How long has it been since you compared quotes for more affordable BMW X5 insurance in Jersey City? Trying to find cheaper insurance for a new or used BMW X5 in New Jersey could be a lot of work, but you can learn these tips to make it easier.
There are more efficient ways to buy car insurance and you need to know the proper way to quote coverages for a BMW and locate the lowest possible price from both online companies and Jersey City agents.
A study showed that 70% of consumers have stayed with the same insurance company for at least the last four years, and nearly 40% of drivers have never compared rates to find lower-cost insurance. American drivers could save up to $859 a year, but they think it’s difficult to go online and compare rates.
The providers in the list below have been selected to offer free rate quotes in Jersey City, NJ. If you wish to find the cheapest car insurance in NJ, we suggest you click on several of them to find the lowest auto insurance rates.
Cheaper rates with these discounts on BMW X5 insurance in Jersey City
Not many people think insurance is cheap, but you might already qualify for some discounts that could help you make your next renewal payment. Certain reductions will be credited at the time of purchase, but occasionally some discounts must be specifically requested prior to getting the savings. If you check and find you aren’t receiving every discount you deserve, it’s possible you qualify for a lower rate.
- Bundle and Save – If you can bundle your auto and home insurance with one company you may earn nearly 15% which can help you find cheaper X5 insurance.
- Student Driver Training – Cut your cost by having your teen driver enroll in driver’s education in school.
- Club Memberships – Being a member of qualifying clubs or civic groups could qualify you for a break on your policy.
- Claim Free – Drivers with accident-free driving histories can save substantially in comparison with policyholders that have many claims.
- Discounts for Good Drivers – Insureds without accidents can save up to 40% or more on their Jersey City auto insurance quote than less cautious drivers.
- Home Ownership Discount – Simply owning a home may earn you a small savings due to the fact that maintaining a home is proof of financial responsibility.
A little note about advertised discounts, most credits do not apply to the whole policy. Most only cut the cost of specific coverages such as medical payments or collision. Even though the math looks like having all the discounts means you get insurance for free, car insurance companies aren’t that generous.
The illustration below compares BMW X5 insurance costs with and without discounts applied to the policy rates. The costs are based on a female driver, a clean driving record, no at-fault accidents, New Jersey state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, multi-car, safe-driver, homeowner, multi-policy, and marriage discounts applied.
Car insurance companies that may have most of these discounts include:
Before you buy a policy, ask every company which credits you are entitled to. Some discounts might not be available to policyholders in Jersey City. To find companies with the best BMW X5 insurance discounts in New Jersey, follow this link.
Coverage analysis
The rate information shown next outlines a range of insurance costs for BMW X5 models. Being aware of how rate quotes are established can aid in making smart buying decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| X5 3.0I AWD | $248 | $454 | $504 | $30 | $152 | $1,388 | $116 |
| X5 3.5D AWD | $274 | $524 | $504 | $30 | $152 | $1,484 | $124 |
| X5 4.8I AWD | $274 | $524 | $504 | $30 | $152 | $1,484 | $124 |
| X5 M AWD | $324 | $660 | $504 | $30 | $152 | $1,670 | $139 |
| Get Your Own Custom Quote Go | |||||||
Price data assumes married female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Jersey minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-vehicle, and multi-policy. Price estimates do not factor in specific location information which can modify coverage prices greatly.
Can higher deductibles save money?
One common question asked by Jersey City drivers is what deductibles to buy. The following tables sum up the costs and benefits when you select higher and lower deductibles. The first rate table uses a $100 deductible for comprehensive and collision coverage and the second rate chart uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| X5 3.0I AWD | $520 | $880 | $480 | $28 | $144 | $2,077 | $173 |
| X5 3.5D AWD | $574 | $1014 | $480 | $28 | $144 | $2,265 | $189 |
| X5 4.8I AWD | $574 | $1014 | $480 | $28 | $144 | $2,265 | $189 |
| X5 M AWD | $680 | $1280 | $480 | $28 | $144 | $2,637 | $220 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| X5 3.0I AWD | $288 | $464 | $480 | $28 | $144 | $1,404 | $117 |
| X5 3.5D AWD | $318 | $534 | $480 | $28 | $144 | $1,504 | $125 |
| X5 4.8I AWD | $318 | $534 | $480 | $28 | $144 | $1,504 | $125 |
| X5 M AWD | $378 | $674 | $480 | $28 | $144 | $1,704 | $142 |
| Get Your Own Custom Quote Go | |||||||
Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, multi-policy, and claim-free. Information does not factor in specific Jersey City garaging location which can raise or lower premiums significantly.
Based on these figures, using a $100 deductible costs about $66 more each month or $792 annually across all BMW X5 models than selecting the higher $1,000 deductible. Due to the fact that you would have to pay $900 more if you turn in a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to average more than 14 months between claim filings, you would probably come out ahead by selecting a higher deductible.
Does it make sense to buy full coverage?
The information below visualizes the comparison of BMW X5 insurance prices when comparing full coverage to state minimum liability only. The price estimates are based on a clean driving record, no at-fault accidents, $1,000 deductibles, drivers are not married, and no discounts are factored in.
Should you buy full coverage or liability only?
There isn’t a steadfast formula to stop buying full coverage on your policy, but there is a general school of thought. If the annual cost of your full coverage insurance is more than about 10% of the settlement you would receive from your company, then you may need to consider dropping full coverage.
For example, let’s pretend your BMW X5 replacement value is $5,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, you would only receive $4,000 after you pay the deductible. If premium cost is more than $400 a year for comprehensive and collision coverage, then it could be time to drop full coverage.
There are some situations where only buying liability is not financially feasible. If you still owe a portion of the original loan, you have to carry full coverage to protect the lienholder’s interest. Also, if you can’t afford to buy a different vehicle if your current one is in an accident, you should not buy liability only.
Independent or exclusive auto insurance agents
Many people prefer to go talk to an agent and that is just fine! Insurance agents can help you choose the best coverages and will help you if you have claims. One of the great benefits of getting online price quotes is that you can obtain lower rates and still have a local agent. Buying from and supporting local agencies is especially important in Jersey City.
To make it easy to find an agent, after completing this form (opens in new window), the quote information is transmitted to agents in your area who will give you quotes to get your business. You never need to contact any agents because prices are sent to your email. In the event you want to get a price quote from a specific insurance company, you would need to visit that company’s website and complete a quote there.
Types of car insurance agents
When narrowing the list to find a local Jersey City insurance agent, you must know there are a couple different types of agencies that you can select. Agents in Jersey City are classified as either exclusive agents or independent agents. Both types can sell affordable auto insurance policies, but it’s important to point out the difference in the companies they write for because it may have an impact on buying decisions.
Independent Auto Insurance Agents (or Brokers)
Independent agents do not work for one specific company so they can quote policies with many different companies and find you cheaper rates. If prices rise, the agent simply finds a different carrier and you stay with the same agent. If you are trying to find cheaper rates, it’s recommended you contact several independent insurance agents so that you can do a thorough price comparison. Many write coverage with companies that do not advertise much that can offer cheaper rates than bigger companies.
The following is a small list of independent insurance agents in Jersey City who may be able to give you free auto insurance quotes.
- ABL Insurance Services
910 Bergen Ave # 307 – Jersey City, NJ 07306 – (201) 222-1314 – View Map - MHM Insurance
243 Central Ave # 1 – Jersey City, NJ 07307 – (201) 721-6081 – View Map - Diaz Insurance Agency
815 Bergenline Ave – Union City, NJ 07087 – (201) 348-1288 – View Map
Exclusive Agents
Agents of this type normally can only provide a single company’s rates like State Farm or Allstate. Exclusive agents cannot provide other company’s prices so if the price isn’t competitive there isn’t much they can do. Exclusive agents are usually quite knowledgeable on what they offer and that allows them to sell at a higher price point. Some insured continue to buy from exclusive agents partially due to high brand loyalty and strong financial ratings.
Listed below is a list of exclusive agents in Jersey City willing to provide rate quotes.
- State Farm Insurance – Freddy Duran
1025 Summit Ave – Jersey City, NJ 07307 – (201) 604-3874 – View Map - Allstate Insurance: Emad Soliman
844 Bergen Ave – Jersey City, NJ 07306 – (201) 332-6999 – View Map - Tawanda Jackson – State Farm Insurance Agent
688 NJ-440 – Jersey City, NJ 07305 – (201) 209-0290 – View Map
Finding the right auto insurance agent should include more criteria than just the price. The following questions are important to ask.
- Which insurance companies are they affiliated with?
- Do they get extra compensation for selling add-on coverages?
- Where would glass claims be handled in Jersey City?
- Does the company have a local claim office in Jersey City?
- What insurance company do they write the most business with?
- If they are an independent agency in Jersey City, which companies do they recommend?
Eight factors that influence insurance costs
An important part of buying insurance is that you know the different types of things that help determine your policy premiums. When you understand what influences your rates, this allows you to make educated decisions that can earn you big savings. Many things are part of the calculation when you get a price on insurance. Some are obvious such as your driving record, but others are more obscure such as your marital status or how financially stable you are.
Listed below are most of the major factors used by insurance companies to determine premiums.
Safer cars lower rates – Safer cars are cheaper to insure. Safe vehicles reduce injuries and reduced instances of injuries translates into fewer and smaller insurance claims and lower rates for you.
Gaps in coverage mean higher premiums – Letting your insurance expire will be a quick way to drive up your policy premiums. Not only will you pay more, being ticketed for driving with no insurance could result in a fine, jail time, or a revoked license.
Guys pay higher prices – Over time, data shows females are less aggressive when driving. However, this does not mean females are better at driving than males. They both have accidents in similar percentages, but guys have costlier accidents. They also get cited for more serious violations such as DWI and reckless driving. Males from age 16 to 21 generally have the highest accident percentage and therefore pay the highest rates.
The chart below shows the difference between BMW X5 annual premium costs for male and female drivers. The data is based on no violations or claims, full coverage, $250 deductibles, drivers are not married, and no discounts are applied.
Being married brings a discount – Having a significant other may cut your premiums on insurance. Having a spouse means you’re more responsible it has been statistically shown that married couples file fewer claims.
Reserve claims for larger damages – If you file a lot of claims don’t be surprised to see either higher rates or even cancellation. Car insurance companies in New Jersey award cheaper rates to people who are not frequent claim filers. Auto insurance is designed for the large, substantial claims.
The type of vehicle you drive affects your prices – The make and model of the vehicle you drive makes a substantial difference in determining your rates. The lowest performance passenger vehicles usually have the lowest rates, but your final cost has many other factors.
The data below uses these assumptions: married female driver age 20, full coverage with $100 deductibles, and no discounts or violations. It illustrates BMW X5 rates compared to other makes and models that have a range of performance risks.
GPS tracking and theft deterrents lowers premiums – Purchasing a vehicle with advanced anti-theft systems can help lower your rates. Anti-theft devices such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar help track and prevent car theft.
More than one policy can earn a discount – Some insurers afford discounts to customers that buy multiple policies. It’s known as a multi-policy discount. Discounts can be ten percent or more. Even with this discount applied, it’s still a good idea to compare other company rates to verify if the discount is saving money. It’s possible to still save even more by buying insurance from more than one company.
Insurance loss data for a BMW X5 – Insurance companies factor in historical loss data as a way to help calculate a profitable premium rate. Models that the data determines to have increased claim numbers or amounts will have increased rates.
The information below illustrates the insurance loss data used by companies for BMW X5 vehicles. For each policy coverage type, the statistical loss for all vehicles, regardless of make or model, is a value of 100. Values that are under 100 suggest a positive loss record, while values that are above 100 point to more frequent losses or statistically larger losses.
| Vehicle Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| BMW X5 4dr 2WD | 131 | 110 | 153 | |||
| BMW X5 4dr 4WD | 126 | 81 | 164 | 65 | 57 | 67 |
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Auto insurance is an important decision
Even though it can be expensive, buying auto insurance is required in New Jersey but also provides important benefits.
- Almost all states have minimum liability requirements which means the state requires specific minimum amounts of liability insurance coverage in order to get the vehicle licensed. In New Jersey 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.
- If your BMW X5 has a loan, it’s guaranteed your bank will make it mandatory that you have comprehensive coverage to ensure the loan is repaid in case of a total loss. If you default on your policy, the bank may buy a policy for your BMW for a much higher rate and make you pay a much higher amount than you were paying before.
- Insurance protects not only your BMW X5 but also your assets. It will also provide coverage for all forms of medical expenses for you, your passengers, and anyone else injured in an accident. Liability coverage, the one required by state law, 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 coverages will pay to repair the damage.
The benefits of insuring your car definitely exceed the cost, particularly when you have a large claim. According to a 2015 survey, the average American driver overpays more than $810 a year so compare quotes from several companies at every renewal to save money.
Don’t give up on cheaper coverage
In this article, we covered many ideas to get a better price on BMW X5 insurance in Jersey City. It’s most important to understand that the more times you quote, the better chance you’ll have of finding cheaper Jersey City auto insurance quotes. Drivers may even discover the best premium rates are with a company that doesn’t do a lot of advertising.
While you’re price shopping online, it’s very important that you do not reduce coverage to reduce premium. There have been many cases where consumers will sacrifice liability coverage limits and learned later that a couple dollars of savings turned into a financial nightmare. The proper strategy is to purchase plenty of coverage at a price you can afford, not the least amount of coverage.
People leave their current company for a variety of reasons including policy cancellation, policy non-renewal, an unsatisfactory settlement offer or even poor customer service. It doesn’t matter why you want to switch finding the right auto insurance provider can be easier than you think.
Steps to finding lower priced BMW X5 insurance in Jersey City
The most effective way to get affordable BMW X5 insurance in Jersey City is to start comparing rates regularly from companies who can sell car insurance in New Jersey.
- First, get a basic knowledge of how car insurance works and the steps you can take to keep rates down. Many things that cause rate increases such as inattentive driving and a bad credit rating can be rectified by making small lifestyle or driving habit changes.
- Second, request price quotes from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only give prices from a single company like GEICO and Allstate, while independent agents can provide rate quotes from multiple sources. View rates
- Third, compare the new quotes to the premium of your current policy and see if there is a cheaper rate in Jersey City. If you find a lower rate and change companies, ensure there is no coverage lapse between policies.
- Fourth, provide adequate notice to your current company to cancel your current auto insurance policy and submit the completed application along with a down payment for the new policy. Be sure to store the certificate verifying proof of insurance in your vehicle.
A good piece of advice is that you use identical coverages on every price quote and and to get rates from as many car insurance companies as possible. Doing this helps ensure a level playing field and the best price quote selection.
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