8 Discounts Drivers Miss when Buying Insurance for a BMW X5

Having to pay for overpriced BMW X5 insurance can dwindle your savings account and make it impossible to make ends meet. Shopping your coverage around is free and is an excellent way to tighten up your finances. There is such a variety of insurers to pick from, and although it’s nice to have a choice, it can be more difficult to get the best deal.

It’s important to compare rates before your policy renews because rates are rarely the same from one policy term to another. Even if you think you had the best rates for X5 insurance a couple years back you can probably find a better price now. So just forget all the misinformation about car insurance because we’re going to show you the best way to lower your annual insurance bill.

Shopping for more affordable car insurance coverage can be fairly easy. If you have a policy now or need a new policy, you can follow these tips to find better prices while maximizing coverage. Drivers just need to understand the best way to find the lowest price online.

Free Car Insurance Quotes

Most companies quote price estimates on their websites. Getting quotes doesn’t take much effort as you just enter into a form. When complete, their rating system collects your driving and credit reports and returns a price. Online quotes streamlines rate comparisons, but the time required to go to several different sites and fill out multiple forms can get tiresome after awhile. But it’s absolutely necessary to perform this step if you are searching for better prices.

The easy way to compare rates

The smarter way to find lower prices makes use of a single form that analyzes rates from several different companies. It saves time, eliminates repetitive work, and makes rate comparisons much easier. Once the form is submitted, your coverage is rated and you are able to buy any or none of the resulting price quotes.

If one or more price quotes are lower than your current rates, you can simply submit the application and purchase the new policy. It just takes a couple of minutes and you’ll know if lower rates are available.

In order to find out how much you can save on car insurance, click here to open in new window and complete the simple form. If you have coverage now, it’s recommended you copy the insurance coverages identical to your current policy. This guarantees you’re receiving an apples-to-apples comparison based on the exact same insurance coverage.

Can switching companies really save?

Consumers can’t ignore all the ads that promise big savings by companies like State Farm and Allstate. All the companies say the same thing of big savings if you switch to them.

How can each company make the same claim?

All companies have a certain “appetite” for the right customer that earns them a profit. For example, a driver they prefer might be between the ages of 40 and 55, owns a home, and drives less than 10,000 miles a year. A customer who fits that profile will get very good rates and therefore will cut their rates substantially.

Drivers who don’t meet the “perfect” profile will be charged a more expensive rate and this can result in business going elsewhere. The ads say “people who switch” not “everyone that quotes” save that kind of money. That’s the way insurance companies can confidently advertise the savings.

That is why drivers should get a wide range of price quotes. You cannot predict the company that will fit your personal profile best.

Companies offer discounts so take them!

Insuring your fleet can be pricey, but there are discounts available that you may not know about. Most are applied at the time of quoting, but some must be asked about prior to receiving the credit. If you’re not getting every credit you deserve, you’re paying more than you need to.<img class="alignright" style="padding-top:15px" src="https://www.findnewcarinsurance.com/wp-content/uploads/ci175-70.jpg" alt=" insurance quotes” />

  • New Vehicle Savings – Adding a new car to your policy can cost up to 25% less since new cars are generally safer.
  • Passive Restraint Discount – Factory air bags and/or automatic seat belt systems can get savings up to 30%.
  • Good Student – This discount can get you a discount of up to 25%. The discount lasts up to age 25.
  • Braking Control Discount – Vehicles equipped with ABS or steering control are safer to drive and earn discounts up to 10%.
  • Accident Free – Claim-free drivers can save substantially when compared with frequent claim filers.
  • Service Members Pay Less – Having a family member in the military could mean lower rates.
  • Student in College – Kids in college who live away from home without a vehicle on campus can be insured at a reduced rate.
  • Federal Employees – Employees or retirees of the government may qualify you for a discount for X5 insurance with select insurance companies.

A little note about advertised discounts, most discounts do not apply the the whole policy. Most only reduce individual premiums such as collision or personal injury protection. Just because you may think you could get a free car insurance policy, you won’t be that lucky. Any qualifying discounts will bring down your premiums.

For a list of providers offering car insurance discounts, click here to view.

It’s not one size fits all

When buying proper insurance coverage, there really is no one size fits all plan. Every insured’s situation is different and your policy should reflect that. Here are some questions about coverages that could help you determine if you would benefit from professional advice.

  • When should I not file a claim?
  • Is my BMW X5 covered for flood damage?
  • Am I covered when renting a car or should I buy coverage from the car rental agency?
  • Do I need motorclub coverage?
  • Do I have coverage when using my vehicle for my home business?
  • Who is covered by my policy?
  • Am I covered when driving on a suspended license?
  • Is my teen driver covered when they drive my company car?

If it’s difficult to answer those questions but you think they might apply to your situation, you might consider talking to a licensed insurance agent. If you don’t have a local agent, simply complete this short form or you can go here for a list of companies in your area. It’s fast, doesn’t cost anything and can provide invaluable advice.

Comparing rates from local agents

A small number of people just want to buy from a local agent and that is just fine! Educated insurance agents can help determine the best coverages and give you someone to call. The biggest benefit of price shopping on the web is you can get better rates and still have an agent to talk to. Supporting local businesses is important especially in smaller communities.

Upon completion of this form (opens in new window), your coverage information is transmitted to local insurance agents who will compete for your insurance coverage. You don’t have to leave your computer due to the fact that quote results will go directly to your email.

If you want to view a list of agents in your state to contact, click here.

Deciding on an insurance company shouldn’t rely on just the bottom line cost. Here are some questions to ask:

  • Did they already check your driving record and credit reports?
  • Is vehicle damage repaired with OEM or aftermarket parts?
  • Does the agency support the community they serve?
  • How long has their agency been open?
  • Is vehicle mileage a factor when determining depreciation for repairs?
  • Are there any hidden costs in their price quote and does it include driving and credit history?
  • Do they have any clout with companies to ensure a fair claim settlement?

Once you have positive feedback to all your questions and locked in a price quote, chances are good that you have found an insurance company that is a good match to provide car insurance coverage. Just keep in mind consumers can terminate coverage whenever you wish so never feel you’re contractually obligated to a policy with no way to switch.

Auto insurance coverages

Having a good grasp of a car insurance policy helps when choosing appropriate coverage at the best deductibles and correct limits. The coverage terms in a policy can be confusing and reading a policy is terribly boring. These are typical coverage types offered by car insurance companies.

Collision coverage – This will pay to fix damage to your X5 resulting from colliding with another vehicle or an object, but not an animal. A deductible applies then the remaining damage will be paid by your insurance company.

Collision coverage protects against claims such as sustaining damage from a pot hole, crashing into a ditch, hitting a parking meter and backing into a parked car. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Drivers also have the option to increase the deductible in order to get cheaper collision rates.

Medical costs insurance – Medical payments and Personal Injury Protection insurance reimburse you for bills for things like X-ray expenses, nursing services, prosthetic devices and pain medications. The coverages can be used to fill the gap from your health insurance policy or if you do not have health coverage. Medical payments and PIP cover all vehicle occupants and will also cover any family member struck as a pedestrian. Personal injury protection coverage is only offered in select states but can be used in place of medical payments coverage

Auto liability – Liability coverage protects you from damage or injury you incur to people or other property. Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You might see policy limits of 100/300/100 which stand for $100,000 in coverage for each person’s injuries, $300,000 for the entire accident, and a limit of $100,000 paid for damaged property. Another option is one limit called combined single limit (CSL) that pays claims from the same limit without having the split limit caps.

Liability coverage protects against claims like court costs, funeral expenses and bail bonds. How much coverage you buy is up to you, but buy as high a limit as you can afford.

UM/UIM Coverage – Uninsured or Underinsured Motorist coverage gives you protection from other drivers when they either have no liability insurance or not enough. Covered claims include injuries to you and your family and also any damage incurred to your BMW X5.

Due to the fact that many drivers only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea. Usually these coverages do not exceed the liability coverage limits.

Comprehensive or Other Than Collision – This will pay to fix damage caused by mother nature, theft, vandalism and other events. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive can pay for things such as a broken windshield, hitting a deer and hitting a bird. The most you’ll receive from a claim is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

More effort can pay off

We just covered some good ideas how you can reduce BMW X5 insurance prices online. The most important thing to understand is the more quotes you get, the better your chances of lowering your rates. You may even discover the biggest savings come from a small local company. These companies may cover specific market segments cheaper than the large multi-state companies such as State Farm, GEICO and Nationwide.

As you go through the steps to switch your coverage, it’s not a good idea to buy less coverage just to save a little money. There are too many instances where an insured dropped uninsured motorist or liability limits only to regret at claim time that their decision to reduce coverage ended up costing them more. Your aim should be to buy the best coverage you can find for the lowest price, not the least amount of coverage.