Anyone knows that car insurance companies don’t want you to look for a cheaper policy. People who shop around once a year are inclined to move their business because there is a good probability of getting low-cost coverage. A recent survey discovered that people who routinely shopped for cheaper coverage saved as much as $865 a year compared to drivers who didn’t regularly shop around.
If finding the lowest rates on car insurance in Colorado Springs is your intention, then learning about the best ways to shop for car insurance can save time and money.
It takes a little time, but the best way to find affordable quotes for auto insurance rates is to do a yearly price comparison from insurers that sell auto insurance in Colorado Springs.
- First, it will benefit you to learn about what is in your policy and the things you can change to drop your rates. Many policy risk factors that drive up the price like accidents, traffic tickets, and a low credit score can be remedied by improving your driving habits or financial responsibility.
- Second, request price quotes from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can only give prices from a single company like Progressive or Farmers Insurance, while agents who are independent can provide price quotes from multiple companies. Compare rates
- Third, compare the price quotes to the premium of your current policy to see if a cheaper rate is available in Colorado Springs. If you find a better price and decide to switch, make sure there is no coverage gap between policies.
- Fourth, notify your agent or company to cancel your current policy and submit the required down payment along with the signed application to the newly selected company. Once coverage is bound, safely store the certificate verifying coverage in an easily accessible location in your vehicle.
One important bit of advice is to make sure you’re comparing identical limits and deductibles on every quote and and to get price quotes from as many different companies as possible. Doing this ensures a fair price comparison and a complete price analysis.
Components of Your BMW 535i Insurance Rates
Lots of things are used when premium rates are determined. Some of the criteria are obvious like an MVR report, although some other factors are not as apparent like your continuous coverage or your vehicle rating. Consumers need to have an understanding of some of the factors that come into play when calculating the rates you pay for auto insurance. When you understand what impacts premium levels, this allows you to make good choices that may result in big savings.
The items below are some of the major factors auto insurance companies consider when setting premiums.
- Multiple policies with one company can save – Lots of auto insurance companies will award discounts to buyers that buy multiple policies, otherwise known as a multi-policy discount. Even if you already get this discount, it’s in your best interest to get quotes from other companies to help guarantee you have the best rates.There is a good possibility that you can find lower rates by buying from different companies
- Don’t cancel your auto insurance without a new one in place – Driving without insurance coverage in place can get your license suspended and you will pay a penalty because you let your insurance lapse for non-payment. Not only will you pay higher rates, not being able to provide proof of insurance might get you fines and jail time. You may then be required to provide proof of insurance in the form of an SR-22 filing with the Colorado motor vehicle department to get your license reinstated.
Experienced drivers pay less – Inexperience drivers are proven to be more careless with other occupants in the car and because of this, their auto insurance rates are much higher. Older people tend to be more responsible, are lower risk to insure, and are generally more financially stable.
The next chart uses these assumptions: single driver, full coverage with $100 deductibles, and no discounts or violations.
- Your address can modify costs – Being located in areas with lower population has definite advantages when insuring your vehicles. Urban drivers have to deal with more traffic problems and higher rates of accident claims. Lower population means a lower chance of having an accident in addition to fewer liability claims.
Prices go up with performance – The make and model of the vehicle you drive makes a big difference in your premium level. The cheapest insurance rates will normally be found when insuring smaller low performance passenger vehicles, but the final cost of insurance is determined by many other factors.
The following chart uses these assumptions: single male driver age 40, full coverage with $1000 deductibles, and no discounts or violations. It illustrates BMW 535i rates compared to other models of vehicles that have a range of risk factors.
- File claims and pay more – If you’re an insured who likes to file claims you can expect either a policy non-renewal or much higher rates. Auto insurance companies in Colorado give lower rates to insureds who only file infrequent claims. Auto insurance is designed for claims that pose a financial burden.
- Liability coverage is peace of mind – The liability coverage on your policy will protect you if you are responsible for damages from an accident. It provides for a legal defense which can cost a lot. This coverage is very inexpensive as compared to coverage for physical damage, so buy as much as you can afford.
All major car insurance companies allow you to get insurance quotes from their websites. Getting online rates for BMW 535i insurance in Colorado Springs is fairly straightforward as all you need to do is type in your coverage information on the page. When the form is submitted, the company’s rating system will obtain your driving and credit reports and quotes a price based on many factors.
Using the web to get price quotes for BMW 535i insurance in Colorado Springs makes it simple to compare prices and it’s also necessary to do this if you want to get the best rate possible.
To save time and compare pricing, compare rates now from the companies shown below. If you have your current policy handy, we recommend you copy the coverages as close as possible to your current policy. Using the same limits helps guarantee you will get rate comparison quotes for exact coverage.
The companies shown below can provide price comparisons in Colorado. To get the best auto insurance in CO, it’s a good idea that you click on several of them to get the lowest price.
BMW 535i insurance statistics and information
The coverage table displayed below highlights a range of insurance rates for BMW 535i models. Learning how insurance policy rates are established can be valuable when making informed decisions when comparing rate quotes.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|535I 4-Dr Sedan||$300||$652||$426||$26||$128||$1,532||$128|
|535I xDrive Station Wagon||$300||$652||$426||$26||$128||$1,532||$128|
|535I GT 4-Dr Sedan||$300||$652||$426||$26||$128||$1,532||$128|
|535I xDrive 4-Dr Sedan||$328||$652||$426||$26||$128||$1,560||$130|
|Get Your Own Custom Quote Go|
Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Colorado minimum liability limits. Discounts applied include safe-driver, claim-free, homeowner, multi-vehicle, and multi-policy. Premium costs do not factor in specific location information which can impact prices considerably.
Drive safe and save
The example below demonstrates how speeding tickets and at-fault collisions can raise BMW 535i car insurance costs for different age groups of insureds. The premiums assume a married male driver, full physical damage coverage, $500 deductibles, and no policy discounts are applied.
Males versus Females
The diagram below shows the difference between BMW 535i insurance costs for male and female drivers. The price estimates are based on a clean driving record, no claims, full coverage, $100 deductibles, marital status is single, and no additional discounts are factored in.
Full coverage rates vs. liability-only
The chart below visualizes the comparison of BMW 535i car insurance rates when comparing full coverage to liability only. The rates are based on no accidents, no driving violations, $1,000 deductibles, single status, and no other discounts are factored in.
Should you be buying full coverage?
There is no exact formula of when to phase out comp and collision coverage, but there is a general guideline. If the annual cost of having full coverage is more than around 10% of replacement cost minus your deductible, then it may be the right time to buy liability only.
For example, let’s pretend your BMW 535i book value is $6,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $5,000 after the policy deductible has been paid. If you are paying more than $500 annually for comprehensive and collision coverage, then you may need to consider dropping full coverage.
There are some cases where only buying liability is not a good plan. If you haven’t satisfied your loan, you have to keep full coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle if your current one is damaged, you should not drop full coverage.
Auto insurance is not optional
Even though it can be expensive, paying for auto insurance is not optional due to several reasons.
- Almost all states have mandatory insurance requirements which means you are required to buy specific minimum amounts of liability insurance in order to be legal. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you took out a loan on your BMW 535i, most lenders will make it a condition of the loan that you have full coverage to guarantee payment of the loan. If the policy lapses, the lender may have to buy a policy to insure your BMW at a significantly higher premium and make you pay for the expensive policy.
- Insurance safeguards both your assets and your vehicle. It will also cover medical expenses for yourself as well as anyone injured by you. Liability insurance, one of your policy coverages, will also pay to defend you if you are sued as the result of an accident. If you have damage to your BMW as the result of the weather or an accident, comprehensive and collision coverage will cover the damage repairs after a deductible is paid.
The benefits of insuring your 535i are without a doubt worth the cost, particularly if you ever have a claim. Today the average American driver is wasting up to $865 each year so you should quote your policy with other companies at every renewal to make sure the price is not too high.
Save with these discounts
The cost of insuring your cars can be expensive, but there may be some discounts to cut the cost considerably. Certain discounts will be triggered automatically at the time you complete a quote, but some must be inquired about before they will apply. If you are not receiving all the discounts possible, it’s possible you qualify for a lower rate.
- Air Bag Discount – Cars that have air bags or automatic seat belts can receive discounts of more than 20%.
- Memberships – Having an affiliation with specific professional or occupational memberships or organizations is a simple method to lower premiums when getting a Colorado Springs car insurance quote.
- Include Life Insurance and Save – Insurance carriers who offer life insurance give a break if you buy a life insurance policy as well.
- Low Mileage – Fewer annual miles on your BMW can qualify you for lower rates on the low mileage vehicles.
- Driver Training Discounts – Completing a class that teaches defensive driver techniques could save 5% or more if you qualify.
- Discounts for Safe Drivers – Drivers who avoid accidents may save up to 50% more than drivers with accident claims.
- Accident Forgiveness Coverage – This one isn’t a discount, but some insurance companies may permit one accident without the usual rate increase if you have no claims for a particular time prior to the accident.
Just know that some credits don’t apply to the whole policy. Most only apply to the cost of specific coverages such as comp or med pay. Despite the fact that it seems like having all the discounts means you get insurance for free, companies don’t profit that way.
The example below shows the difference between BMW 535i yearly insurance costs with and without discounts. The information is based on a female driver, no claims or violations, Colorado state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, multi-car, multi-policy, homeowner, safe-driver, and marriage discounts applied.
Popular auto insurance companies and their possible discounts can be found below.
- Progressive has savings for online signing, homeowner, online quote discount, good student, multi-policy, and continuous coverage.
- GEICO may have discounts that include anti-lock brakes, emergency military deployment, federal employee, defensive driver, good student, five-year accident-free, and multi-vehicle.
- State Farm offers premium reductions for driver’s education, good student, safe vehicle, Drive Safe & Save, multiple policy, passive restraint, and good driver.
- Esurance has discounts for Pac-12 alumni, Switch & Save, anti-theft, renters, and anti-lock brakes.
- The Hartford discounts include defensive driver, anti-theft, vehicle fuel type, bundle, and driver training.
If you need affordable Colorado Springs car insurance quotes, ask each insurance company to apply every possible discount. A few discounts may not be offered in Colorado Springs. To choose companies that offer multiple discounts in Colorado, click this link.
What if I want to buy from local Colorado Springs auto insurance agents?
Many people would rather get advice from a local agent and that is a personal choice. One of the best bonuses of getting free rate quotes online is you can get cheap car insurance rates and still choose a local agent. Buying from and supporting small agencies is important particularly in Colorado Springs.
For easy comparison, once you complete this form (opens in new window), your insurance data is sent to insurance agents in Colorado Springs who will give competitive quotes for your insurance coverage. You won’t need to search for an agent since rate quotes are delivered straight to your inbox. You can find the lowest rates without having to waste a lot of time. If for some reason you want to get a comparison quote from a specific company, you just need to go to their quote page and give them your coverage information.
If you are wanting to purchase car insurance from a local insurance agency, there are two different agency structures and how they can service your needs differently. Insurance agencies in Colorado Springs are either independent or exclusive depending on the company they work for.
Independent Insurance Agents
Agents of this type are not employed by any specific company and that allows them to write policies with a variety of different insurance companies and help determine which has the cheapest rates. To transfer your coverage to a different company, they simply switch companies in-house which is easy for the insured. If you are trying to find cheaper rates, you definitely need to get some free quotes from at a minimum one independent agency to have the best price comparison. Most also write with smaller companies who may have lower rates.
Listed below are Colorado Springs independent insurance agents who may be able to give you cheap rate quotes.
- ALINK Insurance Services- Colorado Springs Location
2407 W Colorado Ave – Colorado Springs, CO 80904 – (719) 473-6262 – View Map
- Southern Colorado Insurance Center
4390 Academy Blvd N – Colorado Springs, CO 80918 – (719) 329-4441 – View Map
- O’Donnell Agency Inc
707 S Tejon St – Colorado Springs, CO 80903 – (719) 227-7100 – View Map
Exclusive Car Insurance Agencies
Exclusive insurance agents work for only one company like Farmers Insurance, State Farm, Allstate, and AAA. Exclusive agencies are unable to give you multiple price quotes so they have to upsell other benefits. Exclusive insurance agents are well schooled on sales techniques which helps them sell on service rather than price. A lot of people purchase coverage from exclusives mainly due to the prominence of the brand and the convenience of having a single billing for all their coverages.
The following are Colorado Springs exclusive insurance agencies willing to provide comparison quotes.
- Kelly Muse – State Farm Insurance Agent
1635 W Uintah St D – Colorado Springs, CO 80904 – (719) 329-1818 – View Map
- Carlos Gonzalez, Jr. – State Farm Insurance Agent
1710 S Circle Dr – Colorado Springs, CO 80910 – (719) 900-7431 – View Map
- John Hall – State Farm Insurance Agent
1614 Academy Blvd N b – Colorado Springs, CO 80909 – (719) 596-1414 – View Map
Picking an auto insurance agent should depend on more than just a cheap price quote. Any good agent in Colorado Springs should know the answers to these questions.
- Does the company allow you to choose your own collision repair facility?
- Can you get a list of referrals?
- Are they able to influence company decisions when a claim is filed?
- Does the company have a solid financial rating?
- Does the agency have a current Errors and Omissions policy?
- Which company do they place the most coverage with?
- Are all drivers listed on the coverage quote?
- How would your car be valued if totaled?
Upon getting positive responses as well as a price you’re happy with, it’s a good possibility that you have found an insurance agency that is reputable and can insure your vehicles.
How do I know if I need professional advice?
When quoting and choosing coverage online or from an agent, there isn’t really a cookie cutter policy. Everyone’s needs are different and your insurance should be unique as well.
For instance, these questions may help highlight if your insurance needs would benefit from professional advice.
- How high should my medical payments coverage be?
- What if I owe more than I can insure my car for?
- Do I need higher collision deductibles?
- Do I need replacement cost coverage on my BMW 535i?
- When can I cancel my policy?
- When should I not buy collision coverage?
- Is upholstery damage covered by car insurance?
- Why am I required to buy high-risk coverage?
- Where can I find DUI or SR-22 insurance?
- Does my liability insurance cover pulling a trailer or camper?
If you don’t know the answers to these questions, you may need to chat with a licensed insurance agent. If you don’t have a local agent, fill out this quick form or you can go here for a list of companies in your area.
Smart shoppers get results
We just showed you some good ideas how you can get a better price on BMW 535i insurance in Colorado Springs. It’s most important to understand that the more quotes you get, the higher the chance of saving money. You may even find the lowest car insurance rates are with the least-expected company. Regional companies may only write in your state and offer lower premium rates compared to the large companies like Progressive and GEICO.
When you buy Colorado Springs car insurance online, you should never buy less coverage just to save a little money. There have been many situations where drivers have reduced uninsured motorist or liability limits only to discover later that it was a big mistake. Your objective should be to buy enough coverage at an affordable rate.
Some companies may not provide online quoting and most of the time these regional carriers only sell through independent agents. More affordable auto insurance in Colorado Springs is definitely available both online as well as from insurance agents, and you should compare rates from both in order to have the best price selection to choose from.
Additional information is located at the links below
- Auto Insurance 101 (About.com)
- How Much are Colorado Springs Auto Insurance Quotes for a Toyota Camry? (FAQ)
- Distracted Driving Extends Beyond Texting (State Farm)
- Neck Injury FAQ (iihs.org)