Penny Pincher's Guide to Insuring a BMW Z3
If finding cheaper car insurance was fun, we'd make the time to do it regularly. But it's actually not a real enjoyable process for the majority of people and we always seem to end up paying too much. Finding insurance for your BMW Z3 that you can actually afford is probably no different.
Step One: Compare Apples-to-Apples Quotes
The old-fashioned method of shopping for car insurance included visiting several local insurance agents and being on the receiving end of a hard sell tactic. Now that we have the internet, shopping for car insurance online is a snap!
Getting online rate quotes for a BMW Z3 from all the major insurance companies is very easy and only requires you to enter your information once.
To find affordable coverage for your BMW Z3, the first step is to click the link below and complete the short form.
Important Tip! In order to accurately compare rates for your Z3, it's critical that you use the same limits and deductibles for liability and physical damage coverages like comprehensive and collision. If you use different limits, you will not be able to accurately compare rates between carriers.
Step Two: Best Ways to Lower your Z3 Insurance Cost
There are many factors that actually determine what you will pay for insurance, and some are completely within your control.
- The performance boost offered by your BMW Z3 is going to force you to spend more for insurance. Consider trading for a lower performance vehicle in order to bring down your rates.
- The time it takes to complete a driver's safety training course could be time well spent. It could save you up to 10% off your car insurance rates.
- The more a vehicles costs new, the more likely it is that repairs will cost more as well. Since the Z3 is a luxury sport vehicle insurance will cost a little more.
- Insurance companies often give discounts to senior citizens and professional organizations, so if you're one of those, check to see if you qualify.
- Let's face it, you aren't driving a Z3 because of the fuel economy. You like the looks and performance and you'll pay a little more for insurance because you're driving a sports car.
- Teen drivers have a tendancy to learn the hard way when driving, and that means having a few fender-benders. Rating them on a high profile newer vehicle can be very expensive so you might consider buying an older model vehicle for them to drive and only insure it with liability coverage.
- Filing too many claims with your company can end up either costing you more for insurance or having your policy cancelled. Insurance companies don't like paying any more than you do, but they have the option of whether to keep you as a policyholder or not.
- One of the best ways to lower your insurance rates is to raise your credit score. Check your rating once a year and make sure to address any problem areas immediately.
- Being a homeowner can often get you a little discount on your auto insurance. Insuring you home with the same company as your autos can often get you even deeper discounts.
- If you're willing to shoulder more of the cost at claim time, consider raising your comprehensive and collision deductibles. This can easily cut 30% or more from your policy premium.
- If your BMW is equipped with safety features such as airbags, anti-lock brakes or a security system, insurance companies will often give a minor discount for those.
- Speeding not only costs you a fine, a single ticket will raise your car insurance rates for up to three years. Slow down and be a safe driver and you'll pay lower rates.
- Never allow one policy to expire without having a new policy effective the same date. This causes a lapse in coverage and if you don't have insurance for any length of time, your next policy will cost you more.
- If your Z3 ranks on the list of vehicles that are frequently stolen, that can result in a higher rating class and a more expensive rate.
Step Three: Bind Coverage and Cancel your Old Policy
Purchasing an insurance policy is more than just clicking a button. You need to have funds available to make payment and you need to be sure that the coverages are adequate for your personal situation.
If you didn't have a prior policy, then you can make the new policy effective any time. But if you're moving bewteen companies and don't want a lapse in coverage, make sure the effective date of the new policy is exactly the same as the cancellation date of the old policy.
Coverage will extend from your current policy if you're buying a BMW Z3, but if you don't have a policy, you will need to make sure you have coverage in place before you drive it off the dealership lot. The coverage extended to an add-on vehicle is only as good as the coverage on existing vehicles, so if none of your current insured vehicles have full coverage, your new Z3 won't have it either. So in that case, it's important to call your agent or company directly from the dealership and have them bind coverage immediately.
The proof-of-insurance card that is required by state law to be carried in your vehicle can be printed out upon completion of your car insurance policy. If you are required to file an SR-22 with your state, your new insurance company will take care of that for you. If you cancel your coverage for any reason, you risk the loss of your driver's license.
Other Insurance Resources
The Insurance Information Institute has a great resource of car insurance articles where you can learn more about coverages and money saving tips. Visit iii.org.
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