Save on BMW X3 Insurance in Plano

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BMW X3 insurance rates
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Insurance rates BMW X3 in PlanoWould you like to buy more affordable BMW X3 insurance in Plano? Are you regretting buying an overpriced insurance policy? Don't feel bad because many consumers are feeling buyer's remorse and feel like there's no way out.

It's an obvious conclusion that auto insurance companies don't want policyholders to shop around. Drivers who do rate comparisons will presumably move their business because there is a good chance of finding good coverage at a lower price. Remarkably, a study showed that consumers who compared rates regularly saved on average $865 a year as compared to drivers who never compared other company's rates.

If finding the cheapest rates on auto insurance in Plano is your ultimate goal, then learning about the best ways to shop for insurance rates can help you succeed in saving money. Numerous auto insurance companies battle for your business, and it can be difficult to compare rates to get the best rates possible on BMW X3 insurance in Plano.

You need to do rate comparisons yearly because prices are rarely the same from one policy term to another. Just because you found the best deal on BMW X3 insurance in Plano two years ago there may be better deals available now. Ignore everything you know about insurance because you're going to get a crash course in how to use the internet to find better rates and still maintain coverage.

The providers in the list below have been selected to offer free quotes in Texas. To locate cheap car insurance in Plano, we recommend you compare several of them to find the most affordable car insurance rates.

Statistics and details

The premium table below covers estimates of insurance coverage prices for BMW X3 models. Learning a little about how policy rates are figured can help drivers make informed coverage decisions.

BMW X3 Insurance Rates in Plano, TX
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X3 3.0I xDrive AWD 4-Dr $196 $436 $430 $26 $128 $1,216 $101
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Table data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Texas minimum liability limits. Discounts applied include safe-driver, multi-policy, multi-vehicle, claim-free, and homeowner. Table data does not factor in specific Plano garaging location which can change premiums substantially.

Deductible comparison

One of the more difficult decisions when buying auto insurance is how low should you set your deductibles. The data tables below may help to conceptualize the premium difference when you select higher and lower coverage deductibles. The first data table uses a $250 physical damage deductible and the second rate chart uses a $1,000 deductible.

BMW X3 insurance policy rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X3 3.0I xDrive AWD 4-Dr $370 $672 $382 $22 $114 $1,585 $132
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BMW X3 insurance policy rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X3 3.0I xDrive AWD 4-Dr $228 $424 $382 $22 $114 $1,170 $98
Get Your Own Custom Quote Go

Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, safe-driver, and multi-vehicle. Premium costs do not factor in garaging location in Plano which can increase or decrease auto insurance rates greatly.

Based on this data, using a $250 deductible costs about $34 more each month or $408 annually than opting for the higher $1,000 deductible. Due to the fact that you would have to pay $750 more to file a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to average at least 22 months between claim filings, you would save more money if you choose a higher deductible.

Premiums by gender and age

The example below shows the comparison of BMW X3 insurance rates for male and female drivers. The price estimates are based on no claims or driving citations, full physical damage coverage, $250 deductibles, single status, and no additional discounts are factored in.

BMW X3 liability rates compared to full coverage

The diagram below shows the difference between BMW X3 premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premiums assume no tickets, no at-fault accidents, $100 deductibles, single marital status, and no additional discounts are factored in.

Guidelines for dropping full coverage

There is no set rule that works best for making the decision to drop full coverage, but there is a guideline you can consider. If the annual cost of your full coverage insurance is about 10% or more of the replacement cost minus the deductible, then it may be the right time to buy liability only.

For example, let's pretend your BMW X3 claim settlement value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most you would get paid by your company is $6,000 after paying the physical damage deductible. If you are paying in excess of $600 annually for physical damage coverage, then you might consider buying liability only.

There are some cases where removing full coverage is not financially feasible. If you still owe a portion of the original loan, you have to keep full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should not drop full coverage.

Why do I need car insurance?

Despite the high cost, buying car insurance is not optional due to several reasons.

  • The majority of states have mandatory insurance requirements which means it is punishable by state law to not carry specific minimum amounts of liability coverage if you drive a vehicle. In Texas these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
  • If you took out a loan on your BMW, it's guaranteed your bank will make it mandatory that you have insurance to guarantee loan repayment. If you let the policy lapse, the lender may have to buy a policy to insure your BMW at a significantly higher premium and force you to pay the higher premium.
  • Car insurance preserves both your BMW X3 and your assets. It will also reimburse you for hospital and medical expenses for you, any passengers, and anyone injured in an accident. One of the most valuable coverages, liability insurance, will also pay to defend you if anyone sues you for causing an accident. If your vehicle suffers damage from an accident or hail, your policy will cover the repair costs.

The benefits of insuring your X3 are definitely more than the cost, especially if you ever need it. The average driver in Texas overpays as much as $820 a year so you should quote rates once a year at a minimum to save money.

Decisions You Make Can Impact Your Insurance Costs

An important part of buying insurance is that you know a few of the rating criteria that aid in calculating your premiums. When consumers understand what positively or negatively impacts your premiums, this allows you to make good choices that could result in better insurance rates. Many factors are considered when premium rates are determined. Some are pretty understandable like a motor vehicle report, although others are less apparent such as your marital status or how financially stable you are.

Where do you drive? - The higher the miles on your BMW in a year's time the higher your rates will be. Most companies price each vehicle's coverage based upon how the vehicle is primarily used. Autos that have low annual miles receive better premium rates than vehicles that have high annual mileage. Having the wrong rating on your X3 may be wasting your money. Double check that your insurance policy shows the correct usage, because improper ratings can cost you money.

Teenagers are high risk - More mature drivers are more cautious drivers, tend to file fewer claims, and are generally more financially stable. Teen drivers are statistically shown to be less responsible with other occupants in the car so insurance rates are higher.

The data below is based on a single driver, full coverage with $500 deductibles, and no discounts or violations.

Insurance premiums and vehicle performance - The performance level of the car you need insurance for makes a significant difference in your premium level. Lower performance four cylinder passenger cars normally have pretty low rates, but there are many factors that impact the final cost.

The following data uses these assumptions: single female driver age 30, full coverage with $1000 deductibles, and no discounts or violations. It shows BMW X3 car insurance rates compared to other models of vehicles that have different performance risks.

Do you really need roadside assistance? - Insurance policies have a lot of extra coverages that may not really be needed on your X3 policy. Insurance for rental car coverage, high-cost glass coverage, and membership fees are examples of these. They may sound like good ideas when talking to your agent, but if they're wasting money remove them from your policy.

Alarms and GPS tracking lower prices - Selecting a car model with advanced anti-theft systems can save you a little every year. Theft deterrent systems like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar can help prevent car theft and help bring rates down.

BMW X3 historical loss data - Insurance companies use past loss statistics for each vehicle when setting premium rates. Vehicles that tend to have higher claim amounts or frequency will have a higher cost to insure. The next table illustrates the loss history for BMW X3 vehicles.

For each policy coverage type, the loss probability for all vehicles, regardless of manufacturer or model, is set at 100. Numbers below 100 suggest a positive loss record, while numbers above 100 indicate higher probability of having a loss or a tendency for losses to be larger than average.

Insurance Loss Ratings for BMW X3 Vehicles
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
BMW X3 4dr 2WD 122 99
BMW X3 4dr 4WD 109 93 117 69 64 76

Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Do you qualify for discounts?

Car insurance companies don't necessarily list the complete list of policy discounts very well, so the list below contains both the well known and also the more inconspicuous discounts you could be receiving when you buy Plano auto insurance online. If you're not getting every credit available, you could be paying more than you need to.Cheaper car insurance with discounts

  • Discount for Passive Restraints - Vehicles with factory air bags may get savings of 20 to 30 percent.
  • Club Memberships - Participating in qualifying clubs or civic groups could trigger savings on your next car insurance statement.
  • Auto/Life Discount - Companies who offer life insurance give a discounted car insurance rate on car insurance if you buy life insurance from them.
  • Discounts for Good Drivers - Accident-free drivers may save up to 50% more than their less cautious counterparts.
  • No Accidents - Drivers with accident-free driving histories pay much less when compared with insureds who have frequent claims or accidents.
  • Good Students Pay Less - Maintaining excellent grades may save as much as 25% on a Plano auto insurance quote. Many companies even apply the discount to college students until age 25.
  • Military Deployment Discount - Having a deployed family member can result in better premium rates.
  • College Student - College-age children who attend college more than 100 miles from Plano without a vehicle on campus can receive lower rates.
  • ABS Braking Discount - Anti-lock brake equipped vehicles can reduce accidents and earn discounts up to 10%.
  • Theft Prevention System - Vehicles that have factory alarm systems and tracking devices are stolen less frequently and will save you 10% or more on X3 insurance in Plano.

Policy discounts save money, but most of the big mark downs will not be given to your bottom line cost. Most only apply to individual premiums such as liability and collision coverage. So despite the fact that it appears it's possible to get free car insurance, insurance companies wouldn't stay in business. Any amount of discount will positively reduce the cost of your policy.

The chart below shows the difference between BMW X3 yearly insurance costs with and without discounts being applied to the rates. The premiums are based on a female driver, a clean driving record, no at-fault accidents, Texas state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, marriage, claim-free, multi-car, multi-policy, and safe-driver discounts applied.

The best car insurance companies and their possible discounts are:

  • Farmers Insurance may include discounts for teen driver, distant student, switch companies, homeowner, and multi-car.
  • State Farm offers discounts including multiple autos, good driver, defensive driving training, accident-free, passive restraint, Steer Clear safe driver discount, and Drive Safe & Save.
  • Liberty Mutual discounts include good student, hybrid vehicle, new move discount, newly retired, and newly married.
  • MetLife may offer discounts for multi-policy, defensive driver, good student, good driver, claim-free, and accident-free.
  • Progressive has savings for continuous coverage, online signing, multi-vehicle, homeowner, and good student.

When comparing rates, check with every insurance company which discounts you qualify for. All car insurance discounts may not be available in Plano. For a list of insurance companies who offer cheap BMW X3 insurance quotes in Texas, click here.

Do I need an insurance agent?

Many drivers still prefer to have an agent's advice and often times that is recommended Most agents can answer important questions and help file insurance claims. One of the benefits of getting online price quotes is the fact that you can find cheaper prices but also keep your business local. Buying from and supporting neighborhood agents is still important in Plano.

Insurance agents in PlanoFor easy comparison, once you complete this simple form, your insurance data is emailed to insurance agents in Plano who want to provide quotes for your business. It simplifies rate comparisons since you won't have to visit any agencies due to the fact that quote results will go straight to your inbox. If you wish to get a comparison quote for a specific company, just search and find their rate quote page and fill out the quote form the provide.

Car insurance agents in Plano come in two varieties

If you want to buy insurance from a local agent, it's important to understand the types of insurance agents that you can choose from. Agents are either exclusive or independent. Both types of agents can write policy coverage, but it's important to know the difference in how they write coverage because it may have an impact on your selection of an agent.

Independent Insurance Agencies or Brokers

Agents that elect to be independent are normally appointed by many insurers so they can quote policies with an assortment of companies enabling the ability to shop coverage around. If you are not satisfied with one company, your agent can just switch to a different company and you don't have to do anything. When comparing insurance rates, it's recommended you include price quotes from multiple independent agents to maximize your price options.

Below is a list of independent agencies in Plano that may be able to give you comparison quotes.

2301 Ohio Dr - Plano, TX 75093 - (877) 745-5005 - View Map

Choice Insurance LLC
5045 Bridge Creek Dr - Plano, TX 75093 - (469) 467-6379 - View Map

800 E Central Pkwy Ste 200 - Plano, TX 75074 - (972) 422-9412 - View Map

View more Plano agents

Exclusive Insurance Agencies

Agents that choose to be exclusive are contracted to one company and examples are State Farm, Allstate, and Farm Bureau. They are unable to place coverage with different providers so if the price isn't competitive there isn't much they can do. Exclusive insurance agents are trained well on what they offer which aids in selling service over price.

Shown below is a list of exclusive agents in Plano willing to provide price quote information.

8000 Coit Rd #100 - Plano, TX 75025 - (972) 731-0350 - View Map

7920 Preston Rd #300 - Plano, TX 75024 - (972) 690-9090 - View Map

6205 Chapel Hill Blvd STE 500 - Plano, TX 75093 - (972) 378-0824 - View Map

View more Plano agents

Picking the best insurance agency requires more thought than just a cheap price quote. Ask your prospective agent these questions:

  • If your car is in the repair shop, do you have coverage for a rental car?
  • Will they give you a referral list?
  • Does the company allow you to choose your own collision repair facility?
  • Is assistance available after office hours?
  • If your car is totaled, how to they determine the replacement cost?
  • If independent agents, which companies do they recommend?
  • Can glass repairs be made at your home?

Auto insurance company ratings

Ending up with the top auto insurance company can be challenging considering how many companies provide coverage in Texas. The information below may help you select which coverage providers to look at buying from.

Top 10 Plano Car Insurance Companies Ranked by Customer Service

  1. USAA
  2. Travelers
  3. Mercury Insurance
  4. AAA Insurance
  5. Nationwide
  6. Safeco Insurance
  7. Progressive
  8. State Farm
  9. The Hartford
  10. The General

You can find cheap coverage

Budget-friendly insurance in Plano is possible both online and with local Plano insurance agents, so you should compare both to have the best chance of lowering rates. Some insurance companies may not provide the ability to get a quote online and most of the time these regional insurance providers only sell through local independent agents.

We just showed you a lot of techniques to save on BMW X3 insurance in Plano. It's most important to understand that the more companies you get prices for, the better chance you'll have of finding low cost Plano auto insurance quotes. Drivers may even discover the biggest savings come from a lesser-known regional company. Some small companies may cover specific market segments cheaper than their larger competitors like Allstate, GEICO and Progressive.

Steps to finding affordable quotes for BMW X3 insurance in Plano

The recommended way to find better pricing on BMW X3 insurance in Plano is to regularly compare prices from insurers who provide auto insurance in Texas.

  • First, try to learn a little about how auto insurance works and the things you can change to keep rates low. Many policy risk factors that increase rates like traffic citations and a less-than-favorable credit score can be remedied by making minor changes in your lifestyle.
  • Second, compare price quotes from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only provide price estimates from a single company like GEICO or State Farm, while independent agencies can give you price quotes from multiple companies. Begin your rate comparison
  • Third, compare the new rate quotes to your existing policy and determine if cheaper X3 coverage is available. If you find a lower rate quote, ensure coverage does not lapse between policies.

A good piece of advice is to try to use the same physical damage deductibles and liability limits on every quote and and to get prices from as many companies as you can. This provides a level playing field and the best price selection.

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