Finding low cost rates for BMW X5 insurance in Colorado Springs could be quite difficult for drivers who are new to online price comparisons. There are so many agents and companies to choose from that it can easily turn into a ton of work to locate the lowest price in Colorado.
How to save on BMW X5 insurance in Colorado Springs
The most effective way to get discount car insurance rates in Colorado Springs is to start comparing prices regularly from companies who can sell car insurance in Colorado. You can compare rates by following these guidelines.
First, try to understand policy coverages and the things you can change to prevent high rates. Many factors that result in higher prices like careless driving and a poor credit score can be controlled by paying attention to minor details.
Second, quote rates from direct, independent, and exclusive agents. Exclusive and direct companies can only provide price estimates from a single company like GEICO and State Farm, while independent agencies can give you price quotes from multiple sources.
Third, compare the price quotes to the premium of your current policy and determine if cheaper X5 coverage is available. If you find a better price and switch companies, ensure coverage does not lapse between policies.
Fourth, provide notification to your current company to cancel your current policy and submit a down payment along with a signed application for your new policy. Once coverage is bound, keep the new proof of insurance paperwork in a readily accessible location in your vehicle.
One key aspect when comparing rates is that you’ll want to compare similar coverage information on every quote and and to get rates from as many companies as possible. This enables a fair rate comparison and the most accurate and complete price analysis.
It’s shocking but the vast majority of insurance customers renewed their policy with the same company for a minimum of four years, and roughly 40% of drivers have never compared insurance rates at all. Colorado Springs consumers could save up to $605 every year by just comparing quotes, but they just don’t understand the big savings they would realize if they switch to a new company.
Quoting affordable policy in Colorado Springs is simple if you know the tricks. Just about every person who is shopping for auto insurance most likely will be able to reduce their rates. But Colorado vehicle owners must understand the way insurance companies determine what you pay and take advantage of how the system works.
Discounts can help lower premiums on BMW X5 insurance in Colorado Springs
The cost of insuring your cars can be expensive, but discounts can save money and there are some available that many consumers don’t even know exist. Some discounts will apply at the time you complete a quote, but some discounts are required to be specifically requested prior to receiving the credit.
- Accident Forgiveness – Not really a discount, but some insurance companies will allow you to have one accident without getting socked with a rate hike with the catch being you have to be claim-free for a particular time prior to the accident.
- Paper-free Discount – Many companies will give a small break for completing your application on your computer.
- Student Driver Training – Make teen driver coverage more affordable by requiring them to enroll and complete driver’s education in high school.
- Colorado Springs Homeowners Pay Less – Just owning your own home can save you money because of the fact that having a home is proof that your finances are in order.
- Low Mileage Discounts – Low annual miles may enable drivers to earn lower prices due to less chance of an accident.
- Bundled Policy Discount – If you can bundle your home and auto insurance with the same insurance company they may give you a discount of up to 20% and get you cheaper X5 insurance.
One last thing about discounts, some of the credits will not apply to the entire policy premium. Most only reduce individual premiums such as collision or personal injury protection. So even though they make it sound like all the discounts add up to a free policy, it just doesn’t work that way.
The example below shows the comparison of BMW X5 insurance premiums with and without policy discounts. The price estimates are based on a female driver, no claims, a clean driving record, Colorado state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, multi-policy, marriage, multi-car, claim-free, and safe-driver discounts applied.
Companies and a selection of discounts are:
- Progressive offers discounts for good student, online quote discount, multi-vehicle, online signing, continuous coverage, and homeowner.
- AAA has savings for education and occupation, anti-theft, multi-policy, AAA membership discount, and good student.
- Farmers Insurance policyholders can earn discounts including alternative fuel, pay in full, switch companies, youthful driver, and multi-car.
- GEICO discounts include membership and employees, air bags, seat belt use, anti-theft, and defensive driver.
- Esurance includes discounts for emergency road assistance, paid-in-full, online quote, multi-policy, and anti-theft.
- SAFECO has discounts for bundle discounts, homeowner, accident prevention training, drive less, teen safe driver, and anti-lock brakes.
- State Farm may include discounts for multiple autos, passive restraint, multiple policy, driver’s education, Steer Clear safe driver discount, good driver, and safe vehicle.
Check with all the companies which discounts can lower your rates. Discounts may not be available in every state. To choose companies who offer car insurance discounts in Colorado, click this link.
Most of the larger companies such as Progressive, Allstate and GEICO give price estimates from their websites. Doing online price comparisons for BMW X5 insurance in Colorado Springs is possible for anyone as you just enter your coverage preferences on the page. Once entered, the quote system requests your driving record and credit report and gives you a price quote based on the information you submitted.
This makes comparing rates easy, and it’s very important to compare as many rates as possible in order to find the lowest payment on insurance.
To find out if lower rates are available, visit the companies below or click here to submit a quote request to multiple companies at once. If you have your current policy handy, we recommend you duplicate coverages and limits as close as possible to your current policy. This guarantees you are getting a price comparison using the exact same coverages.
The companies shown below are our best choices to provide free rate quotes in Colorado Springs, CO. If your goal is to find cheaper car insurance in CO, we suggest you get price quotes from several of them to get the best price comparison.
Insurance coverage analysis
The information below highlights different coverage costs for BMW X5 models. Learning more about how premiums are figured can be useful when making smart choices when comparing insurance rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| X5 3.0I AWD | $328 | $608 | $456 | $28 | $136 | $1,556 | $130 |
| X5 3.5D AWD | $362 | $702 | $456 | $28 | $136 | $1,684 | $140 |
| X5 4.8I AWD | $362 | $702 | $456 | $28 | $136 | $1,684 | $140 |
| X5 M AWD | $428 | $886 | $456 | $28 | $136 | $1,934 | $161 |
| Get Your Own Custom Quote Go | |||||||
Data based on single female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, claim-free, and homeowner. Price estimates do not factor in garaging location in Colorado Springs which can increase or decrease coverage prices considerably.
Choosing deductibles
When buying auto insurance, a common question is the level to set your comp and collision deductibles. The comparison tables below may aid in understanding the difference in cost between high and low physical damage coverage deductibles. The first pricing table uses a $250 deductible for comprehensive and collision coverage and the second price chart uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| X5 3.0I AWD | $342 | $538 | $352 | $20 | $106 | $1,383 | $115 |
| X5 3.5D AWD | $376 | $620 | $352 | $20 | $106 | $1,499 | $125 |
| X5 4.8I AWD | $376 | $620 | $352 | $20 | $106 | $1,499 | $125 |
| X5 M AWD | $446 | $784 | $352 | $20 | $106 | $1,733 | $144 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| X5 3.0I AWD | $278 | $434 | $352 | $20 | $106 | $1,190 | $99 |
| X5 3.5D AWD | $306 | $500 | $352 | $20 | $106 | $1,284 | $107 |
| X5 4.8I AWD | $306 | $500 | $352 | $20 | $106 | $1,284 | $107 |
| X5 M AWD | $362 | $632 | $352 | $20 | $106 | $1,472 | $123 |
| Get Your Own Custom Quote Go | |||||||
Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Colorado minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, claim-free, and homeowner. Rates do not factor in specific garaging location which can influence insurance rates considerably.
We can estimate from the data above that using a $250 deductible costs roughly $18 more each month or $216 a year than buying the higher $500 deductible. Due to the fact that you would have to pay $250 more if you turn in a claim with a $500 deductible as compared to a $250 deductible, if you normally go at a minimum 14 months between claim filings, you would save more money if you choose the higher deductible.
The example below shows how different deductible levels and can impact BMW X5 premium costs for different age groups. Data assumes a married male driver, comp and collision included, and no discounts are taken into consideration.
Male drivers compared to female drivers in Colorado Springs
The illustration below illustrates the comparison of BMW X5 insurance premiums for male and female drivers. The premiums are based on no claims, a clean driving record, full coverage, $1,000 deductibles, single status, and no discounts are factored in.
Cost difference between full coverage and liability
The diagram below illustrates the difference between BMW X5 insurance rates with full coverage compared to only the Colorado minimum liability coverage. Data assumes no driving violations, no at-fault accidents, $100 deductibles, drivers are not married, and no policy discounts are applied.
When to drop comprehensive and collision coverage
There is no definitive guideline of when to exclude physical damage coverage on your policy, but there is a broad guideline. If the annual cost of your full coverage insurance is more than 10% of the settlement you would receive from your company, then you may want to consider only buying liability coverage.
For example, let’s say your BMW X5 replacement value is $7,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company will settle for is $6,000 after the deductible is paid. If you are paying in excess of $600 annually for full coverage, then you might consider buying liability only.
There are some circumstances where buying only liability insurance is not recommended. If you haven’t paid off your loan, you have to carry full coverage to satisfy the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should not consider dropping full coverage.
Are insurance agencies obsolete?
Many drivers prefer to talk to an insurance agent and that is not a bad decision The best thing about price shopping on the web is that you can obtain lower rates but still work with a licensed agent. And supporting local insurance agents is definitely important in Colorado Springs.
To find an agent, once you fill out this form (opens in new window), your insurance data is instantly submitted to companies in Colorado Springs who will return price quotes for your insurance coverage. It’s much easier because you don’t need to search for any insurance agencies as quotes are delivered to you instantly. You can find the lowest rates and a licensed agent to work with. If you need to quote rates from a specific insurance provider, you would need to search and find their rate quote page and complete a quote there.
Choosing an insurance company is decision based upon more than just a cheap quote. Any agent in Colorado Springs should have no problem answering these questions:
- How many years have they been established?
- How will an accident affect your rates?
- Do you qualify for any additional discounts?
- Do they have 24-hour customer assistance?
- Is the quote a firm price?
- Is the agent properly licensed in Colorado?
- Does the agency have a good rating with the Better Business Bureau?
After receiving good feedback to your questions and the cheapest BMW X5 insurance in Colorado Springs quotes, you may have just found an provider that can provide insurance coverage. Just keep in mind consumers can terminate your policy any time you want so don’t think you are locked into the insurance policy for the entire policy term.
Keep this in mind when shopping around
When you buy Colorado Springs car insurance online, do not reduce coverage to reduce premium. There have been many cases where someone sacrificed uninsured motorist or liability limits and learned later that it was a big mistake. The aim is to get the best coverage possible at the best price, but don’t skip important coverages to save money.
We just showed you a lot of ways to find cheap BMW X5 insurance in Colorado Springs. The most important thing to understand is the more price quotes you have, the better likelihood of getting low cost Colorado Springs car insurance quotes. You may even discover the most savings is with a smaller regional carrier.
Drivers change insurance companies for any number of reasons including denial of a claim, questionable increases in premium, policy cancellation and even an unsatisfactory settlement offer. Regardless of your reason, switching auto insurance companies is less work than it seems.
How to save on BMW X5 insurance in Colorado Springs
The easiest way to save money on car insurance rates is to compare prices annually from providers who can sell car insurance in Colorado Springs. You can compare prices by completing these steps.
- Get an understanding of how companies set rates and the modifications you can make to prevent expensive coverage. Many rating factors that increase rates like at-fault accidents, speeding tickets, and a substandard credit history can be improved by making minor changes to your lifestyle.
- Get rate quotes from direct, independent, and exclusive agents. Exclusive and direct companies can provide rates from a single company like Progressive or State Farm, while agents who are independent can provide rate quotes for a wide range of insurance providers.
- Compare the new quotes to the premium of your current policy and see if you can save money. If you find a lower rate and make a switch, make sure coverage is continuous and does not lapse.
- Provide notification to your current company to cancel your current car insurance policy and submit payment and a completed application to your new agent or company. When you receive it, put the certificate verifying proof of insurance along with your vehicle registration.
An essential thing to point out is to make sure you enter the same physical damage deductibles and liability limits on each price quote and and to get prices from every company you can. Doing this enables a fair rate comparison and a complete rate analysis.
Additional auto insurance information is available at the links below
- Vehicle Size and Weight FAQ (iihs.org)
- Who Has the Cheapest Auto Insurance for Drivers with Accidents in Colorado Springs? (FAQ)
- How Much are Colorado Springs Auto Insurance Quotes for Drivers with Good Credit? (FAQ)
- How Much is Colorado Springs Auto Insurance for Used Cars? (FAQ)
- Who Has Affordable Car Insurance for Handicapped Drivers in Colorado Springs? (FAQ)
- Choosing an Insurance Company (Insurance Information Institute)
- Understanding your Policy (NAIC.org)