How to Find Affordable Insurance for your BMW X5
If shopping your car insurance around was fun, we'd do it much more often. But most likely we pay more than we want to and don't really enjoy the buying process. Finding good insurance for your BMW X5 probably leaves you feeling the same way.
Step One: Insurance Rate Comparison Quotes
In years past, the only way to purchase car insurance was to visit the office of a local agent. Life has gotten easier!
Comparing apples-to-apples price quotes for your BMW X5 is made easy by only requiring one form to be completed. This will shop your coverage with multiple companies and allow you to easily compare rates.
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.
Quote Tip! In order to accurately compare rates for your X5, 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: How to Lower your X5 Insurance Premium
There are many contributing factors that determine what you pay to insure your BMW. You can help yourself (and your wallet) by paying attention to the following rate factors.
- The BMW X5 is a higher performance vehicle, but do you really need the increased speed or power? Vehicles with more moderate performance are usually cheaper to insure.
- If you belong to a professional organization, check to see if that can earn you a discount. If you're over the age of 55, check to see if they have a senior citizen discount as well.
- Repair costs generally trend higher as the price of a vehicle goes up. So by owning a X5, you can expect higher repair bills and also higher insurance rates because of this.
- 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.
- Successfully completing a driver's training class can help lower your rates if your insurance company offers that discount.
- Safety features such as antilock brakes, traction control and air bag systems all help reduce the cost of car insurance by keeping the passengers safer.
- 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.
- Thieves tend to steal certain makes and models of vehicles more than others, and if your car is on that list, expect to pay higher insurance rates because of it.
- Claims that aren't much more than your deductible are better off just being paid out of pocket. If you get into a habit of filing smaller claims, you will pay for it in higher rates.
- Bundling your auto and home insurance with the same company can often get you a discount, and just being a homeowner in itself will get you a lower rate.
- A single speeding ticket can cost you several hundreds of dollars over the next three years thanks to increased car insurance rates. Slow down and drive safely.
- 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.
- Gaps in insurance coverage will cause problems for your insurance rates. Don't let your policy expire without having new coverage in place.
Step Three: Buy the Best Policy
Choosing a new car insurance company is not easy. But hopefully you have a handful of quotes for your X5 that will give you a good idea of how much it will cost, as well as some idea of any coverage changes you may want to make.
Make sure to avoid any lapse in coverage by setting the new policy's effective date to be the same date you cancel your old policy. Otherwise you could be driving without any coverage.
When buying a new vehicle, coverage will extend from your existing policy. But if you don't have a car insurance policy, you will want to make sure you have coverage BEFORE you drive off the lot. If you have a current policy and you only carry liability coverage, then that's the only coverage that will automatically extend to your X5. But if you currently carry full coverage, comprehensive and collision coverage will extend to your new vehicle.
Once you finish buying your new policy, you will need to print out the proof-of-insurance card that is provided by your new company. This card is proof that you meet the state's minimum liability limits and is required to be kept in your vehicle. If your state requires you to file an SR-22 for being a high-risk driver, make sure your new company is aware of this requirement. Failure to comply can result in loss of your driver's license.
More Insurance Buying Tips
To do more research on car insurance, visit the Insurance Information Institute website.