Shoppers have a choice when shopping for low-cost BMW 550i insurance. You can either spend your time contacting agents to get rate comparisons or use the internet to make rate comparisons.
There are both good and bad ways to compare auto insurance rates and we’ll show you the quickest way to quote coverages for a new or used BMW and find the lowest possible price either online or from local insurance agents.
It’s smart to price shop coverage every six months because rates change quite often. Despite the fact that you may have had the best rates for 550i coverage six months ago other companies may now be cheaper. Ignore everything you know about auto insurance because you’re about to find out the tricks you need to know to properly buy coverages while reducing your premium.
Do you qualify for discounts?
Insurance can be prohibitively expensive, but you can get discounts to cut the cost considerably. Most are applied when you complete an application, but a few need to be requested specifically prior to getting the savings.
- Own a Home – Owning a house can help you save on auto insurance because of the fact that having a home shows financial diligence.
- Student Driver Training – Make teen driver coverage more affordable by requiring them to successfully complete driver’s ed class if offered at their school.
- Good Students Pay Less – Getting good grades can save 20 to 25%. Earning this discount can benefit you until age 25.
- Discount for New Cars – Insuring a new car can be considerably cheaper compared to insuring an older model.
- Safety Course Discount – Taking part in a driver safety course could cut 5% off your bill and easily recoup the cost of the course.
- Federal Government Employee – Active or retired federal employment can save as much as 8% for 550i coverage with certain companies.
As a disclaimer on discounts, many deductions do not apply to the overall cost of the policy. Some only reduce the cost of specific coverages such as liability, collision or medical payments. So when it seems like it’s possible to get free car insurance, you’re out of luck. Any qualifying discounts will reduce your premiums.
To see a list of insurance companies who offer auto insurance discounts, click this link.
Factors that might impact rates for a BMW 550i
Consumers need to have an understanding of some of the elements that go into determining the price you pay for auto insurance. Having a good understanding of what influences your rates allows you to make educated decisions that can help you get lower auto insurance prices.
Listed below are some of the items companies use to determine your rates.
- Is your vehicle built for speed? – The performance level of the vehicle you own makes a huge difference in your rates. Because the BMW 550i falls in the luxury sedan class, insuring your vehicle will cost more when compared to the average rates. Lower performance four cylinder passenger models receive the most favorable rates, but there are many factors that impact the final cost.
- Are you male or female? – Statistics show women are more cautious behind the wheel. That doesn’t necessarily mean that men are WORSE drivers than women. They both have accidents at about the same rate, but the men cause more damage. Men also statistically get cited for more serious violations like reckless driving and DUI. Youthful male drivers are the most expensive to insure and therefore are the most expensive to insure.
- Your occupation can affect rates – Did you know your occupation can influence how much you pay for auto insurance? Jobs such as lawyers, architects and dentists have the highest average rates because of high stress and long work days. Other occupations like scientists, historians and performers get better rates for 550i coverage.
- Being married is a good thing – Being married can actually save you money on your policy. Having a spouse translates into being more mature than a single person and it’s statistically proven that being married results in fewer claims.
- Drive less and save money – Driving more miles in a year’s time the more you’ll pay to insure your vehicle. Almost all companies rate vehicles based on their usage. Cars and trucks that are left in the garage can get a lower rate compared to those used for work or business. Verify your auto insurance coverage properly reflects the proper vehicle usage, because it can save money. Incorrect usage on your 550i may be costing you.
Don’t assume everyone needs the same coverage
When it comes to choosing coverage, there really is no cookie cutter policy. Everyone’s situation is a little different.
For instance, these questions may help highlight if your insurance needs might need an agent’s assistance.
- What are no-fault laws?
- What can I do if my company won’t pay a claim?
- What is covered by UM/UIM coverage?
- Is my babysitter covered when using my vehicle?
- Is business property covered if stolen from my car?
- At what point should I drop full coverage?
- Is pleasure use cheaper than using my BMW 550i to commute?
If you’re not sure about those questions but one or more may apply to you, you may need to chat with a licensed agent. To find an agent in your area, simply complete this short form.
What is YOUR best insurance company?
Drivers who switch companies do it for many reasons like delays in paying claims, not issuing a premium refund, delays in responding to claim requests or even lack of trust in their agent. It doesn’t matter why you want to switch finding a new auto insurance company is pretty easy and you might even save some money in the process.
As you shop your coverage around, make sure you don’t sacrifice coverage to reduce premiums. There are a lot of situations where an insured cut comprehensive coverage or liability limits only to find out that the few dollars in savings costed them thousands. The proper strategy is to get the best coverage possible for the lowest price while still protecting your assets.
The cheapest BMW 550i insurance can be sourced on the web and with local insurance agents, and you need to comparison shop both to have the best selection. Some auto insurance companies do not offer online quoting and many times these small, regional companies only sell through independent insurance agents.
