The easiest way to find low-cost BMW X3 insurance is to regularly compare prices from different companies that insure vehicles in Louisville.
First, learn about policy coverages and the measures you can control to prevent expensive coverage. Many policy risk factors that result in higher prices such as traffic violations and poor credit history can be improved by making small lifestyle or driving habit changes.
Second, request price quotes from direct, independent, and exclusive agents. Direct and exclusive agents can only give prices from one company like GEICO or State Farm, while independent agents can provide prices for a wide range of insurance providers. View rates
Third, compare the new rates to the premium of your current policy and determine if cheaper X3 coverage is available in Louisville. If you can save some money and change companies, ensure there is no coverage lapse between policies.
A tip to remember is that you’ll want to make sure you compare the same liability limits and deductibles on every price quote and and to get quotes from every insurance company. This enables the most accurate price comparison and the best rate selection.
Everyone knows that car insurance companies want to keep you from comparing prices. Consumers who shop around will presumably buy a new policy because there is a good chance of finding a lower rate. A recent survey found that consumers who did price comparisons regularly saved an average of $865 a year as compared to drivers who never shopped around.
If finding budget-friendly insurance is why you’re reading this, then having some insight into how to shop and compare coverage rates can help you be more efficient.
Compare quotes for Louisville BMW X3 insurance
Finding a better price on car insurance is not a difficult process. Consumers just need to spend a little time to compare rate quotes from some recommended companies.
It’s so easy to compare rate quotes online that it replaces the need to drive to insurance agencies in your area. Buying insurance online makes this process obsolete unless you require the professional assistance of a licensed agent. It is possible with some companies compare the best prices online but have a local agent actually write the policy.
The providers in the list below can provide comparison quotes in Kentucky. To find cheap car insurance in Louisville, we suggest you get rates from several of them in order to get a fair rate comparison.
Here’s why insurance is not optional
Even though it’s not necessarily cheap to insure a BMW in Louisville, maintaining insurance is required by state law in Kentucky and it also provides benefits you may not be aware of.
- Most states have minimum liability requirements which means state laws require specific minimum amounts of liability in order to drive the car legally. In Kentucky these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you took out a loan on your X3, almost all lenders will require you to have physical damage coverage to ensure loan repayment if the vehicle is totaled. If you default on your policy, the bank may buy a policy for your BMW for a lot more money and force you to pay much more than you were paying before.
- Insurance safeguards not only your car but also your assets. It will also pay for many types of medical costs incurred in an accident. Liability coverage, the one required by state law, also covers all legal expenses up to the policy limit in the event you are sued. If you receive damage to your vehicle caused by a storm or accident, comprehensive (other-than-collision) and collision coverage will pay to restore your vehicle to like-new condition.
The benefits of having insurance more than cancel out the cost, particularly when you have a large claim. According to a 2015 survey, the average American driver is currently overpaying as much as $865 each year so we recommend shopping around once a year at a minimum to make sure the price is not too high.
Auto insurance analysis for a BMW X3
The premium table displayed next outlines different insurance rates for BMW X3 models. Being able to understand how auto insurance prices are determined is important to be able to make smart choices when selecting a policy.
|X3 3.0I xDrive AWD 4-Dr
|Get Your Own Custom Quote Go
Table data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Kentucky minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, safe-driver, and claim-free. Table data does not factor in specific Louisville garaging location which can affect premiums significantly.
Can higher deductibles save money?
One of the more difficult decisions when buying auto insurance is how high or low should comp and collision deductibles be. The figures shown below lay out the price difference of buying low and high policy deductibles. The first rate estimation uses a $100 physical damage deductible and the second data table uses a $1,000 deductible.
|X3 3.0I xDrive AWD 4-Dr
|Get Your Own Custom Quote Go
|X3 3.0I xDrive AWD 4-Dr
|Get Your Own Custom Quote Go
Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, homeowner, and claim-free. Rates do not factor in vehicle garaging location which can alter prices greatly.
Using the premium rates above, we can conclude that using a $100 deductible will cost you about $42 more each month or $504 every year across all BMW X3 models than selecting the higher $1,000 deductible. Because you would pay $900 more out-of-pocket with a $1,000 deductible as compared to a $100 deductible, if you average at a minimum 21 months between claims, you would probably come out ahead if you elect the higher deductible.
The information below shows how different deductible levels and can influence BMW X3 insurance costs for different age groups. The information is based on a single male driver, comp and collision included, and no other discounts are factored in.
Full coverage or liability only
The example below visualizes the comparison of BMW X3 premium costs with and without full coverage. The costs are based on no tickets, no at-fault accidents, $1,000 deductibles, drivers are single, and no discounts are applied.
When to stop buying full coverage
There is no definitive formula to exclude physical damage insurance, but there is a broad guideline. If the annual cost of your full coverage insurance is 10% or more of replacement cost minus your deductible, the it may be a good time to stop paying for full coverage.
For example, let’s pretend your BMW X3 claim settlement value is $5,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would receive is $4,000 after paying your policy deductible. If premiums are more than $400 a year for physical damage coverage, then it might be time to buy liability only.
There are some conditions where dropping full coverage is not a good idea. If you haven’t paid off your loan, you are required to maintain full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not remove full coverage.
Do you qualify for these six discounts?
Insurance can be prohibitively expensive, but you may find discounts that many consumers don’t even know exist. Some trigger automatically at the time of purchase, but occasionally some discounts must be asked for in order for you to get them.
- Organization Discounts – Being in qualifying clubs or civic groups may earn a discount when shopping for insurance.
- Passenger Safety Discount – Options like air bags or automatic seat belts can receive discounts of 25 to 30%.
- Theft Deterrent System – Vehicles that have factory alarm systems and tracking devices are stolen with less frequency and will qualify for a discount on a Louisville car insurance quote.
- Good Grades Discount – Maintaining excellent grades can earn a discount of 20% or more. This discount can apply well after school through age 25.
- Multi-Vehicle Discounts – Insuring several vehicles with one company may reduce the rate for each vehicle.
- Mature Driver Discount – Older drivers can get better insurance rates.
A quick disclaimer, most credits do not apply to all coverage premiums. Some only reduce the cost of specific coverages such as physical damage coverage or medical payments. Just because you may think all those discounts means the company will pay you, companies wouldn’t make money that way.
The example below shows the comparison of BMW X3 insurance costs with and without discounts applied to the premium. The information is based on a male driver, a clean driving record, no claims, Kentucky state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, multi-policy, claim-free, homeowner, multi-car, and marriage discounts applied.
Some of the insurance companies who might offer some of the above discounts are:
When comparing rates, check with all companies you are considering which credits you are entitled to. All car insurance discounts may not apply to policies in Louisville. If you would like to see a list of providers that provide some of the discounts listed above in Kentucky, click this link.
Can’t I get rate quotes from local Louisville insurance agents?
Certain consumers still prefer to talk to an insurance agent and often times that is recommended Professional insurance agents can help determine the best coverages and help you file claims. One of the great benefits of comparing rate quotes online is you can get lower rates and also buy local. Supporting local insurance agents is definitely important in Louisville.
Upon completion of this quick form, your insurance data is transmitted to companies in Louisville who will give you quotes for your coverage. It simplifies rate comparisons since you won’t have to contact any insurance agencies due to the fact that quote results will go immediately to your email address. If you want to get a price quote from a specific car insurance provider, don’t hesitate to search and find their rate quote page and fill out their quote form.
Finding a good company should depend on more than just a cheap price. Before buying a policy in Louisville, get answers to these questions.
- Do you qualify for any additional discounts?
- How is replacement cost determined on your vehicle?
- How much can you save by raising your physical damage deductibles?
- Can they give you a list of client referrals?
- Does the quote include credit and driving reports?
- Is every driver in your family covered?
- Can glass claims be handled at your home?
- Is the agency involved in supporting local community causes?
After receiving acceptable answers for all questions you ask and an affordable coverage quote, it’s possible that you found an provider that is reputable and can properly insure your vehicles. Keep in mind you have the power to terminate coverage whenever you wish so don’t think you’re contractually obligated to the car insurance policy indefinitely.
Knowing the specifics of your policy can help you determine the best coverages and the correct deductibles and limits. The coverage terms in a policy can be difficult to understand and nobody wants to actually read their policy. Below you’ll find the usual coverages offered by insurance companies.
UM/UIM (Uninsured/Underinsured Motorist) coverage
Uninsured or Underinsured Motorist coverage protects you and your vehicle when other motorists either have no liability insurance or not enough. Covered claims include medical payments for you and your occupants and damage to your BMW X3.
Because many people only purchase the least amount of liability that is required (25/50/10 in Kentucky), it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea. Usually your uninsured/underinsured motorist coverages do not exceed the liability coverage limits.
Coverage for liability
Liability insurance will cover damage that occurs to a person or their property in an accident. Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. You might see values of 25/50/10 that translate to $25,000 bodily injury coverage, a total of $50,000 of bodily injury coverage per accident, and a total limit of $10,000 for damage to vehicles and property. Occasionally you may see a combined single limit or CSL that pays claims from the same limit without having the split limit caps.
Liability coverage pays for claims like funeral expenses, loss of income, structural damage, medical expenses and court costs. How much liability coverage do you need? That is a decision to put some thought into, but you should buy as large an amount as possible. Kentucky requires drivers to carry at least 25/50/10 but you should think about purchasing more coverage.
The next chart demonstrates why minimum state limits may not be adequate.
Collision insurance pays for damage to your X3 resulting from colliding with an object or car. A deductible applies then the remaining damage will be paid by your insurance company.
Collision coverage protects against claims such as sideswiping another vehicle, colliding with another moving vehicle and driving through your garage door. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from older vehicles. You can also bump up the deductible on your X3 to bring the cost down.
Comprehensive auto coverage
This coverage pays for damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive insurance covers things like theft, damage from a tornado or hurricane and vandalism. The maximum amount a insurance company will pay at claim time is the actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.
Medical payments and PIP coverage
Coverage for medical payments and/or PIP provide coverage for short-term medical expenses such as rehabilitation expenses, ambulance fees, X-ray expenses, nursing services and surgery. The coverages can be utilized in addition to your health insurance policy or if you are not covered by health insurance. Medical payments and PIP cover both the driver and occupants and will also cover any family member struck as a pedestrian. Personal Injury Protection is not universally available and gives slightly broader coverage than med pay
Keep this in mind when shopping around
Lower-priced auto insurance in Louisville is attainable online as well as from insurance agents, and you need to price shop both to have the best selection. Some insurance companies don’t offer rate quotes online and usually these smaller providers provide coverage only through local independent agencies.
When buying insurance coverage, don’t be tempted to reduce needed coverages to save money. In many cases, someone dropped liability limits or collision coverage only to find out that the few dollars in savings costed them thousands. Your strategy should be to buy enough coverage at the best cost, but do not skimp to save money.
Even more information can be found in the articles below:
- Side Impact Crash Tests (iihs.org)
- Who Has the Cheapest Auto Insurance Rates for First-time Drivers in Louisville? (FAQ)
- Who Has the Cheapest Car Insurance for a Toyota Camry in Louisville? (FAQ)
- Choosing an Insurance Company (Insurance Information Institute)
- How to Avoid Staged Accidents (State Farm)