Shocking but true, the vast majority of consumers have remained with the same insurance company for at least four years, and about 40% of consumers have never compared rates from other carriers. Baltimore consumers could pocket 55% a year just by shopping around, but they don’t understand how simple it is to find affordable insurance by shopping around.
Really, the only way to save on BMW X3 insurance is to begin comparing prices regularly from insurance carriers in Baltimore. Prices can be compared by following these steps.
First, take a little time to learn about how auto insurance works and the changes you can make to lower rates. Many policy risk factors that result in higher rates such as traffic citations, accidents, and poor credit history can be rectified by making minor changes in your lifestyle. Later in this article we will cover additional ideas to help prevent expensive coverage and find discounts that may have been missed.
Second, quote rates from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only quote rates from one company like GEICO or Farmers Insurance, while independent agencies can give you price quotes for many different companies.
Third, compare the new quotes to your existing coverage and see if there is a cheaper rate in Baltimore. If you find better rates and decide to switch, make sure there is no coverage gap between policies.
Fourth, notify your current company of your decision to cancel your existing policy and submit a down payment along with a completed application for your new coverage. Immediately upon receiving it, place the new certificate of insurance in an easily accessible location.
The most important part of shopping around is to use the same amount of coverage on every quote and and to get rates from every company you can. Doing this guarantees a fair price comparison and a complete rate analysis.
If you already have coverage or are just looking to switch companies, use these tips to cut your premiums without having to cut coverage. Comparison shopping for the most affordable protection in Baltimore is not as confusing as people think. Smart buyers just need to understand the most time-saving way to buy insurance online from multiple companies.
The companies shown below have been selected to offer price quotes in Maryland. To buy cheap car insurance in Maryland, we recommend you get prices from several of them in order to find the most competitive rates.
Three reasons to not skimp on auto insurance
Even though it’s not necessarily cheap to insure a BMW in Baltimore, maintaining insurance may be required and benefits you in several ways.
- Most states have compulsory liability insurance requirements which means you are required to buy a specific level of liability in order to license the vehicle. In Maryland these limits are 30/60/15 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you took out a loan on your vehicle, almost all lenders will stipulate that you have full coverage to guarantee loan repayment. If you default on your policy, the bank will be required to insure your BMW at a much higher rate and require you to pay much more than you were paying before.
- Auto insurance preserves not only your BMW X3 but also your assets. It will also cover medical bills for not only you but also any passengers injured in an accident. Liability insurance also pays expenses related to your legal defense if you are sued as the result of an accident. If mother nature or an accident damages your car, collision and comprehensive coverages will cover the damage repairs after a deductible is paid.
The benefits of buying auto insurance definitely exceed the price paid, particularly for liability claims. Today the average American driver is overpaying more than $865 each year so it’s recommended you shop around at every renewal to save money.
Rate information and statistics
The coverage table shown below outlines different coverage costs for BMW X3 models. Having insight into how rate quotes are established is important for making smart choices when buying a car insurance policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|X3 3.0I xDrive AWD 4-Dr||$312||$566||$414||$24||$124||$1,440||$120|
|Get Your Own Custom Quote Go|
Data based on married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Maryland minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, multi-vehicle, and claim-free. Premium costs do not factor in specific zip code location which can impact insurance rates noticeably.
The diagram below illustrates how choosing a deductible and can increase or decrease BMW X3 yearly insurance costs for different age groups of insureds. The rate quotes are based on a married female driver, comp and collision included, and no discounts are applied.
Car insurance cost for men versus women in Baltimore
The example below visualizes the comparison of BMW X3 insurance costs for male and female drivers. The rate quotes are based on no driving violations, no at-fault accidents, full coverage, $250 deductibles, marital status is single, and no policy discounts are applied.
Liability only or full coverage
The illustration below visualizes the comparison of BMW X3 auto insurance costs when comparing full coverage to liability only. The costs are based on a clean driving record, no at-fault accidents, $250 deductibles, drivers are not married, and no discounts are applied to the premium.
When to stop buying comprehensive and collision coverage
There is no set rule of when to eliminate physical damage coverage on your policy, but there is a general guideline. If the annual cost of coverage is more than 10% of any settlement you would receive from your insurance company, then it might be time to buy liability only.
For example, let’s assume your BMW X3 replacement cost is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, you would only receive $8,000 after you pay the deductible. If you are paying over $800 annually to have full coverage, then it’s probably a good time to buy liability coverage only.
There are some situations where removing full coverage is not in your best interest. If you still have a lienholder on your title, you must maintain physical damage coverage to protect the lienholder’s interest in the vehicle. Also, if you don’t have enough money to buy a different vehicle if your current one is totaled, you should not opt for liability only.
Slash rates with these discounts on BMW X3 insurance in Baltimore
Some companies don’t always advertise all their discounts in a way that’s easy to find, so the list below contains some of the more common and the harder-to-find credits that may apply to you.
- Theft Prevention Discount – Vehicles that have factory anti-theft systems can help prevent theft and will save you 10% or more on X3 insurance in Baltimore.
- Discounts for New Vehicles – Buying a new car model is cheaper compared to insuring an older model.
- Student Discounts – A discount for being a good student can be rewarded with saving of up to 25%. Most companies allow this discount well after school through age 25.
- Low Miles Discount – Driving fewer miles can qualify you for lower premium rates due to less chance of an accident.
- Active Military Service – Being on active deployment in the military can result in better car insurance rates.
A quick disclaimer, most credits do not apply to the entire cost. The majority will only reduce the price of certain insurance coverages like collision or personal injury protection. Despite the appearance that you can get free auto insurance, companies don’t profit that way. Any amount of discount will definitely lower your premiums.
The illustration below illustrates the difference between BMW X3 insurance premiums with and without policy discounts. The rate quotes are based on a female driver, no accidents, no driving violations, Maryland 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 multi-car, marriage, homeowner, claim-free, safe-driver, and multi-policy discounts applied.
Auto insurance companies that possibly offer these discounts include:
When getting a coverage quote, ask each company which discounts you qualify for. Some credits may not apply to policyholders in your area. To see providers that offer discounts in Maryland, follow this link.
When to contact an insurance agency
Certain consumers just prefer to get professional advice from a licensed agent and that can be a great decision Professional agents are trained to spot inefficiencies and give you someone to call. An additional benefit of comparing insurance online is you can get cheaper rates and still have a local agent. Buying from local insurance agencies is important particularly in Baltimore.
After completing this simple form, the quote information is emailed to local insurance agents in Baltimore who will gladly provide quotes to get your business. It simplifies rate comparisons since you won’t have to contact any agents because prices are sent to you instantly. If you want to get a price quote for a specific company, feel free to visit that company’s website and give them your coverage information.
When researching local Baltimore agents, you must know there are a couple different types of agents and how they are distinctly different. Agencies in Baltimore may be either exclusive or independent (non-exclusive). Either can properly insure your vehicles, but it’s important to point out the differences because it can factor into which agent you choose.
Independent Insurance Agents (or Brokers)
Agents of this type do not write with just one company so as a result can place your coverage with multiple insurance companies and find you cheaper rates. If your premiums go up, the agent simply finds a different carrier which makes it simple for you.
If you are comparing rate quotes, you will definitely want to get several quotes from several independent agencies for the best price selection. Many independent agencies also insure through additional companies that you may not be familiar with that may have much lower rates than larger companies.
Below is a partial list of independent agents in Baltimore that may be able to provide free price quotes.
- Upper Chesapeake Insurance Agency Inc
900 S Charles St – Baltimore, MD 21230 – (410) 385-0455 – View Map
- Mason and Carter Inc
23 South St – Baltimore, MD 21202 – (410) 539-6767 – View Map
- Hill Point Insurance LLC
1400 S Charles St – Baltimore, MD 21230 – (410) 779-9272 – View Map
Exclusive Insurance Agencies
These type of agents can only write with one company such as Farmers Insurance, State Farm, or Allstate. Exclusive agents cannot provide other company’s prices so they are skilled at selling on more than just price. They are very knowledgeable on what they offer which aids in selling service over price. Consumers sometimes buy insurance from these agents primarily because of the prominence of the brand and the convenience of having a single billing for all their coverages.
Listed below is a short list of exclusive insurance agents in Baltimore willing to provide comparison quotes.
- Mimi Brown – State Farm Insurance Agent
911 S Lakewood Ave – Baltimore, MD 21224 – (410) 878-0232 – View Map
- Raul Braun – State Farm Insurance Agent
8609 Old Harford Rd – Baltimore, MD 21234 – (410) 663-3100 – View Map
- Kennedy Ins Agency – Progressive Insurance
410 Ingleside Ave – Baltimore, MD 21214 – (410) 719-6006 – View Map
Finding the right auto insurance agent requires more thought than just the premium amount. Ask your prospective agent these questions:
- Do they assist clients in filing claims?
- Do they review policy coverages at every renewal?
- How many years have they been established?
- Is the coverage adequate for your vehicle?
- Are glass claims handled on-site or do you have to take your vehicle to a repair shop?
Be persistent to save money
We’ve covered a lot of information how to find lower-cost BMW X3 insurance in Baltimore. The key concept to understand is the more quotes you get, the better your comparison will be. Consumers may even find the lowest premium rates are with a company that doesn’t do a lot of advertising.
Insureds who switch companies do it for any number of reasons including high prices, high rates after DUI convictions, policy cancellation and even policy non-renewal. It doesn’t matter why you want to switch switching auto insurance companies is not as difficult as it may seem.
When trying to cut insurance costs, it’s a bad idea to buy less coverage just to save a little money. There are a lot of situations where an insured cut liability limits or collision coverage and found out when filing a claim that the savings was not a smart move. The ultimate goal is to buy enough coverage for the lowest cost, but don’t skip important coverages to save money.
Additional learning opportunities
- Vehicle Insurance in the U.S. (Wikipedia)
- Who Has Cheap Auto Insurance for a Dodge Ram in Baltimore? (FAQ)
- Who Has Cheap Auto Insurance Quotes for Drivers Over Age 70 in Baltimore? (FAQ)
- Liability Insurance Coverage (Nationwide)
- Auto Crash Statistics (Insurance Information Institute)
- How Much Auto Coverage do I Need? (Insurance Information Institute)