Tightwads Guide to Insuring a BMW 318i
If buying auto insurance was as easy as it sounds on TV commercials, we'd have no problem getting the lowest rates. But the reality is, you probably don't enjoy it and you think it costs too much. Finding affordable coverage for your BMW 318i probably is no different.
Step One: Compare Multiple Rate Quotes
If it's been a few years since you shopped for car insurance, you might still think the only way to buy is from a local agent. Now that we have the internet, shopping for car insurance online is a snap!
The first step to finding lower BMW 318i rates is to get quotes from all the major car insurance companies. This is fast and easy and only requires you to complete one form.
To start, click the link below to begin entering your information. After you complete the form, you will receive comparison rates from different companies so you easily determine if you can save money.
Quoting Tip! The only way to compare rates from multiple companies is to use identical coverage amounts and deductibles on each quote. If you use different limits on quotes, you cannot accurately determine which company has the best rates for your 318i.
Step Two: Insider Tips for Finding Cheaper 318i Insurance
If you have completed step one above (if not, please complete that step first), then you are now ready to learn some ways to insure your 318i that will also lower the rate you pay irregardless of which company you choose.
- Some people just like the looks of a higher performance vehicle like the BMW 318i, but even if you don't use the extra power it's going to cost you more when your insurance bill arrives.
- Auto theft is a big problem that costs us all money, but if your car is on the list of the most frequently stolen autos, you might be paying a little extra because of the temptation to thieves.
- Owning a luxury vehicle like your 318i means you'll pay a little more for insurance due to the higher cost of repair parts.
- If you're over the age of 55, check to see if you qualify for a senior citizen discount. Qualification age may vary by company
- If cheap insurance is your goal, then the 318i is maybe not your best choice of vehicle. Sport cars cost more to insure even if you're a good driver.
- Newer car models are coming standard with advanced passenger safety systems, and these help reduce the risk of injury in an accident. Less injuries mean lower insurance rates.
- Ask your insurance company if there is a discount for completing a driver's safety course. It may get you up to a 10% discount at your next renewal.
- A claim-free discount can help keep your rates down, so don't file claims that are only marginally more than your deductible. You're better off keeping the discount.
- Never allow one policy to expire without having a new policy effective the same date. This causes a lapse in coverage and if you don't have insurance for any length of time, your next policy will cost you more.
- Teen drivers have a tendancy to learn the hard way when driving, and that means having a few fender-benders. Rating them on a high profile newer vehicle can be very expensive so you might consider buying an older model vehicle for them to drive and only insure it with liability coverage.
- Most insurance companies will give you a discount on your car insurance if you also own a home. Some go even farther and give you discounts if you package your homeowners and auto insurance with them.
- Speeding and other minor violations can impact your car insurance rates for up to three years. The increased cost can easily exceed the fine and court costs for the original ticket.
- Good credit will get you lower car insurance rates. Evidence correlates good credit with low claims, so the better you maintain your credit level, the less risk you are to your company.
- One of the easiest ways to cut your rates is to increase your comprehensive and collision deductibles. By having a higher deductible like $500 or even $1,000, you can save 30% or more on physical damage coverage.
Step Three: Buy the Policy That's Right for You
Now that you hopefully have several rates to compare and have made any changes needed to your individual coverages, you can choose the best company to insure your 318i with.
If you're cancelling an old policy, make sure the new coverage starts the same day your old policy ends. This avoids any penalty for having a lapse in coverage which can cost you more.
Coverage will extend from your current policy if you're buying a BMW 318i, but if you don't have a policy, you will need to make sure you have coverage in place before you drive it off the dealership lot. If your current policy has any vehicle with full coverage (comprehensive and collision), then your new 318i will have that coverage extended to it. If you only have liability coverage on your policy, then you have no physical damage coverage on your new purchase.
Upon completion of buying your policy, you need to print out the financial responsibility card that must be kept in your vehicle at all times. Replace any old cards and promptly replace expired cards. If an SR-22 is required due to a reckless driving conviction, DUI or conviction of driving without insurance, make sure your new company is aware of that. Not filing a court-ordered SR-22 can result in suspension of your driver's license.
Additional Insurance Information
To read more about topics such as how to file a claim, replacement auto parts and mistakes to avoid, visit the Insurance Information Institute website.
Recent Blog Articles
