Cheapest 2003 BMW 3 Series Insurance Rates in 2023
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UPDATED: Jan 13, 2020
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Buyers have a choice when searching for the best price on BMW 3 Series insurance. They can either waste time contacting agents trying to get quotes or use the internet to make rate comparisons. There are both good and bad ways to buy auto insurance so we’re going to tell you the quickest way to get price quotes for a new or used BMW and find the best price possible either online or from local insurance agents.
You should make it a habit to do rate comparisons yearly since rates go up and down regularly. Just because you had the best rates on 3 Series coverage six months ago there may be better deals available now. Block out anything you think you know about auto insurance because you’re about to find out the fastest way to get good coverage at a lower rate.
Discounts are great for lower rates
Companies offering auto insurance don’t always publicize all available discounts in an easy-to-find place, so the following is a list of both well-publicized as well as the least known ways to save on insurance. If they aren’t giving you every credit possible, you’re just leaving money on the table.
- Employee of Federal Government – Simply working for the federal government could cut as much as 10% off on 3 Series coverage depending on your company.
- Safety Course Discount – Taking part in a driver safety course can save you 5% or more and easily recoup the cost of the course.
- E-sign – Some insurance companies give back up to $50 simply for signing on their website.
- Drive Safe and Save – Insureds without accidents may save up to 50% more on 3 Series coverage than less cautious drivers.
- Accident Free – Drivers who don’t have accidents can earn big discounts compared to drivers who are more careless.
- Senior Discount – If you’re over the age of 55, you may qualify for a small decrease in premiums on 3 Series coverage.
Drivers should understand that many deductions do not apply to the entire policy premium. Most cut the price of certain insurance coverages like comprehensive or collision. So despite the fact that it appears you would end up receiving a 100% discount, companies don’t profit that way.
For a list of insurers with the best insurance discounts, click here to view.
Free Quotes for Car Insurance
There are a lot of ways to compare car insurance prices and some are less labor-intensive and much quicker. You can waste hours talking about coverages with insurance companies in your area, or you could use the web to maximize your effort.
Most of the best insurance companies belong to a marketplace where insurance shoppers submit their information once, and at least one company then gives them pricing. This system prevents you from having to do repetitive form submissions to every company.
To find out how much you can save on car insurance click here to start a free quote.
The one downside to pricing coverage this way is you are unable to specify which providers you will receive quotes from. If you prefer to choose specific providers for rate comparison, we put together a list of the cheapest car insurance companies in your area. View list of insurance companies.
Which method you use is up to you, but ensure you’re using identical coverages and limits for every quote you compare. If you compare different liability limits you will not be able to truly determine the lowest rate.
Elements that influence BMW 3 Series insurance rates
An important part of buying insurance is that you know some of the elements that help determine insurance coverage rates. Having a good understanding of what impacts premium levels enables informed choices that could result in much lower annual insurance costs.
The following are some of the items insurance coverage companies consider when setting premiums.
- Your spouse saves you money – Being married helps lower the price on your policy. Marriage translates into being more mature and it’s proven that married couples file fewer claims.
- Lower rates come with age – Older drivers are more responsible, statistically cause fewer accidents and get fewer tickets. Teen drivers are known to be careless and easily distracted behind the wheel and because of this, their insurance coverage rates are much higher.
- Theft deterrents lower rates – Choosing a vehicle with anti-theft technology or alarm system can help bring down rates. Theft prevention features such as LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system can thwart car theft.
- Don’t let your coverage lapse – Allowing your insurance coverage policy to lapse will be a quick way to bump up your insurance coverage costs. Not only will you pay more, getting caught without coverage can result in a license revocation or jail time.You may need to submit proof of financial responsibility or a SR-22 with your state department of motor vehicles.
- Extra coverages can waste money – There are quite a few additional coverages that you can get tricked into buying if you aren’t careful. Coverages like roadside assistance, accidental death and motor club memberships are examples of these. They may seem good when talking to your agent, but if you don’t need them get rid of them and save.
- Lower miles equals lower premium – The more miles you rack up on your BMW in a year the more you will pay for insurance coverage. Almost all companies rate vehicles based on their usage. Autos not used for work or commuting qualify for better rates compared to those used for work or business. An improperly rated 3 Series may be wasting your money. Ask your agent if your insurance coverage policy properly reflects how each vehicle is driven.
- Poor driving leads to higher costs – Whether or not you get tickets has a lot to do with how much you pay for insurance. Only having one ticket can boost insurance rates by twenty percent. Careful drivers get better rates than people who have multiple driving citations. Drivers with severe tickets such as reckless driving, hit and run or driving under the influence are required to file a proof of financial responsibility form (SR-22) with their state DMV in order to drive a vehicle legally.
- Don’t sacrifice liability coverage – Liability coverage provides coverage when a court rules you are at fault for damages from an accident. It provides you with a defense in court which can cost thousands of dollars. Liability insurance is quite affordable when compared with rates for comp and collision, so buy as much as you can afford.
You may need specialized coverage
When it comes to buying the right insurance coverage, there isn’t really a cookie cutter policy. Each situation is unique.
For instance, these questions can help discover if you will benefit from professional help.
- Does coverage extend to a rental car in a foreign country?
- Should I buy additional glass protection?
- How high should my medical payments coverage be?
- Exactly who is provided coverage by my policy?
- Is my babysitter covered when using my vehicle?
- Should I rate my 2003 BMW 3 Series as pleasure use or commute?
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If you don’t know the answers to these questions but you think they might apply to your situation, you might consider talking to an insurance agent. To find an agent in your area, take a second and complete this form. It is quick, free and may give you better protection.
Do auto insurance companies bend the truth?
Consumers can’t ignore all the ads for the lowest price auto insurance from the likes of Allstate, GEICO and Progressive. All the ads say the same thing that you can save if you change your coverage to them.
How does each company make almost identical claims?
Insurance companies have a preferred profile for the right customer that makes them money. For example, a profitable customer could be between 30 and 50, insures multiple vehicles, and has a high credit rating. A customer getting a price quote who fits that profile gets the lowest rates and is almost guaranteed to save when switching.
Potential insureds who don’t measure up to the requirements must pay higher rates which usually ends up with business not being written. Company advertisements say “drivers who switch” not “everybody who quotes” save that much. That’s why companies can truthfully advertise the way they do. This illustrates why you need to quote coverage with many companies. You cannot predict which insurance companies will provide you with the cheapest BMW 3 Series insurance rates.
Specific coverages for a 2003 BMW 3 Series
Having a good grasp of a insurance policy helps when choosing appropriate coverage and the correct deductibles and limits. The terms used in a policy can be impossible to understand and reading a policy is terribly boring.
Insurance for medical payments
Personal Injury Protection (PIP) and medical payments coverage reimburse you for immediate expenses like surgery, ambulance fees and prosthetic devices. They can be used to cover expenses not covered by your health insurance plan or if you lack health insurance entirely. They cover you and your occupants in addition to being hit by a car walking across the street. Personal injury protection coverage is not universally available and may carry a deductible
Uninsured Motorist or Underinsured Motorist insurance
This coverage protects you and your vehicle’s occupants when other motorists do not carry enough liability coverage. It can pay for injuries sustained by your vehicle’s occupants as well as damage to your BMW 3 Series.
Since a lot of drivers only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is a good idea.
This will pay to fix damage to your 3 Series resulting from colliding with another vehicle or an object, but not an animal. You have to pay a deductible then your collision coverage will kick in.
Collision can pay for claims like backing into a parked car, colliding with another moving vehicle, driving through your garage door, crashing into a ditch and hitting a mailbox. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. It’s also possible to raise the deductible in order to get cheaper collision rates.
Comprehensive coverage (or Other than Collision)
Comprehensive insurance coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive insurance covers things such as theft, damage from a tornado or hurricane, a tree branch falling on your vehicle, a broken windshield and rock chips in glass. 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.
Liability auto insurance
This coverage will cover injuries or damage you cause to other people or property in an accident. This coverage protects you against claims from other people, and does not provide coverage for 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. You commonly see values of 25/50/25 which means a $25,000 limit per person for injuries, a total of $50,000 of bodily injury coverage per accident, and $25,000 of coverage for damaged property.
Liability insurance covers claims such as medical expenses, structural damage, pain and suffering and funeral expenses. How much liability should you purchase? That is up to you, but consider buying higher limits if possible.
Affordable insurance is out there
You just read quite a bit of information on how to lower your 2003 BMW 3 Series insurance rates. The key concept to understand is the more companies you get rates for, the higher the chance of saving money. You may be surprised to find that the lowest priced car insurance comes from the smaller companies.
When trying to cut insurance costs, do not buy poor coverage just to save money. In many cases, consumers will sacrifice collision coverage and discovered at claim time that the small savings ended up costing them much more. Your focus should be to buy the best coverage you can find at an affordable rate.
Lower-priced insurance can be purchased from both online companies as well as from independent agents, and you need to price shop both to get a complete price analysis. Some insurance providers don’t offer online price quotes and usually these regional insurance providers provide coverage only through local independent agents.
To read more, take a look at the articles below:
- Side Impact Crash Tests (iihs.org)
- How do I File a Claim? (Insurance Information Insitute)
- Uninsured Motorist Statistics (Insurance Information Insitute)
- Prom Night Tips for Teen Drivers (State Farm)
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