Are Your BMW 320i Auto Insurance Rates Draining Your Savings?

Trying to find better insurance prices for a BMW 320i could be a painful process, but you can learn a few tricks to find lower rates.

There are both good and bad ways to compare auto insurance rates and you need to know the best way to get price quotes for a new or used BMW and obtain the lowest possible price either online or from local insurance agents.

It’s a good idea to do rate comparisons every six months because insurance prices change quite often. Even if you think you had the best price for 320i coverage last year you will most likely find a better rate today. Forget anything you know (or think you know) about auto insurance because we’re going to show you one of the quickest ways to find lower rates on auto insurance.

Performing a rate comparison can be exhausting if you aren’t aware of the best way to get rate quotes. You can spend your afternoon talking to insurance companies in your area, or you can stay home and use online quoting to achieve your goal.

The majority of car insurance companies are enrolled in a marketplace that allows shoppers to enter their coverage request one time, and each participating company returns a rated price based on that data. This saves time by eliminating form submissions for each company. To get comparison pricing now click to open in new window.

The only downside to getting quotes like this is you don’t know exactly the providers to get pricing from. So if you prefer to choose specific providers to compare, we have a listing of companies who write auto insurance in your area. Click here for list of insurance companies.

However you get your quotes, do your best to enter nearly identical coverage data for every quote you compare. If you have different deductibles it will be nearly impossible to get a fair rate comparison. Having just a slight variation in coverages may cause a big price difference. Just remember that getting more free quotes helps increase your odds of locating more affordable rates.

Advertising and auto insurance

Big name companies like State Farm, GEICO and Progressive continually stream television and radio advertisements. They all seem to convey the message about saving some big amount after switching your auto insurance policy to them. How does every company say the same thing? Just pay attention to how they say it.

Companies have a certain “appetite” for the type of customer that earns them the highest profit. An example of a driver they prefer might be described as between 30 and 50, has a low-risk occupation, and drives less than 7,500 miles a year. A driver who matches those parameters will most likely get cheap rates and will most likely cut their rates if they switch.

Consumers who don’t qualify for these stringent criteria will probably be forced to pay higher rates which results in the customer buying from someone else. The trick is to say “drivers that switch” not “everyone who quotes” save that kind of money. That’s why insurance companies can advertise the savings.

Because every company is different, it’s extremely important to quote coverage with many companies. You cannot predict which insurance companies will have the best rates at this point in time.

Why Your Insurance Rates might be higher

Many things are part of the equation when pricing auto insurance. Most are fairly basic like an MVR report, but others are less apparent like your continuous coverage or your financial responsibility.

The factors shown below are some of the major factors utilized by car insurance companies to help set your prices.

• Where you call home is a factor – Being located in less populated areas is a good thing when shopping for auto insurance. Less people living in that area means less chance of accidents in addition to lower liability claims People who live in big cities have traffic congestion and much longer commute distances. More time commuting means more chance of being in an accident.
• Claim-free discounts can add up – Auto insurance companies provide lower rates to people that do not abuse their auto insurance. If you file a lot of claims you can definitely plan on higher premiums or even policy non-renewal. Your car insurance is designed for the large, substantial claims.
• Do you save by driving less? – Driving more miles annually the higher your rate. Almost all companies price each vehicle’s coverage based on how the vehicle is used. Cars and trucks used primarily for pleasure use receive better premium rates than vehicles that are driven to work every day. Make sure your declarations sheet is rated on the proper vehicle usage, because improper ratings can cost you money. Having an incorrect usage rating on your 320i may be costing you.
• Never let your auto insurance policy expire – Driving without insurance is against the law and any future policy may cost more because you let your coverage cancel without a new policy in place. Not only will you pay more, failure to provide proof of insurance may result in fines and jail time.
• Choose high crash test ratings and save – Cars with five star safety ratings cost less to insure. The safest vehicles reduce occupant injuries and fewer injuries means lower claim amounts and thus lower rates. If your BMW is rated 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 may be receiving lower rates.

Discounts to earn lower auto insurance rates

The cost of insuring your cars can be expensive, but you may be missing some discounts that can drop the cost substantially. Certain credits will be shown at the time of purchase, but a few must be inquired about before you get the savings. If you check and find you aren’t receiving every discount available, you are just wasting money.

• Buy New and Save – Buying a new car model can save you some money compared to insuring an older model.
• Military Rewards – Having an actively deployed family member could qualify you for better prices.
• Drive Safe and Save – Safe drivers could pay up to 40% less for 320i coverage compared to rates paid by drivers with frequent claims.
• Accident Waiver – Not a discount per se, but a handful of insurance companies permit an accident before your rates go up if you are claim-free before the accident.
• Theft Deterent – Vehicles that have factory alarm systems and tracking devices are stolen with less frequency and earn discounts up to 10% off your .
• More Vehicles More Savings – Insuring multiple vehicles on one policy qualifies for this discount.

Keep in mind that most of the big mark downs will not be given to all coverage premiums. Some only apply to the cost of specific coverages such as comprehensive or collision. Despite the fact that it seems like all those discounts means the company will pay you, you won’t be that lucky.

The best auto insurance companies and the discounts they provide can be read below.

• Progressive may offer discounts for online signing, good student, online quote discount, homeowner, multi-vehicle, and multi-policy.
• AAA may have discounts that include good driver, multi-policy, good student, education and occupation, AAA membership discount, pay-in-full, and anti-theft.
• Farmers Insurance discounts include youthful driver, distant student, multi-car, bundle discounts, mature driver, and alternative fuel.
• GEICO offers discounts including anti-theft, seat belt use, driver training, multi-vehicle, multi-policy, and defensive driver.
• Esurance offers discounts for multi-policy, homeowner, Pac-12 alumni, defensive driver, claim free, paid-in-full, and multi-car.
• SAFECO has savings for anti-theft, safe driver, anti-lock brakes, teen safe driver, homeowner, multi-car, and teen safety rewards.
• State Farm offers premium reductions for good driver, safe vehicle, accident-free, multiple policy, driver’s education, defensive driving training, and passive restraint.

If you are trying to find , ask every company which discounts can lower your rates. Some of the discounts discussed earlier might not be offered in your area.

You can find cheaper coverage

Lower-priced BMW 320i insurance is possible online in addition to many insurance agents, so you need to with both in order to have the best chance of saving money. Some insurance providers may not offer rate quotes online and these smaller providers provide coverage only through independent agents.

Throughout this article, we presented a lot of tips how to shop for BMW 320i insurance online. The most important thing to understand is the more times you quote, the better chance you’ll have of finding . Consumers could even find that the best prices are with an unexpected company.

As you go through the steps to switch your coverage, it’s not a good idea to reduce coverage to reduce premium. In many instances, someone dropped comprehensive coverage or liability limits only to regret that it was a big mistake. Your strategy should be to buy a smart amount of coverage for the lowest price but still have enough coverage for asset protection.