Scraping up a payment for overpriced BMW 650i insurance can dwindle your personal savings and make it hard to pay other bills. Shopping your coverage around is free, only takes a few minutes, and is a good way to help make ends meet. Big companies like Allstate, Liberty Mutual and State Farm persitently shower you with ads and it can be hard to avoid their marketing magic and effectively compare rates to find the best deal.
It is always a good idea to price shop coverage at least once a year due to the fact that insurance rates change regularly. Just because you had the best deal on 650i coverage a couple years back you will most likely find a better rate today. Block out anything you think you know about auto insurance because we’re going to demonstrate one of the easiest ways to find the best coverage while lowering your premiums.
Pay less by taking advantage of these 5 discounts
Auto insurance companies don’t always list all their discounts very well, so here is a list some of the more common and the more hidden auto insurance savings. If you don’t get every credit you deserve, you’re paying more than you need to.
- Theft Prevention System – Vehicles equipped with anti-theft or alarm systems prevent vehicle theft and earn discounts up to 10%.
- Anti-lock Brake Discount – Anti-lock brake equipped vehicles prevent accidents and will save you 10% or more.
- Auto/Life Discount – Select insurance companies reward you with a discount if you purchase life insurance.
- Claim Free – Claim-free drivers pay less when compared with drivers who are more careless.
- Pay Now and Pay Less – By paying your policy upfront instead of monthly or quarterly installments you may reduce your total bill.
It’s important to note that most of the big mark downs will not be given the the whole policy. Most only reduce the price of certain insurance coverages like comprehensive or collision. Just because you may think having all the discounts means you get insurance for free, companies wouldn’t make money that way.
For a list of insurance companies with discount auto insurance rates, click this link.
Detailed coverages of your auto insurance policy
Having a good grasp of a auto insurance policy helps when choosing the best coverages for your vehicles. Auto insurance terms can be confusing and even agents have difficulty translating policy wording. Below you’ll find typical coverage types offered by auto insurance companies.
Comprehensive coverages
This covers damage OTHER than collision with another vehicle or object. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive can pay for claims like rock chips in glass, hitting a deer, damage from getting keyed and theft. The maximum amount you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle’s value is low it’s not worth carrying full coverage.
Liability auto insurance
Liability coverage protects you from injuries or damage you cause to people or other property by causing an accident. It protects you from claims by other people. It does not cover your injuries or vehicle damage.
Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show policy limits of 100/300/100 that translate to $100,000 bodily injury coverage, $300,000 for the entire accident, and a limit of $100,000 paid for damaged property.
Liability can pay for claims such as legal defense fees, court costs, pain and suffering and emergency aid. The amount of liability coverage you purchase is your choice, but you should buy as much as you can afford.
Coverage for collisions
This pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You first must pay a deductible then the remaining damage will be paid by your insurance company.
Collision coverage pays for claims such as crashing into a ditch, hitting a parking meter, rolling your car and crashing into a building. Collision coverage makes up a good portion of your premium, so you might think about dropping it from vehicles that are 8 years or older. Another option is to choose a higher deductible to get cheaper collision coverage.
Uninsured and underinsured coverage
This protects you and your vehicle from other motorists when they do not carry enough liability coverage. Covered losses include medical payments for you and your occupants as well as damage to your BMW 650i.
Since a lot of drivers have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage should not be overlooked.
Coverage for medical payments
Coverage for medical payments and/or PIP pay for immediate expenses for prosthetic devices, funeral costs, ambulance fees, nursing services and chiropractic care. They can be utilized in addition to your health insurance plan or if there is no health insurance coverage. Coverage applies to both the driver and occupants and will also cover getting struck while a pedestrian. Personal Injury Protection is not universally available and may carry a deductible
More comparisons equals lower rates
Throughout this article, we presented some good ideas how to shop for BMW 650i insurance online. The key thing to remember is the more times you quote, the better likelihood of reducing your rate. You may even find the most savings is with a small mutual company. Smaller companies may only write in your state and offer lower rates than their larger competitors like Progressive and GEICO.
When trying to cut insurance costs, it’s a bad idea to skimp on critical coverages to save a buck or two. There are many occasions where an insured cut liability coverage limits only to regret at claim time that the small savings ended up costing them much more. Your goal should be to find the BEST coverage for the lowest price.
