How Much Does 2016 BMW 3 Series Insurance Cost?

Finding the lowest price for auto insurance can seem like an uphill battle if you are a beginner to quoting online. But relax because using the internet to shop for auto insurance is actually quite easy.

Auto Insurance Prices Online

Shopping for lower auto insurance rates is a ton of work if you don’t know the fastest way to get free quotes. You can spend your afternoon talking to agents in your area, or you could use online quotes to achieve your goal.

Most major companies belong to a marketplace where prospective buyers send in one quote, and each company then returns a price quote. This eliminates the need for quote requests for each company.

To compare pricing click here (opens in new window).

The only drawback to doing it this way is you don’t know exactly which companies to get pricing from. So if you prefer to choose individual companies to compare rates, we have a listing of the cheapest auto insurance companies in your area. Click here to view list.

Whichever method you choose, ensure you’re using exactly the same coverage limits and deductibles for each comparison quote. If you compare higher or lower deductibles then you won’t be able to make an equal comparison. Having just a slight variation in limits can make a big difference in price. Keep in mind that obtaining a wide range of quotes helps you find the best price.

Discounts on BMW 3 Series insurance

Companies offering auto insurance don’t always list every available discount in a way that’s easy to find, so we researched some of the more common as well as the least known ways to save on car insurance.

  • Passive Restraints and Air Bags – Factory air bags can get savings of 20% or more.
  • Payment Method – If you pay your bill all at once instead of monthly or quarterly installments you could save up to 5%.
  • Low Mileage Discounts – Keeping the miles down on your BMW could qualify for lower rates on the low mileage vehicles.
  • Braking Control Discount – Vehicles equipped with ABS or steering control prevent accidents and therefore earn up to a 10% discount.
  • Paperless Signup – A few companies will give a small break for buying a policy and signing up digitally online.
  • Seat Belt Usage – Buckling up and requiring all passengers to buckle their seat belts could save 15% on the medical payments or PIP coverage costs.
  • No Claims – Drivers with accident-free driving histories can earn big discounts compared to frequent claim filers.
  • Multiple Cars – Buying coverage for all your vehicles with the same company qualifies for this discount.
  • Discount for Good Grades – A discount for being a good student can earn a discount of 20% or more. This discount can apply until age 25.

It’s important to understand that many deductions do not apply to the entire cost. Most only cut the cost of specific coverages such as liability and collision coverage. So despite the fact that it appears you could get a free car insurance policy, it doesn’t quite work that way.

Insurance companies that may offer these discounts may include but are not limited to:

Check with each company how you can save money. All car insurance discounts might not apply in your area.

Tailor your coverage to you

When buying the right insurance coverage, there is no best way to insure your cars. Every insured’s situation is different.

For instance, these questions can aid in determining if your situation would benefit from professional advice.

  • Are my friends covered when driving my car?
  • Does coverage extend to my business vehicle?
  • Does coverage extend to Mexico or Canada?
  • Can I get a multi-policy discount for packaging my home and auto coverage?
  • What is UM/UIM insurance?
  • When should I not file a claim?
  • How can I get my company to pay me more for my totalled car?

If you’re not sure about those questions but you know they apply to you, then you may want to think about talking to a licensed insurance agent. If you don’t have a local agent, complete this form.

Elements that influence BMW 3 Series insurance rates

An important part of buying insurance is that you know the rating factors that come into play when calculating insurance coverage rates. Having a good understanding of what influences your rates helps enable you to make changes that may reward you with much lower annual insurance costs.

  • Rates may be lower depending on your job – Did you know your insurance coverage rates can be affected by your occupation? Jobs such as judges, business owners and stock brokers tend to pay the highest rates due to stressful work requirements and long work hours. On the other hand, jobs such as actors, students and performers have the lowest average rates on 3 Series coverage.
  • Your age impacts your rates – Teen drivers tend to be more careless when behind the wheel so they pay higher insurance coverage rates. Older insureds are viewed as being more responsible, file fewer claims and get fewer tickets.
  • Safer occupants lowers premiums – Safer cars get lower rates. Safe vehicles reduce injuries and better occupant protection means less money paid by your insurance company and lower rates for you. If the BMW 3 Series is rated at least four stars on Safercar.gov it may be receiving lower rates.
  • Do you have enough liability coverage? – Liability insurance is the coverage that protects you if you are found liable for personal injury or accident damage. It provides legal defense coverage up to the limits shown on your policy. Carrying liability coverage is mandatory and cheap compared to physical damage coverage, so buy as much as you can afford.

Insurance coverages 101

Understanding the coverages of your policy can help you determine which coverages you need at the best deductibles and correct limits. Policy terminology can be ambiguous and reading a policy is terribly boring.

Collision coverage – This 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 claims such as hitting a mailbox, rolling your car, colliding with another moving vehicle, damaging your car on a curb and sideswiping another vehicle. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are 8 years or older. Drivers also have the option to raise the deductible to bring the cost down.

Coverage for liability – Liability coverage will cover damage or injury you incur to other people or property. It protects YOU from claims by other people. It does not cover damage sustained by your vehicle in an accident.

Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see policy limits of 100/300/100 which stand for $100,000 bodily injury coverage, a total of $300,000 of bodily injury coverage per accident, and a limit of $100,000 paid for damaged property.

Liability can pay for claims like loss of income, funeral expenses and structural damage. How much liability coverage do you need? That is up to you, but consider buying as much as you can afford.

UM/UIM (Uninsured/Underinsured Motorist) coverage – Your UM/UIM coverage protects you and your vehicle from other drivers when they are uninsured or don’t have enough coverage. It can pay for hospital bills for your injuries and damage to your BMW 3 Series.

Since a lot of drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage should not be overlooked.

Comprehensive auto coverage – This coverage will pay to fix damage that is not covered by collision coverage. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive insurance covers claims like a tree branch falling on your vehicle, damage from flooding and hail damage. The maximum amount you can receive from a comprehensive claim is the cash value of the vehicle, so if the vehicle’s value is low consider dropping full coverage.

Medical payments and PIP coverage – Coverage for medical payments and/or PIP reimburse you for immediate expenses such as nursing services, prosthetic devices, surgery, pain medications and EMT expenses. They are utilized in addition to your health insurance plan or if you do not have health coverage. It covers not only the driver but also the vehicle occupants and also covers getting struck while a pedestrian. Personal injury protection coverage is not universally available but it provides additional coverages not offered by medical payments coverage

A penny earned…

As you go through the steps to switch your coverage, it’s very important that you do not sacrifice coverage to reduce premiums. In many instances, drivers have reduced collision coverage only to discover later that the few dollars in savings costed them thousands. Your strategy should be to find the BEST coverage at a price you can afford while still protecting your assets.

Drivers change insurance companies for a number of reasons such as not issuing a premium refund, extreme rates for teen drivers, high rates after DUI convictions or even being labeled a high risk driver. Whatever your reason, choosing a new insurance company can be less work than you think.

Budget-conscious 2016 BMW 3 Series insurance is available both online in addition to many insurance agents, and you should compare price quotes from both to have the best rate selection. Some insurance companies do not provide the ability to get a quote online and usually these smaller companies provide coverage only through local independent agents.

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