Would you like to save money by finding the cheapest BMW X5 insurance in Fort Collins? Feeling guilty for buying an overpriced auto insurance policy? Believe me, you are not the only one feeling buyer's remorse.
Regrettably, the vast majority of consumers renewed their policy with the same company for well over three years, and virtually 40% of consumers have never shopped around. With the average auto insurance premium being $1,813, Colorado drivers could cut their rates by nearly 35% a year just by comparing rates, but they underestimate how much savings they would realize if they just switched companies. There are many insurance companies to insure vehicles with, and even though it's nice to have a choice, too many choices makes it more difficult to locate the cheapest rates for BMW X5 insurance in Fort Collins.
It's important to do rate comparisons on a regular basis because auto insurance prices trend upward over time. If you had the best rates on BMW X5 insurance in Fort Collins last year other companies may now be cheaper. You'll find a ton of advice on X5 insurance online, but by reading this article, you're going to learn some great ideas on how to reduce your auto insurance bill.
Our objective in writing this article is to help you learn how to get online quotes and how you can save the most money. If you currently have car insurance, you will definitely be able to cut your premiums using these techniques. Consumers just need to learn the most efficient way to compare rates online.
The companies shown below provide price comparisons in Colorado. If multiple providers are shown, it's a good idea that you click on several of them to get the most affordable price.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|X5 3.0I AWD||$210||$340||$352||$20||$106||$1,028||$86|
|X5 3.5D AWD||$290||$514||$330||$20||$98||$1,252||$104|
|X5 4.8I AWD||$212||$360||$362||$22||$108||$1,064||$89|
|X5 M AWD||$384||$768||$396||$24||$118||$1,690||$141|
|Get Your Own Custom Quote Go|
Prices based on single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Colorado minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, homeowner, and multi-vehicle. Rates do not factor in specific location information which can revise auto insurance rates greatly.
The example below shows how different deductible levels and can increase or decrease BMW X5 insurance rates for each different age group. The prices are based on a single female driver, full physical damage coverage, and no discounts are applied.
Impact of age and gender on auto insurance rates
The example below visualizes the comparison of BMW X5 insurance premiums for male and female drivers. The information is based on no claims or driving citations, full coverage, $250 deductibles, marital status is single, and no discounts are taken into consideration.
How much more does full coverage cost?
The information below shows the comparison of BMW X5 insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Colorado. The premiums assume no claims or violations, $100 deductibles, single female driver, and no other discounts are factored in.
When to drop comprehensive and collision coverage
There is no clear-cut rule that is best for determining when to drop physical damage coverage, but there is a guideline you can consider. If the annual cost of coverage is more than 10% of the settlement you would receive from your company, then you might want to think about dropping full coverage.
For example, let's say your BMW X5 claim settlement value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most you would receive is $4,000 after paying your policy deductible. If you are paying in excess of $400 annually to have full coverage, then you might want to consider buying only liability coverage.
There are some situations where dropping full coverage is not in your best interest. If you still have a loan on your vehicle, you have to carry full coverage in order to prevent your loan from defaulting. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should keep full coverage on your policy.
Auto insurance just makes sense
Despite the fact that auto insurance is not cheap in Fort Collins, insurance may not be optional for several reasons.
- Almost all states have minimum liability requirements which means you are required to buy a specific level of liability insurance in order to get the vehicle licensed. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If your X5 has a loan, almost every bank will make it mandatory that you have full coverage to guarantee their interest in the vehicle. If you let the policy lapse, the bank may insure your BMW at a much higher rate and require you to reimburse them for the expensive policy.
- Insurance safeguards both your vehicle and your personal assets. Insurance will also pay for medical transport and hospital expenses for yourself as well as anyone injured by you. As part of your policy, liability insurance also pays expenses related to your legal defense if you cause an accident and are sued. If you receive damage to your vehicle caused by a storm or accident, your policy will pay to repair the damage minus the deductible amount.
The benefits of buying enough insurance more than offset the price you pay, especially if you ever need it. Despite what companies tell you, the average driver is overpaying over $850 per year so we recommend shopping around once a year at a minimum to ensure rates are inline.
Why Smart Consumers Pay Less for BMW X5 Insurance
It's important that you understand some of the factors that help determine the level of your policy premiums. If you know what controls the rates you pay, this empowers consumers to make smart changes that may result in lower premium levels. Lots of factors are taken into consideration when premium rates are determined. A few of the factors are predictable like a motor vehicle report, but other factors are less obvious such as your credit history or your vehicle rating.
- More than one policy can earn a discount - Most major car insurance companies apply lower prices for people who have multiple policies with them. It's known as a multi-policy discount. Even with this discount, it's still a good idea to compare other Fort Collins X5 insurance rates to help guarantee you have the best rates. Drivers may still find a better deal by buying insurance from more than one company.
- Marriage can save on car insurance - Having a spouse can actually save you money when shopping for car insurance. It may mean you are more financially stable it has been statistically shown that being married results in fewer claims.
- Can a thief steal your car? - Owning a car with an alarm system can help lower your premiums. Theft prevention features such as GM's OnStar, tamper alarm systems and vehicle immobilizers all hinder car theft and help bring rates down.
- Urban residents pay more - Living in areas with lower population has it's advantages when talking about car insurance. Urban drivers have to deal with congested traffic and more severe claims. Less people means a lower chance of having an accident in addition to fewer liability claims.
- BMW X5 claim probability - Insurance companies analyze past claim statistics when they set coverage costs for each model. Vehicles that the data shows to have higher claim amounts or frequency will have a higher cost to insure. The table below demonstrates the historical insurance loss data for BMW X5 vehicles.
For each type of coverage, the claim probability for all vehicles as a whole is a value of 100. Percentage numbers below 100 are indicative of better than average losses, while numbers above 100 point to more losses or a tendency for claims to be larger.
BMW X5 Insurance Claim Statistics
Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury BMW X5 4dr 2WD 131 110 153 BMW X5 4dr 4WD 126 81 164 65 57 67
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Earn discounts on Fort Collins car insurance
Companies offering auto insurance don't always publicize their entire list of discounts very clearly, so here is a list some of the best known and the more hidden discounts that you may qualify for. If you check and find you aren't receiving every discount available, you could be getting lower rates.
- Defensive Driver - Taking a course teaching safe driver skills could possibly earn you a 5% discount if your company offers it.
- No Claim Discounts - Good drivers with no accidents can save substantially when compared to drivers with a long claim history.
- Sign Early and Save - Select car insurance companies give a discount for switching policies before your current X5 insurance policy expires. Ten percent is about the average savings.
- Full Payment Discount - If you pay your bill all at once rather than spreading payments over time you could save up to 5%.
- Military Rewards - Having a deployed family member may lower your prices slightly.
- Membership in Organizations - Participating in a civic or occupational organization in Fort Collins could trigger savings when shopping for car insurance.
A little note about advertised discounts, most discounts do not apply to the entire cost. Most only reduce the cost of specific coverages such as liability, collision or medical payments. Despite the fact that it seems like all the discounts add up to a free policy, you aren't that lucky.
Some of the insurance companies that may include most of these discounts may include but are not limited to:
When quoting, ask each insurance company how many discounts you can get. Some discounts might not be offered in every state. To view providers that offer some of these discounts in Fort Collins, click here to view.
Shop online but buy locally
A small number of people just prefer to talk to a local agent and that is not a bad decision Agents can help you build your policy and will help you if you have claims. A nice benefit of getting free rate quotes online is the fact that you can find cheap car insurance rates and still choose a local agent. Supporting neighborhood insurance agencies is definitely important in Fort Collins.
To help locate an agent, after submitting this quick form, your information is submitted to participating agents in Fort Collins that can give you free Fort Collins auto insurance quotes and help you find cheaper coverage. You won't need to leave your computer as quotes are delivered to your email. If you wish to compare prices from a specific insurance company, just navigate to their website and fill out their quote form.
What type of Fort Collins auto insurance agent is right for you?
If you are wanting to purchase car insurance from a local Fort Collins insurance agent, it helps to know the two different types of agencies that you can choose from. Car insurance policy providers can be categorized as either exclusive agents or independent agents. Both can sell and service car insurance coverage, but it's worth learning how they are different since it could factor into your selection of an agent.
Independent Car Insurance Agents (or Brokers)
Agents of this type are appointed with more than one company and that allows them to write policies with many different companies and find you cheaper rates. If they find a cheaper price, your agent can just switch to a different company and that require little work on your part. When searching for an agent, we recommend you get insurance quotes from several independent insurance agents so that you can do a thorough price comparison.
Shown below are independent insurance agencies in Fort Collins who may provide competitive price quotes.
Exclusive Car Insurance Agents
Exclusive insurance agents can only provide pricing for a single company and examples are State Farm or Allstate. They generally cannot provide other company's prices so they have no alternatives for high prices. These agents are trained well on sales techniques and that can be a competitive advantage.
The following are exclusive insurance agents in Fort Collins that are able to give rate quotes.
Finding the right insurance agent requires more thought than just a low price. Before buying a policy in Fort Collins, get answers to these questions.
- How many years have they been established?
- Is the coverage adequate for your vehicle?
- Will they make sure you get an adequate claim settlement?
- When do they do a full risk review?
- Does their agency support local causes in Fort Collins?
Find affordable rates by being thorough
In this article, we presented many tips how you can reduce BMW X5 insurance premium rates online in Fort Collins. The most important thing to understand is the more rate quotes you have, the higher the chance of saving money. You may even find the best price on insurance is with an unexpected company. These companies can often insure niche markets at a lower cost than the large multi-state companies such as GEICO and State Farm.
Some companies do not offer online rate quotes and these regional carriers work with independent agents. Lower-priced BMW X5 insurance in Fort Collins can be found from both online companies in addition to local insurance agencies, and you need to price shop both to have the best chance of lowering rates.
When getting Fort Collins auto insurance quotes online, make sure you don't reduce needed coverages to save money. In many instances, an insured cut physical damage coverage and discovered at claim time they didn't purchase enough coverage. Your strategy should be to buy enough coverage for the lowest cost and still be able to protect your assets.
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