A recent insurance study revealed that the vast majority of insurance customers have been with the same company for more than four years, and just under half have never shopped around. Many consumers in Louisville can save hundreds of dollars each year just by shopping around, but most undervalue the big savings they would realize if they bought a different policy.
Truthfully, the best way to save on BMW X5 insurance is to compare quotes once a year from companies in Louisville.
- First, spend a few minutes and learn about auto insurance and the measures you can control to prevent expensive coverage. Many rating factors that result in higher prices such as getting speeding tickets and poor credit history can be controlled by improving your driving habits or financial responsibility. Read the full article for tips to help reduce prices and earn larger discounts.
- Second, compare price quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only give prices from one company like Progressive or State Farm, while agents who are independent can quote prices for a wide range of insurance providers.
- Third, compare the new rate quotes to your current policy and see if there is a cheaper rate in Louisville. If you find a lower rate, make sure the effective date of the new policy is the same as the expiration date of the old one.
- Fourth, notify your current company to cancel the current policy. Submit payment and a completed application to the new company. Make sure you place your new certificate verifying proof of insurance above your visor, in the console, or in the glove compartment.
One thing to remember is to try to use the same level of coverage on every quote request and and to get rate quotes from as many companies as you can. This ensures a fair price comparison and the best price selection.
Low Cost companies for BMW X5 insurance in Kentucky
The following companies provide comparison quotes in Kentucky. To buy cheaper auto insurance in Kentucky, we recommend you click on several of them in order to get a fair rate comparison.
BMW X5 insurance coverage information
The information shown below highlights different insurance costs for BMW X5 models. Having knowledge of how auto insurance prices are formulated helps drivers make smart buying decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| X5 3.0I AWD | $272 | $496 | $306 | $18 | $92 | $1,184 | $99 |
| X5 3.5D AWD | $300 | $572 | $306 | $18 | $92 | $1,288 | $107 |
| X5 4.8I AWD | $300 | $572 | $306 | $18 | $92 | $1,288 | $107 |
| X5 M AWD | $356 | $722 | $306 | $18 | $92 | $1,494 | $125 |
| Get Your Own Custom Quote Go | |||||||
Data based on married female driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Kentucky minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, claim-free, and homeowner. Information does not factor in the specific area where the vehicle is garaged which can revise premiums greatly.
The illustration below demonstrates how deductibles and can impact BMW X5 insurance premiums for each different age category. The premium estimates are based on a married male driver, comp and collision included, and no discounts are applied.
Bad driving habits will cost you more
The chart below demonstrates how speeding tickets and at-fault accidents can affect BMW X5 insurance costs for different age groups of insureds. The data is based on a married female driver, comp and collision included, $500 deductibles, and no other discounts are factored in.
Rate comparison of men versus women in Louisville
The diagram below shows the difference between BMW X5 premium costs for male and female drivers. The premiums assume no violations or accidents, full physical damage coverage, $1,000 deductibles, drivers are not married, and no other discounts are factored in.
Liability only or full coverage
The chart below illustrates the difference between BMW X5 annual premium costs with full coverage and liability only. The premiums are based on no claims or driving violations, $250 deductibles, marital status is single, and no discounts are applied.
Are you wasting money on full coverage?
There is no written rule that works best for making the decision to drop full coverage, but there is a guideline you can consider. If the annual cost of coverage is about 10% or more of the settlement you would receive from your company, then it may be the right time to buy liability only.
For example, let’s pretend your BMW X5 replacement value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most you would get paid by your company is $7,000 after you pay the deductible. If you are paying over $700 a year for physical damage coverage, then you may need to consider dropping full coverage.
There are some circumstances where dropping full coverage is not advised. If you still owe money on your vehicle, you have to carry full coverage to protect the lienholder’s interest. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should keep full coverage.
Affordable rates by earning these ten discounts
Buying car insurance is not cheap, but there could be available discounts that you may not know about. Many discounts should be triggered when you complete an application, but a few must be requested specifically prior to getting the savings.
- Responsible Drivers – Drivers who don’t get into accidents may save up to 50% more than less cautious drivers.
- Lower Rates for Military – Having a deployed family member can result in better car insurance rates.
- Louisville Homeowners Discount – Being a homeowner can earn you a little savings because maintaining a house shows financial diligence.
- Senior Citizen Rates – Mature drivers can get better car insurance rates.
- Passenger Safety Discount – Options like air bags or motorized seat belts can get savings of more than 20%.
- Anti-lock Brakes – Cars and trucks that have anti-lock braking systems prevent accidents and therefore earn up to a 10% discount.
- Bundle and Save – If you can bundle your home and auto insurance and insure them both with the same insurance company you could get a discount of over 10 percent off each policy depending on the company.
- Accident-Free Discounts – Insureds who avoid accidents and claims are rewarded with significantly better rates on Louisville auto insurance quote as opposed to drivers with a long claim history.
- Early Signing – A few car insurance companies allow discounts for buying a new policy before your current expiration date. This can save 10% or more.
- Multiple Cars – Purchasing coverage when you have several vehicles with the same company can get a discount for every vehicle.
Remember that some credits don’t apply to your bottom line cost. A few only apply to specific coverage prices like liability, collision or medical payments. So even though you would think adding up those discounts means a free policy, it doesn’t quite work that way. But all discounts should help reduce the premium cost.
The diagram below shows the difference between BMW X5 insurance premiums with and without policy discounts. The rate quotes are based on a female driver, no tickets, no at-fault accidents, Kentucky state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, multi-car, claim-free, safe-driver, homeowner, and multi-policy discounts applied.
To see a list of insurers who offer free BMW X5 insurance quotes in Louisville, click here to view.
Are insurance agencies used anymore?
Some people still like to get professional advice from a licensed agent and there is nothing wrong with that. Most agents are trained risk managers and give you someone to call. One of the benefits of comparing rate quotes online is the fact that you can find the lowest rates but still work with a licensed agent. And supporting neighborhood insurance agencies is definitely important in Louisville.
By using this form (opens in new window), your insurance data gets sent to companies in Louisville who will give you quotes for your coverage. There is no need to drive around since price quotes are sent immediately to your email address. If you want to compare rates from a specific insurance provider, you just need to jump over to their website and complete a quote there.
Deciding on an insurance company is decision based upon more than just a cheap price quote. These are some valid questions you should ask.
- Is working in the agency their full-time job?
- Is assistance available after office hours?
- How much experience to they have in personal lines coverages?
- Is the agency covered by Errors and Omissions coverage?
- Do they feel the quoted coverages are adequate?
- Which family members are covered?
Auto insurance policy specifics
Understanding the coverages of a auto insurance policy can be of help when determining the best coverages and proper limits and deductibles. Policy terminology can be confusing and reading a policy is terribly boring. Listed below are the usual coverages offered by auto insurance companies.
Comprehensive auto coverage
Comprehensive insurance coverage pays to fix your vehicle from damage that is not covered by collision coverage. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive can pay for claims like vandalism, fire damage, theft and rock chips in glass. The highest amount your auto insurance company will pay is the ACV or actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.
UM/UIM (Uninsured/Underinsured Motorist) coverage
This coverage provides protection when other motorists either are underinsured or have no liability coverage at all. This coverage pays for medical payments for you and your occupants and also any damage incurred to your BMW X5.
Because many people carry very low liability coverage limits (Kentucky limits are 25/50/10), it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is important protection for you and your family. Frequently your uninsured/underinsured motorist coverages are identical to your policy’s liability coverage.
Medical payments and PIP coverage
Medical payments and Personal Injury Protection insurance kick in for short-term medical expenses for prosthetic devices, dental work and chiropractic care. The coverages can be utilized in addition to your health insurance program or if there is no health insurance coverage. Medical payments and PIP cover you and your occupants in addition to being hit by a car walking across the street. PIP is not available in all states but it provides additional coverages not offered by medical payments coverage
Collision coverage
Collision insurance will pay to fix damage to your X5 resulting from a collision with an object or car. A deductible applies and then insurance will cover the remainder.
Collision coverage protects against claims like crashing into a building, crashing into a ditch and sustaining damage from a pot hole. Collision is rather expensive coverage, so consider dropping it from older vehicles. You can also raise the deductible on your X5 to get cheaper collision coverage.
Auto liability insurance
This coverage provides protection from damages or injuries you inflict on people or other property by causing an accident. It protects YOU against claims from other people. It does not cover your own vehicle damage or injuries.
Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. You might see liability limits of 25/50/10 that means you have $25,000 bodily injury coverage, a total of $50,000 of bodily injury coverage per accident, and $10,000 of coverage for damaged property. Some companies may use one number which is a combined single limit which limits claims to one amount with no separate limits for injury or property damage.
Liability coverage pays for claims like loss of income, medical expenses, repair costs for stationary objects and attorney fees. How much coverage you buy is a decision to put some thought into, but it’s cheap coverage so purchase as much as you can afford. Kentucky requires minimum liability limits of 25/50/10 but it’s recommended drivers buy more liability than the minimum.
The chart below shows why buying the state minimum limits may not be adequate coverage.
Quote often and quote early
As you shop your coverage around, do not buy lower coverage limits just to save a few bucks. There have been many cases where drivers have reduced liability limits or collision coverage only to discover later that saving that couple of dollars actually costed them tens of thousands. The proper strategy is to buy the best coverage you can find for the lowest cost.
Cheaper insurance in Louisville can be found online and with local Louisville insurance agents, so you need to shop Louisville auto insurance with both to get a complete price analysis. Some insurance companies may not offer rate quotes online and many times these small insurance companies work with independent agents.
For more information, link through to the following helpful articles:
- Top Signs Your Brakes are Giving Out (State Farm)
- Who Has Affordable Louisville Auto Insurance Quotes for Inexperienced Drivers? (FAQ)
- Who Has the Cheapest Louisville Auto Insurance Rates with Multiple Speeding Tickets? (FAQ)
- Coverage Information (Progressive Insurance)
- Auto Insurance 101 (About.com)
- Credit and Insurance Scores (Insurance Information Institute)
- Vehicle Size and Weight FAQ (iihs.org)