Lower Your 2002 BMW 3 Series Insurance Cost

Searching for better car insurance rates for your BMW 3 Series? Trying to come up with a payment for pricey car insurance can drain your family’s budget and make it tough to pay other bills. Performing a rate comparison can save money and help to tighten up your finances.

Online insurance companies like State Farm, Progressive and Geico continually hit you with advertising and it can be hard to ignore the flashy ads and take the time to shop coverage around.

Insurance costs are influenced by these factors

Many different elements are taken into consideration when pricing auto insurance. Some of the criteria are obvious like a motor vehicle report, but other criteria are more transparent like your continuous coverage and annual miles driven.Part of the insurance coverage buying process is learning the factors that help calculate your insurance coverage rates. When you know what positively or negatively positively or negatively impacts your premiums, this allows you to make educated decisions that can help you get lower rates.

  • Drive less and save – The higher the miles on your BMW in a year’s time the more it will cost to insure it. A lot of insurance companies apply a rate based upon how you use the vehicle. Autos that have low annual miles receive lower rates than those used for commuting. It’s always a good idea to double check that your policy reflects annual mileage. Having the wrong rating on your 3 Series may be wasting your money.
  • Getting married can lower costs – Having a significant other may save some money on your insurance coverage bill. Having a significant other usually means you are less irresponsible and it’s statistically proven that married drivers get in fewer accidents.
  • Car plus home equals more savings – Most larger companies will award discounts to clients who carry more than one policy in the form of a multi-policy discount. The discount can add up to anywhere from five to ten percent in most cases. Even though this discount sounds good, it’s always a smart idea to shop around to guarantee you are still saving the most.
  • Careless drivers pay higher costs – Being a careful driver has a lot to do with how much you pay for insurance. Getting just one citation can increase rates by as much as thirty percent. Drivers with clean records tend to pay less for car insurance compared to bad drivers. Drivers unfortunate enough to have license-revoking violations like DUI or willful reckless driving may need to submit a SR-22 form with their state in order to legally drive a vehicle.
  • Raise coverage deductibles and save – Comp and collision deductibles are the amount of money you are willing to pay in the event of a claim. Physical damage coverage, aka comp and collision, covers damage that occurs to your car. Examples of some claims that would be covered are rearending another vehicle, animal collisions, or theft of your vehicle. The more damage repair cost you pay before a claim is paid (deductible), the less your insurance coverage will be for 3 Series coverage.

Quote car insurance online

To find the best car insurance quotes, there are several ways to compare rate quotes from different companies. The easiest way to find affordable 2002 BMW 3 Series insurance rates consists of obtaining rate quotes online. It is quite easy and can be accomplished in a couple of different ways.

  1. The fastest and easiest way to find low rates would be an industry-wide quote request form (click to open form in new window). This form eliminates the need for separate forms for each company. One simple form will get you price quotes from many national carriers.
  2. A less efficient way to get comparison quotes requires a trip to each company’s website and get a separate price quote. For instance, let’s assume you want comparison quotes from Liberty Mutual, Geico and Farmers. To find out each rate you need to go to every website to input your insurance information, which is not fast way to get rate quotes.

    For a list of companies in your area, click here.

  3. The most time-consuming method to get rate quotes is to spend your day driving to and from local insurance agencies. Buying insurance online makes this process obsolete unless your situation requires the peace of mind of a licensed agent. It is possible with some companies compare online quotes and still use a local agent.

Take whichever approach you prefer, but make sure you compare identical coverage information for each comparison quote. If you have unequal deductibles or liability limits you will not be able to determine the best price for your BMW 3 Series. Just slight variations in coverage limits can mean a large discrepancy in price. It’s important to know that obtaining a wide range of quotes will improve the odds of getting better pricing. Some smaller insurers to not give rate quotes online, so you should also compare price estimates from them, too.

Use discounts on insurance

Insurance is not an enjoyable expense, but you might find some hidden discounts to help offset the cost. Certain credits will be shown when you complete an application, but some discounts are required to be requested specifically before they will apply. If you are not receiving all the discounts you deserve, you may be paying too high a price.

  • Early Switch Discount – Some larger companies provide a discount for buying a policy before your current coverage expires. This discount can save up to 10%.
  • Good Grades Discount – Excelling in school could provide a savings of up to 20% or more. Most companies allow this discount well after school through age 25.
  • ABS and Traction Control Discounts – Cars, trucks, and SUVs with anti-lock braking systems prevent accidents and the ABS can save up to 10%.
  • Life Insurance – Not all insurance companies offer life insurance, but some may give you a discounted premium rate on car insurance if you buy some life insurance too.
  • Discounts for New Vehicles – Buying insurance coverage on a new vehicle can be considerably cheaper due to better safety requirements for newer models.
  • Online Discount – Some larger companies will give you a small discount get insurance over the internet.
  • Homeowners Discount – Simply owning a home can earn you a little savings since home ownership is proof that your finances are in order.
  • Fewer Miles Equal More Savings – Low annual miles can earn lower prices due to less chance of an accident.
  • Driver Safety – Successfully completing a course in safe driver could save 5% or more and also improve your driving technique.

Discounts reduce rates, but you should keep in mind that many deductions do not apply to your bottom line cost. Some only reduce the cost of specific coverages such as collision or personal injury protection. Despite the fact that it seems like you could get a free insurance policy, nobody gets a free ride.

A few popular companies and a partial list of their discounts can be found below.

  • The Hartford offers premium reductions for anti-theft, good student, bundle, defensive driver, air bag, driver training, and vehicle fuel type.
  • American Family discounts include good student, good driver, mySafetyValet, TimeAway discount, and accident-free.
  • Progressive has discounts for homeowner, multi-vehicle, good student, multi-policy, online quote discount, continuous coverage, and online signing.
  • Travelers may offer discounts for IntelliDrive, multi-policy, home ownership, driver training, and student away at school.
  • Farmers Insurance offers discounts including pay in full, distant student, multi-car, business and professional, good student, alternative fuel, and switch companies.
  • USAA offers discounts for multi-vehicle, good student, family discount, defensive driver, vehicle storage, annual mileage, and safe driver.
  • Liberty Mutual may have discounts that include new vehicle discount, good student, new graduate, exclusive group savings, newly married, and safety features.

Before you buy a policy, ask each company or agent which discounts you may be entitled to. Some of the discounts discussed earlier may not apply to policies in your area. To see companies that offer the discounts shown above, follow this link.

Tailor your insurance coverage coverage to you

When it comes to buying adequate coverage for your personal vehicles, there really is no perfect coverage plan. Each situation is unique and your policy should reflect that. For example, these questions could help you determine if your insurance needs could use an agent’s help.

  • When can my company non-renew my policy?
  • Are split liability limits better than a combined single limit?
  • How high should my uninsured/underinsured coverage be in my state?
  • Do I have coverage when using my vehicle for my home business?
  • What discounts do I qualify for?
  • When should my teen driver be added to my policy?
  • Am I covered if hit by an uninsured driver?
  • Do I need replacement cost coverage?
  • What are the best liability limits?
  • Does my insurance cover a custom paint job?

If it’s difficult to answer those questions but you know they apply to you, then you may want to think about talking to an agent. To find lower rates from a local agent, fill out this quick form or click here for a list of insurance coverage companies in your area.

Insurance coverages 101

Knowing the specifics of your policy aids in choosing the right coverages and proper limits and deductibles. Insurance terms can be ambiguous and reading a policy is terribly boring. Listed below are the normal coverages found on the average insurance policy.

Collision insurance

This coverage covers damage to your 3 Series caused by collision with an object or car. You will need to pay your deductible and then insurance will cover the remainder.

Collision can pay for claims like hitting a mailbox, driving through your garage door, colliding with another moving vehicle and colliding with a tree. Collision is rather expensive coverage, so consider removing coverage from older vehicles. Another option is to increase the deductible to get cheaper collision coverage.

Medical expense coverage

Med pay and PIP coverage kick in for short-term medical expenses for prosthetic devices, rehabilitation expenses, dental work, chiropractic care and pain medications. They are often used in conjunction with a health insurance policy or if there is no health insurance coverage. Medical payments and PIP cover not only the driver but also the vehicle occupants as well as being hit by a car walking across the street. PIP coverage is not available in all states and may carry a deductible

Liability auto insurance

Liability insurance can cover damages or injuries you inflict on people or other property in an accident. This coverage protects you from claims by other people, and does not provide coverage for your injuries or vehicle damage.

Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see values of 100/300/100 that translate to a $100,000 limit per person for injuries, a per accident bodily injury limit of $300,000, and $100,000 of coverage for damaged propery.

Liability coverage pays for things such as emergency aid, funeral expenses and legal defense fees. How much liability coverage do you need? That is your choice, but it’s cheap coverage so purchase as much as you can afford.

Uninsured or underinsured coverage

This coverage gives you protection from other drivers when they are uninsured or don’t have enough coverage. This coverage pays for hospital bills for your injuries and also any damage incurred to your BMW 3 Series.

Since many drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage should not be overlooked.

Comprehensive protection

Comprehensive insurance pays for damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against claims such as vandalism, hail damage, theft and fire damage. The most your insurance company will pay is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Smart consumers save more

We’ve covered many ideas to reduce 2002 BMW 3 Series insurance prices online. The key concept to understand is the more times you quote, the more likely it is that you will get a better rate. You may even find the lowest prices are with an unexpected company. These companies can often provide lower rates in certain areas compared to the large companies like Progressive or Geico.

Budget-friendly car insurance is attainable online and from local agencies, and you need to price shop both so you have a total pricing picture. Some car insurance companies may not have online price quotes and these small insurance companies only sell coverage through independent agencies.

More detailed car insurance information is available in the articles below: