A recent auto insurance study discovered that the vast majority of consumers kept buying from the same company for at least four years, and just short of a majority have never compared auto insurance rates at all. Many drivers in Columbus can save 55% each year by just shopping around, but they don’t know how much they could save if they swap their current policy for a cheaper one.
The easiest way to get the cheapest BMW 535i insurance in Columbus is to do an annual price comparison from providers who sell auto insurance in Ohio. Drivers can shop around by following these guidelines.
- Get a basic knowledge of coverages and the measures you can control to drop your rates. Many factors that increase rates like distracted driving and a substandard credit score can be amended by paying attention to minor details. Continue reading for more details to prevent high rates and earn larger discounts.
- Obtain price quotes from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can provide rates from a single company like Progressive or Allstate, while independent agents can provide price quotes from multiple sources.
- Compare the new rate quotes to your existing coverage to see if switching to a new carrier will save money. If you find a lower rate quote, verify that coverage does not lapse between policies.
- Provide proper notification to your current company to cancel your existing policy and submit a down payment along with a completed application for your new policy. As soon as you have the new policy, keep your new certificate verifying coverage in your vehicle’s glove compartment or console.
One important bit of advice is to try to compare identical coverage information on each price quote and and to compare all possible companies. Doing this provides an accurate price comparison and a complete price analysis.
The companies shown below are ready to provide price comparisons in Ohio. If multiple companies are listed, we suggest you visit several of them in order to find the most affordable rates.
Do you qualify for discounts on BMW 535i insurance in Columbus?
Car insurance companies do not advertise all discounts in an easy-to-find place, so the list below details a few of the more common and the more hidden credits available to you.
- Drive Less and Save – Driving fewer miles can earn slightly better premium rates than normal.
- Multi-car Discount – Buying coverage for primary and secondary vehicles on one policy can get a discount for every vehicle.
- Driver Safety – Completing a course teaching driver safety skills may get you a small discount and easily pay for the cost of the class.
- Sign Online – Certain insurance companies will provide an incentive for signing up on their website.
- Distant Student – Youth drivers living away from Columbus attending college and do not have a car may be insured at a cheaper rate.
- Discount for Life Insurance – If the company offers life insurance, you could get a small discount if you purchase some life insurance in addition to your auto policy.
Keep in mind that many deductions do not apply to the entire cost. Most cut the price of certain insurance coverages like liability, collision or medical payments. Even though it appears it’s possible to get free car insurance, you won’t be that lucky.
The diagram below illustrates the difference between BMW 535i car insurance rates with and without discounts applied to the policy rates. The premiums are based on a male driver, no claims or driving violations, Ohio state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, safe-driver, claim-free, homeowner, marriage, and multi-policy discounts applied.
A list of companies and a partial list of their discounts are detailed below.
- American Family discounts include bundled insurance, Steer into Savings, early bird, accident-free, and mySafetyValet.
- State Farm has savings for accident-free, multiple autos, defensive driving training, student away at school, Drive Safe & Save, and anti-theft.
- 21st Century has discounts for driver training, automatic seat belts, early bird, teen driver, good student, and 55 and older.
- Travelers may offer discounts for good student, payment discounts, new car, continuous insurance, multi-policy, and early quote.
- GEICO may include discounts for anti-lock brakes, defensive driver, good student, multi-vehicle, military active duty, membership and employees, and anti-theft.
It’s a good idea to ask each company or agent which discounts you qualify for. Some discounts may not apply everywhere. To see a list of providers who offer car insurance discounts in Columbus, follow this link.
Rate information and statistics
The premium information shown below showcases estimates of coverage costs for BMW 535i models. Understanding how insurance prices are calculated is important to be able to make smart choices when buying a car insurance policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|535I 4-Dr Sedan||$308||$542||$298||$18||$88||$1,254||$105|
|535I xDrive Station Wagon||$308||$542||$298||$18||$88||$1,254||$105|
|535I GT 4-Dr Sedan||$308||$542||$298||$18||$88||$1,254||$105|
|535I xDrive 4-Dr Sedan||$338||$542||$298||$18||$88||$1,284||$107|
|Get Your Own Custom Quote Go|
Data based on single male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Ohio minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, claim-free, and multi-vehicle. Price information does not factor in specific location information which can raise or lower coverage rates significantly.
Full coverage rates compared to liability-only
The diagram below shows the difference between BMW 535i car insurance rates with full coverage and liability only. The rate quotes are based on no claims, a clean driving record, $100 deductibles, drivers are not married, and no discounts are applied to the premium.
Deciding between full coverage and liability only
There isn’t a steadfast formula to eliminate comprehensive and collision coverage on your policy, but there is a general convention. If the yearly cost of comp and collision coverage is more than about 10% of the replacement cost minus the deductible, then you may want to consider only buying liability coverage.
For example, let’s say your BMW 535i claim settlement value is $5,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company would pay you is $4,000 after the policy deductible has been paid. If you are currently paying more than $400 annually for physical damage coverage, then it may be the right time to buy liability only.
There are some scenarios where dropping full coverage is not recommended. If you haven’t paid off your loan, you are required to maintain full coverage as part of the loan requirements. Also, if your finances do not allow you to purchase a different vehicle if your current one is in an accident, you should not remove full coverage.
Do I need an agent?
Certain consumers prefer to sit down with an agent and that can be a great decision Good agents can help determine the best coverages and help in the event of a claim. One of the benefits of comparing rate quotes online is the fact that you can find cheap insurance quotes and still have a local agent. And buying from neighborhood insurance agencies is important especially in Columbus.
To help locate an agent, after submitting this quick form, your insurance coverage information is instantly submitted to insurance agents in Columbus who will give you bids for your insurance coverage. It’s much easier because you don’t need to contact any agents due to the fact that quote results will go to your email. If you wish to compare prices from one company in particular, you can always search and find their rate quote page and submit a quote form there.
Two types of auto insurance agents
If you need to find local Columbus agents, it helps to know the two different types of agencies and how they are slightly different. Agents are either exclusive or independent agents depending on their company appointments. Either one can insure your vehicles, but it’s worth mentioning the subtle differences since it can affect the selection process.
These type of agents do not work for one specific company so they can write business with multiple insurance companies and find you the best rates. If they find a lower price, the business is moved internally which makes it simple for you. When comparison shopping, we recommend you compare quotes from at a minimum one independent agency to ensure the widest selection of prices.
Listed below is a partial list of independent agencies in Columbus that can give you comparison quotes.
Nationwide Insurance: Sylvia A Garrett Insurance Agency Llc
1 W Nationwide Blvd – Columbus, OH 43215 – (614) 249-2141 – View Map
Exclusive Insurance Agents
Exclusive agencies generally can only insure with one company and some examples include Farmers Insurance or State Farm. Exclusive agencies are unable to provide prices from multiple companies so always compare other rates. These agents are usually quite knowledgeable on sales techniques which helps them sell insurance even at higher premiums.
Shown below are Columbus exclusive agents that are able to give price quote information.
Howard Tyler – State Farm Insurance Agent
1395 E Dublin Granville Rd #201 – Columbus, OH 43229 – (614) 431-8192 – View Map
Choosing an insurance agent requires you to look at more than just a cheap price quote. Any agent in Columbus should be willing to answer these questions.
- Does the company have a solid financial rating?
- What discounts might you be missing?
- Which companies can they place coverage with?
- Will the agent or a CSR service your policy?
- What will you get paid if your car is a total loss? How is that amount determined?
- If you raise deductibles, how much can you save?
- Can you get a list of referrals?
- In the event of vehicle damage, can you pick the collision repair facility?
How to know if you need help
When it comes to adequate coverage for your personal vehicles, there isn’t really a “perfect” insurance plan. You are unique so your insurance needs to address that.
For example, these questions may help you determine whether or not you might need professional guidance.
- Does coverage extend to Mexico or Canada?
- I don’t drive much so do I pay less?
- Which is better, split liability limits or combined limits?
- Should I rate my BMW 535i as pleasure use or commute?
- Who sells insurance for high-risk drivers?
- Is my camper covered for physical damage?
If it’s difficult to answer those questions but you think they might apply to your situation, then you may want to think about talking to an insurance agent. If you want to speak to an agent in your area, simply complete this short form or go to this page to view a list of companies. It’s fast, free and you can get the answers you need.
You Can Change Your Insurance Rates
Consumers need to have an understanding of a few of the rating criteria that come into play when calculating your auto insurance rates. When you understand what determines premiums, this empowers consumers to make smart changes that can help you get lower premium levels. Lots of factors are considered when premium rates are determined. Some factors are common sense like a motor vehicle report, although some other factors are not quite as obvious such as whether you are married or your financial responsibility.
The items below are a few of the “ingredients” used by companies to determine your rate level.
Defend yourself with liability coverage – Liability coverage will afford coverage if ever you are responsible for personal injury or accident damage. It will provide you with a defense in court which can cost thousands of dollars. Carrying liability coverage is mandatory and cheap compared to physical damage coverage, so drivers should make sure they buy enough to cover all assets.
Gender and auto insurance – Over the last 50 years, statistics have shown females are less aggressive when driving. It does not mean men are worse drivers. Both genders get in auto accidents at about the same rate, but the males tend to have more serious accidents. Men also get more serious tickets like driving under the influence (DUI). Male teenagers are the most expensive to insure and therefore have the most expensive auto insurance rates.
The chart below compares BMW 535i car insurance costs for male and female drivers. Data assumes a clean driving record, no at-fault accidents, full physical damage coverage, $1,000 deductibles, drivers are single, and no discounts are factored in.
Rates may be higher where you live – Being located in small towns and rural areas can save you money when shopping for auto insurance. Drivers in populated areas have to deal with more traffic problems and longer commutes to work. Less people living in that area means less chance of accidents.
Drivers with high credit save – Having a good credit history is a large factor in calculating your auto insurance rates. Insureds that have very high credit ratings tend to file fewer claims than drivers who have bad credit. If your credit rating leaves room for improvement, you could pay less to insure your BMW 535i by improving your rating.
Protect more than your 535i
Despite the high cost, paying for insurance may be mandatory for several reasons.
- Most states have mandatory liability insurance requirements which means you are required to buy specific limits of liability insurance if you want to drive legally. In Ohio these limits are 25/50/25 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If your vehicle has a loan, almost all lenders will stipulate that you have full coverage to ensure they get paid if you total the vehicle. If you do not pay your insurance premiums, the lender may insure your BMW for a lot more money and make you pay much more than you were paying before.
- Insurance safeguards both your car and your personal assets. It will also provide coverage for medical expenses for both you and anyone you injure as the result of an accident. Liability coverage also covers legal expenses if you are sued as the result of an accident. If your car is damaged in a storm or accident, comprehensive and collision coverage will pay to restore your vehicle to like-new condition.
The benefits of having insurance definitely exceed the cost, especially if you ever need it. But the average driver in Ohio is overpaying more than $850 per year so shop around at every renewal to ensure rates are competitive.
Be persistent to save money
Budget-conscious BMW 535i insurance is possible online as well as from independent agents in Columbus, so you should be comparing quotes from both in order to have the best price selection to choose from. Some insurance providers may not have online quoting and usually these regional carriers provide coverage only through independent agents.
We covered quite a bit of information on how to get a better price on BMW 535i insurance in Columbus. The key concept to understand is the more companies you get prices for, the better chance you’ll have of finding the cheapest BMW 535i rate quotes. You may even be surprised to find that the best price on insurance is with the smaller companies. Regional companies may often insure only within specific states and give better rates compared to the large companies like Allstate and Progressive.
For more information, feel free to visit the articles below:
- Avoiding Deer Collisions (Insurance Information Institute)
- Who Has the Cheapest Columbus Car Insurance Quotes for a Nissan Sentra? (FAQ)
- Who Has Cheap Car Insurance Rates for a Learners Permit in Columbus? (FAQ)
- Who Has Cheap Columbus Car Insurance Rates for College Students? (FAQ)
- What Auto Insurance is Cheapest for Real Estate Agents in Columbus? (FAQ)
- Teen Driving Statistics (iihs.org)
- Five Mistakes to Avoid (Insurance Information Institute)