buy poor coverage just to save money. In too many instances, drivers have reduced uninsured motorist or liability limits and found out when filing a claim that a couple dollars of savings turned into a financial nightmare. The proper strategy is to buy the best coverage you can find for the lowest price.

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