How Much Does 2001 BMW 3 Series Insurance Cost?

Trying to find better insurance coverage rates for your BMW 3 Series? Scraping up a payment for overpriced BMW 3 Series insurance can drain your personal savings and make it hard to pay other bills. Shopping your coverage around is a smart way to make sure you’re not throwing money away. Insurance companies such as Progressive, GEICO and Farmers Insurance continually bombard you with ads and consumers find it hard to ignore the propoganda and take the time to shop coverage around.

Consumers should take time to take a look at other company’s rates once or twice a year since rates fluctuate regularly. If you had the lowest price for 3 Series coverage a year ago you may be paying too much now. Forget all the misinformation about insurance coverage because you’re about to find out the right way to reduce your cost while improving coverage.

If you are insured now or need new coverage, you can use these techniques to reduce the price you pay while maximizing coverage. Choosing the best insurance company for you is easy if you know what you’re doing. Vehicle owners just need to learn the most efficient way to compare company rates on the web.

How to Lower Your Insurance Coverage Cost

Shopping for lower insurance coverage rates can be a daunting task if you don’t understand the most efficient way to do it. You can spend countless hours talking to agents in your area, or you can utilize the internet to maximize your effort.

Many popular insurance companies participate in a marketplace where prospective buyers only type in their quote data once, and each participating company can give them a price based on that data. This prevents consumers from doing quote forms to every company.

To access this free quoting program, click here (opens in new window).

The single downside to comparing rates this way is that consumers can’t choose which carriers you want pricing from. So if you want to choose specific providers to request quotes from, we have assembled a list of companies who write insurance coverage in your area. View list of insurance companies.

It’s your choice how you get your quotes, but ensure you are comparing apples-to-apples coverage limits and deductibles with each company. If you compare different deductibles then you won’t be able to make a fair comparison for your BMW 3 Series.

Take discounts and save

Auto insurance companies do not list every available discount in a way that’s easy to find, so we took the time to find both well-publicized and also the lesser-known discounts you could be receiving. If you aren’t receiving every discount you deserve, you are throwing money away.

  • Good Students Pay Less – A discount for being a good student can save 20 to 25%. Earning this discount can benefit you until age 25.
  • Air Bag Discount – Vehicles with factory air bags or motorized seat belts can receive discounts of 20% or more.
  • Safety Course Discount – Taking a course in driver safety can save you 5% or more depending on where you live.
  • Discount for New Cars – Adding a new car to your policy can be considerably cheaper because new vehicles have to meet stringent safety requirements.
  • Employee of Federal Government – Simply working for the federal government can save as much as 8% for 3 Series coverage depending on your company.
  • Accident Waiver – A few companies allow you one accident before your rates go up if you are claim-free for a particular time prior to the accident.
  • Claim Free – Drivers who don’t have accidents pay less when compared with drivers who are more careless.
  • E-sign – Some insurance companies will discount your bill up to fifty bucks for buying your policy on their website.
  • Drive Less and Save – Fewer annual miles on your BMW can earn better rates on cars that stay parked.
  • Early Signing – Some companies give discounts for signing up before your current policy expires. This can save 10% or more.

Keep in mind that most credits do not apply to all coverage premiums. Some only reduce specific coverage prices like liability and collision coverage. So despite the fact that it appears having all the discounts means you get insurance for free, car insurance companies aren’t that generous.

Insurance companies that may have these money-saving discounts are:

Check with each company what discounts are available to you. Some discounts may not apply everywhere.

What determines your BMW 3 Series insurance premium

Smart consumers have a good feel for some of the elements that go into determining your insurance rates. When you know what positively or negatively determines base rates allows you to make educated decisions that may reward you with lower insurance prices.

  • Add-on coverages can add up – There are quite a few additional coverages that can waste your money if you aren’t careful. Things like personal injury protection, accident forgiveness and motor club memberships may be wasting your money. These coverages may sound good when talking to your agent, but if you don’t need them remove them from your policy.
  • More claims means more premium – If you tend to file frequent claims, you can pretty much guarantee higher rates. Auto insurance companies award lower rates to policyholders who do not file claims often. Insurance coverage is intended for the large, substantial claims.
  • Pay less after the wedding – Having a spouse can get you a discount on your insurance policy. Marriage usually means you are more responsible and statistics show married couples file fewer claims.
  • Younger drivers pay higher rates – Young drivers are known to get distracted easily behind the wheel so insurance rates are higher. If you’ve ever had to add a youthful driver onto your insurance can break the bank. Older drivers are more responsible, tend to file fewer claims and tend to be better behind the wheel.
  • Do you have enough liability coverage? – Your policy’s liability coverage provides coverage if you are found liable for causing damage or personal injury in an accident. Liability provides for a legal defense up to the limits shown on your policy. Carrying liability coverage is mandatory and cheap as compared to coverage for physical damage, so do not skimp.

Which policy gives me the best coverage?

When buying the right insurance coverage, there isn’t really a cookie cutter policy. Everyone’s situation is a little different so your insurance needs to address that. For instance, these questions may help you determine if your situation could use an agent’s help.

  • Should I put collision coverage on all my vehicles?
  • Is my cargo covered for damage or theft?
  • How high should my medical payments coverage be?
  • Do I need added coverage for expensive stereo equipment?
  • Are there companies who specialize in insuring high-risk drivers?
  • I don’t drive much so do I pay less?
  • How does medical payments coverage work?
  • Why is insurance for a teen driver so high?

If you’re not sure about those questions but you think they might apply to your situation, then you may want to think about talking to an insurance agent. To find an agent in your area, take a second and complete this form or go to this page to view a list of companies. It’s fast, free and can help protect your family.

Do insurance coverage companies bend the truth?

Drivers can’t get away from ads for the lowest price auto insurance from companies such as Progressive, GEICO, Allstate and State Farm. They all seem to make an identical promise that you’ll save big after switching your policy.

How does each company say the same thing? It’s all in the numbers.

All companies are able to cherry pick for the right customer they prefer to insure. For instance, a profitable customer could be between 25 and 40, has no driving citations, and has great credit. A customer getting a price quote who meets those qualifications is entitled to the best price and most likely will pay quite a bit less when switching companies.

Drivers who don’t measure up to this ideal profile will have to pay a more expensive rate which usually ends up with business going elsewhere. The ads say “people who switch” not “everyone that quotes” save money. That’s the way insurance companies can confidently make the claims of big savings. Because of the profiling, it’s extremely important to get as many comparisons as possible. It’s not possible to predict which company will fit your personal profile best.

Specific coverage details

Having a good grasp of your policy can be of help when determining the right coverages and the correct deductibles and limits. Policy terminology can be difficult to understand and nobody wants to actually read their policy. These are typical coverage types found on the average insurance policy.

Comprehensive auto coverage

Comprehensive insurance covers damage from a wide range of events other than collision. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive can pay for claims such as a tree branch falling on your vehicle, damage from flooding and hitting a deer. The most your insurance company will pay is the actual cash value, so if the vehicle is not worth much consider dropping full coverage.

Medical payments and PIP coverage

Med pay and PIP coverage reimburse you for expenses for things like ambulance fees, EMT expenses, funeral costs and X-ray expenses. They are utilized in addition to your health insurance policy or if you do not have health coverage. Medical payments and PIP cover all vehicle occupants and also covers if you are hit as a while walking down the street. Personal injury protection coverage is not an option in every state but it provides additional coverages not offered by medical payments coverage

Liability auto insurance

This will cover damages or injuries you inflict on other’s property or people in an accident. It protects YOU from legal claims by others. It does not cover damage sustained by your vehicle in an accident.

It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have liability limits of 100/300/100 which means $100,000 bodily injury coverage, a total of $300,000 of bodily injury coverage per accident, and a total limit of $100,000 for damage to vehicles and property.

Liability insurance covers things such as court costs, funeral expenses, repair bills for other people’s vehicles and emergency aid. How much liability coverage do you need? That is up to you, but it’s cheap coverage so purchase as much as you can afford.

UM/UIM (Uninsured/Underinsured Motorist) coverage

Your UM/UIM coverage gives you protection when the “other guys” do not carry enough liability coverage. It can pay for injuries to you and your family as well as damage to your BMW 3 Series.

Because many people only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea.

Collision protection

Collision coverage pays for damage to your 3 Series from colliding with another car or object. You have to pay a deductible then your collision coverage will kick in.

Collision coverage protects against claims such as crashing into a building, hitting a parking meter, backing into a parked car, colliding with another moving vehicle and driving through your garage door. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are older. Drivers also have the option to raise the deductible to save money on collision insurance.

Pennies from heaven

Budget-conscious 2001 BMW 3 Series insurance is available online as well as from independent agents, and you need to price shop both in order to have the best price selection to choose from. There are still a few companies who don’t offer you the ability to get quotes online and most of the time these regional insurance providers sell through independent agents.

Throughout this article, we presented quite a bit of information on how to reduce insurance prices online. The key concept to understand is the more times you quote, the better your comparison will be. Consumers could even find that the lowest premiums are with a smaller regional carrier. These companies may have significantly lower rates on certain market segments than the large multi-state companies such as GEICO and State Farm.

To learn more, feel free to visit the resources below: