How Much Does 1994 BMW 3 Series Car Insurance Cost?

Want the cheapest insurance rates for your BMW 3 Series? Tired of trying to scrape together enough money to buy car insurance? You are no different than many other drivers.

Because there are so many choices of insurance companies, it’s difficult to pick the most cost effective car insurance company.

It’s smart to check insurance prices once or twice a year since rates tend to go up over time. If you had the lowest price on 3 Series insurance a year ago you will most likely find a better rate today. Starting right now, forget all the misinformation about insurance because you’re going to get a crash course in one of the quickest ways to properly buy coverages and cut your premium.

BMW 3 Series rate determination is complex

It’s important that you understand some of the elements that go into determining the price you pay for car insurance. When you know what positively or negatively impacts premium levels empowers consumers to make smart changes that can help you get much lower annual insurance costs.

  • More miles equals more premium – The more miles you rack up on your BMW each year the more you will pay for car insurance. Most insurance companies price each vehicle’s coverage based on their usage. Cars and trucks used primarily for pleasure use qualify for better rates than vehicles that are driven to work every day. Improper usage on your 3 Series can result in significantly higher rates. Double check that your car insurance policy properly reflects how each vehicle is driven.
  • Safer cars cost less to insure – Vehicles with good safety scores are cheaper to insure. These vehicles protect occupants better and lower injury rates means less money paid by your insurance company and more competitive rates for policyholders. If your BMW 3 Series is rated at least an “acceptable” rating on the Insurance Institute for Highway Safety website it is probably cheaper to insure.
  • Policy add-ons can waste money – There are a ton of additional coverages that you can get tricked into buying if you aren’t careful. Coverages like rental car reimbursement, accidental death and membership fees may be wasting your money. These may sound like a good investment initially, but your needs may have changed so get rid of them and save.
  • More than one policy can earn a discount – Most insurance companies provide better rates to customers who buy several policies from them such as combining an auto and homeowners policy. Discounts can be 10 percent or more. Even if you’re getting this discount it’s still a good idea to shop around to verify if the discount is saving money.
  • No coverage gaps is important – Having an insurance coverage lapse is a fast way to increase your car insurance rates. And not only will your rates increase, but not being able to provide proof of insurance may earn you a steep fine or even jail time.
  • Clean credit earns discounts – A driver’s credit rating is a large factor in calculating your car insurance rates. Consumers who have high credit ratings tend to be less risk to insure than those with lower credit ratings. If your credit score can use some improvement, you could save money insuring your 1994 BMW 3 Series by improving your credit score.
  • Marriage pays dividends – Having a spouse can actually save you money on your policy. It translates into being more mature than a single person it has been statistically shown that drivers who are married are more cautious.

How to Lower Your Car Insurance Cost

Most companies such as Geico, State Farm and Progressive allow you to get pricing on the web. Getting quotes is quite simple as you simply enter your coverage preferences into a form. When the form is submitted, their rating system gets your credit score and driving record and provides a quote based on many factors. This helps simplify price comparisons, but the time required to go to a lot of sites and fill out multiple forms is monotonous and tiresome. But it’s very important to have as many quotes as possible if you want to find the best price on car insurance.

There is a better way to compare rates

A more efficient way to find lower prices uses one simple form that gets price quotes from more than one company. The form is fast, requires less work, and makes online price comparison much easier to do. As soon as you send your information, it is quoted with multiple companies and you can pick any or none of the pricing results. If the quotes result in lower rates, it’s easy to complete the application and buy the policy. The entire process takes less than 15 minutes and may result in a nice savings.

In order to find out what other companies charge, click here and begin entering your coverage information. If you have a policy now, it’s recommended you complete the form with the insurance coverages identical to your current policy. This way, you will have a price comparison for similar coverage.

The insurance bait and switch

Insurance companies such as Geico, State Farm and Progressive regularly use ads on TV and radio. They all seem to make the same claim that you can save if you move to them. How can each company make almost identical claims?

All companies have a certain “appetite” for the type of driver that earns them a profit. For example, a profitable customer could be between the ages of 30 and 50, has no tickets, and drives less than 10,000 miles a year. A propective insured who meets those qualifications will get the preferred rates and as a result will probably save quite a bit of money when switching.

Consumers who don’t measure up to this ideal profile will be charged a higher premium which usually ends up with the driver buying from a lower-cost company. The ads say “customers that switch” not “everyone that quotes” save that much money. That is how companies can truthfully state the savings. That is why it’s extremely important to get a wide range of price quotes. It’s just too difficult to predict which insurance company will give you the biggest savings on BMW 3 Series insurance.

More discounts equal less premium

Companies offering auto insurance do not list every discount in an easy-to-find place, so we break down both well-publicized as well as the least known discounts you could be receiving.

  • Drive Less and Save – Fewer annual miles on your BMW could be rewarded with better rates on cars that stay parked.
  • Anti-theft Discount – Cars that have factory anti-theft systems help deter theft and therefore earn up to a 10% discount.
  • Government Employees – Active or retired federal employment can earn a discount up to 10% on 3 Series insurance with select insurance companies.
  • Anti-lock Brake Discount – Anti-lock brake equipped vehicles prevent accidents and earn discounts up to 10%.
  • Early Signing – Some insurance companies reward drivers for signing up prior to your current policy expiration. This can save 10% or more.

A little note about advertised discounts, most credits do not apply to the entire cost. The majority will only reduce the cost of specific coverages such as collision or personal injury protection. Just because you may think you could get a free car insurance policy, you’re out of luck.

To see a list of providers with the best car insurance discounts, follow this link.

It’s not one size fits all

When choosing the right insurance coverage, there really is not a cookie cutter policy. Coverage needs to be tailored to your specific needs so this has to be addressed. Here are some questions about coverages that might point out whether your personal situation will benefit from professional help.

  • Why am I required to buy liability insurance?
  • I have good health insurance, so how much medical payments coverage do I need?
  • Exactly who is provided coverage by my policy?
  • Do I need replacement cost coverage?
  • Should I carry comprehensive and collision coverage?
  • Is my dog or cat covered if injured in an accident?
  • How do I buy GAP insurance?

If you’re not sure about those questions but one or more may apply to you, you may need to chat with a licensed agent. If you don’t have a local agent, take a second and complete this form or you can also visit this page to select a carrier

Specific coverage details

Understanding the coverages of car insurance can help you determine the best coverages and the correct deductibles and limits. The terms used in a policy can be confusing and nobody wants to actually read their policy. Listed below are the normal coverages offered by car insurance companies.

Liability coverage – Liability insurance protects you from damages or injuries you inflict on other’s property or people that is your fault. This coverage protects you against other people’s claims, and does not provide coverage for your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show limits of 100/300/100 which means a $100,000 limit per person for injuries, $300,000 for the entire accident, and property damage coverage for $100,000.

Liability coverage protects against things such as court costs, repair bills for other people’s vehicles, repair costs for stationary objects and loss of income. How much liability should you purchase? That is your choice, but you should buy higher limits if possible.

Collision – This coverage covers damage to your 3 Series resulting from a collision with an object or car. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers claims such as crashing into a building, colliding with a tree, hitting a mailbox and driving through your garage door. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from lower value vehicles. You can also choose a higher deductible in order to get cheaper collision rates.

Medical expense coverage – Medical payments and Personal Injury Protection insurance provide coverage for short-term medical expenses like chiropractic care, funeral costs, EMT expenses and X-ray expenses. They are often utilized in addition to your health insurance policy or if you are not covered by health insurance. They cover you and your occupants in addition to any family member struck as a pedestrian. PIP is not available in all states and gives slightly broader coverage than med pay

Comprehensive protection – Comprehensive insurance pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against things such as fire damage, hail damage, hitting a bird, a tree branch falling on your vehicle and falling objects. The maximum payout your car 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 probably time to drop comprehensive insurance.

Uninsured or underinsured coverage – This coverage provides protection when the “other guys” either have no liability insurance or not enough. Covered claims include injuries to you and your family and also any damage incurred to your 1994 BMW 3 Series.

Since many drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea.

More choices the merrier

We just presented a lot of techniques to get a better price on 1994 BMW 3 Series insurance. It’s most important to understand that the more rate comparisons you have, the better your comparison will be. You may be surprised to find that the lowest rates come from a small local company. Smaller companies may often insure only within specific states and give getter rates than the large multi-state companies such as State Farm and Allstate.

When shopping online for insurance coverage, never buy poor coverage just to save money. There are too many instances where an insured dropped comprehensive coverage or liability limits only to regret at claim time they didn’t purchase enough coverage. Your strategy should be to get the best coverage possible at an affordable rate, not the least amount of coverage.

Additional insurance coverage information is located at the links below