Expensive auto insurance can drain your personal savings and put a big crunch on your finances. Shopping your coverage around is free and is an excellent way to lower your monthly bill.
Online insurance companies like GEICO, Farmers Insurance and State Farm constantly bombard you with catchy ads and it is challenging if not impossible to ignore the propoganda and effectively compare rates to find the best deal.
It’s smart to take a look at other company’s rates periodically because insurance rates fluctuate regularly. If you had the lowest rates for 528i insurance last year you can probably find a better price now. So just forget all the misinformation about auto insurance because you’re about to learn the best methods to find better rates and still maintain coverage.
How to Lower Your Auto Insurance Cost
There are several ways you can shop for auto insurance and some are less labor-intensive and much quicker. You can waste hours discussing policy coverages with agents in your area, or you can utilize the web to get pricing more quickly.
Most of the best insurance companies belong to a marketplace that enables customers to only type in their quote data once, and at least one company can give them a price. This system prevents you from having to do repetitive form submissions to every company.
To use this form to compare rates click here to open in new window.
The only drawback to doing it this way is you don’t know exactly which carriers to get quotes from. So if you want to select individual companies to receive pricing from, we have a listing of the cheapest auto insurance companies in your area. Click here to view list.
Whichever way you use, ensure you’re using identical deductibles and coverage limits for each price quote. If each company quotes mixed coverages it will be next to impossible to make an equal comparison. Having just a slight variation in coverage limits may cause a big price difference. And when comparison shopping, comparing more company’s prices will improve the odds of getting a better price.
Save big with these discounts
Companies offering auto insurance don’t always publicize every discount very clearly, so the following is a list of some of the best known as well as the least known discounts you could be receiving.
- Auto/Life Discount – Companies who offer life insurance give a discount if you purchase life insurance from them.
- Drivers Education – Require your teen driver to complete a driver education course if it’s offered in school.
- Discounts for Safe Drivers – Insureds without accidents can get discounts for up to 45% lower rates for 528i insurance than drivers with accidents.
- Good Student – This discount can get you a discount of up to 25%. Earning this discount can benefit you up to age 25.
- Senior Citizens – Mature drivers may be able to get a small decrease in premiums for 528i insurance.
- Low Mileage – Keeping the miles down on your BMW can earn better rates on cars that stay parked.
- Club Memberships – Being a member of certain professional organizations is a good way to get lower rates when buying auto insurance for 528i insurance.
- Payment Method – If paying your policy premium upfront instead of paying each month you could save up to 5%.
It’s important to note that some credits don’t apply to all coverage premiums. Some only reduce individual premiums such as liability and collision coverage. Even though it may seem like it’s possible to get free car insurance, you won’t be that lucky.
To choose providers who offer auto insurance discounts, click here to view.
Elements that influence BMW 528i rates
An important part of buying insurance is that you know some of the elements that come into play when calculating the price you pay for auto insurance. Knowing what influences your rates enables informed choices that may reward you with much lower annual insurance costs.
The list below includes some of the items auto insurance companies consider when setting rates.
- Claim-free discounts can add up – If you tend to file frequent claims, you can pretty much guarantee either a policy non-renewal or much higher rates. Companies award cheaper rates to drivers who do not file claims often. Auto insurance is intended for the large, substantial claims.
- More miles equals more premium – Driving more miles in a year’s time the more you will pay for auto insurance. Most companies rate vehicles based upon how you use the vehicle. Cars and trucks that are left in the garage receive lower rates than vehicles that are driven to work every day. An improperly rated 528i can cost quite a bit. Verify your auto insurance coverage properly reflects the proper vehicle usage, because improper ratings can cost you money.
- Battle of the sexes – Statistics demonstrate women are more cautious behind the wheel. Now that doesn’t mean women are better drivers. They both cause accidents in similar numbers, but the men tend to have more serious accidents. Men also statistically receive more costly citations like reckless driving and DUI.
- Tickets mean higher rates – Just one moving violation can increase rates by twenty percent. Good drivers receive lower rates compared to drivers with tickets. Drivers who have flagrant citations like DWI, reckless driving or hit and run convictions may need to file a proof of financial responsibility form (SR-22) with their state DMV in order to keep their license.
- Where you live can impact rates – Being located in a rural area can save you money when it comes to auto insurance. Less people living in that area means reduced accidents as well as less vandalism and auto theft. Drivers who live in large cities have to deal with traffic congestion and longer commutes to work. More time on the road can result in more accidents.
- More than one policy can earn a discount – Some insurers will give a discount to insureds who have multiple policies with them such as combining an auto and homeowners policy. This can amount to five, ten or even twenty percent. Even if you’re getting this discount it’s still a good idea to shop around to make sure you are getting the best deal.
- High performance equals high price – The type of vehicle you own makes a significant difference in determining your rates. Due to the fact that the BMW 528i is classified as a luxury sedan, insurance will be more when compared to the average rates. Small economy passenger cars receive the most favorable rates, but there are many factors that impact the final cost.
But I prefer to buy car insurance from an agent
A small number of people would prefer to buy from a licensed agent and that is a personal choice. The biggest benefit of comparing insurance prices online is the fact that you can find the best rates but also keep your business local.
To help locate an agent, after submitting this form (opens in new window), your coverage information is instantly submitted to insurance agents who will compete for your business. You don’t have to leave your house since price quotes are sent to your email. Now that’s easy! You’ll get the best rates AND a local agent.
Selecting an insurer requires more thought than just the premium amount. Any agent should be forthright in answering these questions:
- Who is covered by the car insurance policy?
- How much can you save by raising your physical damage deductibles?
- Do they have adequate Errors and Ommissions coverage? This protects you if they make a mistake.
- If your car is in the repair shop, do you have coverage for a rental car?
- Will vehicle repairs be made with aftermarket parts or OEM replacement parts?
- How long has their agency been in business?
The type of insurance agent you choose is important
When finding a local agent, there are a couple of types of agencies that differ in how they can insure your vehicles. Agencies can either be captive or independent (non-captive).
Captive Insurance Agents
This type of agents have only one company to place business with such as Farmers Insurance, American Family, State Farm and Allstate. These agents are unable to provide prices from multiple companies so keep that in mind. They are well schooled in insurance sales which helps them sell insurance even at higher premiums.
Independent Agents (or Brokers)
These agents do not work for one specific company but rather can write business with multiple insurance companies and possibly get better coverage at lower prices. If your agent finds better pricing, the business is moved internally without you having to go to a different agency. When comparing rates, you should always contact at a minimum one independent agency for the best price selection.
To view a full list of auto insurance agents, visit this page.
Once you have received positive responses for all questions you ask as well as a affordable price, chances are good that you have found an insurance agency that can service your policy.
Your coverage should be tailored to you
When it comes to choosing adequate coverage for your personal vehicles, there really is no single plan that fits everyone. Every insured’s situation is different so your insurance should reflect that For example, these questions might help in determining whether your personal situation will benefit from professional help.
- How much underlying liability do I need for an umbrella policy?
- Does my medical payments coverage pay my health insurance deductible?
- Do all my vehicles need collision coverage?
- Does liability extend to a camper or trailer?
- Does my insurance cover my expensive audio equipment?
- Do I have coverage when using my vehicle for my home business?
- When would I need rental car insurance?
- Is my BMW 528i covered for flood damage?
- I don’t drive much so do I pay less?
If you’re not sure about those questions but one or more may apply to you, then you may want to think about talking to a licensed insurance agent. To find lower rates from a local agent, simply complete this short form or you can go here for a list of companies in your area.
Is there deception in advertising?
21st Century, Allstate and State Farm regularly use television and radio advertisements. All the companies make the same claim of big savings if you move your coverage to them. How do they all claim to save you money? It’s all in the numbers.
All companies are able to cherry pick for the type of driver that is profitable for them. For instance, a profitable customer could possibly be between the ages of 30 and 50, is a homeowner, and has a short commute. Any driver who matches those parameters will get very good rates and most likely will cut their rates substantially.
Consumers who are not a match for these standards will have to pay a higher premium which usually ends up with the driver buying from a lower-cost company. The ad wording is “customers that switch” not “everybody who quotes” save that much. That is how insurance companies can advertise the savings. Because of the profiling, it’s extremely important to get a wide range of price quotes. It is impossible to predict which insurance companies will give you the biggest savings.
In the end, you save
In this article, we presented many tips how you can lower your BMW 528i insurance rates. The most important thing to understand is the more rate quotes you have, the higher the chance of saving money. You may even find the biggest savings come from some of the smallest insurance companies. They can often insure niche markets at a lower cost as compared to the big name companies such as Allstate and Progressive.
While you’re price shopping online, it’s a bad idea to skimp on critical coverages to save a buck or two. There are many occasions where drivers have reduced physical damage coverage only to regret that their decision to reduce coverage ended up costing them more. The proper strategy is to find the BEST coverage for the lowest price while not skimping on critical coverages.
