Slash your BMW 545i Insurance Rates in Three Steps
If buying car insurance was fun, we'd do it as a recreational sport. 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 affordable insurance for your BMW 545i is probably the same story.
Step One: Insurance Quotes
If it's been a few years since you shopped for car insurance, you might still think the only way to buy is from a local agent. Welcome to the NEW way to buy car insurance!
The best car insurance companies offer online quoting for a BMW 545i and it's very easy to compare different rates by only using one form.
To compare rates now, have your current policy handy (if you have one) and click the link below. Complete the short form and move on to step two.
Read this (it's important)! When doing any car insurance quote to compare rates to either your existing policy or to other quotes, it's important to use identical coverages on all quotes. Otherwise you will not be able to accurately determine which company has the lowest rate for your 545i.
Step Two: Best Ways to Lower your 545i Insurance Cost
Once you have quotes in hand, you can then consider some of the other techniques for lowering your 545i insurance rates.
- Vehicles that are considered high performance will have a higher insurance price tag that your average family sedan. The BMW 545i is no exception.
- How's your credit score? If it's good you will pay a lower rate than your poor credit counterparts. Work on improving weak credit and you will eventually see your car insurance bill go down.
- Owning a luxury vehicle like your 545i means you'll pay a little more for insurance due to the higher cost of repair parts.
- If your city or county offers a driver's safety course, find out if your insurance company will give you a discount to complete it. It could save you up to 10%.
- Do not allow your current car insurance coverage to lapse or expire. Insurance companies have a simple way to find out when your last policy ended (called a CLUE report), and if you went without coverage for any length of time you may pay more for coverage.
- 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.
- 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.
- 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.
- Every parent dreads the day when their teenager gets added to their policy. If you are a teenager, or if you have one on your policy, expect to pay significantly more each year.
- 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.
- Newer car models are coming standard with advanced passenger safety systems, and these help reduce the risk of injury in an accident. Less injuries mean lower insurance rates.
- To keep your rates low, don't file excessive claims on your policy. Insurance is meant to cover large losses, not small damage that you can pay for out-of-pocket.
- For some reason, car theives target particular makes and models more than others. If your 545i is on the list of the top stolen cars, you might want to install an extra theft deterrent system just to be safe.
Step Three: Finalize your Car Insurance 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.
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 the BMW 545i is a new purchase and you haven't had car insurance before, make sure you have coverage in place before driving off the lot. If you have other vehicles already covered, then you will have coverage for the new vehicle. If your current policy has any vehicle with full coverage (comprehensive and collision), then your new 545i will have that coverage extended to it. If you only have liability coverage on your policy, then you have no physical damage coverage on your new purchase.
Once your new policy has been purchased, you are required to keep the proof-of-insurance card in your vehicle at all times. This is required by state law and you can receive a citation if you cannot provide it. If an SR-22 is required due to a reckless driving conviction, DUI or conviction of driving without insurance, make sure your new company is aware of that. Not filing a court-ordered SR-22 can result in suspension of your driver's license.
Additional Insurance Information
To read more about filing a claim, choosing replacement parts, rental car insurance and more, visit the Insurance Information Institute.
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