It’s an obvious statement that insurance companies want to keep you from comparing rates. Drivers who get price comparisons will, in all likelihood, buy a different policy because they have good chances of finding a policy with more affordable rates. A recent survey discovered that consumers who compared rates annually saved about $72 a month as compared to drivers who don’t regularly compare prices.
If saving the most money on auto insurance in Colorado Springs is your ultimate goal, then having an understanding of how to get price quotes and compare insurance rates can help you succeed in finding affordable rates.
The best way we recommend to get affordable BMW X3 insurance in Colorado Springs is to do an annual price comparison from providers who provide car insurance in Colorado.
- First, learn about coverages and the measures you can take to prevent expensive coverage. Many rating factors that are responsible for high rates such as traffic citations, accidents, and a low credit rating can be remedied by being financially responsible and driving safely. Continue reading for more details to prevent high rates and find missing discounts.
- Second, get rate quotes from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can only provide price estimates from one company like Progressive or State Farm, while independent agents can provide price quotes from multiple companies.
- Third, compare the new rate quotes to your current policy premium and determine if cheaper X3 coverage is available in Colorado Springs. If you find a lower rate quote and decide to switch, make sure the effective date of the new policy is the same as the expiration date of the old one.
- Fourth, give proper notification to your current agent or company to cancel your current policy. Submit payment along with a signed and completed policy application for your new coverage. As soon as you can, put the new proof of insurance paperwork in your glove compartment.
A crucial key to this process is to make sure you’re comparing the same level of coverage on each quote and to quote with all possible companies. This ensures a level playing field and a complete rate analysis.
Coverage analysis
The coverage table shown below highlights estimates of policy rates for BMW X3 models. Learning as much as possible about how policy premiums are established can help drivers make smart choices when choosing a car insurance company.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| X3 3.0I xDrive AWD 4-Dr | $364 | $836 | $456 | $28 | $136 | $1,820 | $152 |
| Get Your Own Custom Quote Go | |||||||
Data based on single female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, safe-driver, and claim-free. Premium costs do not factor in Colorado Springs location which can change coverage rates greatly.
The information below demonstrates how deductible levels and can change BMW X3 insurance costs for each different age category. The price estimates are based on a single female driver, comprehensive and collision coverage, and no policy discounts are applied.
Impact of speeding/accidents on insurance rates
The illustration below highlights how speeding tickets and at-fault collisions raise BMW X3 insurance rates for different insured age categories. The price estimates are based on a married female driver, comprehensive and collision coverage, $100 deductibles, and no discounts are factored in.
Price comparison of only insuring for liability
The diagram below shows the comparison of BMW X3 car insurance rates with full physical damage coverage compared to only buying liability only. The data assumes no accidents, no driving violations, $1,000 deductibles, single marital status, and no policy discounts are applied.
When to drop comprehensive and collision coverage
There is no specific rule of when to drop full coverage on your policy, but there is a guideline you can consider. If the annual cost of having full coverage is about 10% or more of any settlement you would receive from your insurance company, then you may need to consider dropping full coverage.
For example, let’s say your BMW X3 book value is $6,000 and you have $1,000 deductibles. If your vehicle is severely damaged, you would only receive $5,000 after you pay the deductible. If you are paying more than $500 a year for physical damage coverage, then it may be the right time to buy liability only.
There are some circumstances where eliminating full coverage is not in your best interest. If you still have a lienholder on your title, you have to maintain full coverage to protect the lienholder’s interest. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should keep full coverage on your policy.
Auto insurance 101
Learning about specific coverages of insurance can be of help when determining which coverages you need for your vehicles. Policy terminology can be confusing and even agents have difficulty translating policy wording. Listed below are typical coverages found on the average insurance policy.
Medical expense coverage
Personal Injury Protection (PIP) and medical payments coverage reimburse you for expenses for things like EMT expenses, nursing services, prosthetic devices, surgery and X-ray expenses. They are often used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. Coverage applies to both the driver and occupants and also covers being hit by a car walking across the street. Personal Injury Protection is not available in all states but can be used in place of medical payments coverage
Uninsured or underinsured coverage
Uninsured or Underinsured Motorist coverage gives you protection from other motorists when they either are underinsured or have no liability coverage at all. It can pay for hospital bills for your injuries and also any damage incurred to your BMW X3.
Due to the fact that many Colorado drivers only carry the minimum required liability limits (which is 25/50/15), their liability coverage can quickly be exhausted. So UM/UIM coverage is very important. Usually the UM/UIM limits are similar to your liability insurance amounts.
Coverage for collisions
Collision coverage will pay to fix damage to your X3 resulting from a collision with another car or object. You first must pay a deductible and then insurance will cover the remainder.
Collision coverage pays for things like hitting a parking meter, crashing into a building and backing into a parked car. This coverage can be expensive, so consider removing coverage from vehicles that are 8 years or older. Drivers also have the option to choose a higher deductible on your X3 in order to get cheaper collision rates.
Liability insurance
Liability coverage will cover damage that occurs to people or other property that is your fault. Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see policy limits of 25/50/15 which stand for $25,000 in coverage for each person’s injuries, a per accident bodily injury limit of $50,000, and a total limit of $15,000 for damage to vehicles and property. Alternatively, you may have a combined limit which combines the three limits into one amount with no separate limits for injury or property damage.
Liability can pay for things such as medical expenses, structural damage and legal defense fees. The amount of liability coverage you purchase is a decision to put some thought into, but it’s cheap coverage so purchase as large an amount as possible. Colorado state law requires minimum liability limits of 25/50/15 but you should think about purchasing more coverage.
The chart below demonstrates why minimum state limits may not be adequate.
Comprehensive protection
Comprehensive insurance will pay to fix damage caused by mother nature, theft, vandalism and other events. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive can pay for things such as falling objects, damage from flooding and hitting a deer. The maximum amount your insurance company will pay is the cash value of the vehicle, so if the vehicle is not worth much it’s not worth carrying full coverage.
The best insurance company isn’t always the cheapest
When searching for affordable Colorado Springs auto insurance quotes, make sure you don’t reduce needed coverages to save money. There are too many instances where an insured dropped liability limits or collision coverage and found out when filing a claim that a couple dollars of savings turned into a financial nightmare. Your goal should be to purchase plenty of coverage at the best possible price, but do not skimp to save money.
We just showed you a lot of techniques to compare BMW X3 insurance premium rates in Colorado Springs. It’s most important to understand that the more companies you get prices for, the higher your chance of finding affordable BMW X3 insurance quotes. You may even be surprised to find that the best premium rates are with an unexpected company. These smaller insurers may have significantly lower prices on certain market segments compared to the large companies like Progressive and GEICO.
More tips and info about car insurance is located in these articles:
- Drunk Driving Statistics (Insurance Information Institute)
- Who Has Affordable Colorado Springs Car Insurance Rates for Drivers Under 25? (FAQ)
- Who Has the Cheapest Colorado Springs Car Insurance Rates for a 20 Year Old Male? (FAQ)
- Who Has Affordable Colorado Springs Auto Insurance for Nurses? (FAQ)
- Who Has the Cheapest Colorado Springs Car Insurance Rates for a Ford Explorer? (FAQ)
- How Much is Auto Insurance for Low Credit Scores in Colorado Springs? (FAQ)
- Who Has Cheap Car Insurance Quotes for Safe Drivers in Colorado Springs? (FAQ)
- Shopping for a Safe Car (Insurance Information Institute)
- Teen Driver Statistics (Insurance Information Institute)