How to Save on BMW X3 Insurance in Memphis

The best way we recommend to get discount BMW X3 insurance is to compare quotes annually from different companies in Memphis.

• First, gain an understanding of how companies price auto insurance and the measures you can control to lower rates. Many factors that are responsible for high rates like getting speeding tickets and an imperfect credit rating can be rectified by making minor changes to your lifestyle. Read the full article for additional tips to lower rates and get bigger discounts that may have been overlooked.
• Second, quote rates from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only quote rates from one company like GEICO and Allstate, while agents who are independent can provide prices for many different companies.
• Third, compare the new rate quotes to your existing rates to see if cheaper X3 coverage is available in Memphis. If you can save some money and make a switch, make sure there is no coverage gap between policies.
• Fourth, provide proper notification to your current company of your intent to cancel the current policy. Submit a down payment along with a completed application to your new agent or company. As soon as coverage is bound, keep the new certificate verifying proof of insurance in a readily accessible location in your vehicle.

One tip to remember is to use identical deductibles and limits on every quote request and and to get rates from all possible companies. Doing this guarantees a level playing field and a complete price analysis.

It goes without saying that insurance companies don’t want you to look at other companies. People who perform rate comparisons are highly likely to switch companies because there is a significant possibility of finding a lower-cost company. A recent study showed that consumers who make a habit of shopping around saved on average $3,450 over four years as compared to drivers who didn’t regularly shop around.

If finding the lowest price for car insurance in Memphis is why you’re here, then having a grasp of the best way to shop and compare insurance coverage can help make the process easier.

How to find low cost BMW X3 insurance in Memphis, TN

The majority of larger companies give prices direct online. Comparing BMW X3 insurance rates online is possible for anyone as you just type in the coverage amounts you desire into a form. After the form is submitted, their system automatically orders information on your driving record and credit history and generates a price determined by many factors.

Being able to quote online for BMW X3 insurance in Memphis makes it a lot easier to compare rates and it is imperative to get many rate quotes in order to get a better rate.

If you want to get comparison pricing now, compare rates now from the companies shown below. If you currently have coverage, we recommend you input deductibles and limits exactly as shown on your declarations page. Doing this assures you are getting rate quotes for similar insurance coverage.

The companies shown below offer price quotes in Tennessee. If multiple companies are listed, we recommend you visit several of them to find the most competitive car insurance rates.

Protect your BMW vehicle and other assets

Despite the fact that car insurance is not cheap in Memphis, buying car insurance may be required and benefits you in several ways.

• The majority of states have compulsory liability insurance requirements which means you are required to carry a specific level of liability protection in order to drive the car. In Tennessee 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.
• If your BMW X3 has a loan, it’s guaranteed your bank will require that you have physical damage coverage to protect their interest in the vehicle. If you let the policy lapse, the bank or lender will purchase a policy for your BMW at a much higher premium rate and force you to reimburse them the higher price.
• Insurance safeguards both your assets and your car. Insurance will also pay for hospital and medical expenses that are the result of an accident. As part of your policy, liability insurance also pays for attorney fees and expenses if you cause an accident and are sued. If your vehicle suffers damage from an accident or hail, collision and comprehensive (also known as other-than-collision) coverage will cover the repair costs.

The benefits of buying enough insurance definitely exceed the cost, especially for larger claims. Despite what companies tell you, the average driver is overpaying over $855 a year so it’s recommended you shop around at least once a year to ensure rates are competitive.

Facts and figures for BMW X3 insurance

The premium information shown below covers different rate quotes for BMW X3 models. Being aware of how insurance policy rates are established can be of help when making decisions when choosing a new policy provider.

Price data assumes married female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, claim-free, and multi-policy. Rate quotes do not factor in specific zip code location which can increase or decrease prices substantially.

Comparison of policy deductibles

One of the more difficult decisions when buying auto insurance is where to set your physical damage deductibles. The premium rates below approximate the rate fluctuation of buying low and high coverage deductibles. The first set of rates uses a $100 deductible for comprehensive and collision coverage and the second set of rates uses a $500 deductible.

Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, claim-free, and multi-policy. Table data does not factor in Memphis location which can modify coverage prices considerably.

Based on this data, we can arrive at the conclusion that using a $100 deductible would cost the average driver about $25 more each month or $300 for a full year averaged for all X3 models than buying the higher $500 deductible. Since you would have to pay $400 more to settle a claim with a $500 deductible as compared to a $100 deductible, if you tend to average at least 16 months between claims, you would probably save some money if you choose the higher deductible.

The chart below illustrates how your choice of deductibles and can change BMW X3 insurance prices for different age groups of insureds. Data assumes a single female driver, full coverage, and no policy discounts are applied.

BMW X3 insurance rates by gender

The illustration below visualizes the comparison of BMW X3 auto insurance costs for male and female drivers. The premiums are based on no accidents or driving violations, comprehensive and collision coverage, $250 deductibles, drivers are single, and no additional discounts are factored in.

BMW X3 full coverage rates compared to liability only

The illustration below compares BMW X3 auto insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The rate quotes are based on no claims or violations, $250 deductibles, single marital status, and no other discounts are factored in.

Should you pay for full coverage or liability only?

There is no specific rule to delete comp and collision coverage, but there is a general convention. If the annual cost of coverage is more than around 10% of the vehicle’s replacement cost less your deductible, then you might consider buying liability only.

For example, let’s say your BMW X3 replacement cost is $3,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $2,000 after paying your deductible. If premium cost is more than $200 a year for comprehensive and collision coverage, then you might want to think about dropping full coverage.

There are some conditions where eliminating full coverage is not financially feasible. If you still owe a portion of the original loan, you have to keep full coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle if your current one is totaled, you should not buy liability only.

Save money on BMW X3 insurance in Memphis with these discounts

Some providers don’t always publicize every discount they offer in an easy-to-find place, so the following list contains some of the best known as well as some of the hidden credits available to you.

• Senior Citizen Discount – If you qualify as a senior citizen, you are able to get a slight reduction on a Memphis car insurance quote.
• Student Discount for Driver Training – It’s a good idea to have your young drivers enroll and complete driver’s education as it will make them better drivers and lower rates.
• Paperwork-free – Certain insurance companies may give you up to $50 for signing up on the internet.
• Distant College Student Discount – Youth drivers who live away from home to go to college and do not have access to a covered vehicle may qualify for this discount.
• Professional Organizations – Participating in qualifying employment or professional organizations can get you a small discount on your policy.
• Safety Course Discount – Taking a safe driver course could earn you a small percentage discount if you qualify.
• Theft Deterrent – Vehicles equipped with anti-theft or alarm systems are stolen with less frequency and will save you 10% or more on X3 insurance in Memphis.
• Seat Belt Usage – Buckling up and requiring all passengers to buckle up may be able to save a few bucks off the PIP or medical payment premium.

Consumers should know that some of the credits will not apply to your bottom line cost. Most cut specific coverage prices like collision or personal injury protection. Even though the math looks like adding up those discounts means a free policy, companies don’t profit that way.

The chart below visualizes the comparison of BMW X3 yearly insurance costs with and without discounts applied to the premium. The rate quotes are based on a male driver, no violations or claims, Tennessee state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, claim-free, marriage, multi-car, multi-policy, and safe-driver discounts applied.

To locate car insurance companies with discount car insurance rates in Memphis, follow this link.

Buying auto insurance from Memphis auto insurance agents

A small number of people would rather visit with an insurance agent and doing so can bring peace of mind A nice benefit of getting free rate quotes online is the fact that you can find the lowest rates and also buy local.

After filling out this quick form, the quote information is instantly submitted to companies in Memphis that give free quotes for your business. It’s much easier because you don’t need to find an agent on your own since price quotes are sent instantly to you. You can find the lowest rates and an insurance agent to talk to. If you need to compare rates from a particular provider, you just need to jump over to their website and complete a quote there.

Picking an insurer needs to be determined by more than just a cheap price. The answers to these questions are important, too.

• Do the companies they represent have a solid financial rating?
• Does the agency have a current Errors and Omissions policy?
• Do they assist clients in filing claims?
• Are they able to influence company decisions when a claim is filed?
• Can you contact them at any time?
• Do they make recommendations based only on price?

Pick the best auto insurance agent in Memphis for you

If you are searching for a local Memphis insurance agency, there are a couple of different types of agents and how they are slightly different. Auto insurance agents in Memphis can be categorized as either independent agents or exclusive agents depending on their employer.

Exclusive Insurance Agencies

Exclusive agencies write business for a single company and some examples include Allstate, AAA, Farmers Insurance, and State Farm. Exclusive agencies are unable to provide other company’s prices so it’s a take it or leave it situation. They receive a lot of sales training on their company’s products which helps offset the inability to provide other markets. Some insured continue to buy insurance from these agents mostly because of the brand legacy and the convenience of having all coverages with one company.

Below are Memphis exclusive insurance agencies who may provide you with rate quotes.

• Parker Rhett – State Farm Insurance Agent
  4515 Poplar Ave #416 – Memphis, TN 38117 – (901) 680-7400 – View Map
• Rickey Jeans – State Farm Insurance Agent
  4285 Elvis Presley Blvd – Memphis, TN 38116 – (901) 346-0300 – View Map
• Farmers Insurance: Candace Hall
  1444 E Shelby Dr #329 – Memphis, TN 38116 – (901) 345-2615 – View Map

View more Memphis agents

Independent Auto Insurance Agents

Agents in the independent channel are not locked into one company and that is an advantage because they can write policies with multiple insurance companies and help determine which has the cheapest rates. If your premiums go up, they can switch companies in-house and you don’t have to switch agencies. If you are trying to find cheaper rates, you will definitely want to contact at least one independent agent so that you can do a thorough price comparison. Many can place coverage with mutual insurance companies which could offer lower prices.

Shown below is a short list of independent agencies in Memphis who can help you get price quote information.

• Fred L. Davis Insurance Agency – Car Insurance Agency
  1374 Airways Blvd – Memphis, TN 38114 – (901) 323-6159 – View Map
• BURFORD INSURANCE AGENCY
  3325 KIRBY PKWY STE 102 – Memphis, TN 38115 – (901) 507-6873 – View Map
• Lipscomb and Pitts Insurance LLC
  2670 Union Ave – Memphis, TN 38112 – (901) 321-1000 – View Map

View more Memphis agents

More effort can pay off

Some insurance providers may not offer rate quotes online and many times these small, regional companies prefer to sell through independent agencies. Lower-priced auto insurance in Memphis is possible online and also from your neighborhood Memphis agents, and you should compare price quotes from both in order to have the best price selection to choose from.

People leave their current company for any number of reasons including an unsatisfactory settlement offer, not issuing a premium refund, poor customer service or policy cancellation. It doesn’t matter what your reason, finding a new auto insurance company can be less work than you think.

You just learned some good ideas how to save on BMW X3 insurance in Memphis. The most important thing to understand is the more companies you get rates for, the higher the chance of saving money. You may even be surprised to find that the lowest prices come from a lesser-known regional company.

Additional detailed information can be found by following these links:

• Electronic Stability Control FAQ (iihs.org)
• Which Company has the Cheapest Auto Insurance in Memphis, TN? (FAQ)
• Who Has Affordable Auto Insurance for Drivers with Accidents in Memphis? (FAQ)
• New head restraint design cuts injuries (Insurance Institute for Highway Safety)
• Air Bags: Potential Dangers to Your Children (Insurance Information Institute)
• How Does Hitting a Deer Impact Insurance Rates? (Allstate)
• Bodily Injury Coverage (Liberty Mutual)