I can’t think of a single person who enjoys paying for car insurance, in particular when they are paying too much. You have so many car insurance companies to buy insurance from, and although it’s a good thing to have a choice, it can be more difficult to compare company pricing.
It’s a good idea to price shop coverage occasionally because prices trend upward over time. Just because you had the best price for 530i coverage on your last policy there is a good chance you can find better rates now. There is a lot of bad information regarding car insurance on the web, but we’re going to give you some great ways to find cheap car insurance.
The purpose of this post is to tell you how to get online quotes and some tricks to saving. If you currently have a car insurance policy, you will most likely be able to save some money using this information. Consumers just need to learn the most effective way to buy car insurance online.
Discounts can save BIG
Insuring your fleet can be pricey, but discounts can save money and there are some available that can drop the cost substantially. Certain discounts will be triggered automatically at the time of quoting, but a few must be manually applied in order for you to get them. If you don’t get every credit available, you’re paying more than you need to.
- Anti-lock Brake System – Cars that have steering control and anti-lock brakes can reduce accidents and therefore earn up to a 10% discount.
- No Accidents – Claim-free drivers pay much less when compared with frequent claim filers.
- Drivers Ed for Students – Cut your cost by having your teen driver enroll in driver’s education if offered at their school.
- Anti-theft Discount – Vehicles with anti-theft systems are stolen less frequently and qualify for as much as a 10% discount.
- Pay Now and Pay Less – By paying your policy upfront rather than paying monthly you could save up to 5%.
- Air Bag Discount – Factory air bags and/or automatic seat belt systems can qualify for discounts up to 30%.
- Homeowners Discount – Being a homeowner may trigger a car insurance policy discount due to the fact that maintaining a home shows financial diligence.
It’s important to note that many deductions do not apply to the entire policy premium. Some only apply to individual premiums such as comprehensive or collision. Even though it may seem like you would end up receiving a 100% discount, it doesn’t quite work that way. Any amount of discount will bring down the cost of coverage.
For a list of insurance companies with discount car insurance rates, follow this link.
Why you might be paying too much to insure your BMW 530i
Smart consumers have a good feel for some of the elements that come into play when calculating the rates you pay for car insurance. Understanding what impacts premium levels helps enable you to make changes that could result in much lower annual insurance costs.
The list below includes some of the factors that factor into premiums.
- High deductibles save money – Physical damage coverage, commonly called comprehensive (or other-than-collision) and collision coverage, protects your BMW from damage. Some instances where coverage would apply would be running into the backend of another car, damage from fire, and burglary. The deductibles are the amount of money you are required to spend in the event of a claim. The more you are required to pay out-of-pocket, the bigger discount you will receive for 530i coverage.
- Protect yourself with liability coverage – Liability coverage is the coverage that protects you if ever a jury decides you are liable for damages from an accident. It will provide for a legal defense which can cost thousands of dollars. This coverage is very inexpensive when compared with rates for comp and collision, so do not skimp.
- A clean driving record saves money – Your driving record impacts your car insurance rates tremendously. Even a single ticket can bump up the cost forty percent or more. Drivers who don’t get tickets get better rates compared to drivers with tickets. Drivers who get flagrant violations such as DUI or reckless driving may be required to file a SR-22 with the DMV in their state in order to keep their license.
- Choose a safe vehicle and save – Safer cars get lower rates. Safer cars result in less severe injuries and fewer injuries means less money paid by your insurance company passed on to you as lower rates. If the BMW 530i is rated at least four stars on Safercar.gov or an “acceptable” rating on iihs.org it is probably cheaper to insure.
- Optional equipment can affect rates – Purchasing a vehicle with a theft deterrent system can help bring down rates. Anti-theft features like vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all aid in stopping car theft.
Will just any policy work for me?
When it comes to buying proper insurance coverage for your personal vehicles, there isn’t really a one size fits all plan. Every insured’s situation is different so your insurance should reflect that For example, these questions could help you determine whether your personal situation would benefit from an agent’s advice.
- Do I have any recourse if my insurance company denies a claim?
- Why is insurance for a teen driver so high?
- Am I covered when driving someone else’s vehicle?
- When does my teenage driver need to be added to my policy?
- Can I pay claims out-of-pocket if I buy high deductibles?
- Should I file a claim if it’s only slightly more than my deductible?
If you don’t know the answers to these questions but one or more may apply to you, you may need to chat with a licensed insurance agent. If you don’t have a local agent, complete this form or you can go here for a list of companies in your area. It’s fast, doesn’t cost anything and you can get the answers you need.
Can you really save $395 a year?
Consumers can’t get away from ads for cheaper car insurance by companies like Progressive, GEICO, Allstate and State Farm. They all have a common claim that you can save if you change to them.
How does each company claim to save you money?
Different companies can use profiling for the driver that is profitable for them. An example of a desirable insured might be profiled as a mature driver, is a homeowner, and has a high credit rating. A propective insured who matches those parameters will get very good rates and as a result will probably save quite a bit of money when switching.
Consumers who don’t qualify for the “perfect” profile must pay higher premiums which usually ends up with the customer not buying. The ad wording is “customers that switch” but not “drivers who get quotes” save that kind of money. That is how companies can truthfully make the claims of big savings.
This illustrates why you should compare as many rates as you can. It’s impossible to know the company that will give you the biggest savings.
In conclusion
Lower-priced BMW 530i insurance is attainable from both online companies and also from your neighborhood agents, and you should be comparing both in order to have the best price selection to choose from. A few companies may not provide you the ability to get quotes online and most of the time these small, regional companies sell through independent agents.
We just covered many ideas to reduce BMW 530i insurance prices online. It’s most important to understand that the more times you quote, the higher the chance of saving money. You may even discover the lowest premiums are with a small mutual company. Smaller companies may cover specific market segments cheaper than the large multi-state companies such as Allstate or State Farm.
