How to Cut Your BMW 525i Auto Insurance Premiums
Are you tired of not being able to afford to insure your BMW every month? Your situation is no different than millions of other consumers. Numerous auto insurance companies battle for your hard-earned dollar, and it can be difficult to compare rates and get the best coverage at the lowest cost out there.
If you have a current auto insurance policy or are shopping for new coverage, you can use these tips to cut your premiums and still get good coverage. Finding affordable coverage is not rocket science. Nevada drivers just need to learn how to shop for auto insurance on the web.
Are you getting all your discounts?
Companies offering auto insurance don’t always advertise every discount very clearly, so we break down both the well known and the more hidden auto insurance savings. If you’re not getting every credit possible, you are paying more than you should be.
- Save over 55 – If you’re over the age of 55, you can possibly qualify for reduced rates on 525i insurance.
- Pay Upfront and Save – If you pay your bill all at once rather than paying monthly you may reduce your total bill.
- Seat Belts Save – Using a seat belt and requiring all passengers to wear their seat belts could cut 10% or more off your PIP or medical payments premium.
- College Student – Kids in college who are attending college and do not have access to a covered vehicle can receive lower rates.
- Sign Online – Certain companies will discount your bill up to fifty bucks for buying a policy and signing up digitally online.
- New Vehicle Savings – Adding a new car to your policy is cheaper due to better safety requirements for new cars.
- Federal Employees – Simply working for the federal government may qualify you for a discount on 525i insurance with a few auto insurance companies.
- Life Insurance – Companies who offer life insurance give a break if you buy life insurance.
- Low Mileage – Driving fewer miles could be rewarded with better rates on cars that stay parked.
- Discounts for Safe Drivers – Safe drivers may save up to 50% more on 525i insurance than drivers with accidents.
A little note about advertised discounts, most discounts do not apply to the overall cost of the policy. Most cut individual premiums such as liability and collision coverage. Just because it seems like all those discounts means the company will pay you, companies wouldn’t make money that way.
To see a list of providers offering auto insurance discounts in Nevada, click this link.
BMW 525i rates are complex
An important part of buying insurance is that you know the rating factors that play a part in calculating your auto insurance rates. When you know what positively or negatively determines base rates enables informed choices that will entitle you to lower auto insurance prices.
Shown below are a few of the “ingredients” auto insurance companies consider when setting prices.
- Males pay more for insurance – Statistics have proven that men are more aggressive behind the wheel. Now that doesn’t mean men are WORSE drivers than women. Women and men cause accidents in similar percentages, but the men tend to have more serious accidents. Men also statistically get more serious tickets such as reckless driving.
- Safer occupants lowers premiums – Vehicles with high crash test scores can get you lower premiums. Safer cars protect occupants better and any reduction in injury severity means lower claim amounts and more competitive rates for policyholders. If your BMW scored better than an “acceptable” rating on the Insurance Institute for Highway Safety website you may qualify for a discount.
- Your credit rating is important – Your credit history is a huge factor in determining what you pay for auto insurance. If your credit is not that good, you could potentially save money when insuring your BMW 525i by improving your credit score. Consumers who have high credit ratings tend to be less risk to insure than drivers with lower credit scores.
- Older drivers save more – Youthful drivers in Nevada are statistically proven to get distracted easily when behind the wheel so auto insurance rates are higher. Older insureds are more responsible, statistically cause fewer accidents and tend to be better behind the wheel.
- Marriage brings a discount – Being married actually saves money on your policy. Having a spouse is viewed as being more responsible and it’s proven that married drivers get in fewer accidents.
Car Insurance through a local agent
Certain consumers would rather buy from a local agent and there is nothing wrong with that. Agents can point out coverage gaps and help in the event of a claim. The biggest benefit of getting online price quotes is you may find better rates and still have an agent to talk to.
To find an agent, once you fill out this quick form, your insurance coverage information is sent to local insurance agents who will compete for your business. There is no need to leave your house due to the fact that quote results will go immediately to your email address. How’s that for easy!
Choosing an insurance company shouldn’t rely on just the premium amount. Any agent should be forthright in answering these questions:
- Are you getting all the discounts the company offers?
- What insurance companies do they recommend if they are an independent agent?
- Is vehicle mileage a factor when determining depreciation for repairs?
- How long have they worked with personal auto insurance coverage?
- Does the agency provide any after hours assistance?
- Are they able to influence company decisions when a claim is filed?
Nevada insurance agents come in two flavors
When researching a good insurance agency, you must know there are a couple different types of agents that you can select. Insurance agencies in Nevada can either be independent (non-captive) or captive. Both types can write coverage properly, but it’s good to learn the difference between them since it can impact your selection of an agent.
Agency Captives
Captive insurance agents write business for a single company such as Liberty Mutual, State Farm, Allstate and AAA. Captives cannot provide prices from multiple companies so it’s a take it or leave it situation. They receive extensive training on their products and sales techniques which helps them sell insurance even at higher premiums.
Independent Agents (or Brokers)
These agents do not work for one specific company but rather can write business amongst many companies enabling the ability to shop coverage around. To transfer your coverage to a different company, an independent agent can move your coverage and you won’t have to switch agencies. When searching for an agent, it’s recommended you include multiple independent agents to have the most options to choose from.
For a complete listing of agents in Nevada, view this site.
After receiving positive responses to all your questions and a good coverage price, chances are good that you have found an auto insurance agent that is a good match to adequately provide auto insurance.
More consumer information in Nevada
Even more information is located at the Nevada Division of Insurance website. Nevada consumers can discover disciplinary actions, download brochures, and report car insurance fraud.
The articles below may also help you learn more about auto insurance in Nevada
More quotes mean more savings
We’ve covered some good ideas how you can reduce BMW 525i insurance prices online. The key concept to understand is the more companies you get rates for, the higher your chance of finding lower rates. You may even discover the lowest priced auto insurance comes from a smaller regional carrier. They may only write in your state and offer lower rates compared to the large companies like State Farm, GEICO and Nationwide.
When shopping online for auto insurance, make sure you don’t buy poor coverage just to save money. In too many instances, consumers will sacrifice physical damage coverage and learned later that a couple dollars of savings turned into a financial nightmare. The aim is to buy a smart amount of coverage for the lowest price, not the least amount of coverage.