Compare 2008 BMW 1 Series Insurance Cost

Trying to find the cheapest insurance rates for your BMW 1 Series? Cutting costs on insurance is always challenging for beginners to shopping for insurance online. You have so many choices that it can be a real challenge to find lower rates.

It’s a great practice to get comparison quotes yearly because rates go up and down regularly. Just because you had the lowest rates on 1 Series insurance on your last policy there may be better deals available now. Ignore everything you know about insurance because we’re going to demonstrate the things you must know in order to find the best coverage while lowering your premiums.

Why your BMW 1 Series insurance rates may be high

Consumers need to have an understanding of the factors that help determine your auto insurance rates. Understanding what influences your rates empowers consumers to make smart changes that may reward you with much lower annual insurance costs.

  • Poor driving leads to higher costs – Just one citation may increase your cost forty percent or more. Drivers with clean records have lower premiums than their less careful counterparts. Drivers who have dangerous citations like hit and run, DWI or reckless driving convictions may need to file a SR-22 with the DMV in their state in order to prevent a license revocation.
  • Liability coverage is cheap – Liability insurance provides coverage if ever you are found liable for damages from an accident. It will provide for a legal defense up to the limits shown on your policy. This coverage is very inexpensive compared to physical damage coverage, so do not cut corners here.
  • High numbers of claims are not good – Insurance companies award discounts to insureds who do not file claims often. If you are a frequent claim filer, you can pretty much guarantee higher rates. Insurance coverage is intended to be relied upon for major claims that would cause financial hardship.
  • Don’t let your coverage lapse – Driving your car without having proper coverage is a misdemeanor and you will pay a penalty because you let your coverage have a gap. And not only will your rates increase, failure to provide proof of insurance may earn you a license revocation or jail time.

How much can you save with discounts?

Properly insuring your vehicles can get expensive, but you may find discounts to cut the cost considerably. Most are applied at the time you complete a quote, but less common discounts must be specially asked for before being credited.

  • Military Discounts – Having a deployed family member can result in better rates.
  • Drive Less and Save – Low mileage vehicles could qualify for lower rates on the low mileage vehicles.
  • Student Driver Training – Require your teen driver to successfully complete driver’s ed class in high school.
  • Pay Upfront and Save – If you pay your entire premium ahead of time instead of paying each month you could save 5% or more.
  • Federal Government Employee – Simply working for the federal government can save as much as 8% on 1 Series insurance depending on your company.

Drivers should understand that many deductions do not apply to the overall cost of the policy. Some only reduce the cost of specific coverages such as comprehensive or collision. So even though they make it sound like it’s possible to get free car insurance, it doesn’t quite work that way. But any discount will bring down your overall premium however.

To see a list of companies offering auto insurance discounts, follow this link.

Can you really save $474 a year?

Car insurance companies such as State Farm, GEICO and Progressive continually stream ads in print and on television. They all seem to make an identical promise that you’ll save big after switching to them. How do they all make the same claim?

Insurance companies have a preferred profile for the driver that is profitable for them. An example of a preferred risk might be between the ages of 30 and 50, owns a home, and has a high credit rating. Any new insured that hits that “sweet spot” gets the lowest rates and is almost guaranteed to save when they switch companies.

Potential insureds who don’t qualify for the “perfect” profile will have to pay higher rates and this can result in business going elsewhere. Company advertisements say “drivers who switch” not “people who quote” save that much money. That’s why insurance companies can claim big savings.

Because of the profiling, it’s extremely important to get quotes from several different companies. You cannot predict which car insurance company will provide you with the cheapest BMW 1 Series insurance rates.

How much car insurance do I need?

When buying the best insurance coverage coverage, there really is not a one size fits all plan. Every insured’s situation is different.

Here are some questions about coverages that might point out whether you would benefit from professional advice.

  • What if I don’t agree with a claim settlement offer?
  • Does my personal policy cover me when driving out-of-state?
  • Is business equipment covered while in my vehicle?
  • What is the ISO rating for a 2008 BMW 1 Series?
  • Is my camper covered by my car insurance policy?
  • How much liability coverage do I need in my state?
  • Am I covered when driving someone else’s vehicle?
  • Does coverage extend to Mexico or Canada?
  • Is a blown tire covered by insurance?
  • When should my teen driver be added to my policy?

If it’s difficult to answer those questions but you think they might apply to your situation, then you may want to think about talking to an insurance agent. If you don’t have a local agent, take a second and complete this form.

Insurance coverage considerations

Understanding the coverages of your policy helps when choosing appropriate coverage and proper limits and deductibles. The coverage terms in a policy can be impossible to understand and coverage can change by endorsement.

Collision coverages – Collision coverage pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. You first must pay a deductible then your collision coverage will kick in.

Collision insurance covers things like crashing into a ditch, crashing into a building, hitting a parking meter and rolling your car. Collision is rather expensive coverage, so consider dropping it from lower value vehicles. You can also choose a higher deductible to bring the cost down.

Med pay and Personal Injury Protection (PIP) – Med pay and PIP coverage reimburse you for expenses for doctor visits, rehabilitation expenses, X-ray expenses and pain medications. They are utilized in addition to your health insurance policy or if you do not have health coverage. Coverage applies to you and your occupants as well as 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

Uninsured/Underinsured Motorist (UM/UIM) – This coverage protects you and your vehicle when other motorists either are underinsured or have no liability coverage at all. It can pay for hospital bills for your injuries as well as your vehicle’s damage.

Since many drivers have only the minimum liability required by law, their limits can quickly be used up. This is the reason having UM/UIM coverage is important protection for you and your family. Normally your uninsured/underinsured motorist coverages are identical to your policy’s liability coverage.

Comprehensive insurance – This pays to fix your vehicle from damage that is not covered by collision coverage. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive can pay for claims such as rock chips in glass, damage from flooding and a tree branch falling on your vehicle. The highest amount you’ll receive from a claim is the market value of your vehicle, so if the vehicle is not worth much consider removing comprehensive coverage.

Liability auto insurance – Liability insurance will cover damage that occurs to other people or property that is your fault. It protects you from claims by other people. It does not cover damage sustained by your vehicle in an accident.

Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show limits of 100/300/100 which means $100,000 bodily injury coverage, a total of $300,000 of bodily injury coverage per accident, and property damage coverage for $100,000. Alternatively, you may have one number which is a combined single limit which provides one coverage limit rather than limiting it on a per person basis.

Liability coverage pays for things like pain and suffering, court costs, bail bonds, emergency aid and repair bills for other people’s vehicles. The amount of liability coverage you purchase is up to you, but you should buy as much as you can afford.

Have the Midas touch

In this article, we presented many tips how you can get a better price on 2008 BMW 1 Series insurance. The key thing to remember is the more quotes you get, the better your comparison will be. You may even find the lowest rates come from the least-expected company.

Insureds switch companies for a variety of reasons including delays in responding to claim requests, lack of trust in their agent, not issuing a premium refund and even policy cancellation. No matter why you want to switch, finding a great new company is not as hard as you think.

As you prepare to switch companies, never buy lower coverage limits just to save a few bucks. In many instances, drivers have reduced collision coverage only to find out they didn’t purchase enough coverage. Your focus should be to get the best coverage possible for the lowest price while not skimping on critical coverages.

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