Wish you could get out of overpriced BMW X5 insurance in Columbus? It’s quite common and many Columbus consumers feel financially strained by their insurance policy.
Everyone knows that auto insurance companies want to keep your business as long as possible. Insureds who compare rates once a year are very likely to switch to a new company because they stand a good chance of finding a policy with more affordable rates. A survey found that consumers who made a habit of comparing rates saved about $860 a year as compared to drivers who never shopped around for lower prices.
If finding the best rates on car insurance is why you’re here, then learning about how to get free comparison quotes and analyze car insurance can make it simple to find affordable coverage. Numerous insurers battle for your hard-earned dollar, and it can be difficult to compare rates to find the best rates possible on BMW X5 insurance in Columbus.
It’s smart to quote other rates as often as possible since prices are variable and change quite frequently. Just because you found the best quotes on BMW X5 insurance in Columbus at your last renewal other companies may now be cheaper. You’ll find quite a bit of inaccurate information about X5 insurance online, but we’re going to give you some solid techniques on how to stop overpaying for insurance in Columbus.
The providers in the list below provide free quotes in Columbus, OH. If several companies are displayed, we suggest you visit two to three different companies to get a more complete price comparison.
Auto insurance statistics for a BMW X5
The price information displayed next highlights detailed analysis of insurance rates for BMW X5 models. Having a better understanding of how insurance quotes are formulated can aid in making smart choices when choosing a car insurance company.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|X5 3.0I AWD||$200||$320||$234||$14||$70||$838||$70|
|X5 3.5D AWD||$222||$368||$234||$14||$70||$908||$76|
|X5 4.8I AWD||$222||$368||$234||$14||$70||$908||$76|
|X5 M AWD||$262||$466||$234||$14||$70||$1,046||$87|
|Get Your Own Custom Quote Go|
Prices above based on married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Ohio minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, claim-free, and safe-driver. Estimates do not factor in specific zip code location which can affect premiums significantly.
The information below shows how choosing a deductible and can increase or decrease BMW X5 insurance costs for each age group. The data is based on a single male driver, full coverage, and no discounts are taken into consideration.
Liability only or full coverage
The diagram below compares BMW X5 yearly insurance costs with liability coverage only compared to full coverage. The rate quotes are based on no claims or violations, $250 deductibles, drivers are not married, and no discounts are factored in.
Guidelines for dropping full coverage
There is no definitive formula to stop paying for physical damage coverage, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then you might want to consider buying only liability coverage.
For example, let’s pretend your BMW X5 book value is $4,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $3,000 after paying the physical damage deductible. If premium cost is more than $300 annually to have full coverage, then it might be time to consider dropping full coverage.
There are some circumstances where only buying liability is not a good plan. If you still owe a portion of the original loan, you are required to maintain full coverage in order to prevent your loan from defaulting. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should not buy liability only.
Three reasons to not skimp on auto insurance
Despite the high cost, insuring your vehicle is most likely required but also gives you several important benefits.
- Most states have compulsory liability insurance requirements which means state laws require a specific level of liability insurance in order to get the vehicle licensed. 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 you took out a loan on your BMW, most banks will require you to carry insurance to ensure the loan is repaid in case of a total loss. If you do not pay your insurance premiums, the bank may buy a policy for your BMW at a much higher rate and require you to fork over for it.
- Insurance safeguards not only your car but also your assets. It also can pay for medical bills that are the result of an accident. Liability insurance, one of your policy coverages, also pays for attorney fees and expenses if you are sued as the result of an accident. If damage is caused by hail or an accident, comprehensive (other-than-collision) and collision coverage will cover the repair costs.
The benefits of insuring your car more than offset the price you pay, especially when you need to use it. According to a 2015 survey, the average American driver is overpaying over $850 per year so compare quotes from several companies once a year at a minimum to make sure the price is not too high.
The BMW X5 Insurance Cost Equation
Many different elements are part of the equation when you get your auto insurance bill. A few of the factors are predictable like an MVR report, although some other factors are less apparent such as your marital status or how safe your car is.
- Deter theft and pay less – Selecting a car model that has an advanced theft prevention system can help bring down rates. Anti-theft devices such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack all hinder your car from being stolen.
- Infrequent drivers can save – The more you drive each year the more you’ll pay to insure your vehicle. A lot of insurance companies calculate rates based on how the vehicle is used. Vehicles not used for work or commuting can get a lower rate than vehicles that are driven to work every day. A policy that improperly rates your X5 may be costing you higher rates. It’s a smart idea to ensure your insurance coverage reflects annual mileage, because improper ratings can cost you money.
- Costs impacted by your city – Being located in a small town has definite advantages when trying to find low car insurance rates. People in densely populated areas have more road rage incidents and a longer drive to work. Fewer drivers on the road means fewer accidents and also fewer theft and vandalism claims.
Men tend to take more risk – Over the last 30 years, statistics show females are less aggressive when driving. It does not mean females are better at driving than males. Men and women are in at-fault accidents at about the same rate, but guys have accidents that have higher claims. Not only that, but men also receive more costly citations like reckless driving and DUI.
The illustration below shows the comparison of BMW X5 insurance prices for male and female drivers. The rates are based on a clean driving record, no at-fault accidents, comp and collision included, $250 deductibles, marital status is single, and no discounts are factored in.
- Lower stress equals lower rates – Occupational choices like real estate brokers, architects, and financial analysts are shown to have higher rates than average attributed to high stress and extremely grueling work hours. On the other hand, professions such as professors, athletes and homemakers have lower than average premiums.
- Add-on coverages that aren’t used – Insurance companies have many additional coverages that may not really be needed on your X5 policy. Coverages like roadside assistance, high-cost glass coverage, and membership fees may be wasting your money. You may think they are a good idea when buying your policy, but if you have no use for them consider taking them off your policy.
Youthful drivers cost more – Older insureds are shown to be more cautious, are lower risk to insure, and tend to be get fewer driving tickets. Inexperience drivers are known to be more careless when at the wheel of a vehicle and because of this, their insurance rates are much higher.
The following chart uses these assumptions: single driver, full coverage with $100 deductibles, and no discounts or violations.
BMW X5 insurance loss data – Insurance companies include the past claim trends for vehicles to calculate a price that will offset any claims. Vehicles that statistically have increased losses will cost more for specific coverages.
The table shown below demonstrates the historical insurance loss data for BMW X5 vehicles. For each type of coverage, the loss probability for all vehicles, as a total average, equals 100. Numbers under 100 suggest a better than average loss history, while values that are 100 or greater indicate frequent claims or statistically larger losses.
Car Insurance Loss Data for BMW X5 Models 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 67BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Cheaper rates with these discounts
Auto insurance companies don’t always advertise every discount in an easy-to-find place, so we break down a few of the more well known and the harder-to-find credits available to bring down your rates.
- Braking Control Discount – Vehicles that have anti-lock braking systems prevent accidents and therefore earn up to a 10% discount.
- Safety Course Discount – Taking a defensive driving course could save 5% or more and also improve your driving technique.
- No Accidents – Insureds with no claims or accidents pay much less compared to bad drivers.
- Telematics Devices – Insureds that choose to allow their insurance company to track where and when they drive by using a telematic data system such as Snapshot from Progressive or Drivewise from Allstate could see a rate decrease if they have good driving habits.
- Accident Forgiveness Coverage – This one is not really a discount per se, but a handful of insurance companies permit an accident before hitting you with a surcharge so long as you are claim-free for a certain period of time.
- Discounts for Safe Drivers – Drivers who avoid accidents can pay as much as 50% less than drivers with accident claims.
- Pay Upfront and Save – If paying your policy premium upfront rather than spreading payments over time you could save up to 5%.
- Military Discounts – Having a family member in the military may lower your prices slightly.
- Good Students Pay Less – Excelling in school can be rewarded with saving of up to 25%. This discount can apply well after school through age 25.
- Seat Belts Save more than Lives – Forcing all vehicle occupants to use their safety belts may be able to save a few bucks on the medical payments or PIP coverage costs.
It’s important to note that some credits don’t apply to your bottom line cost. Most cut the price of certain insurance coverages like physical damage coverage or medical payments. So even though you would think all the discounts add up to a free policy, companies wouldn’t make money that way. Any amount of discount will reduce the cost of coverage.
The illustration below illustrates the comparison of BMW X5 auto insurance costs with and without some available policy discounts. The prices are based on a female driver, no claims, a clean driving record, Ohio state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, marriage, multi-policy, safe-driver, homeowner, and multi-car discounts applied.
Companies and a selection of discounts are detailed below.
- Farm Bureau discounts include renewal discount, youthful driver, 55 and retired, multi-policy, and good student.
- MetLife offers premium reductions for accident-free, multi-policy, defensive driver, claim-free, and good driver.
- Progressive has savings for continuous coverage, online signing, homeowner, good student, multi-policy, online quote discount, and multi-vehicle.
- AAA offers discounts for anti-theft, pay-in-full, multi-policy, education and occupation, multi-car, AAA membership discount, and good driver.
- American Family may have discounts that include accident-free, air bags, mySafetyValet, early bird, good student, defensive driver, and bundled insurance.
- GEICO includes discounts for federal employee, membership and employees, multi-vehicle, seat belt use, and defensive driver.
- State Farm may offer discounts for safe vehicle, student away at school, driver’s education, good student, anti-theft, and multiple autos.
If you need lower rates, check with every prospective company which discounts you may be entitled to. Depending on the company, some discounts may not apply to policies in your state. To see insurance companies with discount rates in Columbus, click here to view.
Compare prices but still have a local neighborhood Columbus car insurance agent
Some consumers would rather talk to an insurance agent and doing that can be a smart decision Most agents can help you choose the best coverages and help submit paperwork. One of the benefits of comparing rate quotes online is you may find cheaper prices and also buy local. Buying from local agents is still important in Columbus.
For easy comparison, once you complete this quick form, the quote information is immediately sent to agents in your area who will return price quotes to get your business. You never need to contact an agency since price quotes are sent to the email address you provide. In the event you want to compare prices for a specific company, you would need to search and find their rate quote page and fill out their quote form.
Pick the best auto insurance agent in Columbus for you
When finding a reputable insurance agent or broker, it can be helpful to understand the different types of agents and how they differ in how they can insure your vehicles. Insurance agencies can be classified as either exclusive agents or independent agents. Both insure your vehicles properly, but we need to point out why they differ because it can factor into the kind of agent you use.
Independent Insurance Agencies or Brokers
Agents in the independent channel are not locked into one company so as a result can place your coverage through lots of different companies and possibly get better coverage at lower prices. To move your coverage to a new company, an independent agent can move your coverage and you don’t have to do anything.
If you are comparing insurance prices, you should always check rates from multiple independent agents to maximize your price options.
Below is a partial list of independent agents in Columbus that can give you price quote information.
Exclusive Insurance Agents
Exclusive agencies generally can only insure with one company such as Farmers Insurance or State Farm. They are unable to provide other company’s prices so they are skilled at selling on more than just price. Exclusive agents are trained well on their company’s products and that enables them to sell even at higher rates.
The following are exclusive insurance agents in Columbus that are able to give comparison quotes.
Finding the right insurance agency needs to be determined by more than just a cheap price quote. You should also get answers to these questions.
- Will you be dealing directly with the agent or with a Custom Service Representative (CSR)?
- Are there any hidden costs in their price quote and does it include driving and credit history?
- Do they get extra compensation for selling add-on coverages?
- Can they provide you with a list of referrals?
- Are they primarily personal or commercial lines agents in Columbus?
- Does the company use OEM repair parts?
- Do they assist clients in filing claims?
Upon getting acceptable answers to all your questions as well as inexpensive BMW X5 insurance in Columbus quotes, you have narrowed it down to an insurance agent that is reliable enough to insure your vehicles.
Cheap auto insurance rates are out there
You just learned many tips how you can reduce BMW X5 insurance rates online in Columbus. It’s most important to understand that the more price quotes you have, the more likely it is that you will get a better rate. Consumers may even find the most savings is with some of the lesser-known companies. Smaller companies may have significantly lower car insurance rates on certain market segments as compared to the big name companies such as Allstate, GEICO and Progressive.
When searching for cheaper Columbus car insurance quotes, do not buy less coverage just to save a little money. Too many times, someone sacrificed comprehensive coverage or liability limits only to regret that it was a big error on their part. Your aim should be to purchase a proper amount of coverage at an affordable rate.
Cheaper BMW X5 insurance in Columbus can be found both online and with local Columbus insurance agents, so you need to shop Columbus car insurance with both to have the best rate selection. There are still a few companies who may not offer rate quotes online and these regional carriers provide coverage only through independent agents.
How to save on BMW X5 insurance in Columbus
The recommended way to get budget BMW X5 insurance in Columbus is to start comparing prices yearly from providers in Ohio.
Step 1: Spend some time learning about the different coverages in a policy and the measures you can control to prevent rate increases. Many risk factors that result in higher rates like accidents, traffic tickets, and a negative credit score can be remedied by making minor driving habit or lifestyle changes.
Step 2: Compare price quotes from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can give quotes from a single company like GEICO and State Farm, while independent agents can give you price quotes for a wide range of insurance providers.
Step 3: Compare the price quotes to your existing coverage to see if you can save by switching companies. If you find better rates and buy the policy, ensure there is no coverage lapse between policies.
Step 4: Notify your current company of your intent to cancel your existing policy and submit payment along with a signed and completed policy application to the new company. As soon as you can, put the certificate verifying proof of insurance with your vehicle’s registration.
The key aspect of shopping around is that you’ll want to make sure you compare similar deductibles and liability limits on each quote request and and to compare as many different companies as possible. Doing this guarantees a level playing field and a complete selection of prices.
More tips and info about auto insurance can be found at these sites:
- How Does Hitting a Deer Impact Insurance Rates? (Allstate)
- How Much are Columbus Car Insurance Quotes for a Toyota Camry? (FAQ)
- Who Has the Cheapest Auto Insurance for Drivers Under 21 in Columbus? (FAQ)
- How Much are Columbus Auto Insurance Quotes for a Toyota Highlander? (FAQ)
- Safety Tips for Teen Drivers (Insurance Information Institute)
- Five Steps to Filing an Auto Insurance Claim (Insurance Information Institute)
- Pickups fall short in headlight tests (Insurance Institute for Highway Safety)