Pricey BMW 535i insurance in Albuquerque can overdraw your savings and put a big crunch on your finances. Price shopping at each renewal is a smart way to make sure you’re not throwing money away.
It’s well known that car insurance companies don’t want you to look for cheaper rates. Drivers who perform rate comparisons are inclined to switch companies because they stand a good chance of getting low-cost coverage. A recent auto insurance study revealed that drivers who faithfully checked for cheaper rates saved $850 each year compared to those who never compared other company’s rates.
If finding the lowest rates on auto insurance in Albuquerque is your objective, then having a good understanding the best way to compare auto insurance can help you succeed in finding affordable rates.
How to find discount BMW 535i insurance in Albuquerque
The best way to get the cheapest BMW 535i insurance is to annually compare prices from insurance carriers who provide car insurance in Albuquerque.
- Step 1: Spend a few minutes and learn about how car insurance works and the measures you can control to prevent high rates. Many rating factors that cause rate increases such as multiple speeding tickets and poor credit history can be rectified by paying attention to minor details.
- Step 2: Get rate quotes from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only provide price estimates from one company like GEICO and State Farm, while independent agents can provide rate quotes for a wide range of insurance providers.
- Step 3: Compare the new quotes to your existing coverage to determine if you can save on 535i insurance in Albuquerque. If you find a better price, ensure there is no coverage lapse between policies.
- Step 4: Give notification to your current company of your intention to cancel the current policy and submit a completed application and payment to your new insurance company. As soon as coverage is bound, put the new proof of insurance paperwork with your vehicle’s registration.
A crucial key to this process is that you’ll want to compare similar deductibles and liability limits on every quote request and and to get rate quotes from as many companies as feasibly possible. Doing this ensures the most accurate price comparison and a thorough selection of prices.
Having so many companies to choose from that have affordable insurance for a BMW 535i in Albuquerque, it is hard for the average consumer to pick the most affordable auto insurance company.
It’s important to compare rates before your next renewal because auto insurance rates fluctuate regularly. Just because you found the lowest rate on BMW 535i insurance in Albuquerque six months ago a different company probably has better prices today. There is lot of inaccurate information about 535i insurance online, but I’m going to show you the easiest ways to stop overpaying for insurance in Albuquerque.
Find BMW 535i Insurance Cheaper
Part of the car insurance buying process is learning some of the factors that play a part in calculating the level of your policy premiums. When you understand what impacts premium levels, this enables you to make decisions that may result in lower car insurance prices.
The items below are some of the things car insurance companies consider when setting rates.
Cheaper car insurance rates with safer cars – Vehicles that have high safety ratings get lower rates. Vehicles engineered for safety have better occupant injury protection and reduced instances of injuries translates into savings for insurance companies and more competitive rates for policyholders.
Consolidate policies to earn discounts – The majority of insurance companies give discounts to buyers who buy several policies from them such as combining an auto and homeowners policy. Discounts can add up to as much as ten percent or more Even though this discount sounds good, consumers should still check prices from other companies to help ensure you have the lowest rates. It’s possible to still save more without the discount by buying from different companies
Your address can affect prices – Residing in smaller towns and rural areas of the country has it’s advantages when trying to find low car insurance rates. Fewer drivers and short commutes means reduced accidents and also fewer theft and vandalism claims. Urban drivers have to deal with more auto accidents and much longer commute distances. More time commuting means more chances of being involved in an auto accident.
Costs go up with performance – The make and model of the car you own makes a big difference in your rates. Smaller low performance passenger cars receive the most favorable rates, but other factors influence the final cost greatly.
The following data is based on a married female driver age 20, full coverage with $500 deductibles, and no discounts or violations. It illustrates BMW 535i insurance premiums compared to other vehicles that have different risk factors.
Gender is a factor – Over the last 30 years, statistics show women tend to be less risk to insure than men. The data does not necessarily mean that males are worse at driving than females. Men and women are in fender benders at a similar rate, but the male of the species cause more damage. They also get cited for more serious violations like DWI (DUI) or reckless driving.
The information below compares BMW 535i insurance premiums for male and female drivers. The rates are based on a clean driving record, no claims, comprehensive and collision coverage, $1,000 deductibles, single status, and no additional discounts are factored in.
You might pay higher prices if you are single – Having a wife or husband may cut your premiums on your car insurance bill. It means you’re more financially stable and statistics prove drivers who are married are more cautious.
Drive less and get lower costs – The higher the mileage driven in a year’s time the more you’ll pay to insure it. A lot of insurance companies rate vehicles based on how the vehicle is used. Autos not used for work or commuting get more affordable rates than vehicles that are driven to work every day. Having the wrong rating on your 535i can result in significantly higher rates. Ask your agent if your car insurance declarations sheet reflects the correct driver usage, because it can save money.
Data for BMW 535i insurance
The rate table displayed below covers detailed analysis of insurance costs for BMW 535i models. Having insight into how auto insurance prices are formulated is important for you to make informed decisions when comparing rate quotes.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| 535I 4-Dr Sedan | $330 | $754 | $338 | $20 | $102 | $1,544 | $129 |
| 535I xDrive Station Wagon | $330 | $754 | $338 | $20 | $102 | $1,544 | $129 |
| 535I GT 4-Dr Sedan | $330 | $754 | $338 | $20 | $102 | $1,544 | $129 |
| 535I xDrive 4-Dr Sedan | $362 | $754 | $338 | $20 | $102 | $1,576 | $131 |
| Get Your Own Custom Quote Go | |||||||
Table data represents married female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, safe-driver, and multi-policy. Rate quotes do not factor in specific garaging location which can increase or decrease prices considerably.
Choosing deductibles
The hardest decision when buying coverage is where should you set your physical damage deductibles. The premium rates below may aid in understanding the rate difference between low and high insurance deductibles. The first price estimate table uses a $250 deductible for physical damage and the second rate table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| 535I 4-Dr Sedan | $346 | $644 | $322 | $20 | $96 | $1,453 | $121 |
| 535I xDrive Station Wagon | $346 | $644 | $322 | $20 | $96 | $1,453 | $121 |
| 535I GT 4-Dr Sedan | $346 | $644 | $322 | $20 | $96 | $1,453 | $121 |
| 535I xDrive 4-Dr Sedan | $378 | $644 | $322 | $20 | $96 | $1,485 | $124 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| 535I 4-Dr Sedan | $280 | $520 | $322 | $20 | $96 | $1,238 | $103 |
| 535I xDrive Station Wagon | $280 | $520 | $322 | $20 | $96 | $1,238 | $103 |
| 535I GT 4-Dr Sedan | $280 | $520 | $322 | $20 | $96 | $1,238 | $103 |
| 535I xDrive 4-Dr Sedan | $306 | $520 | $322 | $20 | $96 | $1,264 | $105 |
| Get Your Own Custom Quote Go | |||||||
Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and New Mexico minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, multi-vehicle, and homeowner. Rate information does not factor in vehicle location which can affect coverage rates considerably.
Using the premium rates above, we can conclude that using a $250 deductible costs about $18 more each month or $216 annually than choosing the higher $500 deductible. Because you would be required to pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you tend to have at least 14 months between claim filings, you would save more money going with the higher deductible.
How to decide to raise your deductibles
| Average monthly premium for $250 deductibles: | $122 |
| Average monthly premium for $500 deductibles (subtract): | – $104 |
| Monthly savings from raising deductible: | $18 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $18 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 14 months |
An important sidenote is that raising deductibles to save money means you will have to pay more of your own money when you do file a claim. That will require access to more funds in order to pay the deductible for vehicle repair.
The chart below illustrates how your deductible choice and can change BMW 535i annual premium costs for each different age group. The costs are based on a single male driver, full physical damage coverage, and no discounts are applied to the premium.
Rate increases following a ticket or accident
The illustration below illustrates how traffic citations and at-fault collisions drive up BMW 535i insurance costs for each different age category. The rate quotes are based on a married male driver, full coverage, $100 deductibles, and no discounts are taken into consideration.
Car insurance quotes and discounts
Insurance can cost an arm and a leg, but you can get discounts that you may not even be aware of. Most are applied when you complete an application, but less common discounts must be specifically requested before you will receive the discount. If you’re not getting every credit possible, you are not getting the best rate possible.
- Policy Bundle Discount – When you combine your auto and home insurance and insure them both with the same insurance company you could earn a discount of as much as 10 to 15 percent.
- Theft Deterrent – Cars, trucks, and SUVs optioned with advanced anti-theft systems can help prevent theft and can earn a small discount on your policy.
- Telematics Data – Drivers that enable driving data collection to study their driving habits remotely like Drivewise from Allstate or In-Drive from State Farm might get better premium rates as long as the data is positive.
- Switch and Save Discount – A few larger companies allow discounts for switching companies prior to your current 535i insurance policy expiring. You could save around 10% when you buy Albuquerque car insurance online.
- Sign Online – A few companies provide a small discount simply for signing on your computer.
- Seat Belts Save – Forcing all vehicle occupants to wear their seat belts could save 15% off the personal injury premium cost.
Keep in mind that most of the big mark downs will not be given to the whole policy. Some only reduce the price of certain insurance coverages like comprehensive or collision. Just because it seems like you can get free auto insurance, company stockholders wouldn’t be very happy.
The diagram below visualizes the comparison of BMW 535i insurance costs with and without discounts. The information is based on a male driver, a clean driving record, no at-fault accidents, New Mexico state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, claim-free, marriage, homeowner, multi-car, and multi-policy discounts applied.
Companies and some of the premium reductions they offer are included below.
- GEICO has savings for federal employee, multi-policy, military active duty, emergency military deployment, and anti-lock brakes.
- SAFECO offers discounts for drive less, accident prevention training, homeowner, bundle discounts, and multi-car.
- State Farm has discounts for driver’s education, Drive Safe & Save, student away at school, good student, multiple policy, anti-theft, and multiple autos.
- MetLife may have discounts that include good student, multi-policy, good driver, accident-free, defensive driver, claim-free
- 21st Century offers premium reductions for defensive driver, early bird, automatic seat belts, driver training, air bags, anti-lock brakes, and teen driver.
- Progressive includes discounts for continuous coverage, multi-policy, multi-vehicle, homeowner, and online signing.
It’s a good idea to ask all companies you are considering to apply every possible discount. Some of the earlier mentioned discounts might not be available to policyholders in your state.
Which car insurance company is best in New Mexico?
Picking the highest-rated auto insurance provider can be rather challenging considering how many choices drivers have in Albuquerque. The ranking information in the lists below could help you select which providers you want to consider putting your business with.
Top 10 Albuquerque Car Insurance Companies Ranked by Customer Service
- GEICO
- State Farm
- The Hartford
- Mercury Insurance
- The General
- Progressive
- Allstate
- AAA Insurance
- American Family
- Nationwide
Top 10 Albuquerque Car Insurance Companies by A.M. Best Rank
- USAA – A++
- Travelers – A++
- GEICO – A++
- State Farm – A++
- The Hartford – A+
- Esurance – A+
- Nationwide – A+
- Allstate – A+
- Mercury Insurance – A+
- Titan Insurance – A+
More quotes mean more insurance savings
More affordable insurance in Albuquerque can be found from both online companies and with local Albuquerque insurance agents, so you should compare both in order to have the best price selection to choose from. Some companies do not provide rate quotes online and usually these smaller companies prefer to sell through independent insurance agents.
When buying insurance coverage, do not reduce coverage to reduce premium. Too many times, drivers have reduced physical damage coverage only to find out they didn’t purchase enough coverage. Your goal is to purchase plenty of coverage for the lowest cost while not skimping on critical coverages.
Steps to buying low-cost BMW 535i insurance in Albuquerque
If saving the most money is your goal, then the best way to find cheaper prices for car insurance rates in Albuquerque is to start comparing rates regularly from insurers in New Mexico.
- Get an understanding of the different coverages in a policy and the measures you can take to keep rates down. Many risk factors that result in higher prices like tickets, at-fault accidents, and an imperfect credit score can be controlled by making small lifestyle or driving habit changes.
- Compare rates from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only quote rates from one company like GEICO and Allstate, while independent agents can provide rate quotes from many different companies.
- Compare the new quotes to your current policy to see if you can save by switching companies. If you can save some money and decide to switch, make sure coverage is continuous and does not lapse.
A good tip to remember is to make sure you’re comparing identical deductibles and limits on every quote request and and to get price estimates from as many carriers as you can. Doing this guarantees an accurate price comparison and a thorough selection of prices.
Additional information
- Should I Buy a New or Used Car? (Allstate)
- Who Has Affordable Auto Insurance Rates for Good Drivers in Albuquerque? (FAQ)
- Who Has Affordable Albuquerque Auto Insurance Rates for Homeowners? (FAQ)
- How Much are Auto Insurance Rates for 19 Year Olds in Albuquerque? (FAQ)
- Who Has the Cheapest Albuquerque Car Insurance for a Jeep Grand Cherokee? (FAQ)
- What Insurance is Cheapest for a Kia Optima in Albuquerque? (FAQ)
- Child Safety Seats (Insurance Information Institute)
- Young Drivers: The High Risk Years Video (iihs.org)
- Uninsured Motorists: Threats on the Road (Insurance Information Institute)