Find Cheaper BMW 328i Insurance in Baltimore

A recent survey discovered that a large majority of consumers have remained with the same auto insurance company for over three years, and nearly 40% of drivers have never compared quotes from other companies. Most drivers in the U.S. could save almost 46.5% every year just by getting comparison quotes, but they don’t understand how simple it is to find lower-cost auto insurance rates.

The best way to find the cheapest price for car insurance rates is to start doing a yearly price comparison from different companies in Baltimore. Price quotes can be compared by following these guidelines.

First, read and learn about how insurance companies determine prices and the modifications you can make to prevent expensive coverage. Many things that drive up the price such as speeding tickets, careless driving and an unacceptable credit history can be eliminated by making minor changes to your lifestyle. Keep reading for more ideas to help keep rates affordable and find hidden discounts.

Second, obtain price quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only provide price estimates from a single company like Progressive and State Farm, while agents who are independent can quote prices from multiple insurance companies.

Third, compare the new rate quotes to your existing policy to see if you can save by switching companies. If you can save money, make sure there is no coverage gap between policies.

Fourth, give proper notification to your current agent or company to cancel your current car insurance policy and submit the completed application along with a down payment to your new agent or company. As soon as you have the new policy, keep the new certificate verifying proof of insurance in your vehicle.

A key point to remember is to try to use similar deductibles and liability limits on each price quote and and to get prices from every insurance company. Doing this guarantees an apples-to-apples comparison and maximum price selection.

BMW 328i coverage analysis

The price information displayed below showcases different insurance prices for BMW 328i models. Understanding more about how insurance policy premiums are calculated is important for you to make smart policy decisions.

Data variables include single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Maryland minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, claim-free, and safe-driver. Price estimates do not factor in specific location information which can change premium rates considerably.

Raise deductibles and save

When buying car insurance, a common question is where should you set your physical damage deductibles. The data tables below illustrate the premium difference between low and high physical damage deductibles. The first set of rates uses a $100 deductible for comprehensive and collision coverage and the second rate table uses a $1,000 deductible.

Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Maryland minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, claim-free, and multi-policy. Rate information does not factor in specific location which can decrease or increase auto insurance rates noticeably.

Based on this data, we can arrive at the conclusion that using a $100 deductible will cost you about $51 more each month or $612 a year than quoting the higher $1,000 deductible. Since you would pay $900 more to file a claim with a $1,000 deductible as compared to a $100 deductible, if you normally average at a minimum 18 months between claims, you would most likely save money by selecting a higher deductible. The table below illustrates a better example of how this calculation is made.

One important issue to know is that a higher deductible means you will have to pay more when you have a comprehensive or collision claim. You need to make sure you have some non-essential savings in the event you have to pay the deductible to have repairs made.

Companies offer many types of discounts on BMW 328i insurance in Baltimore

Car insurance can be pricey, but there are discounts available that may help make it more affordable. Some discounts will apply when you get a quote, but once in a while a discount must be requested specifically before you will receive the discount.

• Sign Early and Save – A few car insurance companies allow discounts for signing up prior to your current 328i insurance policy expiration. The savings is around 10%.
• Low Mileage Discounts – Low annual miles may enable drivers to earn cheaper prices.
• Drive Safe and Save – Accident-free drivers can save as much as half off their rates than their less cautious counterparts.
• Student Discount for Driver Training – Have your child enroll in driver’s education in school.
• Discounts for Multiple Vehicles – Buying a policy with more than one vehicle on one policy can get a discount for every vehicle.
• Life Insurance Discount – Not all insurance carriers offer life insurance, but some may give you a discount if you purchase a life insurance policy as well.
• Save over 55 – If you’re over the age of 55, you may be able to get a small decrease in premiums.

Discounts reduce rates, but you should keep in mind that most credits do not apply to the whole policy. Most only reduce the cost of specific coverages such as comprehensive or collision. Just because it seems like you could get a free car insurance policy, it just doesn’t work that way.

The chart below visualizes the comparison of BMW 328i premium costs with and without discounts. The rate quotes are based on a male driver, a clean driving record, no claims, Maryland state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, multi-policy, multi-car, safe-driver, marriage, and homeowner discounts applied.

If you would like to choose from a list of providers with discount car insurance rates in Baltimore, click this link.

Specific coverages for a BMW 328i

Learning about specific coverages of your insurance policy helps when choosing the right coverages at the best deductibles and correct limits. The coverage terms in a policy can be ambiguous and reading a policy is terribly boring. These are typical coverages found on most insurance policies.

Comprehensive auto coverage

Comprehensive insurance coverage covers damage that is not covered by collision coverage. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive coverage pays for things such as fire damage, damage from a tornado or hurricane, damage from getting keyed, vandalism and theft. The most you’ll receive from a claim is the actual cash value, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.

Liability auto insurance

This protects you from damage that occurs to other’s property or people in an accident. Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have liability limits of 30/60/15 which means $30,000 in coverage for each person’s injuries, $60,000 for the entire accident, and a limit of $15,000 paid for damaged property. Alternatively, you may have a combined single limit or CSL which combines the three limits into one amount with no separate limits for injury or property damage.

Liability can pay for things such as court costs, medical services, attorney fees, structural damage and repair bills for other people’s vehicles. How much coverage you buy is your choice, but consider buying as large an amount as possible. Maryland state law requires minimum liability limits of 30/60/15 but you should consider buying higher limits.

The chart below shows why buying the state minimum limits may not be adequate.

Medical payments and PIP coverage

Personal Injury Protection (PIP) and medical payments coverage reimburse you for expenses like EMT expenses, X-ray expenses and hospital visits. The coverages can be used to fill the gap from your health insurance program or if you do not have health coverage. Medical payments and PIP cover all vehicle occupants as well as if you are hit as a while walking down the street. PIP is only offered in select states but it provides additional coverages not offered by medical payments coverage

UM/UIM (Uninsured/Underinsured Motorist) coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle when other motorists either have no liability insurance or not enough. It can pay for hospital bills for your injuries and damage to your BMW 328i.

Since many Maryland drivers carry very low liability coverage limits (30/60/15), it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage should not be overlooked. Most of the time your uninsured/underinsured motorist coverages do not exceed the liability coverage limits.

Auto collision coverage

Collision coverage will pay to fix damage to your 328i caused by collision with another car or object. You first must pay a deductible then your collision coverage will kick in.

Collision can pay for claims like sustaining damage from a pot hole, damaging your car on a curb, rolling your car and hitting a parking meter. This coverage can be expensive, so analyze the benefit of dropping coverage from lower value vehicles. Drivers also have the option to raise the deductible on your 328i to get cheaper collision coverage.

Don’t give up on affordable coverage

Budget-conscious BMW 328i insurance is possible both online and from local insurance agents, so you should be comparing quotes from both to have the best chance of lowering rates. Some auto insurance companies may not provide rates over the internet and these smaller companies only sell through local independent agents.

When you buy Baltimore car insurance online, it’s very important that you do not buy less coverage just to save a little money. There have been many situations where consumers will sacrifice liability limits or collision coverage and learned later that saving that couple of dollars actually costed them tens of thousands. The goal is to buy enough coverage at an affordable rate, but don’t skip important coverages to save money.

Helpful learning opportunities

• A Tree Fell on Your Car: Now What? (Allstate)
• Who Has Cheap Auto Insurance for Teenage Males in Baltimore? (FAQ)
• How Much is Car Insurance for Unemployed Drivers in Baltimore? (FAQ)
• No-Fault Auto Insurance Statistics (Insurance Information Institute)
• Safety Belts FAQ (iihs.org)