Paying for high-priced BMW X1 insurance in Denver can overdraw your accounts and force you to prioritize other expenses. Doing a rate analysis can be a smart way to slash your bill and have more diposable income.
Amazingly, a large majority of drivers in Colorado kept their coverage with the same insurance company for at least the last four years, and almost half have never shopped around. Most drivers in the U.S. can save hundreds of dollars each year by just comparing quotes, but they just don’t want to compare rate quotes. Big-name insurance companies like GEICO, 21st Century and Progressive promote their brand names with TV and radio ads and it is difficult to not get sucked in by the cute commercials and effectively compare rates to find the best deal.
Lower your auto insurance rates with discounts
Auto insurance is expensive, but you might find some hidden discounts to help bring down the price. Some discounts apply automatically when you quote, but less common discounts must be inquired about before being credited.
- No Claims – Insureds with no claims or accidents are rewarded with significantly better rates on Denver auto insurance quote when compared to drivers with a long claim history.
- Discounts for Multiple Vehicles – Buying insurance for all your vehicles with the same auto insurance company can get a discount on all vehicles.
- Government Employee Discount – Active or former government employment can earn a discount up to 10% but check with your company.
- Clubs and Organizations – Having an affiliation with a civic or occupational organization in Denver could earn you a nice discount on your next renewal.
- Good Grades Discount – Maintaining excellent grades can be rewarded with saving of up to 25%. Earning this discount can benefit you up until you turn 25.
- Paper-free Discount – Some of the larger companies will provide an incentive get Denver auto insurance digitally online.
- Low Mileage Discounts – Keeping the miles down on your BMW may allow you to get lower prices due to less chance of an accident.
- Seat Belts Save more than Lives – Buckling up and requiring all passengers to fasten their seat belts can save a little off the medical payments premium.
- Early Switch Discount – Some companies provide a discount for switching companies before your current expiration date. Ten percent is about the average savings.
While discounts sound great, it’s important to understand that most of the big mark downs will not be given to the entire policy premium. Most only apply to the price of certain insurance coverages like physical damage coverage or medical payments. So even though you would think having all the discounts means you get insurance for free, nobody gets a free ride. Any amount of discount will definitely lower the amount you pay for coverage.
Auto insurance companies that have these discounts may include but are not limited to:
Before buying, ask every company which credits you are entitled to. A few discounts might not be available to policyholders in Denver. To choose insurers that offer discounts in Denver, follow this link.
Which BMW X1 insurance is cheapest in Denver, CO?
Finding cheap car insurance quotes is an easy way to save money. All you need to do is spend a few minutes getting comparison quotes from online providers.
It’s so easy to compare price quotes online that it makes it obsolete to actually drive to different agent offices. The ability to get quotes online has reduced the need for local agents unless you have a complicated situation and need the trained advice of a local agent. However, consumers can obtain prices from the web but purchase the actual policy in an agency.
The following companies are ready to provide quotes in Colorado. If several companies are displayed, we suggest you compare several of them in order to find the cheapest rates.
How You Can Control BMW X1 Insurance Costs
When buying car insurance it’s important to understand the factors that aid in calculating the price you pay for car insurance. When consumers understand what influences your rates, this enables informed choices that will entitle you to much lower annual insurance costs.
Shown below are a few of the things used by companies to determine your rates.
- Safety ratings are a factor – Vehicles with good safety scores are cheaper to insure. Vehicles built for safety reduce occupant injuries and better occupant protection means your insurance company pays less which can result in lower premiums. If your BMW X1 scored better than an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website you are probably receiving a discount.
- Cheaper car insurance rates using alarm systems – Choosing to buy a car with a theft deterrent system can help bring down rates. Systems that thwart thieves such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack all aid in stopping vehicle theft.
- Comp and collision deductibles are a factor – Comprehensive and collision coverage deductibles define how much you are willing to pay out-of-pocket if a covered claim is submitted. Physical damage coverage, also known as collision and other-than-collision, insures against damage to your car. Some examples of claims that would be covered are colliding with a stationary object, collision with a deer, and damage caused by road hazards. The larger the amount the insured is willing to pay, the less your car insurance will be.
- Limits of liability coverage – Your policy’s liability coverage kicks in if you are responsible for damages caused by your negligence. It provides legal defense up to the limits shown on your policy. Liability is cheap when compared to the cost of physical damage coverage, so insureds should have plenty of protection for their assets.
- Little extras can really add up – Insurance policies have a lot of optional add-on coverages that you can get tricked into buying but may not be useful. Insurance for things like rental car coverage, death and dismemberment, and term life insurance are examples of these. They may seem good when buying your policy, but if you don’t need them eliminate them to save money.
- Younger vs. experienced drivers – Older drivers have been proven to be more responsible, tend to cause fewer accidents, and receive fewer citations.Teen drivers are statistically proven to be easily distracted with other occupants in the car therefore car insurance rates are much higher.
- Single drivers may pay higher costs – Having a wife or husband may earn you lower rates when buying car insurance. It may mean you are more financially stable and insurance companies reward insureds because married drivers tend to file fewer claims.
- Frequent insurance claims increase rates – Companies in Colorado award lower rates to people that do not abuse their auto insurance. If you’re an insured who likes to file claims you can look forward to either higher rates or even cancellation. Your insurance policy is intended for larger claims.
- BMW X1 historical loss data – Auto insurance companies study historical loss data to calculate a rate that offsets possible losses. Vehicles that tend to have increased claim numbers or amounts will cost more to insure. The table below demonstrates the insurance loss data for BMW X1 vehicles.
For each type of coverage, the statistical loss for all vehicles combined as an average is a value of 100. Values that are under 100 suggest a positive loss record, while numbers above 100 indicate higher probability of having a loss or an increased chance of a larger loss.
Insurance Loss Ratings for BMW X1 Vehicles
Specific BMW Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury BMW X1 4dr 2WD 99 86 113 90 95 87 BMW X1 4dr 4WD 103 96 120 73 69 82
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Different people need different insurance coverages
When selecting insurance from an agent or online for your vehicles, there really is not a perfect coverage plan. Each situation is unique so your insurance needs to address that. For instance, these questions could help you determine whether your personal situation would benefit from an agent’s advice.
- I have health insurance so do I need medical payments coverage?
- Does rental coverage apply when I am renting a car?
- Can my teen drive my company car?
- Will my insurance pay for OEM parts?
- What should my uninsured motorist coverage limits be in Colorado?
- Should I have a commercial auto policy?
If it’s difficult to answer those questions but one or more may apply to you, then you may want to think about talking to a licensed agent. To find an agent in your area, simply complete this short form or you can also visit this page to select a carrier It’s fast, doesn’t cost anything and you can get the answers you need.
Compare rate quotes but work with a local Denver insurance agent
Many people would rather get advice from a local agent and that is a smart decision Good agents can make sure you are properly covered and help in the event of a claim. One of the great benefits of getting free rate quotes online is you may find cheap auto insurance quotes but still work with a licensed agent.
To help locate an agent, after submitting this quick form, the quote information gets sent to participating agents in Denver that can provide free Denver auto insurance quotes to get your business. There is no need to contact any agents because prices are sent instantly to you. If you need to quote rates from a particular provider, you just need to visit that company’s website and fill out their quote form.
Picking the best insurance company is decision based upon more than just the bottom line cost. The answers to these questions are important, too.
- Are aftermarket or OEM parts used to repair vehicles?
- Do they reduce claim amounts on high mileage vehicles?
- Are glass claims handled on-site or do you have to take your vehicle to a repair shop?
- Which companies do they recommend if they are an independent agency?
- Do they have advanced training designations such as CPCU, AAI, AIC, or CIC?
- Where are claims handled?
- Do they have a Better Business Bureau rating in Denver?
Pick the best auto insurance agent in Denver for you
If you are searching for a local agent, you need to know there are two different agency structures and how they differ in how they quote coverages. Agencies in Denver are considered either independent agents or exclusive agents. Either one can write auto insurance policies, but it’s good to learn how they differ because it can influence buying decisions.
Exclusive Auto Insurance Agencies
Exclusive insurance agents can only write with one company and some examples include State Farm, Allstate and AAA. They usually cannot provide prices from multiple companies so keep that in mind. They are highly trained on sales techniques which can be an advantage.
Shown below is a short list of exclusive agencies in Denver that can give you price quote information.
Caramel Russell-Rouse – State Farm Insurance Agent
999 S Monaco Pkwy #200 – Denver, CO 80224 – (303) 424-0420 – View Map
Independent Agents (or Brokers)
Agents of this type often have affiliation with several companies and that gives them the ability to insure with any number of different companies and help determine which has the cheapest rates. If your premiums go up, they simply move your policy to a different company and you stay with the same agent.
When comparing rates, we highly recommend that you get rate quotes from independent agents in order to have the best price comparison.
Listed below are Denver independent agents willing to provide price quote information.
After you get good feedback to all your questions as well as an affordable premium quote, it’s a good possibility that you have found an auto insurance agent that is reputable and can insure your vehicles.
It may be expensive, but it’s not optional
Despite the high insurance cost for a BMW X1 in Denver, paying for auto insurance may be required for several reasons.
First, just about all states have minimum mandated liability insurance limits which means you are required to buy a specific level of liability insurance if you drive a vehicle. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
Second, if you took out a loan on your X1, more than likely the lender will make it mandatory that you have insurance to guarantee their interest in the vehicle. If you default on your policy, the bank or lender will purchase a policy for your BMW at an extremely high rate and make you pay much more than you were paying before.
Third, auto insurance preserves both your vehicle and your personal assets. Insurance will pay for medical expenses for yourself as well as anyone injured by you. Liability coverage, the one required by state law, will also pay attorney fees if anyone sues you for causing an accident. If your BMW gets damaged, your policy will pay to restore your vehicle to like-new condition.
The benefits of having insurance definitely exceed the cost, particularly when you have a large claim. Unknowingly, the average driver is currently overpaying as much as $700 annually so shop around at every renewal to save money.
Persistence will pay off
In this article, we presented many ways to shop for BMW X1 insurance online. The key thing to remember is the more providers you compare, the better likelihood of getting the cheapest BMW X1 rate quotes. You may even discover the biggest savings come from a smaller regional carrier. Smaller companies can often provide lower rates in certain areas as compared to the big name companies such as State Farm or Progressive.
Affordable BMW X1 insurance in Denver can be found from both online companies and also from your neighborhood Denver agents, and you should be comparing both to have the best selection. Some auto insurance companies do not provide internet price quotes and these regional carriers provide coverage only through independent agencies.
For more information, take a look at the articles below:
- How to Avoid Common Accidents (State Farm)
- How Much are Denver Car Insurance Quotes for a Toyota Highlander? (FAQ)
- Uninsured Motorists: Threats on the Road (Insurance Information Institute)
- Prom Night Tips for Teen Drivers (State Farm)
- Teen Driver Licensing Information (iihs.org)