How Much Does 2015 BMW X5 Insurance Cost?

Are you a victim of an overpriced auto insurance policy? Believe me, there are many consumers feeling the pinch from expensive auto insurance.

With consumers having so many insurance companies to choose from, it can be impossible to locate the right car insurance company.

You need to take a look at other company’s rates occasionally since rates fluctuate regularly. Even if you think you had the best price on X5 coverage a few years ago other companies may now be cheaper. Forget all the misinformation about auto insurance because I’m going to let you in on the secrets to the fastest and easiest way to save money, get proper deductibles and limits, all at the lowest rate.

Why your BMW X5 insurance rates may be high

It’s important that you understand the factors that go into determining your insurance coverage rates. Knowing what influences your rates helps enable you to make changes that may reward you with lower insurance coverage prices.

Listed below are a few of the “ingredients” that factor into rates.

  • One company can mean more discounts – Most insurance coverage companies give discounts to people who buy several policies from them. It’s known as a multi-policy discount. Discounts can amount to ten or even up to twenty percent in some cases. If you currently are using one company, it’s still a good idea to compare rates to confirm you are receiving the best rates possible. You may still be able to find better rates by buying insurance coverage from a different company.
  • Better credit means lower rates – Having a bad credit score is a important factor in determining what you pay for insurance coverage. Consumers who have excellent credit tend to be less risk to insure than drivers who have lower credit scores. If your credit rating is low, you could be paying less to insure your 2015 BMW X5 by repairing your credit.
  • Men fork out a little more – The statistics show women tend to be less risk to insure than men. Now that doesn’t mean men are WORSE drivers than women. Women and men are in accidents at about the same rate, but men tend to have more serious accidents. Men also get cited for more serious violations such as reckless driving.
  • Higher safety ratings means cheaper insurance – Safer cars are cheaper to insure. The safest vehicles have better occupant injury protection and lower injury rates translates into fewer and smaller insurance claims and thus lower rates. If the BMW X5 earned 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 is probably cheaper to insure.

Discounts mean cheaper BMW X5 insurance rates

Car insurance can cost a lot, but you can get discounts that you may not even be aware of. Some trigger automatically at the time you complete a quote, but less common discounts must be asked for prior to receiving the credit.

  • Accident Forgiveness – A handful of insurance companies allow you one accident before hitting you with a surcharge as long as you don’t have any claims for a set time period.
  • Senior Discount – If you qualify as a senior citizen, you may be able to get a small decrease in premiums on X5 coverage.
  • Air Bag Discount – Cars that have air bags may earn rate discounts up to 30%.
  • Homeowners Pay Less – Being a homeowner can help you save on insurance coverage because maintaining a house shows financial diligence.
  • Multiple Vehicles – Buying coverage for multiple vehicles on one policy qualifies for this discount.
  • Service Members Pay Less – Being deployed with a military unit could be rewarded with lower premiums.
  • New Vehicle Savings – Putting insurance coverage on a new car can cost up to 25% less due to better safety requirements for new cars.
  • Pay Now and Pay Less – By paying your policy upfront rather than paying monthly you may reduce your total bill.
  • Safe Driver Discount – Insureds without accidents can get discounts for up to 45% lower rates on X5 coverage than their less cautious counterparts.
  • Driver Safety – Completing a course teaching defensive driving skills could possibly earn you a 5% discount depending on where you live.

Consumers should know that most credits do not apply to your bottom line cost. Some only apply to the cost of specific coverages such as comprehensive or collision. Even though it may seem like having all the discounts means you get insurance for free, insurance coverage companies aren’t that generous. But all discounts will reduce your premiums.

Car insurance companies who might offer these discounts are:

Double check with all companies you are considering which discounts you may be entitled to. Some discounts may not be available in your area.

Tailor your coverage to you

When choosing the right insurance coverage for your vehicles, there is no “perfect” insurance plan. Everyone’s situation is a little different so your insurance should reflect that These are some specific questions might point out if your situation could use an agent’s help.

  • Do I need an umbrella policy?
  • Should I buy additional glass protection?
  • Why am I required to get a high-risk car insurance policy?
  • Is business equipment covered while in my vehicle?
  • Do I have newly-aquired coverage?
  • Why is insurance for a teen driver so high?
  • Is my BMW X5 covered if I use it for business?
  • Does coverage extend to my business vehicle?
  • Do I get a pro-rated refund if I cancel my policy early?
  • Should I get collision insurance on every vehicle?

If you can’t answer these questions but one or more may apply to you then you might want to talk to an agent. If you don’t have a local agent, complete this form or click here for a list of auto insurance companies in your area.

Insurance coverages explained

Understanding the coverages of your policy aids in choosing appropriate coverage and proper limits and deductibles. Insurance terms can be impossible to understand and coverage can change by endorsement. Listed below are the normal coverages available from insurance companies.

Collision – This will pay to fix damage to your X5 caused by collision with another vehicle or an object, but not an animal. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision coverage pays for claims like sustaining damage from a pot hole, hitting a mailbox and colliding with a tree. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are 8 years or older. Another option is to increase the deductible to save money on collision insurance.

Protection from uninsured/underinsured drivers – This coverage protects you and your vehicle’s occupants from other drivers when they either have no liability insurance or not enough. Covered claims include hospital bills for your injuries and also any damage incurred to your BMW X5.

Because many people only carry the minimum required liability limits, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is important protection for you and your family. Normally the UM/UIM limits do not exceed the liability coverage limits.

Comprehensive (Other than Collision) – Comprehensive insurance pays for damage from a wide range of events other than collision. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for claims such as vandalism, hitting a bird and damage from flooding. The highest amount you can receive from a comprehensive claim is the cash value of the vehicle, so if the vehicle is not worth much it’s not worth carrying full coverage.

Medical expense insurance – Med pay and PIP coverage pay for bills such as doctor visits, chiropractic care and hospital visits. They are often utilized in addition to your health insurance program or if there is no health insurance coverage. It covers you and your occupants as well as if you are hit as a while walking down the street. Personal Injury Protection is only offered in select states and gives slightly broader coverage than med pay

Auto liability insurance – This coverage provides protection from damages or injuries you inflict on people or other property. This insurance protects YOU from legal claims by others, and does not provide coverage for your injuries or vehicle damage.

Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see values of 25/50/25 which stand for a $25,000 limit per person for injuries, a limit of $50,000 in injury protection per accident, and $25,000 of coverage for damaged propery. Another option is a combined single limit or CSL which limits claims to one amount without having the split limit caps.

Liability insurance covers things such as medical services, repair costs for stationary objects and structural damage. How much coverage you buy is your choice, but consider buying higher limits if possible.

Be a Smart Shopper

We just presented some good ideas how to save on 2015 BMW X5 insurance. The most important thing to understand is the more companies you get rates for, the better your comparison will be. Consumers may even find the biggest savings come from a lesser-known regional company. These smaller insurers can often insure niche markets at a lower cost compared to the large companies like State Farm, Geico and Nationwide.

As you restructure your insurance plan, don’t be tempted to skimp on critical coverages to save a buck or two. In many cases, an accident victim reduced uninsured motorist or liability limits and discovered at claim time that it was a big mistake. The aim is to buy a smart amount of coverage for the lowest price while not skimping on critical coverages.

Cheaper insurance is possible online in addition to many insurance agents, and you should be comparing both to have the best selection. Some insurance companies do not provide you the ability to get quotes online and most of the time these regional insurance providers sell through independent agents.

Additional information