Shoppers have a choice when shopping for the best price on BMW 545i insurance. They can either waste time driving around to get rate comparisons or use the internet to get rate quotes. There are both good and bad ways to buy auto insurance and we’ll show you the absolute fastest way to quote coverages for a BMW and find the best price possible either online or from local insurance agents.
Discounts can save BIG
Companies offering auto insurance don’t always list every discount very clearly, so we break down both well-publicized and also the lesser-known auto insurance savings.
- Good Student – Getting good grades can be rewarded with saving of up to 25%. Earning this discount can benefit you up to age 25.
- Pay Upfront and Save – If you pay your entire premium ahead of time instead of paying each month you could save up to 5%.
- Drive Safe and Save – Drivers who avoid accidents may receive a discount up to 45% less on 545i insurance than their less cautious counterparts.
- Clubs and Organizations – Affiliation with a professional or civic organization could trigger savings on your policy on 545i insurance.
- Braking Control Discount – Vehicles equipped with ABS or steering control prevent accidents and will save you 10% or more.
- Theft Prevention Discount – Cars that have factory anti-theft systems are stolen less frequently and qualify for as much as a 10% discount.
As a disclaimer on discounts, some of the credits will not apply to the entire cost. Most only cut the cost of specific coverages such as liability, collision or medical payments. So even though it sounds like it’s possible to get free car insurance, it doesn’t quite work that way.
To see a list of providers with discount auto insurance rates, click this link.
Complexity of BMW 545i insurance rates
Consumers need to have an understanding of some of the elements that play a part in calculating auto insurance rates. Knowing what controls the rates you pay empowers consumers to make smart changes that may reward you with much lower annual insurance costs.
Shown below are a partial list of the pieces used by your company to calculate rates.
- Better credit means lower rates – Credit score is a large factor in determining your rates. So if your credit rating is lower than you’d like, you could pay less to insure your BMW 545i by repairing your credit. Drivers who have excellent credit tend to be better drivers and file fewer claims than those with poor credit.
- Older drivers save more – More mature drivers are more responsible, tend to file fewer claims and are safer drivers. Youthful drivers have a tendency to be more careless when driving and because of this, their auto insurance rates are much higher.
- Poor driving leads to higher costs – Drivers with clean records tend to pay less for car insurance than their less careful counterparts. Just one ticket may increase your cost by as much as thirty percent. Drivers who get dangerous violations like hit and run, DWI or reckless driving convictions may be required to file a SR-22 to the state department of motor vehicles in order to prevent a license revocation.
- Never go without insurance – Allowing your auto insurance policy to lapse is a quick way to bump up your auto insurance costs. Not only will you pay more, but not being able to provide proof of insurance can result in a license revocation or jail time.
- Do you qualify for a multi-policy discount? – Some insurers will award you with lower prices to people who carry more than one policy in the form of a multi-policy discount. If you currently are using one company, it’s still a good idea to shop around to verify if the discount is saving money. Drivers may still find a better deal by buying auto insurance from a different company.
- High crash test scores lower rates – Vehicles with high crash test scores get lower rates. Safer cars reduce injuries and fewer injuries means lower claim amounts and more competitive rates for policyholders. If your BMW scored better than an “acceptable” rating on the Insurance Institute for Highway Safety website it is probably cheaper to insure.
- Big city or small town – Choosing to live in a small town has it’s advantages when talking about auto insurance. City drivers have congested traffic and longer commutes to work. Lower population means a lower chance of having an accident and also fewer theft and vandalism claims.
Will just any policy work for me?
When it comes to buying the right insurance coverage for your personal vehicles, there is no “perfect” insurance plan. Everyone’s needs are different.
For example, these questions can aid in determining whether or not you could use an agent’s help.
- Should I have combined single limit or split liability limits?
- Can I rate high risk drivers on liability-only vehicles?
- Do I have coverage when making deliveries for my home business?
- What if I don’t agree with a claim settlement offer?
- Are there companies who specialize in insuring high-risk drivers?
- Is rental equipment covered for theft or damage?
- Are all vehicle passengers covered by medical payments coverage?
- Why does it cost so much to insure a teen driver?
- Can I afford to buy a different vehicle if my BMW 545i is totaled?
- Why am I required to get a high-risk car insurance policy?
If you’re not sure about those questions but you think they might apply to your situation, you might consider talking to a licensed insurance agent. If you don’t have a local agent, simply complete this short form.
Buyer beware of auto insurance advertising tricks
Auto insurance providers like Progressive, GEICO, Allstate and State Farm constantly bombard you with television and radio advertisements. They all have a common claim of big savings if you switch to their company. How does each company make almost identical claims? It’s all in the numbers.
Different companies have a certain “appetite” for the right customer that is profitable for them. For instance, a desirable insured could be between 30 and 50, owns a home, and has a short commute. A driver who matches those parameters will get the preferred rates and as a result will probably cut their rates substantially.
Drivers who do not match these standards will have to pay higher prices which usually ends up with business not being written. The ads state “customers that switch” but not “drivers who get quotes” save that much money. That’s the way companies can claim big savings. Because of the profiling, you absolutely need to get a wide range of price quotes. It is impossible to predict which auto insurance company will give you the biggest savings.
In conclusion
Low-cost BMW 545i insurance is available online as well as from independent agents, so you should compare both to have the best rate selection. Some insurance companies don’t offer you the ability to get quotes online and these regional insurance providers work with independent agents.
Consumers change insurance companies for a number of reasons such as an unsatisfactory settlement offer, high prices, not issuing a premium refund and even lack of trust in their agent. Regardless of your reason for switching companies, finding a new auto insurance company is less work than it seems.
As you restructure your insurance plan, never skimp on critical coverages to save a buck or two. Too many times, an insured dropped full coverage only to find out that the few dollars in savings costed them thousands. Your focus should be to purchase plenty of coverage at the best price, not the least amount of coverage.
