BMW 540i Insurance – 7 Discounts Consumers are Unaware of

Locating low-cost insurance for a BMW 540i can normally be difficult, but you can learn the following methods and make it easy. There are more efficient ways to find auto insurance online so you’re going to learn the quickest way to compare rates on a BMW and obtain the cheapest rates from both online companies and local agents.

If you currently have a car insurance policy, you will most likely be able to reduce your rates substantially using these techniques. Pricing the best auto insurance is simple if you know the tricks. Although drivers need to learn the methods companies use to sell insurance online and apply this information to your search.

Pay less by taking advantage of these seven discounts

Companies offering auto insurance don’t list all available discounts in an easy-to-find place, so we break down some of the best known and the harder-to-find savings tricks you should be using.

• Passive Restraints – Vehicles with factory air bags or automatic seat belts can receive discounts of up to 25% or more.
• Service Members Pay Less – Having a family member in the military could be rewarded with lower premiums.
• Discount for Swiching Early – A few companies offer discounts for switching to them before your current policy expires. The savings is around 10%.
• Multiple Policy Discount – If you have multiple policies with the same insurance company you could get a discount of up to 20% off your total premium.
• Accident Forgiveness – A handful of insurance companies allow you one accident before raising your premiums as long as you don’t have any claims for a set time period.
• Student in College – Kids in college living away from home attending college and do not have access to a covered vehicle can receive lower rates.
• New Car Discount – Putting insurance coverage on a new car can cost up to 25% less since new cars are generally safer.

A little note about advertised discounts, many deductions do not apply the the whole policy. Most cut the price of certain insurance coverages like physical damage coverage or medical payments. So despite the fact that it appears all the discounts add up to a free policy, you’re out of luck.

Parts of your auto insurance policy

Knowing the specifics of your policy helps when choosing the right coverages at the best deductibles and correct limits. The terms used in a policy can be ambiguous and coverage can change by endorsement.

Uninsured/Underinsured Motorist coverage

This gives you protection from other motorists when they either are underinsured or have no liability coverage at all. Covered claims include medical payments for you and your occupants as well as your vehicle’s damage.

Since many drivers only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is very important.

Comprehensive coverage

Comprehensive insurance will pay to fix damage from a wide range of events other than collision. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against claims like rock chips in glass, hail damage and vandalism. The most you can receive from a comprehensive claim is the cash value of the vehicle, so if the vehicle’s value is low it’s not worth carrying full coverage.

Liability coverages

This coverage protects you from damage or injury you incur to other people or property. Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see values of 100/300/100 which stand for $100,000 bodily injury coverage, $300,000 for the entire accident, and $100,000 of coverage for damaged propery.

Liability can pay for claims like court costs, attorney fees, funeral expenses and medical services. The amount of liability coverage you purchase is your choice, but consider buying as much as you can afford.

Medical payments coverage and PIP

Med pay and PIP coverage reimburse you for expenses for doctor visits, funeral costs, X-ray expenses and ambulance fees. They are utilized in addition to your health insurance program or if there is no health insurance coverage. Coverage applies to not only the driver but also the vehicle occupants and also covers if you are hit as a while walking down the street. Personal injury protection coverage is not an option in every state but it provides additional coverages not offered by medical payments coverage

Collision coverage

Collision coverage covers damage to your 540i from colliding with an object or car. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision coverage pays for things such as driving through your garage door, sustaining damage from a pot hole, rolling your car and damaging your car on a curb. This coverage can be expensive, so you might think about dropping it from vehicles that are 8 years or older. Another option is to raise the deductible to get cheaper collision coverage.

A little work can save a LOT of money

In this article, we presented many tips how you can shop for BMW 540i insurance online. It’s most important to understand that the more quotes you get, the better chance you’ll have of finding lower rates. Consumers could even find that the lowest rates come from a lesser-known regional company.

Consumers leave their current company for a number of reasons such as extreme rates for teen drivers, poor customer service, denial of a claim and even policy cancellation. Regardless of your reason, finding the right auto insurance provider can be pretty painless.

Lower-priced BMW 540i insurance can be found online and with local insurance agents, and you should be comparing both so you have a total pricing picture. Some companies do not offer online quoting and these smaller companies work with independent agents.