Tired of scraping the payment together to pay your car insurance bill each month? You’re in the same situation as the majority of other car owners.
Online insurance companies like GEICO and Progressive continually hit you with ads and consumers find it hard to see past the corporate glitz and do the work needed to find the best deal.
It’s a good idea to get comparison quotes at least once a year because prices trend upward over time. Just because you found the best rates for Z3 insurance two years ago there is a good chance you can find better rates now. Block out anything you think you know about auto insurance because you’re about to learn the fastest way to lower your rates without sacrificing coverage.
If you have car insurance now, you will be able to reduce your rates substantially using these methods. Finding affordable coverage is easy if you know what you’re doing. Although vehicle owners can benefit from knowing the way insurance companies market on the web.
Auto Insurance Comparisons
There are several ways to compare quotes and find the best price. The easiest way to find the cheapest BMW Z3 insurance rates consists of obtaining rate quotes online. This can be accomplished in just a few minutes using one of these methods.
One of the best ways to find low rates would be an industry-wide quote request form (click to open form in new window). This method saves time by eliminating separate forms for each company you want a rate for. Filling out one form will return quotes .
A different way to shop for auto insurance online requires a visit to each individual company website and fill out their own quote form. For sake of this example, we’ll assume you want to compare GEICO, Progressive and Allstate. You would have to go to every website and enter your information, and that’s why the first method is more popular.
For a handy list of car insurance company links in your area, click here.
The most time-consuming method to get comparison rates is to spend your day driving to different agent offices. Buying insurance online has reduced the need for local agents unless you require the professional advice that only a license agent can provide. You can, however, obtain prices from the web and still use a local agent and we’ll cover that in a bit.
It’s up to you how you get prices quotes, just double check that you are using the exact same information with each company. If you compare unequal deductibles or liability limits it will be impossible to make an equal comparison. Quoting even small variations in coverage limits can result in a big premium difference. Just keep in mind that having more price comparisons provides better odds of finding better pricing.
Beware of misleading auto insurance ads
Auto insurance companies such as State Farm, Allstate and GEICO constantly bombard you with ads on television and other media. They all seem to make the same claim about savings if you switch to their company. How can each company claim to save you money?
Insurance companies can use profiling for the type of customer they prefer to insure. For example, a desirable insured might be between the ages of 30 and 50, has no prior claims, and has a short commute. A customer getting a price quote who matches those parameters will qualify for the lowest rates and as a result will probably cut their rates substantially.
Drivers who are not a match for these standards must pay a more expensive rate which usually ends up with business not being written. The ads state “drivers who switch” not “people who quote” save that much. That’s the way companies can truthfully advertise the way they do. This illustrates why you need to get as many quotes as possible. It’s impossible to know which insurance companies will provide you with the cheapest rates.
Are you getting all your discounts?
Companies that sell car insurance don’t list all their discounts in a way that’s easy to find, so we researched both well-publicized and the harder-to-find savings tricks you should be using.
- Discount for New Cars – Insuring a new car can cost up to 25% less since new cars are generally safer.
- Theft Prevention System – Anti-theft and alarm systems prevent vehicle theft and qualify for as much as a 10% discount.
- Pay Now and Pay Less – If paying your policy premium upfront instead of monthly or quarterly installments you could save up to 5%.
- Fewer Miles Equal More Savings – Keeping the miles down on your BMW could be rewarded with better rates on cars that stay parked.
- No Charge for an Accident – Certain companies will forgive one accident before raising your premiums so long as you haven’t had any claims prior to the accident.
- Drivers Ed for Students – Make teen driver coverage more affordable by requiring them to take driver’s ed class if it’s offered in school.
Keep in mind that most credits do not apply to your bottom line cost. The majority will only reduce the price of certain insurance coverages like comprehensive or collision. Just because it seems like you could get a free auto insurance policy, companies wouldn’t make money that way.
To see a list of insurers who offer auto insurance discounts, click this link.
Can’t I compare rates from local agents?
Certain consumers prefer to visit with an insurance agent and that is a personal choice. The best thing about comparing insurance prices online is you may find the lowest rates and still choose a local agent.
After filling out this short form, your insurance data is transmitted to companies who will battle for your business. You don’t have to even leave your home as quotes are delivered straight to your inbox. Get lower rates without the usual hassles of price shopping.
Deciding on an insurer requires more thought than just a low price. Here are some questions to ask:
- Do the companies they represent have a solid financial rating?
- Are claim adjusters local or do you have to take your car somewhere else?
- How are they compensated?
- How much can you save by raising your physical damage deductibles?
- Did they already check your driving record and credit reports?
Compare rates from both independent and captive car insurance agents
When looking for a good insurance agent, you need to know there are two types of insurance agents that differ in how they can insure your vehicles. agents are categorized either captive or independent.
Captive Insurance Agents
This type of agents have only one company to place business with like State Farm, AAA and Liberty Mutual. They usually cannot provide prices from multiple companies so they have no alternatives for high prices. They are very knowledgeable on their products and sales techniques which helps them compete with independent agents.
Independent Agents (or Brokers)
Independent agents are not required to write business for one company so they can insure your vehicles with multiple insurance companies and potentially find a lower price. To move your coverage to a new company, your agent can switch companies and that require little work on your part. When comparison shopping, we recommend you get quotes from multiple independent agents to get the best comparison.
For a full directory of agents, click here.
After getting satisfactory answers for all questions you ask and locked in a price quote, you have narrowed it down to an insurance agent that will properly service your auto insurance policy. Just keep in mind policyholders can terminate coverage for any reason so don’t assume that you are obligated to a policy with no way out.
When should I talk to an agent?
When it comes to buying coverage for your personal vehicles, there really is not a single plan that fits everyone. Your needs are not the same as everyone else’s so this has to be addressed. For example, these questions might help in determining whether or not you might need professional guidance.
- Is my dog or cat covered if injured in an accident?
- What vehicles should carry emergency assistance coverage?
- Is my cargo covered for damage or theft?
- Do all my vehicles need collision coverage?
- What are no-fault laws?
- Am I covered if I wreck a rental car?
- Does my medical payments coverage pay my health insurance deductible?
- Is business equipment covered while in my vehicle?
If you’re not sure about those questions but one or more may apply to you, you might consider talking to an agent. To find lower rates from a local agent, fill out this quick form or click here for a list of auto insurance companies in your area.
Auto insurance 101
Understanding the coverages of your auto insurance policy helps when choosing the best coverages and the correct deductibles and limits. The terms used in a policy can be impossible to understand and reading a policy is terribly boring. These are the normal coverages offered by auto insurance companies.
Liability coverages
Liability insurance provides protection from damage that occurs to people or other property that is your fault. Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have limits of 50/100/50 that means you have $50,000 bodily injury coverage, a limit of $100,000 in injury protection per accident, and property damage coverage for $50,000.
Liability coverage protects against things like loss of income, attorney fees, medical services, structural damage and funeral expenses. How much liability coverage do you need? That is a personal decision, but it’s cheap coverage so purchase as much as you can afford.
Comprehensive coverage
Comprehensive insurance coverage will pay to fix damage OTHER than collision with another vehicle or object. You need to pay your deductible first then your comprehensive coverage will pay.
Comprehensive insurance covers things such as damage from flooding, fire damage and damage from getting keyed. The most your auto insurance company will pay is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.
Collision insurance
This pays for damage to your Z3 from colliding with another car or object. You will need to pay your deductible and then insurance will cover the remainder.
Collision can pay for claims such as scraping a guard rail, damaging your car on a curb, colliding with another moving vehicle and driving through your garage door. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from older vehicles. It’s also possible to bump up the deductible in order to get cheaper collision rates.
Uninsured/Underinsured Motorist coverage
This protects you and your vehicle’s occupants 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 Z3.
Because many people only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. So UM/UIM coverage is important protection for you and your family.
Medical payments coverage and PIP
Coverage for medical payments and/or PIP provide coverage for immediate expenses for prosthetic devices, EMT expenses, rehabilitation expenses, funeral costs and pain medications. The coverages can be used to fill the gap from your health insurance program or if you do not have health coverage. Coverage applies to not only the driver but also the vehicle occupants in addition to getting struck while a pedestrian. PIP is not universally available but can be used in place of medical payments coverage
Do the work, save more money
We covered many tips how you can shop for BMW Z3 insurance online. It’s most important to understand that the more companies you get rates for, the better chance you’ll have of finding lower rates. Consumers could even find that the best price on auto insurance is with a small mutual company. These companies may only write in your state and offer lower rates compared to the large companies like Progressive or GEICO.
Discount BMW Z3 insurance can be sourced both online as well as from independent agents, so you should compare both in order to have the best price selection to choose from. Some insurance companies don’t offer online quoting and usually these small insurance companies provide coverage only through local independent agents.
