Auto Insurance Quotes for a BMW 535i in Philadelphia

How long have you put off shopping around for more competitive BMW 535i insurance in Philadelphia? Do you get exhausted from scraping nickels together to pay your insurance bill each month? You are no different than most other people in Pennsylvania.

We don’t have to point out that fact that auto insurance companies don’t want you to look for cheaper rates. People who shop rates annually will presumably buy a new policy because there is a significant possibility of finding a policy with more affordable rates. A recent study showed that people who made a habit of comparing rates saved over $865 a year compared to people who don’t regularly compare prices.

If finding the cheapest rates on auto insurance is the reason you’re here, then having an understanding of the best ways to shop for insurance premiums can help simplify the task of finding more affordable coverage.

People have so many auto insurance companies to insure vehicles with, and although it’s nice to have multiple companies, lots of choices makes it harder to adequately compare rates for BMW 535i insurance in Philadelphia.

Locating the best rates in Philadelphia can be much easier if you know how to start. If you currently have car insurance, you should be able to get lower rates using the ideas covered in this article. But Pennsylvania drivers can benefit by having an understanding of how companies charge you for coverage.

The cheapest Philadelphia BMW 535i insurance

When price shopping your coverage, comparing all the rates in your area helps you find a better price. Some insurance companies are not set up to provide online Philadelphia 535i insurance quotes, so it’s recommended that you also compare prices from them as well.

The companies shown below offer price comparisons in Pennsylvania. If several companies are displayed, we recommend you visit as many as you can to get a more complete price comparison.

Rates and detailed analysis

The coverage table shown below covers a range of coverage costs for BMW 535i models. Being more informed about how insurance premiums are established is important to be able to make smart choices when purchasing an insurance policy.

Data based on married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Pennsylvania minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, safe-driver, and claim-free. Price information does not factor in specific Philadelphia garaging location which can affect coverage rates significantly.

Where to set your deductibles

One frequently asked question is how low should you set your deductibles. The comparison tables below approximate how much more rates are when you buy lower versus higher physical damage coverage deductibles. The first rate comparisons uses a $100 deductible for comprehensive and collision coverage and the second rate table uses a $500 deductible.

Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Pennsylvania minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, homeowner, and claim-free. Estimates do not factor in specific location information which can lower or raise coverage rates noticeably.

Based on the data above, we can derive that using a $100 deductible costs roughly $33 more each month or $396 each year than requesting the higher $500 deductible. Since the policyholder would be required to pay $400 more if you file a claim with a $500 deductible as compared to a $100 deductible, if you usually have at a minimum 12 months between claim filings, you would save money if you decide on a higher deductible.

Difference between liability only and full coverage rates

The diagram below shows the comparison of BMW 535i annual premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The prices are based on no claims or violations, $500 deductibles, single marital status, and no other discounts are factored in.

When to drop comprehensive and collision

There is no specific rule of when to phase out physical damage coverage on your policy, but there is a general convention. If the yearly cost for physical damage coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then you might consider buying liability only.

For example, let’s say your BMW 535i book value is $8,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $7,000 after paying the physical damage deductible. If you are currently paying more than $700 annually for comprehensive and collision coverage, then it may be the right time to buy liability only.

There are some scenarios where only buying liability is not recommended. If you haven’t paid off your loan, you must maintain physical damage coverage as part of the loan requirements. Also, if you can’t afford to buy a different vehicle if your current one is damaged, you should maintain full coverage.

Discounts for affordable car insurance quotes

Car insurance is not cheap nor is it fun to buy but discounts can save money and there are some available that could help you make your next renewal payment. Certain reductions will be credited when you complete an application, but lesser-known reductions have to be specially asked for prior to receiving the credit. If you check and find you aren’t receiving every discount you deserve, you may be paying too high a price.

• Discount for Low Mileage – Low mileage vehicles may allow you to get cheaper rates.
• Senior Citizen Rates – Drivers that qualify as senior citizens may qualify for better car insurance rates.
• Discount for Life Insurance – Not every insurance company offers life insurance, but if they do you may earn a discount if you purchase some life insurance in addition to your auto policy.
• Sign Early and Save – A few larger companies offer discounts for buying a new policy before your current expiration date. It’s a savings of about 10%.
• Multi-Vehicle Discounts – Buying coverage for multiple cars with the same company can reduce rates for all insured vehicles.
• Defensive Driver – Participating in a driver safety class is a good idea and can lower rates and easily recoup the cost of the course.
• Own a Home and Save – Simply owning a home may trigger a policy discount on car insurance because of the fact that having a home requires personal responsibility.

A little note about advertised discounts, most discount credits are not given to all coverage premiums. The majority will only reduce individual premiums such as liability, collision or medical payments. Even though it appears all the discounts add up to a free policy, you’re out of luck.

The diagram below visualizes the comparison of BMW 535i insurance costs with and without policy discounts. The data assumes a male driver, no claims or driving violations, Pennsylvania 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 claim-free, marriage, homeowner, multi-policy, safe-driver, and multi-car discounts applied.

Auto insurance companies that may offer quotes with some of the discounts shown above include:

• Progressive
• SAFECO
• American Family
• MetLife
• GEICO
• The Hartford

Before purchasing a policy, check with each company how you can save money. Discounts may not apply to policyholders everywhere. To locate car insurance companies that offer multiple discounts in Philadelphia, click this link.

Buying the right BMW vehicle insurance in Pennsylvania is an important decision

Despite the fact that auto insurance is not cheap in Philadelphia, buying auto insurance is required for several reasons.

First, just about all states have mandatory liability insurance requirements which means the state requires a specific minimum amount of liability insurance coverage in order to license the vehicle. In Pennsylvania these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.

Second, if you have a loan on your car, most lenders will force you to buy insurance to guarantee their interest in the vehicle. If you do not keep the policy in force, the bank may buy a policy for your BMW for a lot more money and force you to reimburse them for it.

Third, insurance protects both your BMW 535i and your personal assets. Insurance will also pay for most medical and hospital costs for yourself as well as anyone injured by you. Liability insurance also covers legal expenses in the event you are sued. If mother nature or an accident damages your car, collision and comprehensive (also known as other-than-collision) coverage will pay to have it repaired.

The benefits of having auto insurance more than offset the price you pay, particularly if you ever have a claim. Today the average American driver is overpaying over $820 a year so we recommend shopping around at least once a year to make sure the price is not too high.

Situations that may require an agent’s advice

Always remember that when buying the best insurance coverage, there really is not a one size fits all plan. Everyone’s needs are different and a cookie cutter policy won’t apply.
Here are some questions about coverages that might help in determining whether you would benefit from professional advice.

• Should I buy additional glass protection?
• I have a DUI can I still get coverage?
• What if a claim settlement is too low?
• What can I do if my company denied a claim?
• Do I have coverage when pulling a U-Haul trailer?
• Am I covered while delivering pizza?
• I have good health insurance, so how much medical payments coverage do I need?

If you can’t answer these questions but you know they apply to you, then you may want to think about talking to an agent. If you don’t have a local agent, complete this form or click here for a list of insurance companies in your area.

Insurance agent or online?

Some people just want to sit down and talk to an agent and that can be a great decision A nice benefit of price shopping on the web is you may find cheap insurance rates but also keep your business local.

To find an agent, once you fill out this quick form, your information is immediately sent to participating agents in Philadelphia who want to provide quotes for your insurance coverage. You don’t have to find an agent on your own as quotes are delivered immediately to your email address. You can get cheaper insurance rates without a big time investment. If for some reason you want to compare rates from a specific insurance company, just go to their quote page and submit a quote form there.

Picking an company should include more criteria than just a cheap price. Any agent in Philadelphia should be willing to answer these questions.

• Does the company have a solid financial rating?
• Do the coverages you’re quoting properly cover your vehicle?
• What company holds the largest book of business for them?
• Which companies can they place coverage with?
• Is insurance their full-time profession?

Not all car insurance agents are the same

If you need to find a good Philadelphia insurance agent, you need to know there are two types of agencies and how they can write your policy. Insurance agencies are categorized either independent agents or exclusive agents.

Exclusive Agencies

Agents that elect to be exclusive generally can only insure with one company like State Farm, Allstate, and Farm Bureau. They usually cannot provide prices from multiple companies so it’s a take it or leave it situation. Exclusive agents are well schooled on sales techniques and that can be a competitive advantage.

Below is a short list of exclusive insurance agents in Philadelphia who can help you get rate quotes.

View more Philadelphia agents

Independent Insurance Agents

Agents that elect to be independent are not restricted to one company and that is an advantage because they can write policies with a variety of different insurance companies and get you the best rates possible. If you want to switch companies, they can switch companies in-house which requires no work on your part. When comparing insurance prices, you absolutely need to compare quotes from independent agents to have the best price comparison.

The following is a short list of independent insurance agencies in Philadelphia that can give you comparison quotes.

View more Philadelphia agents