Penny Pincher's Guide to Insuring a BMW 530it
If finding cheaper car insurance was fun, we'd make the time to do it regularly. But in reality, the cost for insurance always seems too high and most people would prefer to get a root canal. Buying insurance on your BMW 530it might leave you feeling the same way.
Step One: Compare Apples-to-Apples Quotes
Years ago, your local insurance agent was the only way to quote a buy a car insurance policy. But you can now comparison shop and buy direct online!
You can now shop all the best car insurance companies and compare rates for a BMW 530it and you don't even have to visit each individual website!
To begin, click on the link below and complete the short form. It only takes a few minutes and it's helpful to have your current policy handy if you have one.
Important Tip! In order to accurately compare rates for your 530it, it's critical that you use the same limits and deductibles for liability and physical damage coverages like comprehensive and collision. If you use different limits, you will not be able to accurately compare rates between carriers.
Step Two: Top Ways to Get Lower 530it Insurance
There are many factors that actually determine what you will pay for insurance, and some are completely within your control.
- You can definitely expect to pay a little more for insurance due to the performance level of your BMW 530it. Vehicles with less power and speed tend to cost less to insure.
- If you're not sure what your credit rating is, check it now. Car insurance companies use your credit score to determine the rates you pay, so the better your credit, the less you will pay.
- The cost to repair luxury vehicles is generally more than the cost to repair your average domestic family sedan. Everything from paint to bumpers to windshields costs more for the 530it so expect to pay more for insurance.
- Many insurance companies will give you a small discount if you've recently completed a driver's training course.
- Having any gaps in coverage (known as a lapse) is bad in the eyes of any insurance company. Make sure you keep coverage in force at all times by synchronizing the expiration and effective dates of your policies.
- Being a homeowner can often get you a little discount on your auto insurance. Insuring you home with the same company as your autos can often get you even deeper discounts.
- If you belong to a professional organization for your employment, you may qualify for a discount rate. And if you're a senior citizen, you may get a discount for your age as well.
- If you're willing to shoulder more of the cost at claim time, consider raising your comprehensive and collision deductibles. This can easily cut 30% or more from your policy premium.
- Teen drivers are expensive to insure and the only way to lower your rates is to rate them on an older vehicle with basic liability coverage.
- Minor driving violations such as speeding tickets can cause your rates to go up. Too many violations in a short period of time will cause your policy to be non-renewed.
- Most BMW vehicles come with standard safety features such as air bags and passive restraints, and those will help keep your insurance costs down.
- Smaller claims that hardly exceed your deductible are better off not being filed with your insurance company. Policyholders with no claims enjoy lower rates than those who frequently file claims.
- If your 530it ranks on the list of vehicles that are frequently stolen, that can result in a higher rating class and a more expensive rate.
Step Three: Make an Informed Buying Decision
Buying a new car insurance policy is just a matter of finalizing your application form and submitting it with your down payment. Once payment has been accepted, coverage is bound the effective date shown on your application.
On your new policy, double check that the effective date is the same as the date you are cancelling your old policy. This avoids any lapse in coverage which can cause an increase in your rates.
Before you drive your BMW 530it home, make sure you have a current car insurance policy in force. Coverage will extend to the new purchase from your policy, but if you don't have a policy then you have no protection. Comprehensive (or Other than Collision) and collision coverage will extend to your new 530it if you current have a vehicle insured with those coverages. If you aren't insured or only carry basic liability coverage, then you will be inadequately insured until you add the vehicle to your policy with full coverage.
Once you have purchased your policy, print out the insurance card that must go in your vehicle. This card fulfills the state law requiring you to prove financial responsibility. If you're considered a high-risk driver, having been convicted of a DUI, DWI, reckless driving or had your license suspended, you may need to file a SR-22. Be sure your new company files this form with your state DMV. Failure to do so can result in losing your right to drive.
Consumer Insurance Information
The Insurance Information Institute has a great resource of car insurance articles where you can learn more about coverages and money saving tips. Visit iii.org.
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