Searching for cheaper insurance for your BMW X5 in Washington can normally be a painful process, but you can follow a few tricks to save time. There is a right way and a wrong way to find auto insurance online so we’re going to tell you the quickest way to quote coverages for a new or used BMW and find the cheapest rates.
Consumers need to compare premium rates as often as possible because prices tend to go up over time. Even if you got the lowest rates on BMW X5 insurance in Seattle two years ago you may be paying too much now. Block out anything you think you know about auto insurance because we’re going to demonstrate the easiest way to reduce your cost while improving coverage.
If you are insured now or are looking for a new policy, you can follow these tips to lower your rates without sacrificing coverage. Obtaining price quotes for affordable insurance coverage in Seattle is not as difficult as people think. Smart shoppers just need to know the proper methods to compare different rates online.
Finding a better price on insurance is actually easier than you may think. Just take the time to get quotes online from several insurance companies.
The car insurance companies shown below can provide free quotes in Washington. If multiple companies are listed, we recommend you visit two to three different companies in order to get a fair rate comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|X5 3.0I AWD||$274||$530||$334||$20||$100||$1,258||$105|
|X5 3.5D AWD||$338||$702||$384||$22||$114||$1,560||$130|
|X5 4.8I AWD||$274||$528||$282||$16||$84||$1,184||$99|
|X5 M AWD||$262||$546||$334||$20||$100||$1,262||$105|
|Get Your Own Custom Quote Go|
Cost estimates assume single male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Washington minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, safe-driver, and multi-policy. Premium costs do not factor in Seattle location which can impact coverage prices substantially.
Cost difference between full coverage and liability
The chart below shows the comparison of BMW X5 annual premium costs with full coverage and liability only. The information is based on no accidents or driving violations, $250 deductibles, single female driver, and no discounts are applied.
When to drop full coverage
There is no definitive formula that is best for determining when to drop physical damage coverage, but there is a guideline you can consider. If the yearly cost for physical damage coverage is more than about 10% of the replacement cost minus the deductible, then it might be time to buy liability only.
For example, let’s say your BMW X5 book value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $7,000 after paying your deductible. If you are currently paying more than $700 a year to have full coverage, then it’s probably a good time to buy liability coverage only.
There are some conditions where buying only liability insurance is not advised. If you haven’t satisfied your loan, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should keep full coverage.
Auto insurance discounts are available for cheaper rates
Buying auto insurance is not cheap, but there could be available discounts to help offset the cost. Some discounts apply automatically at the time of purchase, but occasionally some discounts must be asked for prior to receiving the credit.
- Life Insurance Discount – Companies who offer life insurance give a discount if you purchase auto and life insurance together.
- Clubs and Organizations – Participating in qualifying employment or professional organizations is a simple method to lower premiums on your next renewal.
- Low Miles Discount – Fewer annual miles on your BMW can qualify you for cheaper rates.
- Safety Course Discount – Passing a defensive driving class could save 5% or more if you qualify.
- Theft Deterrent – Cars, trucks, and SUVs equipped with tracking devices and advanced anti-theft systems are less likely to be stolen and earn discounts up to 10% off your Seattle auto insurance quote.
Policy discounts save money, but most discounts do not apply to your bottom line cost. Some only apply to individual premiums such as medical payments or collision. Just because it seems like you would end up receiving a 100% discount, nobody gets a free ride. Any amount of discount should definitely cut the cost of coverage.
Popular auto insurance companies and a selection of discounts are detailed below.
- The Hartford may include discounts for vehicle fuel type, bundle, air bag, good student, driver training, and defensive driver.
- American Family may have discounts that include good student, mySafetyValet, good driver, early bird, defensive driver, Steer into Savings, and multi-vehicle.
- Progressive discounts include homeowner, good student, continuous coverage, online quote discount, multi-policy, and multi-vehicle.
- Travelers may offer discounts for good student, hybrid/electric vehicle, continuous insurance, student away at school, IntelliDrive, multi-policy, and payment discounts.
- Farmers Insurance policyholders can earn discounts including mature driver, good student, bundle discounts, distant student, alternative fuel, and youthful driver.
- USAA offers discounts including multi-vehicle, military installation, loyalty savings, good student, and annual mileage.
- Liberty Mutual includes discounts for newly retired, teen driver discount, multi-policy, preferred payment discount, new move discount, new graduate, and exclusive group savings.
It’s a good idea to ask every company how you can save money. A few discounts might not be available to policyholders everywhere.
Insurance Rate Influencing Factors
Multiple criteria are part of the equation when you get a price on insurance. Some are obvious such as your driving record, but other criteria are not as apparent like where you live and annual miles driven.
Your credit rating is important – Having a good credit history is a large factor in determining your rates. Consumers who have good credit tend to be better drivers and file fewer claims as compared to drivers with poor credit scores. If your credit could use some work, you may save money insuring your BMW X5 by improving your credit score.
Policy add-ons add up – Insurance companies have many extra add-on coverages that sound like a good idea at the time on your X5 policy. Coverages for rental car coverage, death and dismemberment, and extra life insurance coverage are probably not needed. The coverages may be enticing at first, but if you’ve never needed them in the past consider taking them off your policy.
Bundle policies with the same company – Most major insurers afford discounts to policyholders that buy multiple policies, otherwise known as a multi-policy discount. Even though this discount sounds good, you still need to shop around to ensure the best deal. It’s possible to still save more without the discount by buying auto insurance from a different company.
Which gender costs less? – Over time, data shows women are more cautious behind the wheel. This data doesn’t prove that women are BETTER drivers than men. Men and women are in fender benders in similar numbers, but the males have costlier accidents. Men also tend to receive more costly citations like DWI (DUI) or reckless driving.
BMW X5 insurance loss probability – Insurance companies analyze historical claim data to help set a rate to offset losses. Models that the statistics show to have higher losses will have increased rates. The table below demonstrates the loss history for BMW X5 vehicles.
For each policy coverage type, the claim probability for all vehicles, regardless of make or model, is set at 100. Values that are below 100 suggest a positive loss record, while values that are above 100 point to more claims or a tendency for losses to be larger than average.
BMW X5 Insurance Loss Statistics
|Vehicle Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|BMW X5 4dr 2WD||131||110||153|
|BMW X5 4dr 4WD||126||81||164||65||57||67|
Empty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
Get rate quotes but buy from a neighborhood Seattle auto insurance agent
Many drivers would rather get advice from a local agent and that is just fine! Insurance agents can help you build your policy and will help you if you have claims. A good thing about comparing rate quotes online is that you can obtain the best rates and still buy from a local agent.
Once you complete this form (opens in new window), the quote information is submitted to participating agents in Seattle who will give competitive quotes for your car insurance coverage. There is no reason to find an agent on your own because quoted prices will be sent straight to your inbox. If you wish to compare prices from a particular provider, you just need to jump over to their website and fill out their quote form.
Choosing the best insurance company should include more criteria than just a cheap price quote. The questions below may impact your decision as well.
- Will their companies depreciate repairs to your car based on the mileage?
- Is insurance their full-time profession?
- Will the company cover a rental car if your car is getting fixed?
- What company holds the largest book of business for them?
- Do they get paid more for recommending certain coverages?
- Do they specialize in personal lines coverage in Seattle?
- How often do they review policy coverages?
- Do they have designations such as AIC, CPCU, or CIC?
Seattle auto insurance agents are either independent or exclusive
If you prefer to buy car insurance from a local agent, there are two different types of agencies that you can choose from. Agents in Seattle can either be independent or exclusive. Both can sell car insurance policies, but it’s worth mentioning why they differ since it could factor into the selection process.
Exclusive Car Insurance Agencies
Agents that choose to be exclusive have only one company to place business with and some examples include Farmers Insurance, Allstate, or State Farm. They are unable to compare other company’s rates so you need to shop around if the rates are high. Exclusive insurance agents are highly trained on their company’s products and that allows them to sell at a higher price point. Some consumers prefer to buy from the same agent for years primarily because of the brand instead of buying on price only.
Shown below are exclusive agencies in Seattle who can help you get rate quotes.
- Raymond Insurance-Pemco and Progressive
6011 California Ave SW – Seattle, WA 98136 – (206) 933-8812 – View Map
- Allstate Insurance: Jeremy Olson
7 Denny Way – Seattle, WA 98109 – (206) 956-0580 – View Map
- Ezra Teshome – State Farm Insurance Agent
1510 14th Ave – Seattle, WA 98122 – (206) 322-3910 – View Map
Independent Agencies or Brokers
These agents are appointed with more than one company and that allows them to write policies with any number of different companies and help determine which has the cheapest rates. If they find a lower price, an independent agent can move your coverage and the insured can keep the same agent. When comparing rate quotes, you should always compare prices from several independent agencies to have the most options to choose from. They also have the ability to place coverage with small mutual carriers which can save you money.
Listed below is a short list of independent insurance agencies in Seattle willing to provide rate quotes.
- Spangler Insurance
431 15th Ave E – Seattle, WA 98112 – (206) 329-7447 – View Map
- Adams Insurance
8613 35th Ave NE – Seattle, WA 98115 – (206) 523-8660 – View Map
- Johnson Insurance Agency
9200 Holman Rd NW – Seattle, WA 98117 – (206) 789-5940 – View Map
Car insurance is unique, just like you
When it comes to coverage online or from an agent, there isn’t really a “best” method to buy coverage. Coverage needs to be tailored to your specific needs.
These are some specific questions can help discover whether you could use an agent’s help.
- Can I pay claims out-of-pocket if I buy high deductibles?
- What are the financial responsibility laws in my state?
- What is medical payments coverage?
- Can I make deliveries for my home business?
- Does my car insurance cover rental cars?
- Which companies will insure me after a DUI?
- Are split liability limits better than a combined single limit?
If you can’t answer these questions then you might want to talk to a licensed insurance agent. To find lower rates from a local agent, complete this form. It only takes a few minutes and you can get the answers you need.
Don’t give up on cheap rates
We just covered some good ideas how you can get a better price on BMW X5 insurance in Seattle. It’s most important to understand that the more providers you compare, the better your chances of lowering your auto insurance rates. You may even find the most savings is with some of the smallest insurance companies.
As you prepare to switch companies, make sure you don’t buy poor coverage just to save money. In many cases, drivers have reduced liability coverage limits only to regret that they should have had better coverage. The proper strategy is to purchase a proper amount of coverage at the best cost.
Cheap BMW X5 insurance in Seattle can be purchased on the web in addition to many Seattle insurance agents, and you should compare rates from both to have the best rate selection. Some insurance companies do not provide online rate quotes and usually these regional insurance providers work with independent agencies.
- What are my Rights when Filing a Claim? (Insurance Information Institute)
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- Who Has the Cheapest Auto Insurance Rates for a 20 Year Old Female in Seattle? (FAQ)
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- Who Has Cheap Seattle Car Insurance Quotes for Active Military? (FAQ)
- What Auto Insurance is Cheapest in Seattle, Washington? (FAQ)
- Who Has the Cheapest Auto Insurance for Infrequent Drivers in Seattle? (FAQ)
- Side Impact Crash Tests (iihs.org)
- Understanding Rental Car Insurance (Insurance Information Institute)