Three Steps to Paying Less for BMW 540i Insurance
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. Buying insurance on your BMW 540i might leave you feeling the same way.
Step One: Insurance Rate Comparison Quotes
Up until just recently, the only option you had for shopping for insurance was getting a high pressure sales pitch in the office of your local insurance agent. Times have changed!
All the major car insurance companies sell insurance for a BMW 540i and you can compare their rates by entering your information only one time.
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.
Use the Same Coverages! It's really important that when doing multiple quotes for your 540i 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: How to Lower your 540i 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.
- You can definitely expect to pay a little more for insurance due to the performance level of your BMW 540i. Vehicles with less power and speed tend to cost less to insure.
- 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.
- Repair shops have more expenses when repairing damage on luxury vehicles, so they will charge your insurance company more to make the repairs. This will be evident in your insurance rates even if you don't have a claim.
- 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.
- Car insurance rates for a teen driver on a BMW 540i will be expensive no matter what kind of coverage you have. But if you don't need comprehensive and collision, consider dropping those to save money.
- Speeding not only costs you a fine, a single ticket will raise your car insurance rates for up to three years. Slow down and be a safe driver and you'll pay lower rates.
- If your vehicle comes with safety features such as electronic stability control, head restraints, all-wheel drive or air bags, these all help keep insurance costs down by helping reduce accident injuries.
- Filing too many claims with your company can end up either costing you more for insurance or having your policy cancelled. Insurance companies don't like paying any more than you do, but they have the option of whether to keep you as a policyholder or not.
- If your 540i ranks on the list of vehicles that are frequently stolen, that can result in a higher rating class and a more expensive rate.
- Each year make a habit of checking your credit score. If you find problems that may be dragging down your credit rating, address them immediately. This will result in significant savings on car insurance.
- 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.
- If you have a period where you don't have any insurance coverage, that's called a lapse. The longer the lapse, the more you'll pay to reinstate 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.
Step Three: Make an Informed Buying Decision
Choosing a new car insurance company is not easy. But hopefully you have a handful of quotes for your 540i 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.
On your new policy, double check that the effective date is the same as the date you are cancelling your old policy. This avoids any lapse in coverage which can cause an increase in your rates.
If this is a new policy with only the BMW on it, be sure to have coverage before leaving the dealership or car lot. If you're adding it to an existing policy, you have anywhere from 15 to 30 days depending on the company. Anytime you buy a vehicle, you want to make sure coverage is in place before driving off the lot. If you have a policy now, you will have at least liability coverage. But if you don't insure any vehicles with full coverage, then you will put your new 540i at risk as soon as you drive away.
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. SR-22 filings are for high risk drivers and ensure that you have met your state's financial responsibility requirements. If you have DUI, DWI or uninsured accident convictions, you may have to file an SR-22 with your state DMV.
For More Information
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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