Having to pay for overpriced car insurance can take a big chunk out of your checking account and make it impossible to make ends meet. Doing a price comparison is free, only takes a few minutes, and is a good way to reduce premiums and put more money in your pocket.
Many auto insurance companies compete to insure your vehicles, and it can be difficult to compare rates and get the definite lowest cost out there.
If you currently have car insurance, you should be able to reduce your rates substantially using this strategy. Choosing the best insurance company for you is not that difficult. Nevertheless, Texas vehicle owners must understand how companies market insurance on the web and take advantage of how the system works.
How to Get Car Insurance in Texas
The are a couple different ways of comparing rate quotes from local in Texascar insurance companies. The fastest way to find the lowest BMW 535i rates consists of obtaining rate quotes online. This can be accomplished in several different ways.
The easiest and least time consuming way to get quotes for comparison is to use a rate comparison form click here to open form in new window. This form saves time by eliminating a different quote for every car insurance company. One form submission will return price quotes from multiple companies.
A harder way to analyze rates is to manually visit the website for each individual company and fill out their own quote form. For sake of this example, let’s say you want to compare Nationwide, Farmers and GMAC. To find out each rate you need to go to every website to enter your coverage information, and that’s why the first method is more popular. For a handy list of car insurance company links in your area, click here.
The most time-consuming way to compare rates is driving around to different agent offices. Shopping for car insurance online has reduced the need for local agents unless you prefer the professional advice only provided by licensed agents. You can, however, compare online quotes and still use a local agent and you’ll learn how to do that later.
Which method you use is up to you, but make sure you use identical coverages and limits for every company. If you compare higher or lower deductibles it’s not possible to determine the best price for your BMW 535i. Slightly different insurance coverages can make a big difference in price. And when comparison shopping, quoting more provides better odds of finding the best offered rates.
Don’t pay full price with these discounts
Car insurance is not cheap, but you can get discounts to cut the cost considerably. A few discounts will automatically apply when you get a quote, but a few must be inquired about prior to receiving the credit.
- Drive Less and Save – Low mileage vehicles can earn a substantially lower rate.
- Air Bag Discount – Factory air bags can qualify for discounts up to 30%.
- Own a Home – Simply owning a home can save you money because owning a home shows financial diligence.
- Claim Free – Claim-free drivers pay less compared to frequent claim filers.
- Safety Course Discount – Completing a driver safety course could save 5% or more if your company offers it.
- Federal Employees – Being employed by or retired from a federal job can save as much as 8% on 535i insurance depending on your company.
- Discount for New Cars – Insuring a new car can be considerably cheaper because new vehicles have to meet stringent safety requirements.
- Accident Waiver – Certain companies allow you one accident before raising your premiums if your claims history is clear for a certain period of time.
- Seat Belt Usage – Drivers who require all occupants to use their safety belts can save 10% or more off the personal injury premium cost.
Keep in mind that some of the credits will not apply to your bottom line cost. Most cut the price of certain insurance coverages like physical damage coverage or medical payments. Just because you may think all the discounts add up to a free policy, car insurance companies aren’t that generous. Any qualifying discounts will help reduce your overall premium however.
Local Texas agents and car insurance
Certain consumers would rather visit with an insurance agent and there is nothing wrong with that. The biggest benefit of comparing rates online is you can get better rates and still choose a local agent. Supporting local insurance agencies is especially important in smaller rural communities.
By using this quick form, your insurance coverage information is immediately sent to companies who will compete to get your business. You never need to leave your computer because quoted prices will be sent straight to your inbox. Now that’s easy! Get lower rates AND an agent nearby.
Multiple types of insurance agencies in Texas
When searching for a reliable agent, there are a couple of types of agencies from which to choose. Insurance agencies in Texas can either be captive or independent (non-captive).
Independent Agents (or Brokers)
Independent agents do not work for one specific company but rather can write business with multiple insurance companies depending on which coverage is best. To move your coverage to a new company, an independent agent can move your coverage and you won’t have to switch agencies. When searching for an agent, it’s a good idea to get quotes from at a minimum one independent agency to have the most options to choose from.
Agency Captives
This type of agents can only place business with one company and examples are State Farm or Allstate. These agents are unable to compare other company’s rates so they have to upsell other benefits. Captive agencies are well schooled in insurance sales which helps them compete with independent agents.
To view a full list of car insurance agents in Texas, click here.
Picking an insurance agency should depend on more than just a cheap price. Any agent should be forthright in answering these questions:
- If they are an independent agency, which companies do they recommend?
- Is assistance available after office hours?
- Are there any discounts that you might be missing?
- If your car is totalled, how to they determine the replacement cost?
- If you have an accident, are you able to get your vehicle repaired at the shop of your choice?
After receiving reasonable responses to your questions and an acceptable price quote, you’ve probably found a car insurance agent that can adequately provide car insurance.
What coverages do I need?
When it comes to buying the best car insurance coverage for your vehicles, there really is no best way to insure your cars. Coverage needs to be tailored to your specific needs and a cookie cutter policy won’t apply. These are some specific questions might help in determining if your situation could use an agent’s help.
- When do I need to add a new car to my policy?
- Is rental equipment covered for theft or damage?
- Should I put collision coverage on all my vehicles?
- Does my BMW 535i need full coverage?
- Am I covered when driving someone else’s vehicle?
- What are the best liability limits?
If you don’t know the answers to these questions but you think they might apply to your situation, you may need to chat with a licensed agent. If you want to speak to an agent in your area, complete this form or you can also visit this page to select a carrier
Lesser-known factors impacting BMW 535i insurance rates
Smart consumers have a good feel for some of the elements that help determine car insurance rates. When you know what positively or negatively determines base rates allows you to make educated decisions that will entitle you to much lower annual insurance costs.
The following are some of the factors companies use to determine prices.
- One company can mean more discounts – The majority of insurers will give a discount to insureds who carry more than one policy, otherwise known as a multi-policy discount. If you currently are using one company, it’s in your best interest to compare rates to confirm you are receiving the best rates possible.
- Don’t get talked into coverage you don’t need – There are many additional coverages that you can buy on your 535i policy. Things like personal injury protection, towing coverage and membership fees may be wasting your money. These may sound like a good investment initially, but your needs may have changed so remove them from your policy.
- Low deductibles can be expensive – Deductibles for physical damage define the amount you are willing to pay if you file a covered claim. Physical damage coverage, termed comprehensive and collision coverage on your policy, insures against damage to your car. Examples of covered claims could be running into the backend of another car, collision with an animal, and burglary. The more money you’re willing to pay, the less your company will charge you for insurance on 535i insurance.
- Proper usage rating affects rates – The more miles you rack up on your BMW in a year the more you’ll pay to insure your vehicle. Almost all companies apply a rate determined by how the vehicle is used. Autos left parked in the garage can get a lower rate as compared to vehicles used primarily for driving to work. Make sure your car insurance policy shows how each vehicle is driven, because it can save money. Incorrect usage on your 535i may be wasting your money.
Can you really save $397 a year?
Car insurance providers like 21st Century, Allstate and State Farm consistently run ads on television and other media. They all make the same claim that you can save if you change your policy. How does each company make the same claim? It’s all in the numbers.
All the different companies are able to cherry pick for the right customer that makes them money. For instance, a preferred risk could be over the age of 40, has no driving citations, and drives newer vehicles. A customer getting a price quote that hits that “sweet spot” will qualify for the lowest rates and therefore will save when they switch companies.
Drivers who fall outside this ideal profile will be quoted more money which usually ends up with business not being written. Company advertisements say “customers who switch” not “everyone that quotes” save money. That’s the way insurance companies can confidently make the claims of big savings.
This emphasizes why it’s extremely important to quote coverage with many companies. It’s impossible to know which company will have the lowest rates.
More effort can pay off
As you go through the steps to switch your coverage, make sure you don’t buy poor coverage just to save money. There are too many instances where an accident victim reduced collision coverage only to find out that their decision to reduce coverage ended up costing them more. The proper strategy is to purchase plenty of coverage at an affordable rate.
We covered quite a bit of information on how to lower your BMW 535i insurance rates. The key concept to understand is the more providers you compare, the better your chances of lowering your rates. Consumers may even find the lowest rates come from the smaller companies. These smaller insurers may have significantly lower rates on certain market segments than the large multi-state companies such as Progressive and GEICO.
For more Texas car insurance information
Much more information about car insurance in Texas is available on the website for the Texas Department of Insurance through this link. Texas consumers can get help finding coverage, read enforcement actions against agents and companies, and view agent and company licensing information.