Auto Insurance Rates for a BMW X5 in Memphis

Insurance for BMW X5Feel like you have overpriced BMW X5 insurance in Memphis? Don’t sweat it because many Memphis consumers feel financially strained by their car insurance policy.

It’s well known that auto insurance companies don’t want their policyholders to compare prices. Insureds who shop around for a cheaper policy will, in all likelihood, switch car insurance companies because there is a good probability of finding a lower-cost company. A recent study showed that drivers who routinely compared rates saved about $70 a month as compared to drivers who never compared other company’s rates.

If finding the lowest price on insurance is your objective, then having a good understanding how to choose a company and compare coverages can help make the process easier and more efficient.

Since you have so many choices for buying cheaper insurance for a BMW X5 in Memphis, it’s difficult to locate a more affordable car insurance company.

Low Cost companies for BMW X5 insurance in Tennessee

The car insurance companies shown below are our best choices to provide quotes in Tennessee. To locate the best car insurance in Memphis, it’s highly recommended you get price quotes from several of them to find the most competitive car insurance rates.

BMW X5 insurance charts and tables

The premium information shown below covers different insurance coverage prices for BMW X5 models. Learning a little about how insurance prices are calculated can help guide drivers when making decisions when shopping around.

BMW X5 Insurance Rates in Memphis, TN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X5 3.0I AWD $260 $358 $378 $22 $114 $1,132 $94
X5 3.5D AWD $286 $412 $378 $22 $114 $1,212 $101
X5 4.8I AWD $286 $412 $378 $22 $114 $1,212 $101
X5 M AWD $340 $520 $378 $22 $114 $1,374 $115
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Above prices assume single male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, safe-driver, and multi-policy. Rates do not factor in your specific Memphis location which can impact insurance rates substantially.

Higher deductibles lower rates

When shopping for auto insurance, a common question is how high or low should comp and collision deductibles be. The following tables summarize the premium difference between low and high comp and collision deductibles. The first rate quote example uses a $250 deductible for physical damage and the second price table uses a $500 deductible.

BMW X5 insurance policy rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X5 3.0I AWD $280 $444 $288 $18 $86 $1,141 $95
X5 3.5D AWD $310 $510 $288 $18 $86 $1,237 $103
X5 4.8I AWD $310 $510 $288 $18 $86 $1,237 $103
X5 M AWD $366 $644 $288 $18 $86 $1,427 $119
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BMW X5 insurance policy rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X5 3.0I AWD $228 $358 $288 $18 $86 $978 $82
X5 3.5D AWD $252 $412 $288 $18 $86 $1,056 $88
X5 4.8I AWD $252 $412 $288 $18 $86 $1,056 $88
X5 M AWD $298 $520 $288 $18 $86 $1,210 $101
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Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include claim-free, multi-policy, homeowner, safe-driver, and multi-vehicle. Price information does not factor in vehicle garaging location which can modify price quotes greatly.

Based on the figures above, using a $250 deductible costs an average of $15 more each month or $180 every year than selecting the higher $500 deductible. Since the policyholder would be required to pay $250 more out-of-pocket with a $500 deductible as compared to a $250 deductible, if you have more than 17 months between claim filings, you would most likely save money if you choose the higher deductible. Below is a better example of how you can come to your own conclusion.

Average monthly premium for $250 deductibles: $105
Average monthly premium for $500 deductibles (subtract): – $90
Monthly savings from raising deductible: $15
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $15
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 17 months

One thing to note is that raising deductibles results in more money out-of-pocket when you have a claim. You need enough money stashed away in order to pay the higher deductible.

The information below illustrates how your deductible choice and can change BMW X5 yearly insurance costs for each age group. Data assumes a married male driver, comp and collision included, and no discounts are factored in.

Age-based auto insurance rates by gender in Memphis

The information below illustrates the difference between BMW X5 insurance premiums for male and female drivers. The costs are based on no claims or violations, full physical damage coverage, $100 deductibles, drivers are not married, and no additional discounts are factored in.

Does it make sense to buy full coverage?

The diagram below shows the comparison of BMW X5 insurance premiums with and without physical damage coverage. The premiums assume no claims or driving violations, $100 deductibles, marital status is single, and no discounts are taken into consideration.

Are you wasting money paying for full coverage?

There is no clear-cut rule for dropping full coverage, but there is a general school of thought. If the yearly cost of full coverage is 10% or more of the replacement cost minus the deductible, then it might be time to buy liability only.

For example, let’s say your BMW X5 book value is $6,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most you would receive is $5,000 after the policy deductible has been paid. If it’s costing in excess of $500 annually for physical damage coverage, then it could be time to drop full coverage.

There are some cases where eliminating full coverage is not advised. If you still have a lienholder on your title, you have to maintain full coverage to satisfy the loan requirements. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should maintain full coverage.

Insurance discounts help lower rates for BMW X5 insurance in Memphis

Insurance is easily one of your largest bills, but there’s a good chance there are discounts that may help make it more affordable. Some discounts will apply at the time you complete a quote, but a few must be manually applied before you will receive the discount.

As a footnote on discounts, most credits do not apply to all coverage premiums. Most cut specific coverage prices like collision or personal injury protection. So even though they make it sound like adding up those discounts means a free policy, insurance companies wouldn’t stay in business.

The diagram below illustrates the comparison of BMW X5 car insurance costs with and without some available policy discounts. The costs are based on a female driver, a clean driving record, no at-fault accidents, Tennessee 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 multi-car, claim-free, homeowner, marriage, safe-driver, and multi-policy discounts applied.

A partial list of companies that may include these discounts are:

Before buying, ask all companies you are considering to give you their best rates. Some of the earlier mentioned discounts may not apply to policyholders in every state.

Compare prices but still have a local neighborhood Memphis car insurance agent

A small number of people prefer to talk to a local agent and that is a personal choice. The biggest benefit of price shopping on the web is you may find cheaper auto insurance rates and still have an agent to talk to. Buying from neighborhood insurance agencies is definitely important in Memphis.

Find insurance agent in MemphisTo make it easy to find an agent, after completing this quick form, the quote information gets sent to insurance agents in Memphis that can provide free Memphis car insurance quotes for your business. You won’t even need to do any legwork as quotes are delivered to you. You can find lower rates without requiring a lot of work. If you have a need to compare rates from a specific car insurance provider, don’t hesitate to jump over to their website to submit a rate quote request.

If you want to buy car insurance from a reliable agent, there are two types of agencies and how they work. Agents can be categorized as either independent agents or exclusive agents.

Independent Agents (or Brokers)

Independent agencies often have affiliation with several companies and that is an advantage because they can write policies with an assortment of companies and find you the best rates. If your agent finds better pricing, your agent can switch companies and you don’t have to do anything. When comparing rates, you need to check rates from several independent agencies to ensure the widest selection of prices.

Featured below is a partial list of independent insurance agencies in Memphis that may be able to give price quote information.

1850 Poplar Crest Cove Ste 102Memphis, TN 38119(901) 762-8585View Map

3232 S Perkins RdMemphis, TN 38118(901) 797-8665View Map

5724 Mt Moriah RdMemphis, TN 38115(901) 432-5551View Map

View more Memphis agents

Exclusive Car Insurance Agents

Exclusive agencies can only provide pricing for a single company like American Family, State Farm, and AAA. These agents are not able to place coverage with different providers so you might not find the best rates. Exclusive agents receive extensive training on what they offer which helps them sell insurance even at higher premiums.

Below are Memphis exclusive agents that can give you comparison quotes.

848 Cooper StMemphis, TN 38104(901) 725-1919View Map

7900 Winchester Rd Ste 101Memphis, TN 38125(901) 757-0303View Map

4515 Poplar Ave #416Memphis, TN 38117(901) 680-7400View Map

View more Memphis agents

Finding the right insurance agent should include more criteria than just a low price. Some important questions to ask are:

Memphis car insurance companies

Finding the top insurer can be rather challenging considering how many companies sell insurance in Memphis. The information shown below could help you pick which auto insurers to look at purchasing a policy from.

Best Car Insurance Companies in Memphis
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
Travelers 93 98 99 88% A++ 95.1
USAA 83 99 100 91% A++ 94.1
Mercury Insurance 97 96 88 89% A+ 93.4
AAA Insurance 91 95 92 90% A 93.3
Nationwide 85 95 97 89% A+ 92.4
Allstate 77 100 97 88% A+ 90.7
State Farm 80 94 96 88% A++ 90.6
The Hartford 88 93 91 87% A+ 90.4
Safeco Insurance 91 95 85 88% A 90.2
Progressive 88 94 83 88% A+ 90.1
American Family 91 86 95 83% A 89.7
Esurance 86 90 94 90% A+ 89.5
The General 86 93 89 84% A- 88.2
GEICO 79 89 95 87% A++ 87.8
Titan Insurance 86 82 92 86% A+ 86.5
21st Century 86 82 90 84% A 86.4
Liberty Mutual 79 87 95 78% A 85.3
Erie Insurance 87 84 85 85% A+ 85.3
Farmers Insurance 77 80 80 84% A 80.3
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Data Source: Best Car Insurance Companies

The coverage is in the details

Understanding the coverages of auto insurance aids in choosing the right coverages and the correct deductibles and limits. Policy terminology can be ambiguous and reading a policy is terribly boring. Listed below are typical coverages found on most auto insurance policies.

UM/UIM (Uninsured/Underinsured Motorist) coverage

Your UM/UIM coverage provides protection when the “other guys” are uninsured or don’t have enough coverage. This coverage pays for injuries to you and your family as well as your vehicle’s damage.

Due to the fact that many Tennessee drivers only carry the minimum required liability limits (which is 25/50/15), their limits can quickly be used up. For this reason, having high UM/UIM coverages is very important. Frequently your uninsured/underinsured motorist coverages are identical to your policy’s liability coverage.

Medical payments and PIP coverage

Personal Injury Protection (PIP) and medical payments coverage kick in for immediate expenses for things like X-ray expenses, prosthetic devices, funeral costs, nursing services and rehabilitation expenses. The coverages can be used in conjunction with a health insurance program or if you do not have health coverage. It covers both the driver and occupants and also covers getting struck while a pedestrian. Personal Injury Protection is not universally available but can be used in place of medical payments coverage

Collision coverage

Collision coverage pays to fix your vehicle from damage from colliding with an object or car. A deductible applies then your collision coverage will kick in.

Collision coverage protects against claims such as damaging your car on a curb, crashing into a ditch, backing into a parked car, scraping a guard rail and colliding with a tree. Collision is rather expensive coverage, so consider dropping it from older vehicles. You can also raise the deductible on your X5 to get cheaper collision coverage.


This coverage provides protection from damage or injury you incur to a person or their property in an accident. This insurance protects YOU from legal claims by others. It does not cover damage to your own property or vehicle.

It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have policy limits of 25/50/15 that translate to $25,000 in coverage for each person’s injuries, a total of $50,000 of bodily injury coverage per accident, and a total limit of $15,000 for damage to vehicles and property. Some companies may use a combined limit that pays claims from the same limit rather than limiting it on a per person basis.

Liability insurance covers claims like emergency aid, repair costs for stationary objects and repair bills for other people’s vehicles. How much coverage you buy is your choice, but consider buying higher limits if possible. Tennessee state law requires minimum liability limits of 25/50/15 but you should consider buying better liability coverage.

The next chart shows why buying minimum limits may not provide adequate coverage.

Comprehensive auto coverage

This coverage pays to fix your vehicle from damage that is not covered by collision coverage. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive insurance covers claims such as a tree branch falling on your vehicle, vandalism, rock chips in glass and falling objects. The maximum amount you can receive from a comprehensive claim is the actual cash value, so if the vehicle is not worth much it’s not worth carrying full coverage.

In conclusion

Some car insurance companies do not provide rate quotes online and many times these regional insurance providers work with independent agencies. Cheaper car insurance in Memphis can be purchased from both online companies and from local agencies, and you should compare price quotes from both to have the best rate selection.

You just read a lot of tips how to lower your BMW X5 insurance auto insurance rates in Memphis. It’s most important to understand that the more times you quote, the more likely it is that you will get a better rate. You may even find the best auto insurance rates are with the least-expected company. They may only write in your state and offer lower premium rates as compared to the big name companies such as State Farm or Progressive.

How to find cheaper rates for BMW X5 insurance in Memphis

If your goal is the lowest price, then the best way to get budget auto insurance rates in Memphis is to regularly compare prices from providers who provide car insurance in Tennessee.

  1. Spend a few minutes and learn about auto insurance and the changes you can make to drop your rates. Many risk factors that drive up the price such as traffic citations, accidents, and an imperfect credit score can be rectified by being financially responsible and driving safely.
  2. Compare price quotes from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only provide price estimates from a single company like Progressive or Allstate, while independent agents can give you price quotes from multiple companies.
  3. Compare the quotes to your current policy premium to see if a cheaper price is available. If you can save some money and make a switch, make sure there is no lapse between the expiration of your current policy and the new one.
  4. Provide notification to your current company of your decision to cancel the current policy. Submit payment and a completed application for your new coverage. As soon as coverage is bound, keep your new certificate verifying proof of insurance in an easily accessible location in your vehicle.

A good piece of advice is to compare identical coverage information on every quote request and and to get price quotes from as many companies as feasibly possible. This enables a fair rate comparison and maximum price selection.

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