Consumers Learn How to Compare Prices for BMW 550i Insurance

Finding low-cost insurance for a BMW 550i in Nevada can be a painful process, but you can learn a few tricks to make it easier.

There are both good and bad ways to compare auto insurance rates and we’ll show you the absolute fastest way to compare rates for a new or used BMW and obtain the lowest price either online or from Nevada insurance agents.

Smart consumers take time to take a look at other company’s rates at least once a year because prices change frequently. Just because you found the lowest price for 550i coverage on your last policy you may be paying too much now. So forget anything you know (or think you know) about auto insurance because you’re going to get a crash course in the quickest way to reduce your cost while increasing coverage.

BMW 550i rates influenced by many factors

An important part of buying insurance is that you know the factors that help determine auto insurance rates. Having a good understanding of what impacts premium levels allows you to make educated decisions that may reward you with better auto insurance rates.

Better crash test results mean better rates – Safer cars can get you lower premiums. Safe vehicles protect occupants better and lower injury rates translates into savings for insurance companies and more competitive rates for policyholders. If the BMW 550i has ratings of a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website you may qualify for a discount.
Women pay lower rates – The statistics show women are more cautious behind the wheel. However, don’t assume that men are WORSE drivers than women. Men and women tend to get into accidents at a similar rate, but the males cause more damage and cost insurance companies more money. They also receive more costly citations such as DWI and reckless driving.
Do you know you’re credit rating? – Credit history is a big factor in your rate calculation. If your credit is not that good, you could pay less to insure your BMW 550i by spending a little time repairing your credit. Drivers with good credit tend to file fewer claims and have better driving records than those with lower credit scores.
Little extras can really add up – There are many extra bells and whistles that you can get tricked into buying if you aren’t careful. Things like personal injury protection, accidental death and membership fees are examples of these. They may seem good when you first buy your policy, but your needs may have changed so remove them from your policy.

How to Compare Auto Insurance in Nevada

Finding lower auto insurance rates isn’t really that difficult. You just have to invest a little time to compare rate quotes from different insurance companies. This can be accomplished in several different ways.

The easiest and least time consuming way to compare a lot of rates at once would be an industry-wide quote request form click to view form in new window. This method saves time by eliminating separate quotation requests for every auto insurance company. Filling out one form gets you coverage quotes . Just one form and you’re done.
A less efficient way to compare prices requires you to visit the website for each individual company and fill out their own quote form. For instance, let’s assume you want to compare Farmers, Liberty Mutual and Allstate. To find out each rate you need to spend time on each company’s site to enter your coverage information, which is why the first method is more popular. To view a list of companies in your area, click here.
The least efficient method to compare rates is to spend time driving to insurance agents’ offices. Buying insurance online has reduced the need for local agents unless you have a need for the professional advice of a licensed agent. It is possible to obtain prices from the web but buy from a local insurance agent. We’ll cover that shortly.

Whichever method you choose, make darn sure you compare exactly the same coverage information for each comparison quote. If you are comparing unequal deductibles or liability limits it will be next to impossible to make a fair comparison for your BMW 550i.

Are you getting all your discounts?

Car insurance is not cheap, but you can get discounts that you may not know about. A few discounts will automatically apply at the time you complete a quote, but less common discounts must be specifically requested in order for you to get them. If they aren’t giving you every credit possible, you’re just leaving money on the table.

Anti-lock Brake System – Anti-lock brake equipped vehicles are safer to drive and therefore earn up to a 10% discount.
Save with a New Car – Insuring a new car can cost up to 25% less since new cars are generally safer.
Early Signing – A few companies offer discounts for buying a policy before your current policy expires. This can save 10% or more.
Homeowners Savings – Owning a home can help you save on auto insurance due to the fact that maintaining a home shows financial diligence.
Safe Drivers – Insureds without accidents can pay as much as 50% less for 550i coverage than drivers with accidents.
Payment Method – If you pay your bill all at once instead of paying each month you could save 5% or more.

A little note about advertised discounts, most discount credits are not given to the entire cost. A few only apply to the price of certain insurance coverages like comp or med pay. So when the math indicates you would end up receiving a 100% discount, it just doesn’t work that way. But all discounts will help reduce your overall premium however.

To choose companies with the best auto insurance discounts in Nevada, click here to view.

Shop online but buy locally

Some consumers would prefer to buy from a licensed agent and there is nothing wrong with that. Agents are trained to spot inefficiencies and give you someone to call. One of the great benefits of getting online price quotes is you may find the best rates and still have an agent to talk to. And providing support for local insurance agencies is definitely important in small towns and cities. Nevada insurance quotes

After completing this form (opens in new window), your coverage information is sent to local insurance agents who will return price quotes for your business. You never need to leave your house as quotes are delivered directly to your email. How’s that for easy!

Choose an insurance agent wisely

When researching a good insurance agency, there are two different agency structures from which to choose. Agencies in Nevada can either be independent or captive. Both write coverage properly, but it’s worth mentioning how they differ because it can influence the selection process.

Independent Agents

Independent agents do not work for one specific company but instead can place your coverage with lots of companies enabling the ability to shop coverage around. To move your coverage to a new company, they simply move the coverage in-house without you having to go to a different agency.

When shopping rates, it’s a good idea to include price quotes from several independent insurance agents to have the most options to choose from. They also have the ability to place coverage with lesser-known insurance companies which can save you money.

Agency Captives

Captive insurance agents are contracted to one company and examples are Farmers Insurance, American Family, State Farm and Allstate. These agents are unable to place coverage with different providers so they are skilled at selling on more than just price. Captive agencies are usually quite knowledgeable on their products and sales techniques which helps them compete with independent agents. Some consumers prefer to choose to use a captive agent mostly because of loyalty to the company and solid financial strength.

For a complete listing of insurance agents in Nevada, visit this page.

Deciding on an auto insurance agent should depend on more than just the bottom line cost. Some important questions to ask are:

Which company do they place the most coverage with?
Is the agent and/or agency licensed to do business in Nevada?
Did they already check your driving record and credit reports?
Do the companies they represent have a solid financial rating?
Will you be dealing directly with the agent or with a Custom Service Representative (CSR)?

After receiving answers to your satisfaction and an acceptable price quote, you’ve probably found an auto insurance agent that will properly service your auto insurance policy.

There’s no such thing as the perfect policy

When choosing coverage for your personal vehicles, there isn’t really a “best” method to buy coverage. Each situation is unique.

For example, these questions might help in determining if you may require specific advice.

Do I have coverage for damage caused while driving under the influence?
Why am I be forced to buy a membership to get insurance from some companies?
If my BMW 550i is totaled, can I afford another vehicle?
Does my insurance cover a custom paint job?
When would I need rental car insurance?
Does my insurance cover damage caused when ticketed for reckless driving?
When should my teen driver be added to my policy?
Is my nanny covered when driving my vehicle?
I don’t drive much so do I pay less?

If you’re not sure about those questions, you may need to chat with an agent. To find an agent in your area, complete this form. It’s fast, doesn’t cost anything and can provide invaluable advice.

More information is located on the Nevada Division of Insurance website located here. Consumers can learn about specific coverages, report car insurance fraud, and view a list of available companies.

The articles below may also help you learn more about auto insurance in Nevada

One last thing

When buying insurance coverage, make sure you don’t sacrifice coverage to reduce premiums. There are many occasions where someone sacrificed full coverage and learned later that a couple dollars of savings turned into a financial nightmare. The aim is to purchase plenty of coverage at the best price.

Low-cost BMW 550i insurance can be bought from both online companies and also from your neighborhood Nevada agents, and you need to comparison shop both in order to have the best chance of saving money. Some insurance providers may not provide online quoting and usually these regional insurance providers provide coverage only through local independent agents.

Throughout this article, we presented quite a bit of information on how to save on BMW 550i insurance. The most important thing to understand is the more you quote, the better your chances of lowering your rates. You may be surprised to find that the most savings is with some of the smallest insurance companies.