A recent NerdWallet.com study revealed that 70% of consumers have bought car insurance from the same company for over three years, and about 40% of consumers have never quoted rates to find lower-cost coverage. Consumers in the United States can save hundreds of dollars each year just by comparing rates, but most tend to underestimate the amount of money they would save if they switched to a more affordable policy.
If saving the most money is your goal, then the best way to get more affordable BMW X3 insurance is to regularly compare quotes from companies in Charlotte.
- First, get an understanding of how insurance works and the things you can control to keep rates in check. Many policy risk factors that result in higher prices such as your driving record and a lousy credit rating can be controlled by making minor changes in your lifestyle. This article provides instructions to help prevent expensive coverage and find overlooked discounts.
- Second, request rate estimates from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can give quotes from one company like Progressive and State Farm, while independent agents can provide price quotes from multiple companies. Compare rates
- Third, compare the new rate quotes to your existing policy to see if a cheaper price is available in Charlotte. If you find a lower rate quote and decide to switch, ensure coverage does not lapse between policies.
- Fourth, give notification to your agent or company of your intention to cancel your current car insurance policy and submit the completed application along with a down payment to the new company. Once the paperwork is finalized, put the new certificate of insurance with your vehicle’s registration.
An important note is that you’ll want to make sure you compare identical coverages on each quote and and to get rate quotes from as many different companies as possible. Doing this provides a fair price comparison and maximum price selection.
Finding and buying the lowest cost auto insurance in Charlotte is easy if you know what you’re doing. If you have coverage now or just want to reduce your rates, follow these tips to find the best rates and still have adequate protection. Smart buyers only have to learn the tricks to compare different rates from many different companies online.
Cheap companies for BMW X3 insurance in North Carolina
The following companies can provide free rate quotes in North Carolina. To get the best car insurance in NC, we suggest you get rates from several of them in order to get a fair rate comparison.
Car insurance statistics for a BMW X3
The information shown below showcases a range of insurance costs for BMW X3 models. Understanding more about how auto insurance policy rates are formulated can aid in making smart choices when comparing insurance quotes.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|X3 3.0I xDrive AWD 4-Dr||$150||$276||$250||$14||$74||$764||$64|
|Get Your Own Custom Quote Go|
Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, safe-driver, and multi-vehicle. Premium costs do not factor in Charlotte location which can lower or raise auto insurance rates significantly.
Responsible drivers pay cheaper car insurance rates
The example below demonstrates how citations and accidents raise BMW X3 insurance costs for different age categories. Data assumes a married female driver, full physical damage coverage, $100 deductibles, and no discounts are applied to the premium.
BMW X3 insurance rates by gender in Charlotte
The chart below visualizes the comparison of BMW X3 premium costs for male and female drivers. The premium estimates are based on no claims or violations, comprehensive and collision coverage, $250 deductibles, drivers are not married, and no policy discounts are applied.
Liability only or full coverage
The diagram below compares BMW X3 car insurance rates with full coverage compared to only the North Carolina minimum liability coverage. The costs are based on a clean driving record, no at-fault accidents, $100 deductibles, drivers are not married, and no discounts are applied.
Are you wasting money paying for full coverage?
There is no exact rule to delete comp and collision coverage, but there is a general school of thought. If the annual cost of coverage is more than about 10% of the vehicle’s replacement cost less your deductible, then it could be time to drop full coverage.
For example, let’s pretend your BMW X3 claim settlement value is $7,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company would pay you is $6,000 after paying your deductible. If you are currently paying more than $600 annually for comprehensive and collision coverage, then it may be the right time to buy liability only.
There are some conditions where buying only liability insurance is not financially feasible. If you have an outstanding loan on your vehicle, you are required to maintain full coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should keep full coverage.
Companies offer many discounts on BMW X3 insurance in Charlotte
Insurance can cost an arm and a leg, but there could be significant discounts that can help lower your rates. Certain discounts will be triggered automatically when you quote, but a few need to be specifically requested before you get the savings.
- Home Ownership Discount – Owning a house in Charlotte can earn you a little savings since owning and maintaining a home requires personal responsibility.
- Memberships – Being a member of a professional or civic organization may earn a discount on your next renewal.
- Life Insurance – Some car insurance companies give a break if you buy life insurance.
- Anti-theft Discount – Cars and trucks equipped with tracking devices and advanced anti-theft systems prevent vehicle theft and qualify for as much as a 10% discount.
- Accident Waiver – This one isn’t a discount, but some insurance companies will forgive one accident before hitting you with a surcharge with the catch being you have to be claim-free for a particular time prior to the accident.
Don’t be shocked that some credits don’t apply to the entire cost. Most cut the price of certain insurance coverages like comprehensive or collision. Just because you may think having all the discounts means you get insurance for free, you won’t be that lucky. But all discounts will help reduce your policy cost.
The information below shows the comparison of BMW X3 insurance costs with and without discounts applied. The prices are based on a male driver, a clean driving record, no at-fault accidents, North Carolina state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, multi-policy, claim-free, marriage, safe-driver, and homeowner discounts applied.
A list of companies and their possible discounts are shown below.
- Farmers Insurance policyholders can earn discounts including teen driver, homeowner, business and professional, electronic funds transfer, bundle discounts, youthful driver, and mature driver.
- Esurance has savings for anti-theft, good driver, Pac-12 alumni, multi-car, and emergency road assistance.
- State Farm offers discounts including good driver, good student, safe vehicle, student away at school, and driver’s education.
- GEICO includes discounts for federal employee, anti-theft, driver training, seat belt use, daytime running lights, and military active duty.
- Allstate has discounts for new car, good payer, teenSMART discount, resident student, and multi-policy.
Check with every prospective company what discounts are available to you. Some credits might not be offered on policies in every state. For a list of insurance companies with discount car insurance rates in North Carolina, click here to view.
What Impacts BMW X3 Insurance Prices?
Multiple criteria are part of the calculation when quoting car insurance. Most are fairly basic like an MVR report, although others are not as apparent like your continuous coverage or your vehicle rating. One of the most helpful ways to save on auto insurance is to to have a grasp of some of the factors that aid in calculating the level of your policy premiums. When you understand what determines base rates, this enables you to make decisions that could result in lower auto insurance prices.
Employer can influence rates – Careers such as real estate brokers, architects, and medical professionals are shown to have higher rates than average attributed to high stress levels and incredibly demanding work hours. On the flip side, occupations such as scientists, engineers and retirees get better rates.
Low deductibles can be expensive – Insurance for physical damage, otherwise known as comp (or other than collision) and collision, is used to repair damage to your BMW. A few examples of covered claims are a windshield shattered by a rock, hitting a deer, and windstorm damage. Comp and collision deductibles are the amount of money you are required to spend before your auto insurance pays a claim. The higher the amount you are required to pay out-of-pocket, the lower your rates will be.
Know your vehicle’s IIHS safety rating – Cars with high safety ratings are cheaper to insure. Vehicles built for safety reduce occupant injuries and fewer injuries means less claims paid which can mean better rates for you.
Rental and towing coverage may not be needed – There are many optional add-on coverages that you can get tricked into buying on your auto insurance policy. Things like rental car reimbursement, accident forgiveness, and Farm Bureau memberships are probably not needed. You may think they are a good idea when buying your policy, but if you have no use for them get rid of them and save.
BMW X3 statistical loss data – Companies include the past claim history for a vehicle when they set coverage costs for each model. Models that the data determines to have higher claim frequency or loss amount will cost more to insure. The information below illustrates the historical insurance loss data for BMW X3 vehicles.
For each insurance policy coverage type, the claim probability for all vehicles, as a total average, is set at 100. Values under 100 suggest a better than average loss history, while percentage numbers above 100 indicate more frequent claims or tendency to have higher losses.
|Vehicle Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|BMW X3 4dr 2WD||122||99|
|BMW X3 4dr 4WD||109||93||117||69||64||76|
Empty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
How do I know if I need professional advice?
When buying coverage online or from an agent for your vehicles, there really is not a cookie cutter policy. Your financial needs are unique and your policy should reflect that.
Here are some questions about coverages that can help discover whether you would benefit from professional advice.
- Why am I required to buy high-risk coverage?
- Does my policy cover me if I wreck while driving under the influence?
- Why am I required to buy liability insurance?
- Do they offer discounts for home and auto coverage?
- If my BMW X3 is totaled, can I afford another vehicle?
- Am I covered if I hit my neighbor’s mailbox?
- How much will a speeding ticket raise my rates?
- Am I covered when pulling a rental trailer?
- Am I covered when driving a rental car?
If you’re not sure about those questions but a few of them apply, you may need to chat with an insurance agent. To find lower rates from a local agent, complete this form or go to this page to view a list of companies. It’s fast, free and you can get the answers you need.
What if I want to buy from local Charlotte insurance agents?
Some consumers would prefer to buy from a licensed agent. Licensed agents can make sure you are properly covered and give you someone to call. A good thing about price shopping on the web is you can get cheaper prices and still have a local agent. Putting coverage with neighborhood agents is definitely important in Charlotte.
After filling out this simple form, your insurance coverage information is submitted to local insurance agents who will return price quotes and help you find cheaper coverage. It simplifies rate comparisons since you won’t have to leave your house since rate quotes are delivered directly to you. If you want to get a comparison quote from a particular provider, you would need to search and find their rate quote page and fill out their quote form.
The different types of car insurance agents
If you want to use a reputable insurance agent or broker, it’s important to understand the types of insurance agents and how they can quote your rates. Agents are considered either independent (non-exclusive) or exclusive. Either one can insure your vehicles, but it is important to understand the difference in the companies they write for because it may have an impact on which agent you choose.
Independent Insurance Agencies
These agents do not have single company limitations so as a result can place your coverage amongst many companies and get the cheapest rates. If your agent finds better pricing, your agent can just switch to a different company which makes it simple for you. If you need lower rates, you will definitely want to include rate quotes from a couple of independent agencies in order to have the best price comparison.
Below are Charlotte independent agents who may be able to give you rate quotes.
Exclusive Insurance Agents
Agents that choose to be exclusive generally can only insure with one company and some examples include Farmers Insurance, American Family, State Farm and Allstate. They are unable to provide prices from multiple companies so they are skilled at selling on more than just price. They are highly trained in insurance sales which helps offset the inability to provide other markets.
Below are exclusive agents in Charlotte that are able to give price quotes.
Gary Kochman – State Farm Insurance Agent
9539 Idlewild Rd – Charlotte, NC 28227 – (704) 545-4422 – View Map
Finding a good auto insurance agent requires more thought than just the bottom line cost. Agents should be asked these questions:
- Does their agency support local causes in Charlotte?
- What discounts might you be missing?
- What company holds the largest book of business for them?
- Will high miles depreciate repair valuations?
- Are they in the agency full-time?
- If you have an accident, are you able to get your vehicle repaired at the shop of your choice?
- How would your car be valued if totaled?
More comparisons equals cheap rates
We just presented some good ideas how to save on BMW X3 insurance in Charlotte. The key thing to remember is the more price quotes you have, the better your comparison will be. Consumers could even find that the lowest priced car insurance comes from the smaller companies. Smaller companies may have significantly lower rates on certain market segments than the large multi-state companies such as GEICO and State Farm.
As you prepare to switch companies, it’s not a good idea to reduce coverage to reduce premium. In many cases, someone sacrificed physical damage coverage and learned later that it was a big mistake. The aim is to find the BEST coverage at the best cost, but do not skimp to save money.
- Front crash protection reduces rear-end crashes (Insurance Institute for Highway Safety)
- Who Has Cheap Charlotte Auto Insurance Rates for a Ford F-150? (FAQ)
- How Much is Charlotte Auto Insurance for Teenage Females? (FAQ)
- What Insurance is Cheapest for Teenagers in Charlotte? (FAQ)
- Who Has Affordable Auto Insurance for 18 Year Olds in Charlotte? (FAQ)
- Drunk Driving Statistics (Insurance Information Institute)
- Hybrid vehicles cost insurers more (Insurance Institute for Highway Safety)