2001 BMW 3 Series Insurance Cost

Buyers have options when searching for the best price on BMW 3 Series insurance. You can either spend your time driving around to get rate comparisons or leverage the internet to get rate quotes. There are both good and bad ways to shop for auto insurance so we’re going to tell you the absolute fastest way to price shop coverage for a BMW and get the lowest possible price either online or from local insurance agents.

Finding Auto Insurance Deals

There are a variety of methods to compare 2001 BMW 3 Series auto insurance prices but one way is less labor-intensive and much quicker. You could waste time driving to insurance companies in your area, or you can utilize online quoting to get the quickest rates.

All the larger companies belong to a marketplace that enables customers to submit their information once, and each company returns a rated price based on that information. This eliminates the need for quote requests to each company.

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The single downside to using this type of form is that you can’t choose which providers to get pricing from. If you would rather choose individual companies to compare prices, we have a listing of companies who write auto insurance in your area. Click here for list of insurance companies.

It doesn’t matter which method you choose, just make absolute certain that you use the exact same coverage information for each comparison quote. If each company quotes different liability limits it will be impossible to determine the lowest rate for your BMW 3 Series.

Don’t believe everything you hear

Drivers constantly see and hear ads for cheaper car insurance from the likes of Allstate, Geico and Progressive. All the companies have a common claim that you’ll save big after switching your coverage to them.

How does each company say the same thing?

All the different companies are able to cherry pick for the right customer that makes them money. For example, a preferred risk might be between the ages of 40 and 55, owns a home, and chooses high deductibles. A driver who matches those parameters will qualify for the lowest rates and most likely will save quite a bit of money when switching.

Drivers who are not a match for these standards will be quoted higher rates and this can result in the driver buying from a lower-cost company. The ads state “customers who switch” not “everybody who quotes” save that much money. That’s the way insurance companies can confidently state the savings. This emphasizes why drivers should get quotes from several different companies. It’s not possible to predict which insurance company will have the lowest BMW 3 Series insurance rates.

These factors can influence what you pay for BMW 3 Series insurance

Smart consumers have a good feel for the factors that play a part in calculating the price you pay for insurance. Knowing what determines base rates empowers consumers to make smart changes that will entitle you to lower insurance prices.

Shown below are a few of the “ingredients” used by your company to calculate prices.

  • Are you male or female? – Statistics demonstrate women tend to be less risk to insure than men. However, don’t assume that women are BETTER drivers than men. Both sexes cause accidents in similar percentages, but the male of the species cause more damage and cost insurance companies more money. Men also tend to have more aggressive citations like reckless driving and DUI.
  • Optional equipment can affect rates – Owning a car with a theft deterrent system can get you a discount on your insurance. Theft prevention features such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems can help prevent your car from being stolen.
  • Credit scores impact insurance rates – Credit score is a large factor in determining what you pay for insurance. Consumers who have high credit scores tend to be less risk to insure than drivers with lower credit ratings. Therefore, if your credit score is low, you could save money insuring your 2001 BMW 3 Series by improving your rating.
  • Do you qualify for a multi-policy discount? – Some insurance companies give discounts to people who consolidate policies with them, otherwise known as a multi-policy discount. Even though this discount sounds good, it’s still a good idea to compare other company rates to ensure the best deal.
  • Higher safety ratings means cheaper insurance – Cars with high safety ratings tend to have better insurance rates. The safest vehicles have better occupant injury protection and better occupant protection means less money paid by your insurance company passed on to you as lower rates. If your BMW 3 Series is rated at least four stars on Safercar.gov or an “acceptable” rating on iihs.org it may be receiving lower rates.
  • Careful drivers pay lower rates – Even one ticket can bump up the cost by as much as thirty percent. Drivers who don’t get tickets receive lower rates compared to drivers with tickets. If you have flagrant violations such as DUI or reckless driving may find they need to submit a SR-22 or proof of financial responsibility with their state DMV in order to keep their license.
  • Marriage pays dividends – Having a spouse actually saves money on your insurance policy. Marriage means you’re more responsible it has been statistically shown that being married results in fewer claims.

Best discounts on BMW 3 Series coverage

Car insurance companies don’t necessarily list every available discount in an easy-to-find place, so we break down both the well known as well as the least known insurance savings. If they aren’t giving you every credit you qualify for, you are throwing money away.

  • Senior Citizens – If you qualify as a senior citizen, you may receive a discount up to 10% on 3 Series insurance.
  • Discount for Swiching Early – A few companies offer discounts for signing up prior to your current policy expiration. The savings is around 10%.
  • Student in College – Youth drivers who live away from home without a vehicle on campus may be able to be covered for less.
  • Drivers Education – Cut your cost by having your teen driver complete a driver education course if it’s offered in school.
  • Life Insurance – Larger companies have a discount if you purchase life insurance from them.
  • Anti-lock Brakes – Vehicles equipped with ABS or steering control prevent accidents and qualify for as much as a 10% discount.

As a disclaimer on discounts, some credits don’t apply to all coverage premiums. Some only reduce specific coverage prices like comp or med pay. So when it seems like having all the discounts means you get insurance for free, companies wouldn’t make money that way.

A partial list of companies that possibly offer these benefits may include but are not limited to:

Check with every prospective company what discounts are available to you. Some discounts might not apply in your area.

Tailor your coverage to you

When choosing the right insurance coverage for your vehicles, there is no one size fits all plan. Everyone’s needs are different.

These are some specific questions might help in determining if your insurance needs would benefit from professional advice.

  • Can my teen driver be rated on a liability-only vehicle?
  • What discounts do I qualify for?
  • Do I need added coverage for expensive stereo equipment?
  • When should I drop full coverage on my 2001 BMW 3 Series?
  • Am I covered by my spouse’s policy after a separation?
  • I have a DUI can I still get coverage?
  • What vehicles should carry emergency assistance coverage?
  • What can I do if my company won’t pay a claim?
  • Is my babysitter covered when using my vehicle?
  • Should I file a claim if it’s only slightly more than my deductible?

If you don’t know the answers to these questions then you might want to talk to an agent. To find an agent in your area, fill out this quick form. It is quick, free and you can get the answers you need.

Auto insurance coverages 101

Learning about specific coverages of your policy can help you determine appropriate coverage and proper limits and deductibles. Auto insurance terms can be confusing and nobody wants to actually read their policy.

Comprehensive protection – Comprehensive insurance coverage will pay to fix damage from a wide range of events other than collision. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for claims such as fire damage, hitting a bird, hitting a deer, falling objects and a tree branch falling on your vehicle. The most you’ll receive from a claim is the ACV or actual cash value, so if the vehicle is not worth much it’s not worth carrying full coverage.

Medical expense coverage – Med pay and PIP coverage kick in for immediate expenses such as ambulance fees, chiropractic care and prosthetic devices. They are utilized in addition to your health insurance plan or if you are not covered by health insurance. It covers both the driver and occupants and will also cover if you are hit as a while walking down the street. PIP coverage is not universally available but it provides additional coverages not offered by medical payments coverage

Liability car insurance – This coverage will cover damage or injury you incur to people or other property. It protects YOU against other people’s claims. Liability doesn’t cover your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see values of 25/50/25 that means you have a limit of $25,000 per injured person, a total of $50,000 of bodily injury coverage per accident, and $25,000 of coverage for damaged propery.

Liability coverage pays for claims like medical services, emergency aid, legal defense fees and repair bills for other people’s vehicles. How much liability coverage do you need? That is a personal decision, but consider buying as large an amount as possible.

Uninsured or underinsured coverage – This coverage gives you protection when other motorists either are underinsured or have no liability coverage at all. Covered claims include hospital bills for your injuries as well as your vehicle’s damage.

Due to the fact that many drivers only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is a good idea.

Collision coverages – Collision insurance covers damage to your 3 Series caused by collision with an object or car. You have to pay a deductible and then insurance will cover the remainder.

Collision coverage protects against things like crashing into a building, backing into a parked car and hitting a mailbox. Collision is rather expensive coverage, so consider dropping it from older vehicles. Drivers also have the option to raise the deductible to bring the cost down.

More quotes mean more savings

Cost effective 2001 BMW 3 Series insurance can be purchased from both online companies and also from your neighborhood agents, and you should compare price quotes from both so you have a total pricing picture. Some insurance companies may not provide online quoting and many times these smaller companies only sell through independent insurance agents.

You just learned many tips how you can compare insurance prices online. The key concept to understand is the more you quote, the higher your chance of finding lower rates. Drivers may discover the biggest savings come from the least-expected company.

When shopping online for car insurance, it’s not a good idea to reduce needed coverages to save money. In too many instances, an accident victim reduced collision coverage and discovered at claim time that the savings was not a smart move. The proper strategy is to purchase plenty of coverage at the best price while not skimping on critical coverages.

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