Have you had enough of trying to scrape together enough money to insure your BMW every month? You are no different than the majority of other car owners. With consumers having so many options when it comes to auto insurance, it can be challenging to pick the lowest cost car insurance company.
This article will help educate you on the best way to quote coverages and some tricks to saving. If you currently have a car insurance policy, you should be able to reduce your rates substantially using these methods. Drivers only need an understanding of the most efficient way to shop online.
Policy discounts you shouldn’t miss
Insurance can cost an arm and a leg, but discounts can save money and there are some available to help offset the cost. Most are applied when you purchase, but lesser-known reductions have to be specifically requested before you get the savings. If they aren’t giving you every credit available, you’re just leaving money on the table.
- Early Signing – Select companies give a discount for switching policies before your current expiration date. This can save 10% or more.
- Service Members Pay Less – Having a deployed family member may qualify for rate reductions.
- Theft Prevention Discount – Anti-theft and alarm systems help deter theft and qualify for as much as a 10% discount.
- Passive Restraints and Air Bags – Factory air bags or automatic seat belts can qualify for discounts of more than 20%.
- Defensive Driving Course – Successfully completing a course teaching defensive driving skills could save 5% or more if your company offers it.
It’s important to note that most discounts do not apply the the whole policy. Some only reduce specific coverage prices like liability, collision or medical payments. So even though they make it sound like you could get a free auto insurance policy, it just doesn’t work that way. Any amount of discount will reduce the cost of coverage.
To see a list of companies who offer auto insurance discounts, click here.
Comprehensive Auto Insurance Comparison Quotes
Getting a cheaper price on BMW X3 insurance can be quick and easy. Consumers just need to spend a few minutes to compare quotes from different insurance companies. This is very easy and can be done in just a few minutes using one of these methods.
- The best way to get quotes is a comparison rater form like this one (opens in new window). This form eliminates the need for separate quote forms to each individual auto insurance company. One form submission will return quotes instantly.
- A harder way to get comparison quotes requires a trip to the website of each company and fill out their own quote form. For sake of this example, let’s assume you want to compare Liberty Mutual, Farmers and American Family. To get rate quotes you would need to go to every website to enter your coverage information, and that’s why the first method is more popular. For a list of links to companies insuring cars in your area, click here.
- The most time-consuming method of getting rate comparisons is to waste gas driving to and from local insurance agencies. Shopping for auto insurance online can eliminate the need for a local agent unless you require the professional guidance of a local agent. You can, however, compare online quotes and still use a local agent.
Whichever way you use, ensure you are comparing identical information with every price quote. If your comparisons have different limits and deductibles on each one it will be very difficult to truly determine the lowest rate.
Why you might be paying too much to insure your BMW X3
Smart consumers have a good feel for the factors that come into play when calculating the price you pay for auto insurance. When you know what positively or negatively controls the rates you pay enables informed choices that could result in better auto insurance rates.
The list below includes some of the factors auto insurance companies consider when setting premiums.
- Allowing your policy to lapse raises rates – Letting your insurance expire will be a guaranteed way to pay more for auto insurance. And not only will your rates increase, getting caught without coverage may earn you a steep fine or even jail time.
- Liability coverage protects you – Your policy’s liability coverage provides coverage in the event that a jury decides you are liable for damages from an accident. It provides legal defense coverage starting from day one. Liability is cheap as compared to coverage for physical damage, so do not cut corners here.
- Do you have a high stress job? – Occupations such as lawyers, architects and financial analysts have higher average rates attributed to high stress levels and lots of time spent at work. Conversely, jobs such as scientists, engineers and retirees get better rates on X3 coverage.
- Little extras can really add up – There are quite a few additional coverages that can waste your money when buying auto insurance. Coverages like vanishing deductibles, accident forgiveness and additional equipment coverage are some examples. These coverages may sound good when talking to your agent, but now you might not need them so get rid of them and save.
- High deductibles save money – Physical damage insurance, termed comprehensive and collision coverage on your policy, is used to repair damage to your BMW. Examples of covered claims would be collision with another vehicle, vandalism, and rolling your vehicle. Physical damage deductibles are how much you are required to spend before a claim is paid by your company. The higher the amount you’re willing to pay, the less your company will charge you for insurance on X3 coverage.
- Safe vehicles cost less to insure – Vehicles with good safety scores tend to have better insurance rates. The safest vehicles have better occupant injury protection and any reduction in injury severity means lower claim amounts and more competitive rates for policyholders. If your BMW X3 scored better than an “acceptable” rating on the Insurance Institute for Highway Safety website you are probably receiving a discount.
- Tickets mean higher rates – Your driving record has a big impact on rates. Even a single citation can bump up the cost forty percent or more. Drivers who don’t get tickets get better rates than people who have multiple driving citations. Drivers who get severe violations like DUI or reckless driving may be required to file a proof of financial responsibility form (SR-22) with their state DMV in order to drive a vehicle legally.
Your personal situation dictates your coverage
When buying the right insurance coverage for your vehicles, there isn’t really a one size fits all plan. Everyone’s needs are different and a cookie cutter policy won’t apply. These are some specific questions may help highlight if you would benefit from professional advice.
- Does my BMW X3 qualify for pleasure use?
- Is my babysitter covered when using my vehicle?
- Does liability extend to a camper or trailer?
- Why am I required to get a high-risk car insurance policy?
- Am I covered by my employer’s commercial auto policy when driving my personal car for business?
- Which companies will insure high-risk drivers?
- Why is insurance for a teen driver so high?
If you don’t know the answers to these questions but you think they might apply to your situation, you might consider talking to a licensed agent. To find an agent in your area, fill out this quick form or you can also visit this page to select a carrier It’s fast, free and can help protect your family.
Are insurance agents a thing of the past?
Some people prefer to talk to a local agent and that is OK! Educated insurance agents can help determine the best coverages and give you peace of mind. The biggest benefit of comparing insurance prices online is you may find the best rates but still work with a licensed agent. And supporting small agencies is definitely important if you live in a smaller city or town.
To make it easy to find an agent, after completing this short form, your coverage information is submitted to agents in your area who will battle to get your business. You never need to leave your house due to the fact that quote results will go immediately to your email address. It doesn’t get any easier!
The different types of insurance agents
If you’re trying to find a good insurance agent, there are a couple of different types of agents from which to choose. Insurance agencies are categorized either captive or independent (non-captive). While both can do a good job, but it’s worth learning how they are different because it can influence the selection process.
Independent Agencies or Brokers
Independent insurance agents are not locked into one company so they can insure your vehicles with multiple insurance companies depending on which coverage is best. If your agent finds better pricing, they simply move the coverage in-house and you won’t have to switch agencies. When comparing rates, we recommend you contact several independent insurance agents for the best price selection.
Captive Insurance Agents
These agents can only place business with one company and examples are Farmers Insurance or State Farm. They generally cannot place coverage with different providers so it’s a take it or leave it situation. Captive agencies are very knowledgeable on their products and sales techniques which helps them compete with independent agents.
To view a full list of agencies, click here.
Picking an insurance agency needs to be determined by more than just the premium amount. Any agent should be forthright in answering these questions:
- If they are an independent agency, which companies do they recommend?
- Does the company allow you to choose your own collision repair facility?
- What will you get paid if your car is a total loss? How is that amount determined?
- How often do they review policy coverages?
- Is vehicle damage repaired with OEM or aftermarket parts?
- Can they provide you with a list of referrals?
- Do they regularly work with personal auto policies?
Once you have good answers to these questions as well as a affordable price, most likely you have located an auto insurance agent that can provide auto insurance coverage.
Ads can be misleading
Drivers get pounded daily by advertisements for car insurance savings from the likes of 21st Century, Allstate and State Farm. They all say the same thing about savings if you change your coverage to them.
How does each company say the same thing? It’s all in the numbers.
All the different companies can use profiling for the right customer that is profitable for them. A good example of a preferred risk could possibly be between 30 and 50, owns a home, and drives newer vehicles. A customer who meets those qualifications will get very good rates and therefore will cut their rates substantially.
Consumers who don’t meet this ideal profile must pay a higher premium and this can result in 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 companies can advertise the way they do.
This illustrates why it is so important to get quotes from several different companies. It’s not possible to predict which insurance companies will give you the biggest savings.
Smart consumers save more
As you go through the steps to switch your coverage, it’s not a good idea to skimp on critical coverages to save a buck or two. There have been many situations where someone dropped uninsured motorist or liability limits and discovered at claim time that saving that couple of dollars actually costed them tens of thousands. The ultimate goal is to buy enough coverage at the best price.
You just read many ways to save on BMW X3 insurance. The key thing to remember is the more quotes you get, the higher your chance of finding lower rates. You may even find the lowest premiums are with the least-expected company. These smaller insurers may often insure only within specific states and give getter rates compared to the large companies like State Farm, GEICO and Nationwide.
Discount BMW X3 insurance is available on the web and with local insurance agents, and you should compare price quotes from both in order to have the best chance of saving money. A few companies do not offer online quoting and most of the time these small, regional companies sell through independent agents.
