How to Find Affordable Auto Insurance for a BMW X3

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Jeffrey Johnson graduated summa cum laude from the University of Baltimore School of Law and has worked in legal offices and nonprofits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman University and worked in film, education, and publishing. His professional writing has appeared on sites like The Manifest and Vice, and he is the author of a novel ...

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Written by Jeffrey Johnson
Insurance Lawyer Jeffrey Johnson

UPDATED: May 11, 2022

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Searching for cheaper insurance for a BMW X3? Shopping online for insurance can seem complicated if you’ve never compared online price comparisons. But relax because online price shopping is actually quite simple.

If you currently have a car insurance policy, you should be able to lower your premiums substantially using this strategy. Pricing the best protection is easy if you know what you’re doing. But drivers benefit from understanding the methods companies use to market insurance on the web and use this information to your advantage.

How to Compare Auto Insurance Costs

Effectively comparing auto insurance prices can be a daunting task if you don’t understand the most efficient way. You could spend your day discussing policy coverages with insurance agencies in your area, or you can utilize the web to get the quickest rates.

Many popular insurance companies are enrolled in a marketplace where prospective buyers only type in their quote data once, and each company returns a rated price based on that data. This saves time by eliminating quote requests for each company.

To participate in this free quote system, click here (opens in new window).

One minor caveat to using this type of system is that you can’t choose which companies to get pricing from.

However you get your quotes, make absolute certain that you use identical coverages and limits for every company. If you have differing limits it will be next to impossible to decipher which rate is best. Quoting even small variations in insurance coverages may result in a large difference in cost. And when price shopping your coverage, obtaining a wide range of quotes provides better odds of finding better pricing.

Can switching companies really save?

Auto insurance companies such as State Farm, Allstate and GEICO constantly bombard you with television and radio advertisements. They all seem to make the same claim of big savings if you switch your policy. How does each company claim to save you money? It’s all in the numbers.

All the different companies are able to cherry pick for the type of driver they prefer to insure. For instance, a preferred risk might be a mature driver, insures multiple vehicles, and has a short commute. Any new insured who meets those qualifications will qualify for the lowest rates and as a result will probably save a lot of money.

Potential insureds who fall outside the “perfect” profile must pay higher rates which leads to business not being written. Company advertisements say “people who switch” not “everyone that quotes” save that much. That’s why insurance companies can confidently advertise the way they do.

This illustrates why it is so important to quote coverage with many companies. It’s impossible to know which insurance companies will fit your personal profile best.

What factors affect BMW X3 insurance costs?

Consumers need to have an understanding of the rating factors that help determine insurance rates. Understanding what determines base rates enables informed choices that could result in big savings.

  • Where do you drive? – The more miles you rack up on your BMW in a year the more you will pay for insurance. The majority of insurers price each vehicle’s coverage based upon how you use the vehicle. Vehicles that are left in the garage qualify for better rates than vehicles that are driven to work every day. Improper usage on your X3 may be costing you. Verify your insurance policy is rated on how each vehicle is driven.
  • High crash test scores lower rates – Safer cars get lower rates. These vehicles protect occupants better and better occupant protection translates into fewer and smaller insurance claims passed on to you as lower rates. If the BMW X3 earned at least four stars on Safercar.gov or an “acceptable” rating on iihs.org you are probably receiving a discount.
  • Optional equipment can affect rates – Owning a car with an alarm system can help bring down rates. Theft prevention devices such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar can help prevent your vehicle from being stolen.
  • Do you need the policy add-ons? – There are a ton of extra coverages you can purchase on your insurance policy. Insurance for rental car reimbursement, better glass coverage and membership fees may be wasting your money. These coverages may sound good when talking to your agent, but your needs may have changed so eliminate the coverages to reduce your premium.

Are you getting all your discounts?

The price of auto insurance can be rather high, buy you may qualify for discounts to cut the cost considerably. Certain discounts will be applied at the time of purchase, but some must be specifically requested before being credited.

  • No Claims – Drivers who don’t have accidents can save substantially as compared to drivers who are more careless.
  • Federal Government Employee – Simply working for the federal government can earn a discount up to 10% for X3 coverage with a few insurance companies.
  • Homeowners Discount – Owning a house can save you money due to the fact that maintaining a home requires personal responsibility.
  • Anti-theft System – Vehicles with anti-theft systems help deter theft and earn discounts up to 10%.
  • Memberships – Being a member of certain professional organizations could qualify you for a break on your policy for X3 coverage.
  • Drivers Education – Cut your cost by having your teen driver take driver’s ed class in school.
  • Multi-car Discount – Insuring more than one vehicle with the same company can get a discount on all vehicles.

It’s important to note that some credits don’t apply to your bottom line cost. Most cut specific coverage prices like comprehensive or collision. So when the math indicates all those discounts means the company will pay you, you’re out of luck. But any discount will help reduce your overall premium however.

Car insurance companies that may have these discounts may include but are not limited to:

  • GEICO
  • Travelers
  • Farm Bureau
  • Liberty Mutual
  • American Family
  • Progressive

Before buying, ask every prospective company what discounts are available to you. Discounts might not apply in your state.

What questions should you ask when buying auto insurance?

When it comes to buying the best insurance coverage coverage for your vehicles, there really is no perfect coverage plan. Your needs are not the same as everyone else’s.

These are some specific questions that can help discover whether or not you could use an agent’s help.

  • How do I file an SR-22 for a DUI in my state?
  • Will my vehicle be repaired with OEM or aftermarket parts?
  • How high should my medical payments coverage be?
  • Is a new car covered when I drive it off the dealer lot?
  • Does coverage extend to Mexico or Canada?
  • Are my friends covered when driving my 2008 BMW X3?
  • Does my 2008 BMW X3 qualify for pleasure use?

If it’s difficult to answer those questions but you think they might apply to your situation, you may need to chat with a licensed insurance agent. If you don’t have a local agent, fill out this quick form.

Auto Insurance Coverage Options for a 2008 BMW X3

Knowing the specifics of an auto insurance policy helps when choosing the right coverages for your vehicles. The terms used in a policy can be impossible to understand and reading a policy is terribly boring.

Uninsured or Underinsured Coverage

Your UM/UIM coverage gives you protection from other drivers when they either have no liability insurance or not enough. Covered losses include hospital bills for your injuries and also any damage incurred to your BMW X3.

Because many people only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage should not be overlooked. Most of the time these coverages do not exceed the liability coverage limits.

Collision Protection

This pays for damage to your X3 resulting from colliding with another car or object. A deductible applies then your collision coverage will kick in.

Collision insurance covers things such as scraping a guard rail, crashing into a ditch and colliding with a tree. This coverage can be expensive, so consider removing coverage from vehicles that are 8 years or older. You can also increase the deductible to save money on collision insurance.

Comprehensive Protection

Comprehensive insurance pays for damage from a wide range of events other than collision. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for things such as hitting a deer, damage from getting keyed, damage from a tornado or hurricane, falling objects and vandalism. The maximum amount your auto insurance company will pay is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Medical Expense Coverage

Coverage for medical payments and/or PIP kick in for bills like dental work, funeral costs and nursing services. They are often used to fill the gap from your health insurance program or if you do not have health coverage. They cover all vehicle occupants as well as getting struck while a pedestrian. PIP coverage is only offered in select states and gives slightly broader coverage than med pay

Liability Coverages

This protects you from injuries or damage you cause to other people or property in an accident. It protects YOU from legal claims by others. Liability doesn’t cover damage to your own property or vehicle.

It consists of three limits, bodily injury per person, bodily injury per accident and property damage. You commonly see liability limits of 50/100/50 which means a limit of $50,000 per injured person, $100,000 for the entire accident, and a total limit of $50,000 for damage to vehicles and property. Some companies may use one limit called combined single limit (CSL) which combines the three limits into one amount without having the split limit caps.

Liability can pay for claims such as medical expenses, medical services, structural damage, loss of income and funeral expenses. How much liability coverage do you need? That is a decision to put some thought into, but consider buying as large an amount as possible.

Finding Affordable Insurance for a BMW X3: Summary

People leave their current company for any number of reasons including delays in responding to claim requests, lack of trust in their agent, not issuing a premium refund or high rates after DUI convictions. Regardless of your reason for switching companies, choosing a new insurance company can be pretty painless.

We covered many tips on how you can reduce 2008 BMW X3 insurance prices online. The most important thing to understand is the more times you quote, the better your chances of lowering your rates. Consumers may even find the biggest savings come from some of the lesser-known companies.

As you go through the steps to switch your coverage, never buy lower coverage limits just to save a few bucks. There have been many situations where an accident victim reduced physical damage coverage only to regret they didn’t purchase enough coverage. The proper strategy is to buy enough coverage for the lowest price.

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