Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years’ experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent Benji Carr

UPDATED: Oct 6, 2015

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Drivers have lots of choices when trying to find low-cost BMW 3 Series insurance. They can either waste time contacting agents getting price quotes or save time using the internet to find the lowest rates.

There is a right way and a wrong way to compare auto insurance rates and you need to know the quickest way to quote coverages for your BMW and locate the best price possible.

You should make it a habit to shop coverage around every six months because rates are rarely the same from one policy term to another. Just because you had the lowest rate on 3 Series coverage two years ago there may be better deals available now. Ignore everything you know about auto insurance because I’m going to let you in on the secrets to one of the quickest ways to properly buy coverages while reducing your premium.

This article will tell you how to effectively get price quotes and some tricks to saving. If you have car insurance now, you will be able to cut costs considerably using these tips. Drivers just need to know the tricks to shop for auto insurance online.

Buy cheap insurance with these tips

Smart consumers have a good feel for some of the things that come into play when calculating the rates you pay for insurance. If you have some idea of what positively or negatively impacts your premiums, this helps enable you to make changes that will entitle you to lower insurance prices.

  • Do you know your physical damage deductibles? – Physical damage coverage, commonly called comprehensive (or other-than-collision) and collision coverage, insures against damage to your BMW. Some examples of claims that would be covered could be a windshield shattered by a rock, hail damage, or theft. Comp and collision deductibles are the amount of money you are willing to pay if a covered claim is submitted. The higher the amount you are required to pay out-of-pocket, the lower your rates will be on 3 Series coverage.
  • Annual miles is a factor – Driving more miles annually the higher your rates will be. The majority of insurers charge rates based on their usage. Autos that are left in the garage get more affordable rates compared to those used for work or business. Ask your agent if your insurance declarations sheet shows the correct usage for each vehicle. Incorrect rating for your 3 Series can cost quite a bit.
  • Your address can modify price – Choosing to live in areas with lower population can be a good thing when trying to find low car insurance rates. Fewer drivers and short commutes means a lower chance of having an accident as well as less vandalism and auto theft. People in densly populated areas regularly have more traffic problems and more time behind the wheel. Higher commute times means more chances of being involved in an auto accident.
  • Tickets and citations cost more than a fine – How you drive impacts your car insurance rates tremendously. Attentive drivers get better rates than bad drivers. Even a single ticket can increase the cost of insurance substantially. Drivers who have received severe tickets such as reckless driving, hit and run or driving under the influence are required to submit a SR-22 form to the state department of motor vehicles in order to drive a vehicle legally.
  • Teenagers are high risk – Teen drivers have a tendency to get distracted easily in a vehicle so they pay higher insurance rates. Older drivers are proven to be safer behind the wheel, cost insurance companies less in claims , and usually have better credit.
  • Rental and towing coverage may not be needed – Insurance policies have a lot of add-on coverages that may not really be needed when buying insurance. Things like coverage for rental cars, accident forgiveness, and extra life insurance coverage are some examples. You may think they are a good idea initially, but if you have no use for them eliminate the coverages to reduce your premium.
  • Bad credit hurts insurance premiums – Having a bad credit score can be an important factor in determining what you pay for insurance. Drivers with good credit tend to be better risks to insure than drivers with poor credit. Therefore, if your credit can use some improvement, you could pay less to insure your 1992 BMW 3 Series by repairing your credit.
  • You might want pay the inexpensive insurance claims yourself – If you’re an insured who likes to file claims you should expect higher rates. Auto insurance companies give discounts to people who are not frequent claim filers. Your insurance policy is designed for claims that you cannot pay yourself.

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Pay discount rates these discounts

Companies do not list the complete list of policy discounts in a way that’s easy to find, so the list below contains a few of the more common and also the lesser-known credits that you can use to lower your rates.

  • Paperless Signup – A few larger companies provide a small discount simply for signing on their website.
  • Professional Organizations – Having an affiliation with certain professional organizations may earn a discount on car insurance.
  • Pay Upfront and Save – By making one initial payment rather than paying monthly you could save up to 5%.
  • Discounts for Federal Employees – Active or former government employment can save as much as 8% on 3 Series coverage but check with your company.
  • ABS Brakes – Anti-lock brake equipped vehicles are safer to drive so companies give up to a 10% discount.
  • Senior Citizen Rates – If you’re over the age of 55, you can possibly qualify for a discount up to 10% on 3 Series coverage.

It’s important to understand that most discount credits are not given the the whole policy. Some only reduce individual premiums such as comp or med pay. So when it seems like you could get a free car insurance policy, company stockholders wouldn’t be very happy.

Car insurance companies who may offer these benefits may include but are not limited to:

Before purchasing a policy, check with every insurance company which credits you are entitled to. Some discounts listed above may not apply to policyholders in your area.

Ads can be misleading

Consumers can’t get away from all the ads for car insurance savings by State Farm and Allstate. All the companies state the claim about savings if you just switch to them.

That’s great but how can every company charge you less for auto insurance? This is the trick they use.

Different companies give the cheapest rates for the driver that will generate a profit. For instance, a profitable insured should be between 30 and 50, has a clear driving record, and drives less than 10,000 miles a year. Anyone who fits that profile will qualify for the lowest prices and is almost guaranteed to save some money.

Potential insureds who don’t meet those criteria will probably have to pay higher premiums which results in the customer not buying. If you listen to the ad wording, they say “customers who switch” not “everyone that quotes” save that kind of money. That’s why insurance companies can confidently advertise the way they do.

This really emphasizes why drivers must compare free car insurance quotes often. Because you never know which company will have the lowest auto insurance rates for your situation.

Special considerations

When buying adequate coverage for your vehicles, there is no one size fits all plan. Every situation is different.

These are some specific questions could help you determine if your insurance needs would benefit from professional advice.

  • Can my teen drive my company car?
  • Am I covered when driving in Canada or Mexico?
  • Are my friends covered when driving my 1992 BMW 3 Series?
  • Should I carry comprehensive and collision coverage?
  • How high should my medical payments coverage be?
  • Am I covered when using my vehicle for business?
  • What happens if I owe more than my 1992 BMW 3 Series is worth?
  • Is a blown tire covered by insurance?
  • How much underlying liability do I need for an umbrella policy?
  • Does my policy cover me when driving someone else’s vehicle?

If it’s difficult to answer those questions, then you may want to think about talking to a licensed insurance agent. If you don’t have a local agent, take a second and complete this form. It’s fast, free and may give you better protection.

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Specific coverages for a 1992 BMW 3 Series

Knowing the specifics of your car insurance policy can be of help when determining appropriate coverage at the best deductibles and correct limits. Policy terminology can be difficult to understand and coverage can change by endorsement.

Collision coverage – Collision insurance pays for damage to your 3 Series resulting from colliding with an object or car. You will need to pay your deductible then your collision coverage will kick in.

Collision coverage protects against claims such as rolling your car, hitting a parking meter and hitting a mailbox. This coverage can be expensive, so consider removing coverage from vehicles that are older. You can also increase the deductible to save money on collision insurance.

Medical payments coverage and PIP – Medical payments and Personal Injury Protection insurance reimburse you for short-term medical expenses for prosthetic devices, doctor visits, ambulance fees and rehabilitation expenses. They are often used to fill the gap from your health insurance policy or if you do not have health coverage. It covers all vehicle occupants and will also cover any family member struck as a pedestrian. Personal Injury Protection is only offered in select states but it provides additional coverages not offered by medical payments coverage

Comprehensive coverage – Comprehensive insurance coverage covers 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 can pay for things like vandalism, hail damage and theft. The maximum amount you can receive from a comprehensive claim is the market value of your vehicle, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Coverage for liability – Liability coverage can cover damage that occurs to other’s property or people that is your fault. This coverage protects you against other people’s claims, and doesn’t cover 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. As an example, you may have policy limits of 25/50/25 that translate to a $25,000 limit per person for injuries, a per accident bodily injury limit of $50,000, and $25,000 of coverage for damaged propery. Some companies may use one number which is a combined single limit which provides one coverage limit without having the split limit caps.

Liability can pay for things like repair bills for other people’s vehicles, bail bonds, medical services, attorney fees and legal defense fees. How much liability coverage do you need? That is up to you, but consider buying as high a limit as you can afford.

Uninsured/Underinsured Motorist coverage – This protects you and your vehicle’s occupants from other drivers when they do not carry enough liability coverage. This coverage pays for injuries to you and your family and also any damage incurred to your BMW 3 Series.

Because many people only carry the minimum required liability limits, their limits can quickly be used up. So UM/UIM coverage is a good idea. Frequently your uninsured/underinsured motorist coverages are set the same as your liablity limits.

In Summary

Insureds leave their current company for a variety of reasons including unfair underwriting practices, lack of trust in their agent, questionable increases in premium or an unsatisfactory settlement offer. Regardless of your reason, finding a new company can be pretty painless.

Throughout this article, we presented a lot of information how to reduce 1992 BMW 3 Series insurance premium rates online. It’s most important to understand that the more rate quotes you have, the higher the chance of saving money. You may be surprised to find that the lowest premium rates are with the least-expected company.

Some insurance coverage companies do not offer online rate quotes smaller providers only sell through independent agents. More affordable insurance coverage can be bought from both online companies in addition to local insurance agencies, so compare prices from both to have the best rate selection.

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