Penny Pincher's Guide to Insuring a BMW 323i
If finding affordable car insurance was easy, most of us would take the time to do it. But we always seem to pay too much for coverage and most people would rather go to the dentist. You probably feel the same way when trying to find cheaper coverage for your BMW 323i.
Step One: Shop Around
Years ago, your local insurance agent was the only way to quote a buy a car insurance policy. Times have changed!
You can now shop all the best car insurance companies and compare rates for a BMW 323i and you don't even have to visit each individual website!
Simply click the link below to enter your information. Once complete, you can compare the returned rates and make a decision on which policy to purchase.
Important Tip! In order to accurately compare rates for your 323i, 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: Techniques to Lower your 323i Insurance Rates
After step one is complete, it's now time to analyze some of the other factors that can negatively impact car insurance rates for a 323i.
- Since your vehicle is higher performance than average, you can expect to pay a little more for coverage. To keep your costs lower, you may consider trading for a lower performance vehicle that has more moderate rates.
- You can save money on your physical damage coverage (comprehensive and collision) by increasing your deductibles. Higher deductibles mean you are willing to pay more before the insurance company covers a claim.
- The cost to repair luxury vehicles is generally more than the cost to repair your average domestic family sedan. Everything from paint to bumpers to windshields costs more for the 323i so expect to pay more for insurance.
- If you have a high credit score, you will be rewarded with lower insurance rates. Conversely, if your credit rating is on the low site, your rates will be higher.
- Let's face it, you aren't driving a 323i 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.
- Teenage drivers can be very expensive to insure on newer vehicles will full coverage. You may be better off purchasing an older vehicle for your teenager and only insure it for liability.
- Having recently completed a class in driver's safety could earn you a discount of 5% to 10%. Check with your insurance company to see if they offer that credit.
- Speeding tickets and other violations can negatively impact your insurance rates for up to three years. Get too many tickets and you'll be shopping for a new car insurance company.
- Gaps in insurance coverage will cause problems for your insurance rates. Don't let your policy expire without having new coverage in place.
- Most BMW vehicles come with standard safety features such as air bags and passive restraints, and those will help keep your insurance costs down.
- Owning a home takes financial responsibility, and car insurance companies will often give you a break just for being a homeowner.
- Filing small claims will get you into hot water with your insurance company. Frequent filers will often find themselves either paying higher rates or non-renewed at renewal time.
- Membership has it's privleges. If you're a member of a professional organization, check to see if your company offers discounts to its members. It can add up to 5% or more.
- If your 323i 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: Purchase a New Policy
Car insurance is pretty easy to buy online, but you do need to be aware that it is a legally binding contract. You need to have funds available for a down payment as well as review your coverages for any insufficiencies.
You can cancel a policy at any time, but just remember to make the effective date of the replacement policy the exact same as the date you cancel your old policy. You do not want any gaps in coverage between policies.
If this is a new policy with only the BMW on it, be sure to have coverage before leaving the dealership or car lot. If you're adding it to an existing policy, you have anywhere from 15 to 30 days depending on the company. Comprehensive (or Other than Collision) and collision coverage will extend to your new 323i if you current have a vehicle insured with those coverages. If you aren't insured or only carry basic liability coverage, then you will be inadequately insured until you add the vehicle to your policy with full coverage.
Once you have purchased your policy, print out the insurance card that must go in your vehicle. This card fulfills the state law requiring you to prove financial responsibility. If you're considered a high-risk driver, having been convicted of a DUI, DWI, reckless driving or had your license suspended, you may need to file a SR-22. Be sure your new company files this form with your state DMV. Failure to do so can result in losing your right to drive.
Consumer Insurance Information
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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