I can’t think of a single person who enjoys paying for auto insurance, especially knowing their premiums are through the roof. Insurance companies such as State Farm, Farmers Insurance, GEICO and Allstate constantly bombard you with advertising and it is challenging if not impossible to sift through the bull and do the work needed to find the best deal.
It’s a great practice to compare prices periodically due to the fact that insurance rates are adjusted regularly by insurance companies. Just because you found the lowest price on 320i insurance a couple years back there is a good chance you can find better rates now. There is a lot of bad advice regarding auto insurance on the internet, so we’re going to give you some guaranteed methods to save money.
Why you might be paying too much to insure your BMW 320i
Smart consumers have a good feel for the factors that help determine the price you pay for auto insurance. Knowing what impacts premium levels helps enable you to make changes that will entitle you to better auto insurance rates.
- Performance level impacts rates – The performance level of the car you are buying insurance for makes a big difference in the rate you pay. The most favorable rates are usually for low performance passenger models, but the final cost of insurance is determined by many other factors. Due to the fact that the BMW 320i is a luxury sports car, rates will be up to twice as much as compared to the average rate.
- Higher deductibles cost less – Physical damage deductibles represent how much money you are willing to pay out-of-pocket if you file a covered claim. Physical damage coverage, commonly called comprehensive (or other-than-collision) and collision coverage, covers damage that occurs to your car. Some examples of claims that would be covered are colliding with a building, damage from fire, and rolling your vehicle. The more money the insured has to pay upfront, the bigger discount you will receive on 320i insurance.
- High credit ratings translate to low rates – Credit history is a huge factor in determining what you pay for auto insurance. If your credit is not that good, you could pay less to insure your BMW 320i by spending a little time repairing your credit. Drivers who have high credit ratings tend to be better drivers and file fewer claims than drivers with lower credit scores.
- Equipment add-ons that lower auto insurance rates – Driving a car with anti-theft technology or alarm system can help bring down rates. Theft prevention devices such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all hinder your car from being stolen.
Discounts can save BIG
Insurance can be prohibitively expensive, but discounts can save money and there are some available to help offset the cost. Certain discounts will be applied at the time of quoting, but some may not be applied and must be requested specifically before being credited. If you’re not getting every credit you deserve, you are throwing money away.
- Discounts for Safe Drivers – Safe drivers may save up to 50% more on 320i insurance than drivers with accidents.
- Senior Discount – If you’re over the age of 55, you may qualify for reduced rates on 320i insurance.
- Student in College – Any of your kids who are attending college and do not have a car may qualify for this discount.
- Accident Waiver – A few companies will allow you to have one accident without raising rates as long as you don’t have any claims for a set time period.
- Low Mileage Discounts – Low mileage vehicles can earn lower rates on the low mileage vehicles.
- Discount for Life Insurance – Companies who offer life insurance give lower rates if you buy life insurance from them.
- E-sign – Some insurance companies will discount your bill up to fifty bucks for buying your policy over the internet.
Keep in mind that most credits do not apply the the whole policy. A few only apply to the price of certain insurance coverages like medical payments or collision. So when the math indicates adding up those discounts means a free policy, you won’t be that lucky. But all discounts will reduce your overall premium however.
For a list of insurance companies who offer auto insurance discounts, follow this link.
Shop online but buy locally
A small number of people just want to buy from a local agent and that is OK! Professional agents can answer important questions and give you someone to call. The best thing about price shopping on the web is you can get lower rates and still have an agent to talk to. Buying from small agencies is definitely important in smaller communities.
By using this form (opens in new window), the quote information is sent to insurance agents who will battle for your insurance coverage. You don’t have to leave your computer because quoted prices will be sent directly to your email. Now that’s easy!
If you prefer to contact a specific insurance agent in your state, click here.
Picking an insurer should depend on more than just a low price. Some important questions to ask are:
- Do they feel the quoted coverages are adequate?
- Do they carry Errors and Omissions coverage?
- Do they specialize in personal lines coverage?
- How often do they review policy coverages?
- Which members of your family are coverage by the policy?
After getting satisfactory answers to all your questions as well as a affordable price, you have narrowed it down to an insurance company that is a good match to provide auto insurance coverage.
Auto insurance ads bend the truth
Consumers constantly see and hear ads for the lowest price auto insurance from companies such as Progressive, Allstate and GEICO. They all seem to make an identical promise that you can save if you change your policy.
How does each company claim to save you money?
Different companies can use profiling for the driver that earns them a profit. A good example of a profitable customer could possibly be between 30 and 50, a clean driving record, and drives less than 10,000 miles a year. Any driver who meets those qualifications will qualify for the lowest rates and as a result will probably save quite a bit of money when switching.
Consumers who don’t meet these standards will be quoted higher rates and this can result in the driver buying from a lower-cost company. Company advertisements say “drivers who switch” but not “drivers who get quotes” save that kind of money. That is how companies can truthfully advertise the savings.
This emphasizes why it is so important to compare as many rates as you can. Because you never know the company that will provide you with the cheapest rates.
And the best car insurance company is…
We’ve covered a lot of tips how to compare BMW 320i insurance prices online. It’s most important to understand that the more companies you get rates for, the better your chances of lowering your rates. Drivers may discover the lowest premiums are with a smaller regional carrier. These smaller insurers may have significantly lower rates on certain market segments than their larger competitors like Allstate or State Farm.
When trying to cut insurance costs, make sure you don’t skimp on coverage in order to save money. In many cases, consumers will sacrifice uninsured motorist or liability limits only to regret that the small savings ended up costing them much more. The ultimate goal is to buy enough coverage at a price you can afford while not skimping on critical coverages.
Budget-conscious BMW 320i insurance is available online and also from your neighborhood agents, so compare prices from both in order to have the best price selection to choose from. Some insurance providers may not provide the ability to get a quote online and most of the time these smaller companies sell through independent agents.
