It takes a little time, but the best way to save money on BMW 535i insurance is to regularly compare price quotes from providers in Lexington.
- Learn about what is in your policy and the measures you can control to keep rates down. Many factors that cause rate increases like traffic tickets, fender benders, and an imperfect credit score can be eliminated by making minor driving habit or lifestyle changes. Keep reading for the details to find cheap rates and find overlooked discounts.
- Request price quotes from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only provide price estimates from a single company like Progressive or Allstate, while independent agencies can provide prices from multiple companies. View a list of agents
- Compare the quotes to your current policy premium to see if cheaper 535i coverage is available in Lexington. If you find a better price and change companies, verify that coverage does not lapse between policies.
- Give notification to your agent or company of your intention to cancel your current auto insurance policy and submit the required down payment along with the signed application to the newly selected company. Make sure you put the new certificate verifying proof of insurance in an accessible location in your vehicle.
The most important part of shopping around is that you use the same amount of coverage on each quote request and and to get prices from as many car insurance companies as possible. This ensures a fair rate comparison and the best price selection.
Statistics show that a large majority of drivers have stayed with the same insurance company for at least four years, and roughly 40% of drivers have never compared rate quotes at all. Lexington insurance shoppers can cut their rates by as much as 30% a year by just comparing quotes, but they think it’s difficult to save money by comparing rate quotes.
What Impacts BMW 535i Insurance Costs?
An important part of buying insurance is that you know the different types of things that help determine your auto insurance rates. If you understand what influences your rates, this allows you to make educated decisions that can help you get lower rates.
Never have coverage lapses – Not having insurance is against the law and any future policy may cost more because you let your insurance coverage expire. Not only will rates go up, the inability to provide proof of insurance can result in a license revocation or jail time. You may then be required to provide proof of insurance in the form of an SR-22 filing with the Kentucky motor vehicle department to get your license reinstated.
More performance means higher rates – The type of car, truck or SUV you are insuring makes a significant difference in your rates. The best insurance prices are for smaller low performance passenger cars, but other factors influence the final cost greatly.
The following chart assumes a married male driver age 30, full coverage with $500 deductibles, and no discounts or violations. It illustrates BMW 535i rates compared to other models that have different performance rating factors.
Lower rates for safer cars – Cars with high safety ratings cost less to insure. Vehicles built for safety reduce occupant injuries and fewer serious injuries means less money paid by your insurance company and more competitive rates for policyholders. If your BMW 535i has at least an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website it is probably cheaper to insure.
How much liability insurance – Your auto insurance policy’s liability coverage will provide protection in the event that you are ruled to be at fault for damages caused by your negligence. Liability insurance provides you with a defense in court which can cost a lot. This coverage is very inexpensive compared to comp and collision, so insureds should have plenty of protection for their assets.
Coverage statistics and figures
The premium information below showcases different policy rates for BMW 535i models. Having a better idea how rate quotes are determined can be useful when making decisions on which insurance to purchase.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|535I 4-Dr Sedan||$300||$640||$342||$20||$102||$1,404||$117|
|535I xDrive Station Wagon||$300||$640||$342||$20||$102||$1,404||$117|
|535I GT 4-Dr Sedan||$300||$640||$342||$20||$102||$1,404||$117|
|535I xDrive 4-Dr Sedan||$328||$640||$342||$20||$102||$1,432||$119|
|Get Your Own Custom Quote Go|
Table data assumes married female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, homeowner, and claim-free. Premium costs do not factor in Lexington location which can impact auto insurance rates substantially.
Cost of full coverage
The example below illustrates the difference between BMW 535i yearly insurance costs when comparing full coverage to state minimum liability only. The premium estimates are based on no accidents, no driving violations, $100 deductibles, single marital status, and no discounts are applied.
Should you be buying full coverage?
There is no definitive formula that is best for determining when to drop physical damage coverage on your policy, but there is a broad guideline. If the annual cost of your full coverage insurance is 10% or more of the replacement cost minus the deductible, then you might consider buying liability only.
For example, let’s say your BMW 535i replacement cost is $8,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $7,000 after paying your deductible. If you are paying more than $700 a year to have full coverage, then you might consider buying liability only.
There are some scenarios where removing full coverage is not recommended. If you haven’t paid off your loan, you have to maintain full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should keep full coverage in place.
Cheaper Lexington auto insurance rates with discounts
Insurance can cost an arm and a leg, but you may find discounts to help bring down the price. Certain credits will be shown at quote time, but less common discounts must be requested specifically prior to receiving the credit.
- Sign Online – Certain companies will give you a small discount for buying your policy over the internet.
- Discounts for Government Workers – Federal government employees could provide a small rate reduction with a few auto insurance companies.
- Passive Restraints – Vehicles equipped with air bags or motorized seat belts can qualify for discounts of 20% or more.
- Professional Memberships – Joining a civic or occupational organization in Lexington could earn you a nice discount when shopping for auto insurance.
- Defensive Driving Course – Taking time to complete a driver safety class can save you 5% or more if your company offers it.
As a footnote on discounts, most discounts do not apply to the entire cost. Most only cut specific coverage prices like collision or personal injury protection. Just because it seems like all those discounts means the company will pay you, you aren’t that lucky.
The information below shows the difference between BMW 535i insurance prices with and without discounts applied. The information is based on a male driver, no claims or driving citations, Kentucky state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, safe-driver, multi-car, claim-free, multi-policy, and homeowner discounts applied.
A list of companies and their offered discounts are:
- GEICO may include discounts for anti-theft, seat belt use, five-year accident-free, federal employee, daytime running lights, and good student.
- MetLife offers discounts for claim-free, accident-free, good student, multi-policy, good driver, defensive driver
- Progressive policyholders can earn discounts including multi-policy, good student, continuous coverage, multi-vehicle, online quote discount, homeowner, and online signing.
- Travelers offers discounts including multi-car, home ownership, good student, multi-policy, driver training, and new car.
- SAFECO may offer discounts for multi-car, bundle discounts, anti-lock brakes, safe driver, homeowner, teen safety rewards, and anti-theft.
- AAA includes discounts for pay-in-full, AAA membership discount, good student, multi-policy, and anti-theft.
If you need lower rates, check with each company which discounts you may be entitled to. Depending on the company, some discounts might not be offered on policies in every state. To find companies with discount rates in Kentucky, follow this link.
Persistence pays off
When buying insurance coverage, don’t be tempted to buy poor coverage just to save money. In too many instances, drivers have reduced physical damage coverage and learned later that they should have had better coverage. Your objective should be to buy a smart amount of coverage for the lowest price, but do not sacrifice coverage to save money.
In this article, we covered a lot of information how to save on BMW 535i insurance in Lexington. The key concept to understand is the more price quotes you have, the better your comparison will be. You may even find the lowest prices come from some of the smallest insurance companies. They can often insure niche markets at a lower cost than their larger competitors like Progressive or GEICO.
Cheaper car insurance in Lexington is available online as well as from independent agents in Lexington, so you should be comparing quotes from both in order to have the best price selection to choose from. Some companies may not have online quoting and many times these smaller companies prefer to sell through independent agents.
More tips and info about car insurance can be found in these articles:
- Older Driver Statistics (Insurance Information Institute)
- Who Has Affordable Lexington Car Insurance Rates for Good Drivers? (FAQ)
- Who Has the Cheapest Auto Insurance for Drivers with a DUI in Lexington? (FAQ)
- Honda warning system reduces insurance claims (Insurance Institute for Highway Safety)
- Top Signs Your Brakes are Giving Out (State Farm)