2018 BMW X5 Car Insurance Cost – 7 Tips for Best Prices

Trying to find better insurance rates for your BMW X5? Having to pay for high-priced insurance can dry up your family’s budget and possibly require postponing other expenditures. Numerous insurers battle for your business, and because of this it can be hard to compare insurers and uncover the absolute best rate

The method we recommend to compare car insurance rates is to realize auto insurance companies actually pay money for the chance to give rate comparisons. The one thing you need to do is spend a couple of minutes providing details such as the year, make and model of vehicles, if your license is active, types of safety features, and how your vehicles are used. That rating data is then submitted to insurance companies and you should receive rate quotes very quickly.

Cheaper insurance rates with discounts

Insurance can be pricey, but you may qualify for discounts that may help make it more affordable. Some discounts will apply at quote time, but a few must be requested specifically before being credited.

  • Low Mileage – Fewer annual miles on your BMW could be rewarded with better insurancerates on cars that stay parked.
  • ABS Braking Discount – Cars, trucks, and SUVs with ABS braking systems or traction control can avoid accidents so companies give up to a 10% discount.
  • Early Payment Discounts – By paying your policy upfront instead of making monthly payments you may have a lower total premium amount.
  • E-sign Discounts – Certain insurance companies give back up to $50 for completing your application online.
  • Seat Belt Usage – Requiring all passengers to wear their seat belts can save up to 15% off PIP or medical payments premium.
  • Government Employees – Having worked for a branch of the government could provide a small rate reduction for X5 coverage with a few insurance companies.
  • Active Service Discounts – Having an actively deployed family member may lower your rates slightly.

A little disclaimer on discounts, some of the credits will not apply to your bottom line cost. Most only reduce the price of certain insurance coverages like physical damage coverage or medical payments. Even though the math looks like it’s possible to get free car insurance, company stockholders wouldn’t be very happy.

Larger insurance companies and a partial list of their discounts are included below.

  • State Farm discounts include good driver, multiple policy, passive restraint, safe vehicle, accident-free, Steer Clear safe driver discount, and good student.
  • Nationwide has savings for Farm Bureau membership, business or organization, family plan, good student, multi-policy, and accident-free.
  • Geico includes discounts for five-year accident-free, federal employee, anti-theft, good student, and air bags.
  • AAA may include discounts for good student, anti-theft, multi-car, pay-in-full, and good driver.
  • 21st Century offers discounts for teen driver, air bags, automatic seat belts, student driver, homeowners, good student, and defensive driver.
  • The Hartford offers premium reductions for good student, vehicle fuel type, defensive driver, bundle, driver training, air bag, and anti-theft.

When quoting, ask every company how you can save money. Some credits may not be available in your area. If you would like to see a list of insurance companies with the best insurance discounts, click this link.

Tailor your car insurance coverage to you

When buying adequate coverage for your personal vehicles, there isn’t really a single plan that fits everyone. Your needs are not the same as everyone else’s and a cookie cutter policy won’t apply. For example, these questions may help you determine whether your personal situation would benefit from an agent’s advice.

  • Does my policy cover my teen driver if they drive my company car?
  • If my 2018 BMW X5 is totaled, can I afford another vehicle?
  • Why do I need rental car insurance?
  • What is UM/UIM insurance?
  • What is the minimum liability in my state?
  • How much liability do I need to cover my assets?
  • Does coverage extend to Mexico or Canada?
  • Should I buy full coverage?
  • How does medical payments coverage work?

If it’s difficult to answer those questions but a few of them apply, you may need to chat with an agent. To find an agent in your area, take a second and complete this form or click here for a list of car insurance companies in your area. It is quick, free and may give you better protection.

Insurance coverages 101

Learning about specific coverages of your insurance policy aids in choosing which coverages you need at the best deductibles and correct limits. The terms used in a policy can be confusing and even agents have difficulty translating policy wording. Shown next are the normal coverages offered by insurance companies.

Collision coverage

This will pay to fix damage to your X5 caused by collision with another vehicle or an object, but not an animal. You have to pay a deductible and then insurance will cover the remainder.

Collision can pay for things like scraping a guard rail, hitting a parking meter, backing into a parked car, colliding with another moving vehicle and crashing into a ditch. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are 8 years or older. It’s also possible to choose a higher deductible to get cheaper collision coverage.

Comprehensive insurance

Comprehensive insurance pays for damage that is not covered by collision coverage. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for claims like hail damage, damage from flooding, a broken windshield and vandalism. The most you can receive from a comprehensive claim is the actual cash value, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.

Liability

This provides protection from damages or injuries you inflict on people or other property. This insurance protects YOU against other people’s claims. It does not cover damage sustained by your vehicle in an accident.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see policy limits of 25/50/25 which means a limit of $25,000 per injured person, $50,000 for the entire accident, and property damage coverage for $25,000. Occasionally you may see one limit called combined single limit (CSL) which provides one coverage limit and claims can be made without the split limit restrictions.

Liability coverage pays for claims such as legal defense fees, funeral expenses and court costs. How much liability coverage do you need? That is a decision to put some thought into, but consider buying as much as you can afford.

Uninsured/Underinsured Motorist (UM/UIM)

Your UM/UIM coverage gives you protection when other motorists do not carry enough liability coverage. Covered losses include medical payments for you and your occupants and damage to your 2018 BMW X5.

Since a lot of drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is important protection for you and your family. Most of the time your uninsured/underinsured motorist coverages are identical to your policy’s liability coverage.

Med pay and Personal Injury Protection (PIP)

Med pay and PIP coverage provide coverage for short-term medical expenses for ambulance fees, dental work, EMT expenses and hospital visits. The coverages can be used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. It covers both the driver and occupants and also covers being hit by a car walking across the street. Personal Injury Protection is only offered in select states and gives slightly broader coverage than med pay

You can do this!

Cheap 2018 BMW X5 insurance can be purchased on the web in addition to many insurance agents, so you need to shop insurance coverage with both to have the best chance of lowering rates. Some auto insurance companies may not have price quotes online and most of the time these regional carriers only sell coverage through local independent agencies.

We covered many tips how you can save on 2018 BMW X5 insurance. The key concept to understand is the more companies you get prices for, the better likelihood of getting affordable insurance coverage. You may even discover the lowest premium rates are with a company that doesn’t do a lot of advertising. Regional companies may cover specific market segments cheaper as compared to the big name companies such as Geico and State Farm.

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