Affordable Insurance for a BMW X5 in Lincoln

The preferred way to get affordable auto insurance rates is to start comparing prices yearly from insurers that insure vehicles in Lincoln.

First, try to learn about car insurance and the modifications you can make to keep rates in check. Many things that increase rates such as accidents, traffic violations, and a lousy credit rating can be controlled by making small lifestyle or driving habit changes. Keep reading for instructions to prevent rate hikes and get additional discounts that may be available.

Second, compare prices from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only provide price estimates from a single company like Progressive or Farmers Insurance, while independent agents can provide prices for many different companies. Get quotes now

Third, compare the new rate quotes to your current policy premium to determine if switching companies saves money. If you find a better price and make a switch, make sure coverage does not lapse between policies.

The most important part of shopping around is that you’ll want to make sure you compare identical limits and deductibles on each quote request and to quote with as many carriers as you can. This guarantees the most accurate price comparison and a complete selection of prices.

A recent auto insurance study discovered that most auto insurance policyholders renewed their policy with the same company for more than four years, and approximately 38% of consumers have never even shopped around for cheap coverage. Many drivers in Lincoln can save $388 each year, but they don’t want to spend time to compare rate quotes online.

If you already have coverage, you stand a good chance to be able to buy cheaper insurance using the tips covered below. Shopping for affordable policy in Lincoln is simple if you know the tricks. Although Nebraska car owners must learn how insurance companies sell online and use it to your advantage.

Keep in mind that obtaining a wide range of quotes increases your odds of finding the best price.

The providers in the list below provide free quotes in Lincoln, NE. If your goal is to find the cheapest car insurance in Nebraska, we recommend you visit two to three different companies to find the most competitive auto insurance rates.

Why you need quality insurance for your BMW X5

Despite the high cost of buying insurance for a BMW X5 in Lincoln, maintaining insurance is required in Nebraska but also provides important benefits.

First, almost all states have mandatory liability insurance requirements which means the state requires specific minimum amounts of liability protection in order to drive the car legally. In Nebraska these limits are 25/50/25 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.

Second, if you have a lien on your BMW X5, it’s most likely the lender will have a requirement that you buy full coverage to protect their interest in the vehicle. If the policy lapses, the bank or lender will purchase a policy for your BMW at an extremely high rate and require you to fork over a much higher amount than you were paying before.

Third, insurance safeguards both your car and your personal assets. Insurance will also pay for medical transport and hospital expenses that are the result of an accident. Liability insurance will also pay for a defense attorney in the event you are sued. If your vehicle suffers damage from an accident or hail, comprehensive and collision coverage will cover the repair costs.

The benefits of insuring your car more than cancel out the cost, especially when you need to use it. According to a 2015 survey, the average American driver is overpaying over $830 a year so it’s important to compare rates at least once a year to save money.

Rates and other information

The information displayed below outlines estimates of insurance policy prices for BMW X5 models. Having knowledge of how insurance premiums are established is important for making informed coverage decisions.

Prices based on married female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Nebraska minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, multi-vehicle, and homeowner. Information does not factor in your specific Lincoln location which can lower or raise price quotes substantially.

Higher deductibles save money

One common question asked by Lincoln drivers is where to set your physical damage deductibles. The premium rates below lay out the price difference between high and low physical damage deductibles. The first rate quote example uses a $100 comprehensive and collision deductible and the second price chart uses a $500 deductible.

Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Nebraska minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, multi-policy, and claim-free. Estimates do not factor in your specific Lincoln location which can raise or lower premium rates considerably.

Based on the figures above, using a $100 deductible will cost you approximately $27 more each month or $324 a year than opting for the higher $500 deductible. Since you would pay $400 more to file a claim with a $500 deductible as compared to a $100 deductible, if you have more than 15 months between claims, you would come out ahead if you opt for a higher deductible. The table below shows an example of how you can come to your own conclusion.

One thing to note is that higher deductibles means you will have to cover more of the damage yourself when you have to file a claim. That will require some savings in the bank in the event you have to pay the higher deductible.

The example below highlights how deductible choice and can raise or lower BMW X5 insurance premiums for different age groups. The premiums assume a married male driver, comp and collision included, and no additional discounts are factored in.

Cost difference between full coverage and liability

The example below visualizes the comparison of BMW X5 insurance premiums with full coverage compared to only the Nebraska minimum liability coverage. The data assumes a clean driving record, no claims, $500 deductibles, drivers are single, and no policy discounts are applied.

Are you wasting money on full coverage?

There is no clear-cut formula for dropping comprehensive and collision coverage on your policy, but there is a guideline you can use. If the annual cost of your full coverage insurance is more than around 10% of the vehicle’s replacement cost less your deductible, the it may be a good time to stop paying for full coverage.

For example, let’s say your BMW X5 replacement cost is $9,000 and you have $1,000 deductibles. If your vehicle is totaled, you would only receive $8,000 after the deductible is paid. If you are paying over $800 a year for your policy with full coverage, then it could be time to drop full coverage.

There are a few situations where eliminating full coverage is not a good idea. If you haven’t paid off your loan, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should not eliminate full coverage.

Car insurance discounts are available to cut your rates

Some companies do not list every discount available very clearly, so we break down both well-publicized and also the more inconspicuous discounts that you may qualify for. If you’re not getting every credit possible, you could be saving more on your car insurance.

• Early Payment Discounts – By making one initial payment instead of making monthly payments you can avoid the installment charge.
• Early Switch Discount – Some larger companies give discounts for switching companies early. It can save you around 10%.
• Student in College – Any of your kids who are enrolled in a college that is more than 100 miles from Lincoln and do not have a car may qualify for this discount.
• Discount for Passive Restraints – Vehicles equipped with air bags can qualify for discounts of 25 to 30%.
• Low Mileage Discounts – Low mileage vehicles could qualify for lower rates due to less chance of an accident.
• 55 and Retired – Mature drivers are able to get lower premium rates.
• Driver’s Ed – Require your teen driver to successfully take a driver’s education course if it’s offered in school.
• ABS Braking Discount – Vehicles with ABS and/or traction control prevent accidents so companies give up to a 10% discount.

One last thing about discounts, most discount credits are not given to the entire policy premium. A few only apply to individual premiums such as collision or personal injury protection. Even though the math looks like you could get a free car insurance policy, companies wouldn’t make money that way. But all discounts should help lower your policy cost.

The example below illustrates the comparison of BMW X5 insurance rates with and without discounts applied. The data is based on a male driver, no driving violations, no at-fault accidents, Nebraska 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 multi-policy, marriage, homeowner, safe-driver, multi-car, and claim-free discounts applied.

A few popular companies and some of their more popular discounts are shown below.

• GEICO offers discounts for daytime running lights, membership and employees, federal employee, air bags, five-year accident-free, multi-vehicle, and anti-theft.
• Mercury Insurance has savings for accident-free, professional/association, multi-car, age of vehicle, location of vehicle, and type of vehicle.
• Farmers Insurance policyholders can earn discounts including teen driver, early shopping, alternative fuel, mature driver, and pay in full.
• Auto-Owners Insurance includes discounts for safe driver, anti-lock brakes, multi-policy, multiple vehicles, mature driver, teen driver, and student away at school.
• Liberty Mutual may offer discounts for hybrid vehicle, preferred payment discount, safety features, new vehicle discount, and new graduate.
• SAFECO has discounts for homeowner, safe driver, drive less, multi-car, and accident prevention training.
• Progressive discounts include multi-policy, good student, homeowner, continuous coverage, multi-vehicle, online signing, and online quote discount.
• USAA offers premium reductions for annual mileage, family discount, loyalty savings, multi-policy, and new vehicle.

It’s a good idea to ask each company or agent which discounts you may be entitled to. Some discounts may not apply to policies in Lincoln. To see a list of car insurance companies who offer cheap BMW X5 insurance quotes in Nebraska, follow this link.

Can’t I compare rate quotes from local Lincoln car insurance agents?

Some consumers just prefer to talk to an insurance agent. The best thing about getting online price quotes is that you can find better rates and still have an agent to talk to.

After completing this quick form, the coverage information is instantly submitted to participating agents in Lincoln that can provide free Lincoln car insurance quotes for your business. You won’t even need to contact any insurance agencies due to the fact that quote results will go to the email address you provide. You can find lower rates AND an agent nearby. If you want to compare prices for a specific company, you just need to visit that company’s website and complete a quote there.

Finding the right company shouldn’t rely on just the quoted price. Here are some questions you might want to ask.

• Do they make recommendations based only on price?
• Is vehicle mileage a factor when determining depreciation for repairs?
• Do the coverages you’re quoting properly cover your vehicle?
• Can they provide you with a list of referrals?
• Do they have a Better Business Bureau rating in Lincoln?
• Do the companies they represent have a solid financial rating?
• Did they already check your driving record and credit reports?

If you want local Lincoln agents, there are a couple of different types of agents that you can select. Agents are considered either independent (non-exclusive) or exclusive.

Exclusive Agencies

Exclusive agencies have only one company to place business with and some examples include Allstate, Farmers Insurance, State Farm, and AAA. Exclusive agents are unable to compare other company’s rates so if the price isn’t competitive there isn’t much they can do. Exclusive agents are highly trained on the products they sell which helps them compete with independent agents. Some consumers prefer to use the same agent mostly because of high brand loyalty and solid financial strength.

Below are Lincoln exclusive insurance agents who may provide you with rate quotes.

• Allstate Insurance: Earnest and Associates, Inc
  4221 O St – Lincoln, NE 68510 – (402) 488-0955 – View Map
• American Family Insurance – James L. Brown Agency Inc
  4500 Cornhusker Hwy Ste 1 – Lincoln, NE 68504 – (402) 465-0748 – View Map
• State Farm: Vinnie Krikac
  935 Plum St – Lincoln, NE 68502 – (402) 474-1173 – View Map

View more agents

Independent Agencies or Brokers

Agents that choose to be independent are normally appointed by many insurers and that is an advantage because they can write policies with a variety of different insurance companies and find the cheapest insurance rates. If prices rise, your agent can just switch to a different company and you don’t have to do anything. When comparing rates, you need to get some free quotes from a couple of independent agencies so that you have a good selection of quotes to compare. Most independent agents also contract with smaller regional carriers which may provide better rates.

Shown below are independent agents in Lincoln willing to provide rate quotes.

• UNICO Group
  1128 Lincoln Mall #200 – Lincoln, NE 68508 – (402) 434-7200 – View Map
• AMS Insurance Center
  120 S 29th St – Lincoln, NE 68510 – (402) 476-3599 – View Map
• Midwest Regional Agency
  201 S 84th St – Lincoln, NE 68510 – (800) 873-9713 – View Map

View more agents

In Summary

We’ve covered a lot of techniques to get a better price on BMW X5 insurance in Lincoln. The key concept to understand is the more companies you get prices for, the better your comparison will be. You may even discover the biggest savings come from a company that doesn’t do a lot of advertising.

Insureds who switch companies do it for a number of reasons such as an unsatisfactory settlement offer, high prices, denial of a claim or being labeled a high risk driver. No matter why you want to switch, switching car insurance companies is pretty easy and you might even save some money in the process.

While you’re price shopping online, make sure you don’t sacrifice coverage to reduce premiums. In many instances, an insured cut liability coverage limits only to find out that a couple dollars of savings turned into a financial nightmare. Your goal is to buy enough coverage at the best cost while not skimping on critical coverages.

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