Auto Insurance Quotes for a BMW X5 in Jacksonville

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Insurance quote for BMW X5 in JacksonvilleTruthfully, the best way to get the cheapest BMW X5 insurance in Jacksonville is to regularly compare price quotes from companies in Florida. Drivers can shop around by following these guidelines.

  1. Get a basic knowledge of the different coverages in a policy and the modifications you can make to prevent expensive coverage. Many risk factors that cause rate increases such as speeding tickets, careless driving and a low credit score can be eliminated by making minor changes in your lifestyle. Keep reading for more ideas to get affordable coverage and get discounts that may be available to you.
  2. Quote rates from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can provide rates from one company like GEICO or State Farm, while agents who are independent can provide price quotes from many different companies. Compare rates
  3. Compare the new rate quotes to the premium of your current policy to see if a cheaper price is available. If you can save money and buy the policy, make sure there is no lapse between the expiration of your current policy and the new one.

The most important part of this process is to make sure you enter identical limits and deductibles on each quote and and to get prices from every insurance company. This helps ensure an accurate price comparison and plenty of rates choose from.

Amazingly, a recent NerdWallet.com study showed that the majority of drivers have remained with the same auto insurance company for at least the last four years, and roughly 40% of drivers have never compared rates with other companies. Jacksonville drivers could save up to $1,130 a year by just comparing rate quotes, but most tend to underestimate the amount of money they would save if they moved their coverage to a different company.

The goal of this article is to teach you a little about how insurance works and some money-saving tips. If you are insured now, you will definitely be able to reduce premiums using these techniques. Drivers only have to learn the most time-saving way to compare company rates online.

Insurance rate breakdown

The premium information shown next outlines estimates of coverage costs for BMW X5 models. Learning as much as possible about how policy rates are formulated is important for making smart policy decisions.

BMW X5 Insurance Rates in Jacksonville, FL
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X5 3.0I AWD $192 $334 $392 $24 $118 $1,060 $88
X5 3.5D AWD $212 $384 $392 $24 $118 $1,130 $94
X5 4.8I AWD $212 $384 $392 $24 $118 $1,130 $94
X5 M AWD $252 $486 $392 $24 $118 $1,272 $106
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Prices above based on married female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Florida minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-vehicle, and multi-policy. Rates do not factor in specific zip code location which can decrease or increase price quotes significantly.

Physical damage deductibles: Should you raise them?

The hardest decision when buying coverage is at what level do you set your deductibles. The rates below can help show the costs and benefits of buying low and high physical damage deductibles. The first set of prices uses a $250 deductible for comprehensive and collision coverage and the second price table uses a $1,000 deductible.

BMW X5 insurance prices with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X5 3.0I AWD $406 $640 $418 $24 $124 $1,637 $136
X5 3.5D AWD $446 $736 $418 $24 $124 $1,773 $148
X5 4.8I AWD $446 $736 $418 $24 $124 $1,773 $148
X5 M AWD $530 $930 $418 $24 $124 $2,051 $171
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BMW X5 insurance prices with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X5 3.0I AWD $250 $402 $418 $24 $124 $1,218 $102
X5 3.5D AWD $276 $464 $418 $24 $124 $1,306 $109
X5 4.8I AWD $276 $464 $418 $24 $124 $1,306 $109
X5 M AWD $328 $586 $418 $24 $124 $1,480 $123
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Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, safe-driver, and multi-vehicle. Estimates do not factor in Jacksonville location which can change insurance rates considerably.

We can derive from the above data that using a $250 deductible costs approximately $40 more each month or $480 a year averaged for all X5 models than requesting the higher $1,000 deductible. Since the policyholder would be required to pay $750 more out-of-pocket with a $1,000 deductible as compared to a $250 deductible, if you tend to average more than 19 months between claim filings, you would probably save some money if you opt for a higher deductible. The table below illustrates the way this decision is made.

Average monthly premium for $250 deductibles: $151
Average monthly premium for $1,000 deductibles (subtract): - $111
Monthly savings from raising deductible: $40
Difference between deductibles ($1,000 - $250): $750
Divide difference by monthly savings: $750 / $40
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 19 months

Do you need full coverage?

The information below illustrates the comparison of BMW X5 yearly insurance costs with and without physical damage coverage. The costs are based on no claims or violations, $500 deductibles, drivers are single, and no other discounts are factored in.

When to stop buying comprehensive and collision coverage

There is no exact formula to drop full coverage on your policy, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then it might be time to buy liability only.

For example, let's pretend your BMW X5 replacement value is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most you would receive is $2,000 after paying your deductible. If it's costing in excess of $200 a year to have full coverage, then you may need to consider dropping full coverage.

There are some situations where only buying liability is not in your best interest. If you haven't paid off your loan, you have to maintain full coverage as part of the loan conditions. Also, if you can't afford to buy a different vehicle in the even your car is totaled, you should not opt for liability only.

Cheap BMW X5 insurance rates in Jacksonville

Insuring your fleet can be pricey, but discounts can save money and there are some available that you may not know about. Some discounts apply automatically when you quote, but some must be specifically requested before you will receive the discount. If you aren't receiving every discount you qualify for, you are not getting the best rate possible.Save money with discounts

  • Passive Restraints - Factory air bags may get savings of more than 20%.
  • Sign Online - A few larger online companies will give you a small discount shop Jacksonville auto insurance online.
  • Own a Home and Save - Simply owning a home may earn you a small savings due to the fact that maintaining a home is proof of financial responsibility.
  • Student Discounts - Getting good grades could provide a savings of up to 20% or more. Many companies even apply the discount to college students well after school through age 25.
  • ABS and Traction Control Discounts - Cars and trucks that have anti-lock braking systems have fewer accidents and the ABS can save up to 10%.
  • Discount for Low Mileage - Low mileage vehicles can earn slightly better insurance rates than normal.
  • Discounts for New Vehicles - Buying a new car model can get you a discount because new model year vehicles keep occupants safer.
  • Bundle and Save - If you can combine your auto and home policy and insure them with the same company they may give you a discount of up to 20% off your total X5 insurance premium.
  • Payment Method - If you pay your entire premium ahead of time rather than paying in monthly installments you may have a lower total premium amount.

You can save money using discounts, but most discounts do not apply to the overall cost of the policy. Most only reduce individual premiums such as collision or personal injury protection. If you do the math and it seems like all the discounts add up to a free policy, you won't be that lucky. But all discounts will help lower your policy premium.

The illustration below shows the comparison of BMW X5 annual premium costs with and without discounts applied to the rates. Data assumes a female driver, no driving violations, no at-fault accidents, Florida state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, safe-driver, claim-free, homeowner, multi-car, and marriage discounts applied.

A few of the larger companies and a partial list of their discounts are shown below.

  • Farm Bureau includes discounts for safe driver, good student, youthful driver, multi-vehicle, 55 and retired, and driver training.
  • State Farm discounts include accident-free, driver's education, student away at school, Steer Clear safe driver discount, Drive Safe & Save, and good student.
  • Progressive may have discounts that include multi-vehicle, continuous coverage, multi-policy, good student, and homeowner.
  • Allstate offers discounts including anti-lock brakes, premier plus, premier discount, multi-policy, and teenSMART discount.
  • Nationwide has savings for accident-free, Farm Bureau membership, defensive driving, anti-theft, business or organization, and easy pay.
  • MetLife may include discounts for accident-free, good student, multi-policy, claim-free, good driver, defensive driver

Before buying, ask every prospective company to apply every possible discount. All car insurance discounts may not be available everywhere. If you would like to view insurance companies that offer multiple discounts in Jacksonville, click here.

Insurance policy coverages for a BMW X5

Having a good grasp of a insurance policy can be of help when determining which coverages you need for your vehicles. The coverage terms in a policy can be confusing and reading a policy is terribly boring. Below you'll find typical coverage types found on the average insurance policy.

Comprehensive coverages - Comprehensive insurance covers damage that is not covered by collision coverage. A deductible will apply then your comprehensive coverage will pay.

Comprehensive coverage pays for things like hail damage, damage from flooding, a tree branch falling on your vehicle and falling objects. The maximum amount you'll receive from a claim is the ACV or actual cash value, so if your deductible is as high as the vehicle's value consider dropping full coverage.

Coverage for medical payments - Coverage for medical payments and/or PIP pay for bills like funeral costs, chiropractic care and surgery. The coverages can be used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. Coverage applies to both the driver and occupants in addition to if you are hit as a while walking down the street. PIP is not available in all states but it provides additional coverages not offered by medical payments coverage

Collision - This will pay to fix damage to your X5 resulting from a collision with a stationary object or other vehicle. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage protects against claims like driving through your garage door, colliding with a tree and damaging your car on a curb. Collision is rather expensive coverage, so consider dropping it from older vehicles. You can also increase the deductible on your X5 in order to get cheaper collision rates.

Auto liability - This coverage will cover injuries or damage you cause to people or other property. This insurance protects YOU from legal claims by others, and does not provide coverage for your own vehicle damage or injuries.

It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. You might see values of 10/20/10 that means you have a limit of $10,000 per injured person, a per accident bodily injury limit of $20,000, and a total limit of $10,000 for damage to vehicles and property. Another option is one number which is a combined single limit which combines the three limits into one amount and claims can be made without the split limit restrictions.

Liability insurance covers claims such as medical expenses, medical services, legal defense fees and funeral expenses. How much liability coverage do you need? That is up to you, but you should buy as large an amount as possible. Florida state law requires minimum liability limits of 10/20/10 but it's recommended drivers buy more coverage.

The chart below shows why low liability limits may not be high enough to cover claims.

Uninsured and underinsured coverage - This coverage protects you and your vehicle's occupants from other motorists when they are uninsured or don't have enough coverage. It can pay for medical payments for you and your occupants as well as your vehicle's damage.

Since many Florida drivers carry very low liability coverage limits (10/20/10), it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage should not be overlooked. Most of the time these limits are identical to your policy's liability coverage.

In Summary

You just learned quite a bit of information on how to reduce BMW X5 insurance car insurance rates online in Jacksonville. It's most important to understand that the more providers you compare, the better your comparison will be. You may even discover the best car insurance rates are with a small mutual company. Regional companies may have significantly lower premium rates on certain market segments than their larger competitors like Allstate, GEICO and Progressive.

Lower-priced auto insurance in Jacksonville can be bought on the web and from local insurance agents, and you need to price shop both to have the best rate selection. There are still a few companies who do not offer price quotes online and usually these smaller providers only sell coverage through independent agencies.

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