If you want to save money, the best way to find more affordable auto insurance rates in Louisville is to begin comparing prices regularly from companies that sell auto insurance in Kentucky.
Step 1: Learn about how companies set rates and the factors you can control to keep rates low. Many things that result in higher prices like at-fault accidents, speeding tickets, and a negative credit history can be amended by paying attention to minor details. Continue reading for the details to help find cheaper rates and find discounts that may have been missed.
Step 2: Get rate quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only give rate quotes from one company like GEICO or State Farm, while independent agencies can quote prices for a wide range of insurance providers. View prices
Step 3: Compare the quotes to your existing rates and see if you can save money. If you can save some money and buy the policy, make sure there is no coverage gap between policies.
Step 4: Notify your company or agent to cancel your current coverage and submit a completed application and payment for the new coverage. Don’t forget to safely store the certificate of insurance somewhere easily accessible.
One thing to remember is to use the same amount of coverage on each quote and and to get rate quotes from all possible companies. Doing this provides an apples-to-apples comparison and plenty of rates choose from.
It’s an obvious statement that insurance companies don’t want you comparing rates. People who shop around for a cheaper policy will, in all likelihood, switch to a new company because there is a great chance of finding a more affordable policy. A study discovered that people who routinely compared quotes saved an average of $3,450 over four years compared to policyholders who never shopped around for better prices.
If saving money on BMW 535i insurance is your goal, understanding the best ways to shop for insurance coverage can make it easier to shop your coverage around.
If you have a policy now, you will be able to find better prices using this information. Buying affordable insurance in Louisville is not rocket science. Although Kentucky car owners do need to learn how big insurance companies price insurance differently because rates are impacted by many factors.
Detailed insurance information
The data table shown below showcases a range of policy rates for BMW 535i models. Knowing how premiums are established is important for you to make decisions on the best policy coverages.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| 535I 4-Dr Sedan | $222 | $448 | $314 | $18 | $94 | $1,096 | $91 |
| 535I xDrive Station Wagon | $222 | $448 | $314 | $18 | $94 | $1,096 | $91 |
| 535I GT 4-Dr Sedan | $222 | $448 | $314 | $18 | $94 | $1,096 | $91 |
| 535I xDrive 4-Dr Sedan | $242 | $448 | $314 | $18 | $94 | $1,116 | $93 |
| Get Your Own Custom Quote Go | |||||||
Above prices assume married male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, safe-driver, and homeowner. Price estimates do not factor in zip code location which can alter price quotes considerably.
The example below shows how choosing a deductible and can impact BMW 535i insurance costs for each different age group. The data assumes a married male driver, comprehensive and collision coverage, and no discounts are factored in.
Rate comparison of full coverage and liability-only
The chart below visualizes the comparison of BMW 535i insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. Data assumes a clean driving record, no at-fault accidents, $100 deductibles, marital status is single, and no discounts are applied.
Deciding between full coverage and liability only
There is no definitive rule of when to exclude physical damage coverage on your policy, but there is a guideline you can use. If the annual cost of comprehensive and collision coverage is more than 10% of any settlement you would receive from your insurance company, then it may be the right time to buy liability only.
For example, let’s assume your BMW 535i replacement value is $7,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would receive is $6,000 after paying your deductible. If you are paying over $600 a year for physical damage coverage, then it might be time to consider dropping full coverage.
There are some scenarios where dropping physical damage coverage is not recommended. If you still have a loan on your vehicle, you must maintain physical damage coverage as part of the loan requirements. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage in place.
Five Tips to Get More Affordable Louisville Insurance Premiums
Many different elements are part of the equation when quoting car insurance. Some factors are common sense like an MVR report, but others are more obscure like your vehicle usage or your financial responsibility.
The following are a few of the things used by insurance companies to determine prices.
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Gender is a factor – Over the last 50 years, statistics have shown that men are more aggressive behind the wheel. However, this does not mean females are better at driving than males. Males and females tend to get into at-fault accidents at about the same rate, but men have accidents that have higher claims. In addition to higher claims, males also receive more major tickets like DUI and reckless driving. Males from age 16 to 21 are the most expensive to insure and thus pay the highest rates.
The illustration below compares BMW 535i insurance costs for male and female drivers. The premiums assume no driving violations, no at-fault accidents, full coverage, $250 deductibles, marital status is single, and no other discounts are factored in.
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Premiums increase with driving tickets – Getting just one speeding ticket can boost insurance rates forty percent or more. Drivers who don’t get tickets receive lower rates as compared to careless drivers. Drivers unfortunate enough to have serious violations such as reckless driving, hit and run or driving under the influence may find that they have to to submit a SR-22 form with the DMV in their state in order to legally drive.
The illustration below shows how traffic citations and accidents can increase BMW 535i insurance premiums for different categories of driver ages. The rates are based on a married male driver, comp and collision included, $500 deductibles, and no discounts are applied to the premium.
- Don’t buy extra coverages you don’t need – Insurance policies have a lot of additional coverages that you can buy if you don’t pay attention. Things like replacement cost coverage, death and dismemberment, and motor club memberships are examples of these. The coverages may be enticing at first, but if they’re wasting money eliminate them to save money.
- Credit rating impacts premium prices – A driver’s credit score will be a significant factor in your rate calculation. Insureds with high credit scores tend to file fewer claims and have better driving records than those with poor credit. Therefore, if your credit rating is low, you could pay less to insure your BMW 535i if you clean up your credit.
- Optional features that lower premiums – Driving a car that has an advanced theft prevention system can earn a premium discount. Theft deterrent systems like GM’s OnStar, tamper alarm systems and vehicle immobilizers all help prevent your vehicle from being stolen.
Be persistent and save
We just presented a lot of ways to compare BMW 535i insurance premium rates in Louisville. It’s most important to understand that the more price quotes you have, the better your comparison will be. Consumers may even find the lowest priced insurance comes from an unexpected company. Regional companies may have significantly lower prices on certain market segments than the large multi-state companies such as State Farm, GEICO and Nationwide.
When buying insurance coverage, never buy less coverage just to save a little money. Too many times, drivers have reduced physical damage coverage only to discover later that their decision to reduce coverage ended up costing them more. The goal is to find the BEST coverage at an affordable rate but still have enough coverage for asset protection.
There are still a few companies who may not offer price quotes online and usually these smaller companies only sell through independent insurance agents. The cheapest BMW 535i insurance in Louisville is available from both online companies and with local Louisville insurance agents, and you need to comparison shop both in order to have the best chance of saving money.
Additional information is located below:
- Should I Buy a New or Used Car? (Allstate)
- Who Has Affordable Louisville Car Insurance for 19 Year Olds? (FAQ)
- Who Has Affordable Louisville Auto Insurance Quotes for Inexperienced Drivers? (FAQ)
- How Much is Car Insurance for Low Mileage Drivers in Louisville? (FAQ)
- Who Has the Cheapest Louisville Car Insurance for Business Use? (FAQ)
- Who Has Affordable Car Insurance Rates for Electric Cars in Louisville? (FAQ)
- Uninsured Motorist Statistics (Insurance Information Institute)
- Insurance losses by make and model (Insurance Institute for Highway Safety)
- State Car Insurance Guides (GEICO)
- Collision Insurance Coverage (Nationwide)