Guide to Buying BMW 550i Insurance for Less
If finding cheaper car insurance was fun, we'd make the time to do it regularly. But we always seem to pay too much for coverage and most people would rather go to the dentist. Finding affordable insurance for your BMW 550i is probably the same story.
Step One: Compare Apples-to-Apples Quotes
The old way of buying car insurance was to make multiple trips to various local agents and get strong armed into a policy that didn't necessarily fit you. Not anymore!
All the major car insurance companies sell insurance for a BMW 550i and you can compare their rates by entering your information only one time.
To begin, click on the link below and complete the short form. It only takes a few minutes and it's helpful to have your current policy handy if you have one.
Use the Same Coverages! It's really important that when doing multiple quotes for your 550i that you use identical coverages for liability, comprehensive and collision. If you use different values, it's impossible to determine which company has the lower rates.
Step Two: Techniques to Lower your 550i Insurance Rates
There are many factors that actually determine what you will pay for insurance, and some are completely within your control.
- Vehicles that are considered high performance will have a higher insurance price tag that your average family sedan. The BMW 550i is no exception.
- If you are a senior citizen or belong to a particular professional organization, you may qualify for a break on insurance.
- 550i replacement parts are more expensive due to the quality of the parts, so you can expect your physical damage rates to be higher to reflect the higher cost of repair.
- Consider raising your comprehensive and collision deductibles if you carry full coverage. By accepting more risk yourself, your car insurance company will cut you a break on your physical damage premiums.
- 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.
- Speeding and other minor violations can impact your car insurance rates for up to three years. The increased cost can easily exceed the fine and court costs for the original ticket.
- Most BMW vehicles come with standard safety features such as air bags and passive restraints, and those will help keep your insurance costs down.
- 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.
- Vehicles that tend to get stolen or have high repair costs will cost you more to insure. If your 550i falls into either category, it could cost you.
- If you're not sure what your credit rating is, check it now. Car insurance companies use your credit score to determine the rates you pay, so the better your credit, the less you will pay.
- Ask your insurance company if there is a discount for completing a driver's safety course. It may get you up to a 10% discount at your next renewal.
- When buying a new policy, you do not want a gap in coverage. This lapse is viewed by insurance companies as a high risk, and you will pay more for your next policy.
- Renters will find they may be paying more for insurance as compared to homeowners. Owning a home can often get you a small discount on your car insurance.
Step Three: Finalize your Car Insurance 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.
An important thing to keep in mind when buying a new policy is you want the effective date of the new policy to be the exact same as the date you are cancelling your old policy.
If you are adding a vehicle to an existing policy and not buying a new one, just make sure to get the vehicle added as soon as possible. Every insurance company offers a grace period to add new vehicles, so make sure you get the BMW added prior to the expiration of this grace period. Your existing car insurance policy will give you some coverage if you buy a new or used 550i, but unless you are already paying for full coverage, you won't have it until you add the vehicle to your policy.
After completing your policy purchase, you can print out the proof-of-insurance card to place in your car. Always keep the current card available in case requested by law enforcement or if you are in an accident. Depending on your state's statutes, you may be required to file an SR-22 form if you've been convicted of an uninsured accident, DUI or license suspension. Make sure your new company is aware of this requirement and files it promptly.
More Educational Resources
The Insurance Information Institute website has a great library of car insurance topics that cover claims, replacement parts, rental cars and more.
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