Insurance rates BMW X3 in Colorado SpringsSaving money on BMW X3 insurance in Colorado Springs can seem to be slightly frustrating for drivers not familiar with quoting coverage prices online. People have so many choices that it can turn into a difficult mission to lower your prices on BMW X3 insurance.

Remarkably, a study showed that the vast majority of car insurance customers in Colorado renewed their policy with the same company for over three years, and nearly half have never even shopped around for cheaper coverage. Most drivers in America could save 46.5% a year just by shopping around, but they don't know how much savings they would realize if they bought a different policy.

It's a great practice to compare premium rates yearly because car insurance prices change frequently. If you had the best rates on BMW X3 insurance in Colorado Springs on your last policy a different company probably has better premium rates today. Forget all the misinformation about car insurance because you're about to learn one of the quickest ways to buy cheaper BMW X3 insurance in Colorado Springs.

Buying the cheapest car insurance in Colorado Springs seems hard but is not really that difficult. Virtually every vehicle owner who requires lower cost car insurance will more than likely be able to reduce their rates. Nevertheless, Colorado car owners must comprehend how big insurance companies charge you for coverage and take advantage of how the system works.

Most of the larger companies like Progressive, Allstate and GEICO make it easy to get insurance quotes direct online. Getting online quotes for BMW X3 insurance in Colorado Springs is quite easy as all you need to do is type in the coverages you want into the form. After you complete the form, their system orders your driving and credit reports and gives you a price quote.

The ability to get online price quotes for BMW X3 insurance in Colorado Springs streamlines rate comparisons, and it is imperative to do this if you want to get a lower rate.

To save time and find out what other companies charge, compare rates from the companies below. If you currently have coverage, we recommend you duplicate coverages and limits identical to your current policy. This makes sure you will have a price comparison using the same coverage and limits.

The auto insurance companies shown below are ready to provide free rate quotes in Colorado Springs, CO. If the list has multiple companies, we suggest you get prices from several of them to get a more complete price comparison.

BMW X3 Insurance Rate Estimates in Colorado Springs, CO
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X3 3.0I xDrive AWD 4-Dr $372 $852 $426 $26 $128 $1,804 $150
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Data variables include single male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, multi-vehicle, and claim-free. Rate quotes do not factor in vehicle location which can change price quotes considerably.

Full coverage rates compared to liability-only

The illustration below visualizes the comparison of BMW X3 insurance rates with full coverage compared to only the Colorado minimum liability coverage. The premiums are based on no claims or violations, $250 deductibles, single male driver, and no discounts are applied.

When to stop buying full coverage

There is no written rule to stop buying full coverage, but there is a general guideline you can use. If the yearly cost for physical damage coverage is about 10% or more of replacement cost minus your deductible, then it's probably a good time to buy liability coverage only.

For example, let's say your BMW X3 claim settlement value is $6,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $5,000 after the deductible is paid. If it's costing you more than $500 a year to have full coverage, then you might consider buying liability only.

There are a few situations where eliminating full coverage is not financially feasible. If you haven't satisfied your loan, you have to carry full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should maintain full coverage.

How high should deductibles be?

One of the hardest decisions when shopping for auto insurance is which deductibles should you choose. The comparisons below may help to conceptualize the cost difference when you select higher and lower physical damage deductibles. The first pricing table uses a $100 deductible for physical damage and the second data table uses a $1,000 deductible.

BMW X3 insurance with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X3 3.0I xDrive AWD 4-Dr $380 $740 $352 $20 $106 $1,623 $135
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BMW X3 insurance with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X3 3.0I xDrive AWD 4-Dr $210 $390 $352 $20 $106 $1,078 $90
Get Your Own Custom Quote Go

Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Colorado minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, claim-free, and homeowner. Rate information does not factor in the specific area where the vehicle is garaged which can influence coverage rates greatly.

Based on these figures, using a $100 deductible will cost you approximately $45 more each month or $540 for a full year than requesting the higher $1,000 deductible. Since the policyholder would be required to pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you have more than 20 months between claims, you would more than likely save some money if you elect the higher deductible. The table below shows an example of how you can do this calculation yourself.

Average monthly premium for $100 deductibles: $135
Average monthly premium for $1,000 deductibles (subtract): - $90
Monthly savings from raising deductible: $45
Difference between deductibles ($1,000 - $100): $900
Divide difference by monthly savings: $900 / $45
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 20 months

An important thing to remember is that raising deductibles to get cheaper rates means you will have to pay more out-of-pocket when you have a claim. You must have enough money stashed away in the event you need to pay the higher deductible in order to repair your vehicle.

Bad driving habits will cost you more

The information below shows how traffic citations and at-fault accidents drive up BMW X3 car insurance costs for different categories of driver ages. The price estimates are based on a single male driver, comp and collision included, $250 deductibles, and no discounts are factored in.

Why you need car insurance

Even though it can be expensive, maintaining insurance is required in Colorado but it also protects you in many ways.

First, just about all states have minimum liability requirements which means you are required to buy specific minimum amounts of liability 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.

Second, if your car has a lienholder, it's guaranteed your bank will make it mandatory that you have insurance to guarantee payment of the loan. If you do not pay your insurance premiums, the bank may insure your BMW for a lot more money and require you to reimburse them the higher price.

Third, insurance safeguards both your vehicle and your personal assets. It will also provide coverage for medical expenses incurred in an accident. As part of your policy, liability insurance also pays expenses related to your legal defense if you are sued as the result of your driving. If damage is caused by hail or an accident, comprehensive and/or collision insurance will pay to have it repaired.

The benefits of buying enough insurance definitely exceed the price paid, especially if you ever need it. In a recent study of 1,000 drivers, the average customer is overpaying over $825 a year so you should quote rates each time the policy renews to help ensure money is not being wasted.

Don't neglect these discounts

Some companies don't list every available discount very clearly, so the list below gives a summary of some of the best known and also the more inconspicuous credits that you can use to lower your rates.Discount car insurance

A little disclaimer on discounts, most discount credits are not given to the entire policy premium. Most only reduce the price of certain insurance coverages like collision or personal injury protection. Even though it may seem like adding up those discounts means a free policy, it doesn't quite work that way. But all discounts will definitely lower the cost of coverage.

Some of the larger companies that may offer quotes with some of the above discounts are:

When getting free Colorado Springs car insurance quotes, it's a good idea to each insurance company which credits you are entitled to. Some discounts listed above may not apply in Colorado Springs. To see a list of insurance companies that provide some of the discounts listed above in Colorado Springs, click here.

Get rate quotes but still have a local neighborhood Colorado Springs car insurance agent

Many drivers prefer to buy from a licensed agent and that is a smart decision The best thing about comparing rates online is that you can obtain lower rates and also buy local.

Insurance agents in Colorado SpringsUpon completion of this simple form, your insurance data is sent to insurance agents in Colorado Springs who want to provide quotes and help you find cheaper coverage. There is no reason to search for any insurance agencies due to the fact that quote results will go directly to your email. You can most likely find cheaper rates and an insurance agent to talk to. If you want to get a comparison quote from a specific insurance company, feel free to search and find their rate quote page and give them your coverage information.

Choosing an provider should depend on more than just a cheap price quote. The following questions are important to ask.

If you would like to find a good Colorado Springs insurance agent, you should know the types of insurance agents and how they are slightly different. Insurance agencies in Colorado Springs may be either independent (non-exclusive) or exclusive.

Exclusive Agencies

These type of agents are contracted to one company and some examples include Allstate, State Farm and Farmers Insurance. Exclusive agents cannot compare rates from other companies so it's a take it or leave it situation. Exclusive agents are usually quite knowledgeable on sales techniques which aids in selling service over price. Some insured continue to use the same agent mainly due to high brand loyalty instead of buying on price only.

Shown below are Colorado Springs exclusive agents who may provide you with price quote information.

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Independent Agencies or Brokers

Independent agents are normally appointed by many insurers and that gives them the ability to insure with any number of different companies and get you the best rates possible. If they find a lower price, your policy is moved internally and that require little work on your part. When comparing auto insurance rates, you will definitely want to get several quotes from at least one independent agent for maximum quote selection. Many can place coverage with smaller regional carriers that many times have cheaper rates.

Below are independent agencies in Colorado Springs that can give you rate quotes.

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The lowest rates come from being thorough

A few companies do not offer price quotes online and these smaller companies sell through independent agents. Cheap BMW X3 insurance in Colorado Springs is definitely available from both online companies and also from your neighborhood Colorado Springs agents, and you should compare rates from both to have the best chance of lowering rates.

Drivers switch companies for any number of reasons including policy cancellation, not issuing a premium refund, being labeled a high risk driver and even denial of a claim. Regardless of your reason, switching insurance companies is pretty simple and you could end up saving a buck or two.

We just presented a lot of tips how to compare BMW X3 insurance prices in Colorado Springs. The most important thing to understand is the more price quotes you have, the higher the chance of saving money. You may even be surprised to find that the best price on insurance is with the smaller companies.

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