Scraping up a payment for overpriced BMW 328xi insurance can take a big chunk out of your bank account and make it hard to pay other bills. Comparison shopping is a great way to reduce premiums and put more money in your pocket. Because you have many companies to choose from, it can be challenging to find the most affordable provider.
Consumers need to price shop coverage quite often because prices change frequently. Even if you got the best price for 328xi insurance six months ago there may be better deals available now. Don’t believe everything you read about auto insurance online but by reading this article, you’re going to learn some great ways to buy auto insurance cheaper.
Don’t overlook these discounts
Insuring your vehicles can cost a lot, but companies offer discounts that can drop the cost substantially. Certain discounts will be applied at the time you complete a quote, but some may not be applied and must be specially asked for before you get the savings. If they aren’t giving you every credit available, you’re just leaving money on the table.
- Theft Prevention Discount – Vehicles equipped with anti-theft or alarm systems prevent vehicle theft and therefore earn up to a 10% discount.
- Passive Restraints and Air Bags – Vehicles with factory air bags and/or automatic seat belt systems can qualify for discounts of more than 20%.
- Resident Student – Youth drivers who live away from home and do not have a car may qualify for this discount.
- Seat Belt Usage – Using a seat belt and requiring all passengers to use their safety belts could save 15% on the medical payments or PIP coverage costs.
- Good Student – A discount for being a good student can get you a discount of up to 25%. The good student discount can last well after school through age 25.
Keep in mind that many deductions do not apply to the entire cost. Most only reduce specific coverage prices like comp or med pay. Just because you may think you could get a free auto insurance policy, auto insurance companies aren’t that generous. But any discount will help reduce the amount you have to pay.
To choose insurers with discount auto insurance rates, click here.
Some factors that can determine what BMW 328xi insurance costs
An important part of buying insurance is that you know the rating factors that help determine the rates you pay for auto insurance. Having a good understanding of what impacts premium levels empowers consumers to make smart changes that will entitle you to big savings.
The following are a partial list of the pieces used by your company to calculate prices.
- Drive less and save money – Driving more miles in a year the more you’ll pay to insure your vehicle. Most companies apply a rate based upon how you use the vehicle. Cars left parked in the garage get more affordable rates compared to those used for work or business. Make sure your auto insurance coverage is rated on the proper vehicle usage. Incorrect usage on your 328xi can cost quite a bit.
- Performance level impacts rates – The performance level of the vehicle you drive makes a substantial difference in how high your rates are. The cheapest insurance rates are generally reserved for low performance passenger cars, but the cost you end up paying is determined by many additional factors. Since the BMW 328xi is considered a luxury sports car, insuring your vehicle will cost up to twice as much compared to average rates.
- Do you need the policy add-ons? – There are quite a few extra bells and whistles that you can buy on your auto insurance policy. Coverages like roadside assistance, towing coverage and membership fees may be costing you every month. These coverages may sound good when you first buy your policy, but your needs may have changed so get rid of them and save.
- Lower rates come with age – Older insureds are viewed as being more responsible, statistically cause fewer accidents and receive fewer citations. Teen drivers are known to be less responsible when behind the wheel and because of this, their auto insurance rates are much higher.
- Tickets mean higher rates – Careful drivers have lower premiums than bad drivers. Just one moving violation can boost insurance rates twenty percent or more. Drivers who have serious citations such as reckless driving, hit and run or driving under the influence may need to file a SR-22 with their state motor vehicle department in order to continue driving.
- Drive a safer car and pay less – Cars with high safety ratings tend to have better insurance rates. These vehicles reduce injuries and lower injury rates translates into savings for insurance companies and thus lower rates. If your BMW 328xi has ratings of a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website you may qualify for a discount.
Tailor your coverage to you
When choosing coverage for your vehicles, there isn’t really a “best” method to buy coverage. Every situation is different and your policy should reflect that. These are some specific questions might point out if your situation would benefit from an agent’s advice.
- Am I covered when renting a car or should I buy coverage from the car rental agency?
- I have good health insurance, so how much medical payments coverage do I need?
- What is high-risk coverage and where do I buy it?
- Is business equipment covered while in my vehicle?
- When should my teen driver be added to my policy?
- Am I covered when driving on a suspended license?
If you’re not sure about those questions but you think they might apply to your situation, you may need to chat with an insurance agent. To find lower rates from a local agent, take a second and complete this form or go to this page to view a list of companies. It’s fast, doesn’t cost anything and can help protect your family.
Price shop online but buy from a local agent
A small number of people would rather buy from a licensed agent and there is nothing wrong with that. Licensed agents are trained to spot inefficiencies and give you peace of mind. The best thing about comparing rates online is the fact that you can find the lowest rates and still have an agent to talk to. And providing support for local agencies is definitely important in small towns and cities.
Upon completion of this form (opens in new window), your insurance data is immediately sent to agents in your area who will give you bids for your business. There is no reason to leave your house because quoted prices will be sent to the email address you provide. Now that’s easy!
Captive agents vs. Independent agents
When searching for local agents, there are a couple of different agency structures to choose from. Agents are classified as either captive or independent (non-captive). Both insure your vehicles, but it’s worth mentioning the differences because it can impact the type of agent you choose
Independent Agencies or Brokers
Independent insurance agents are not required to write business for one company but rather can write business amongst many companies depending on which coverage is best. To move your coverage to a new company, the agent simply finds a different carrier and you won’t have to switch agencies.
When comparison shopping, it’s a good idea to include price quotes from several independent insurance agents for the best price selection.
Captive Insurance Agents
Captive agents can only write with one company like Liberty Mutual, Allstate, Farmers Insurance or State Farm. Captives cannot provide prices from multiple companies so they are skilled at selling on more than just price. Captive agencies are well schooled on their products and sales techniques which helps them compete with independent agents.
To view a full list of insurance agencies, click here.
Deciding on a car insurance agent requires more thought than just the price. Here are some questions to ask:
- Does the agency support the community they serve?
- Do they carry Errors and Omissions coverage?
- What insurance companies do they work with?
- Do they assist clients in filing claims?
- Which company do they place the most coverage with?
After getting positive feedback and a good coverage price, chances are good that you have found an insurance agency that can insure your vehicles.
Is there deception in advertising?
Consumers constantly see and hear ads for car insurance savings from the likes of Allstate, GEICO and Progressive. They all say the same thing of big savings if you change your coverage to them.
How can each company make the same claim?
All the different companies can use profiling for the type of customer they prefer to insure. For instance, a desirable insured could be between the ages of 40 and 55, has no driving citations, and drives less than 7,500 miles a year. Any driver who matches those parameters is entitled to the best price and is almost guaranteed to save when switching.
Consumers who don’t meet the requirements will be quoted higher rates which leads to the customer not buying. Company advertisements say “customers that switch” not “everyone that quotes” save that much money. That is how companies can truthfully make the claims of big savings.
This emphasizes why you should get as many quotes as possible. It’s impossible to know which auto insurance company will give you the biggest savings.
Keep this in mind
While you’re price shopping online, you should never buy lower coverage limits just to save a few bucks. Too many times, someone dropped liability limits or collision coverage and found out when filing a claim that the small savings ended up costing them much more. The aim is to find the BEST coverage at a price you can afford, not the least amount of coverage.
We covered a lot of tips how to save on BMW 328xi insurance. The key concept to understand is the more rate quotes you have, the more likely it is that you will get a better rate. Drivers may discover the most savings is with a smaller regional carrier. These companies may cover specific market segments cheaper than the large multi-state companies such as Allstate and Progressive.
Budget-conscious BMW 328xi insurance is definitely available on the web in addition to many insurance agents, and you should be comparing both to have the best rate selection. Some insurance providers do not provide online price quotes and these regional insurance providers work with independent agents.
