How Much Does 2011 BMW 1 Series Insurance Cost?

Are you sick and tired of robbing Peter to pay Paul to insure your BMW every month? You have the same problem as many other consumers. Lots of insurers contend for your business, so it can be very hard to choose a insurer and get the definite best price available.

You need to shop coverage around at least once a year since insurance prices change regularly. Just because you found the best price on 1 Series coverage two years ago you can probably find a better rate now. Forget all the misinformation about auto insurance because you’re about to find out the only way to reduce your cost while improving coverage.

Smart consumers can lower their insurance prices

A large part of saving on auto insurance is knowing some of the things that play a part in calculating auto insurance rates. When consumers understand what influences your rates, this enables informed choices that can help you get better auto insurance rates. Lots of things are taken into consideration when premium rates are determined. Some of the criteria are obvious like a motor vehicle report, but other factors are less obvious such as your credit history or your vehicle rating.

  • Safer vehicles cost less to insure – Safe vehicles get lower rates. The safest vehicles reduce the chance of injuries and any reduction in injury severity translates into fewer and smaller insurance claims which can result in lower premiums.
  • Low deductibles cost more – Insurance for physical damage to your car, termed comprehensive and collision coverage on your policy, helps pay for damage to your vehicle. Some coverage claims are running into the backend of another car, damage from fire, and having your car stolen. The deductibles tell how much the insured will be required to pay before your auto insurance pays a claim. The more of the claim you choose to pay out-of-pocket, the better rate you will receive on 1 Series coverage.
  • Minor frequent policy claims are not good – If you are a frequent claim filer, you shouldn’t be surprised to get much higher rates or policy non-renewal. Insurance companies give most affordable rates to drivers who do not rely on their insurance for small claims. Your insurance policy is intended for claims that pose a financial burden.
  • How credit rating affects auto insurance prices – Your credit rating will be a significant factor in determining premium rates. People with excellent credit scores tend to file fewer claims than those with lower ratings. So if your credit rating could use some work, you could potentially save money when insuring your 2011 BMW 1 Series if you clean up your credit.
  • Gender is a factor – Over the last 30 years, statistics show women tend to be less risk to insure than men. This data doesn’t prove that males are worse at driving than females. Males and females have fender benders in similar percentages, but men get into accidents with more damage. Men also tend to receive more major tickets like reckless driving and DUI.
  • Get hitched and pay less – Having a significant other may earn you lower rates when buying auto insurance. Having a significant other generally demonstrates drivers are more stable financially and statistics prove being married results in fewer claims.

Drivers save money with with these discounts

The cost of insuring your cars can be expensive, but there could be significant discounts to cut the cost considerably. Certain discounts will be applied when you purchase, but occassionally some discounts must be specifically requested before they will apply.

  • Service Members Pay Less – Being deployed in the military may qualify for rate reductions.
  • No Claims – Insureds who avoid accidents and claims have much lower rates as opposed to drivers with a long claim history.
  • First Accident Forgiveness – This one is not really a discount per se, but companies like Allstate, State Farm and Geico will forgive one accident without getting socked with a rate hike so long as you are claim-free for a set time period.
  • E-sign Discounts – A handful of companies will provide an incentive for signing up on your computer.
  • Discount for Good Grades – Being a good student could provide a savings of up to 20% or more. Earning this discount can benefit you up until you turn 25.
  • Own a Home – Owning a home can get you a discount due to the fact that maintaining a home requires personal responsibility.
  • Discounts for Government Workers – Having worked for a branch of the government can save as much as 8% on 1 Series coverage with certain companies.

A quick disclaimer, most of the big mark downs will not be given to the entire policy premium. Most cut the cost of specific coverages such as physical damage coverage or medical payments. Just because it seems like you would end up receiving a 100% discount, you aren’t that lucky.

If you would like to view providers with the best discounts, click this link.

Your situation helps dictate your coverage

When it comes to choosing coverage for your personal vehicles, there really is no cookie cutter policy. Every insured’s situation is different so this has to be addressed. For example, these questions can aid in determining whether you might need professional guidance.

  • Will I be non-renewed for getting a DUI or other conviction?
  • Am I covered if I hit my neighbor’s mailbox?
  • Will my vehicle be repaired with OEM or aftermarket parts?
  • Does my medical payments coverage pay my health insurance deductible?
  • I have a DUI can I still get coverage?
  • When would I need rental car insurance?
  • What happens if I owe more than my 2011 BMW 1 Series is worth?
  • How can I find cheaper teen driver insurance?

If it’s difficult to answer those questions, you might consider talking to an agent. To find an agent in your area, fill out this quick form or click here for a list of insurance coverage companies in your area. It’s fast, doesn’t cost anything and may give you better protection.

Auto insurance coverages

Knowing the specifics of your insurance policy aids in choosing which coverages you need at the best deductibles and correct limits. The coverage terms in a policy can be impossible to understand and reading a policy is terribly boring. These are typical coverage types offered by insurance companies.

Uninsured/Underinsured Motorist (UM/UIM) – This protects you and your vehicle’s occupants when the “other guys” either are underinsured or have no liability coverage at all. Covered losses include medical payments for you and your occupants and damage to your BMW 1 Series.

Due to the fact that many drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage should not be overlooked.

Liability auto insurance – Liability coverage protects you from damage or injury you incur to other’s property or people by causing an accident. It protects you against claims from other people, and doesn’t cover damage to your own property or vehicle.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. Your policy might show values of 50/100/50 that means you have a $50,000 limit per person for injuries, a per accident bodily injury limit of $100,000, and a total limit of $50,000 for damage to vehicles and property.

Liability can pay for things like bail bonds, legal defense fees and attorney fees. How much liability coverage do you need? That is a decision to put some thought into, but you should buy as high a limit as you can afford.

Collision coverages – This coverage pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision coverage protects against claims such as colliding with another moving vehicle, damaging your car on a curb, colliding with a tree, sustaining damage from a pot hole and hitting a mailbox. This coverage can be expensive, so consider removing coverage from vehicles that are 8 years or older. It’s also possible to raise the deductible to get cheaper collision coverage.

Med pay and Personal Injury Protection (PIP) – Medical payments and Personal Injury Protection insurance reimburse you for expenses for things like dental work, rehabilitation expenses, EMT expenses and X-ray expenses. The coverages can be utilized in addition to your health insurance plan or if you lack health insurance entirely. It covers not only the driver but also the vehicle occupants as well as if you are hit as a while walking down the street. Personal Injury Protection is not an option in every state and gives slightly broader coverage than med pay

Comprehensive insurance – This covers damage that is not covered by collision coverage. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for claims like damage from getting keyed, rock chips in glass, hitting a deer and a tree branch falling on your vehicle. The maximum amount your insurance company will pay is the ACV or actual cash value, so if the vehicle’s value is low consider dropping full coverage.

Affordable insurance is out there

We just covered many ideas to save on 2011 BMW 1 Series insurance. The most important thing to understand is the more price quotes you have, the better your chances of lowering your prices. You may even discover the lowest priced insurance comes from an unexpected company. Regional companies can often insure niche markets at a lower cost compared to the large companies like State Farm, Geico and Nationwide.

When trying to cut insurance costs, do not buy lower coverage limits just to save a few bucks. In too many instances, consumers will sacrifice uninsured motorist or liability limits and learned later that saving that couple of dollars actually costed them tens of thousands. Your goal is to purchase a proper amount of coverage at the best cost while not skimping on critical coverages.

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