Want to learn how to save money and find cheaper insurance rates in Virginia Beach, VA? Virginia Beach consumers have many options when looking for low-cost BMW X5 insurance. You can either spend your time contacting agents getting price quotes or utilize the internet to find the lowest rates.
There is a right way and a wrong way to buy insurance so you’re going to learn the quickest way to get price quotes for your BMW and obtain the lowest possible price.
It’s important to compare rates yearly due to the fact that insurance prices change frequently. Despite the fact that you may have had the best deal on BMW X5 insurance in Virginia Beach last year you may be paying too much now. There is a lot of bad information regarding X5 insurance on the internet, but in this article, you’re going to get some great ideas on how to stop overpaying for insurance in Virginia Beach.
Our goal in writing this article familiarize you with the best methods to compare rates and some tricks to saving. If you already have coverage, you will most likely be able to find better prices using the techniques presented in this article. Drivers just have to learn the least time-consuming way to buy insurance from many companies at once.
Informed Consumers Can Cut Their Insurance Rates
Part of the car insurance buying process is learning some of the elements that are used to determine car insurance rates. If you understand what controls the rates you pay, this allows you to make good choices that can help you get big savings. Many factors are taken into consideration when quoting car insurance. Some are pretty understandable such as your driving history, although some other factors are less apparent such as your marital status and annual miles driven.
Shown below are a partial list of the pieces companies use to determine prices.
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Females tend to be lower risk – Over the last 30 years, statistics show that women are safer drivers than men. The data does not necessarily mean that females are better drivers. Women and men cause at-fault accidents in similar percentages, but men cause more damage. In addition to higher claims, males also get more serious tickets like reckless driving and DUI.
The example below illustrates the difference between BMW X5 insurance costs for male and female drivers. The data assumes no violations or claims, full physical damage coverage, $500 deductibles, single status, and no other discounts are factored in.
- Proper usage rating affects rates – The more you drive your BMW each year the more it will cost to insure it. Almost all companies calculate prices based upon how much you drive. Vehicles used primarily for pleasure use receive better premium rates than vehicles that are driven to work every day. It’s a good idea to make sure your declarations sheet properly reflects the correct usage for each vehicle, because it can save money. Having the wrong rating on your X5 may be costing you.
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Your age impacts your costs – Teen drivers in Virginia have been known to be inattentive when driving therefore car insurance rates are much higher. Adding a beginning driver onto your car insurance can cause a big jump in price. Older people are shown to be more cautious, statistically cause fewer accidents, and usually have better credit.
The following chart uses these assumptions: single driver, full coverage with $250 deductibles, and no discounts or violations.
- Claims cost money – Companies in Virginia give most affordable rates to policyholders who only file infrequent claims. If you file a lot of claims you can look forward to either higher rates or even cancellation. Insurance coverage is intended for major claims that would cause financial hardship.
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Lower performance equals lower insurance prices – The type of vehicle you own makes a substantial difference in the rate you pay. Small economy passenger cars receive the most favorable rates, but many other things help determine your insurance rates.
The data below uses these variables: married male driver age 50, full coverage with $500 deductibles, and no discounts or violations. It shows BMW X5 car insurance rates compared to other makes and models that have different performance rating factors.
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Traffic violations mean higher rates – Having a clean driving record has a big impact on rates. Even one moving violation can increase the cost of insurance to the point where it’s not affordable. Good drivers get better prices as compared to those with violations. People who have severe violations like DWI, reckless driving or hit and run convictions may find that they have to to maintain a SR-22 with the DMV in their state in order to legally drive a vehicle.
The information below demonstrates how traffic citations and at-fault collisions can influence BMW X5 annual premium costs for each age group. The rate quotes are based on a married male driver, comprehensive and collision coverage, $100 deductibles, and no additional discounts are factored in.
- Combine policies and save – Lots of insurers allow discounts to buyers that purchase more than one policy, otherwise known as a multi-policy discount. Even if you already get this discount, you may still want to shop around to ensure the best deal. Consumers may save more without the discount even if you have your coverage with different companies
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Claims statistics for a BMW X5 – Car insurance companies use claims history to help determine the price you pay. Models that tend to have higher claim frequency or loss amount will be charged more to insure.
The next table shows the loss history for BMW X5 vehicles. For each insurance policy coverage type, the claim probability for all vehicles, as a total average, is considered to be 100. Values that are 100 or less suggest losses that are better than average, while values over 100 indicate more frequent losses or an increased chance of a larger loss.
Insurance Loss Ratings for BMW X5 Vehicles Vehicle 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 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
The quickest way to compare rate quotes for BMW X5 insurance in Virginia Beach is to know all the major auto insurance companies actually pay money for the chance to provide you with a free rate quote. To get started, all you need to do is provide a small amount of information like the ages of drivers, how your vehicles are used, your general credit rating, and whether your vehicle is owned or leased. Your details is instantly provided to all major companies and they return rate quotes instantly to find the best rate.
If you would like to start a quote now, click here and enter your zip code.
The companies shown below can provide price quotes in Virginia Beach, VA. In order to find cheap auto insurance in VA, we recommend you compare several of them to get the best price comparison.
BMW X5 insurance rates and statistics
The rate information below outlines detailed analysis of insurance policy prices for BMW X5 models. Learning a little about how car insurance premiums are determined can aid in making decisions on which coverage to buy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| X5 3.0I AWD | $196 | $360 | $334 | $20 | $100 | $1,010 | $84 |
| X5 3.5D AWD | $216 | $414 | $334 | $20 | $100 | $1,084 | $90 |
| X5 4.8I AWD | $216 | $414 | $334 | $20 | $100 | $1,084 | $90 |
| X5 M AWD | $256 | $524 | $334 | $20 | $100 | $1,234 | $103 |
| Get Your Own Custom Quote Go | |||||||
Data based on single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Virginia minimum liability limits. Discounts applied include multi-vehicle, claim-free, multi-policy, homeowner, and safe-driver. Premium amounts do not factor in your specific Virginia Beach location which can alter insurance rates considerably.
Rate comparison for different deductibles
When buying car insurance, a common question is which comprehensive and collision deductibles to buy. The premium rates below may help to conceptualize the differences in price between high and low deductibles. The first rate estimation uses a $100 physical damage deductible and the second price chart uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| X5 3.0I AWD | $278 | $472 | $258 | $16 | $78 | $1,127 | $94 |
| X5 3.5D AWD | $306 | $542 | $258 | $16 | $78 | $1,225 | $102 |
| X5 4.8I AWD | $306 | $542 | $258 | $16 | $78 | $1,225 | $102 |
| X5 M AWD | $364 | $686 | $258 | $16 | $78 | $1,427 | $119 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| X5 3.0I AWD | $204 | $318 | $258 | $16 | $78 | $874 | $73 |
| X5 3.5D AWD | $224 | $366 | $258 | $16 | $78 | $942 | $79 |
| X5 4.8I AWD | $224 | $366 | $258 | $16 | $78 | $942 | $79 |
| X5 M AWD | $266 | $462 | $258 | $16 | $78 | $1,080 | $90 |
| Get Your Own Custom Quote Go | |||||||
Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Virginia minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, safe-driver, and claim-free. Information does not factor in specific zip code location which can modify auto insurance rates noticeably.
Based on this data, we can arrive at the conclusion that using a $100 deductible costs approximately $24 more each month or $288 each year across all BMW X5 models than buying the higher $500 deductible. Because you would pay $400 more to file a claim with a $500 deductible as compared to a $100 deductible, if you average at least 17 months between claim filings, you would most likely save money by going with a higher deductible.
The example below illustrates how choosing a deductible and can increase or decrease BMW X5 insurance costs for different age groups. The data assumes a single male driver, full coverage, and no discounts are applied.
Liability only or full coverage
The example below illustrates the difference between BMW X5 auto insurance rates with full coverage and liability only. The rates are based on a clean driving record, no at-fault accidents, $1,000 deductibles, single status, and no additional discounts are factored in.
When to stop paying for full coverage
There is no exact rule for excluding full coverage on your policy, but there is a broad guideline. If the annual cost of comprehensive and collision coverage is more than 10% of the replacement cost minus the deductible, then it might be time to consider dropping full coverage.
For example, let’s pretend your BMW X5 book value is $6,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $5,000 after the deductible is paid. If you are paying in excess of $500 annually for comprehensive and collision coverage, then you may need to consider dropping full coverage.
There are some situations where dropping physical damage coverage is not financially feasible. If you still have a lienholder on your title, you have to carry full coverage as part of the loan conditions. Also, if you can’t afford to buy a different vehicle if your current one is in an accident, you should not opt for liability only.
Insurance does more than just protect your car
Even though it can be expensive, insurance is required in Virginia but also provides important benefits.
First, almost all states have compulsory liability insurance requirements which means state laws require a specific minimum amount of liability insurance in order to get the vehicle licensed. In Virginia these limits are 25/50/20 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $20,000 of property damage coverage.
Second, if you took out a loan on your BMW X5, most banks will force you to have physical damage coverage to guarantee their interest in the vehicle. If coverage lapses or is canceled, the lender may insure your BMW at an extremely high rate and require you to pay for the much more expensive policy.
Third, insurance safeguards not only your BMW X5 but also your assets. Insurance will also pay for medical expenses that are the result of an accident. As part of your policy, liability insurance also covers all legal expenses up to the policy limit if you are sued as the result of your driving. 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 outweigh the cost, particularly when you have a large claim. Today the average American driver is wasting up to $850 per year so it’s very important to do a rate comparison at every policy renewal to be sure current rates are still competitive.
Virginia Beach insurance discounts for a BMW X5
Auto insurance is not cheap nor is it fun to buy but there are discounts available to help bring down the price. Certain credits will be shown at quote time, but a few must be requested specifically before you get the savings.
- Distant College Student Discount – Kids who attend college more than 100 miles from Virginia Beach without a vehicle on campus could qualify for this discount.
- Seat Belt Usage – Drivers who require all occupants to buckle their seat belts can save a little off the PIP or medical payment premium.
- Life Insurance – Some companies give lower rates if you buy life insurance.
- Safety Course Discount – Participating in a course teaching defensive driver skills could cut 5% off your bill and easily pay for the cost of the class.
- Anti-lock Brake Discount – Cars, trucks, and SUVs equipped with ABS or steering control can avoid accidents and qualify for as much as a 10% discount.
- Lower Rates for Military – Being on active duty in the military can result in better prices.
It’s important to note that most discounts do not apply to the entire policy premium. The majority will only reduce individual premiums such as comprehensive or collision. Even though it may seem like you could get a free auto insurance policy, companies don’t profit that way. Any qualifying discounts will bring down your policy cost.
The example below illustrates the difference between BMW X5 insurance premiums with and without policy discounts. The premiums are based on a male driver, no violations or accidents, Virginia state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, multi-policy, safe-driver, marriage, multi-car, and homeowner discounts applied.
Insurance companies that may include most of the discounts above include:
Double check with every company the best way to save money. Savings might not apply in Virginia Beach.
When to talk to an insurance agent
Some people just want to get advice from a local agent and that is just fine! Most agents can make sure you are properly covered and help you file claims. One of the best bonuses of getting free rate quotes online is the fact that drivers can get lower prices and still buy from a local agent. And providing support for local insurance agents is important especially in Virginia Beach.
To help locate an agent, after submitting this simple form, your insurance coverage information is immediately sent to participating agents in Virginia Beach who will give competitive quotes for your coverage. You never need to contact any insurance agencies because quoted prices will be sent to you. If for some reason you want to quote rates from one company in particular, feel free to find their quoting web page to submit a rate quote request.
If you are wanting to find a good Virginia Beach insurance agent, there are two types of insurance agents that you can select. Agencies in Virginia Beach are considered either independent (non-exclusive) or exclusive. Either type can do a good job, but it’s good to learn the difference in the companies they write for because it can factor into your agent selection.
Independent Insurance Agents
Independent insurance agents are not employed by any specific company so they can write business with an assortment of companies and find the cheapest rate. To transfer your coverage to a different company, they can switch companies in-house and you can keep the same agent.
When comparison shopping, you will want to include price quotes from several independent agencies to get the most accurate price comparison. Most also have access to additional companies that you may not be familiar with that may provide cheaper insurance rates.
Featured below is a short list of independent agents in Virginia Beach that may be able to give you comparison quotes.
- Insurance Strategies – The Cooksey Agency
780 Lynnhaven Pkwy #400 – Virginia Beach, VA 23452 – (757) 819-6896 – View Map - Glandon Agency
212 87th St – Virginia Beach, VA 23451 – (757) 422-6729 – View Map - Bordeaux Insurance Agency
4654 Haygood Rd – Virginia Beach, VA 23455 – (757) 460-6220 – View Map
Exclusive Insurance Agents
These agents have only one company to place business with such as Allstate, Farmers Insurance or State Farm. These agents are unable to compare rates from other companies so if the price isn’t competitive there isn’t much they can do. These agents are trained well on their company’s products which can be an advantage. Drivers often buy from exclusive agents mainly due to the brand and solid financial strength.
Below is a short list of exclusive agencies in Virginia Beach willing to provide comparison quotes.
- Rhonda Floasin – State Farm Insurance Agent
1115 Independence Blvd #214 – Virginia Beach, VA 23455 – (757) 363-7376 – View Map - Ken Crowder – State Farm Insurance Agent
5802 E Virginia Beach Blvd #128 – Norfolk, VA 23502 – (757) 461-2027 – View Map - Lee Barnes – State Farm Insurance Agent
1625 Salem Rd Ste 103 – Virginia Beach, VA 23456 – (757) 467-8890 – View Map
Finding the right car insurance agent should include more criteria than just a cheap price quote. These are valid questions to ask:
- How are claims handled?
- What insurance company do they write the most business with?
- Will they make sure you get an adequate claim settlement?
- Is the agency covered by Errors and Omissions coverage?
- How are they compensated?
- Will you be dealing directly with the agent or with a Custom Service Representative (CSR)?
- Do they have designations such as AIC, CPCU, or CIC?
Cheaper car insurance rates are out there
Some insurance providers may not provide online quoting and usually these small insurance companies only sell coverage through local independent agents. Affordable BMW X5 insurance in Virginia Beach is attainable both online and also from your neighborhood Virginia Beach agents, and you should compare rates from both to have the best selection.
Drivers who switch companies do it for a variety of reasons including high rates after DUI convictions, denial of a claim, policy non-renewal or even poor customer service. Regardless of your reason for switching companies, choosing a new company is pretty simple and you could end up saving a buck or two.
You just read quite a bit of information on how to save on BMW X5 insurance in Virginia Beach. The key thing to remember is the more providers you compare, the better your chances of lowering your premium rates. You may even find the best auto insurance rates are with a smaller regional carrier.
Steps to saving on BMW X5 insurance in Virginia Beach
Really, the only way to find cheaper BMW X5 insurance in Virginia Beach is to regularly compare prices from providers who can sell car insurance in Virginia. Drivers can shop around by completing these steps.
- Read about how companies price auto insurance and the modifications you can make to keep rates in check. Many policy risk factors that cause high rates such as tickets, at-fault accidents, and a less-than-favorable credit history can be eliminated by making minor driving habit or lifestyle changes.
- Request rate estimates from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only quote rates from a single company like Progressive or State Farm, while agents who are independent can provide rate quotes from multiple companies.
- Compare the new rates to the price on your current policy and determine if cheaper X5 coverage is available. If you find better rates, make sure the effective date of the new policy is the same as the expiration date of the old one.
- Give notification to your current company of your intent to cancel your existing policy and submit a down payment and signed policy application to your new insurance company. Once the application is submitted, keep the new proof of insurance paperwork in your glove compartment.
A tip to remember is to make sure you’re comparing similar deductibles and liability limits on every price quote and and to get price estimates from as many different insurance providers as possible. This enables a fair rate comparison and the best price quote selection.
Additional information can be found at the links below
- Collision Insurance Coverage (Nationwide)
- Who Has Cheap Virginia Beach Auto Insurance Quotes for Infrequent Drivers? (FAQ)
- What Car Insurance is Cheapest for Handicapped Drivers in Virginia Beach? (FAQ)
- What Insurance is Cheapest for a Ford Focus in Virginia Beach? (FAQ)
- Who Has the Cheapest Auto Insurance Rates for Inexperienced Drivers in Virginia Beach? (FAQ)
- Get the Right Protection (InsureUonline.org)
- How do I File a Claim? (Insurance Information Institute)