Car Insurance Rates for a BMW 535i in Plano

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It's well known that insurance companies want to keep you from comparing rates. Drivers who get price comparisons will most likely switch car insurance companies because they have good chances of finding lower rate quotes. A survey found that consumers who compared rates once a year saved about $3,450 over four years as compared to drivers who never compared prices.

If finding the lowest price for auto insurance in Plano is the reason for your visit, knowing how to quote prices and compare coverages can save money and time.

Discount BMW 535i insuranceTruthfully, the best way to find cheaper prices for BMW 535i insurance is to start comparing prices yearly from insurance carriers who can sell car insurance in Plano. Prices can be compared by completing these steps.

  1. Read about what is in your policy and the changes you can make to keep rates low. Many factors that cause rate increases such as careless driving and an unacceptable credit score can be amended by making lifestyle changes or driving safer.
  2. Compare price quotes from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only provide price estimates from one company like GEICO or State Farm, while independent agents can provide prices from multiple insurance companies. Begin your rate comparison
  3. Compare the price quotes to your current policy premium and determine if cheaper 535i coverage is available in Plano. If you can save money and decide to switch, make sure there is no lapse between the expiration of your current policy and the new one.

An important part of this process is to try to compare the same liability limits and deductibles on every quote and and to get rate quotes from every insurance company. This provides an apples-to-apples comparison and a complete rate analysis.

Find Lower-cost Insurance with These Tips

Many things are taken into consideration when quoting car insurance. Some are pretty understandable such as traffic violations, but some are not as apparent such as your credit history or how financially stable you are. One of the most helpful ways to save on insurance is to to have a grasp of some of the things that play a part in calculating your insurance rates. If you have some idea of what positively or negatively impacts your premiums, this enables informed choices that can help you get better insurance rates.

  • Policy add-ons may not be needed - There are a lot of add-on coverages that sound like a good idea at the time if you aren't careful. Things like roadside assistance, accident forgiveness, and term life insurance could be just wasting money. The coverages may be enticing at first, but if you don't need them get rid of them and save.
  • Getting married reduces risk - Having a significant other actually saves money when shopping for insurance. Marriage demonstrates that you tend to be less irresponsible it has been statistically shown that married couples file fewer claims.
  • Low coverage deductibles can be expensive - The deductibles you choose represent how much money you are willing to pay if a claim is determined to be covered. Physical damage protection, commonly called comprehensive (or other-than-collision) and collision coverage, insures against damage to your car. A few examples of covered claims are collision with another vehicle, vandalism, and having a roll-over accident. The more expense you're willing to pay, the less your insurance will be.
  • Gender as a rate factor - Statistics have proven that females take fewer risks when driving. This data doesn't prove that males are worse at driving than females. Females and males get in auto accidents in similar percentages, but guys have costlier accidents. Not only are claims higher, but men get ticketed for serious violations such as driving while intoxicated (DWI) or driving recklessly.

    The diagram below visualizes the comparison of BMW 535i insurance premiums for male and female drivers. The rates are based on no accidents or driving violations, comprehensive and collision coverage, $1,000 deductibles, marital status is single, and no discounts are factored in.

  • Your address can push rates up or down - Being located in smaller towns and rural areas of the country can be a good thing when insuring your vehicles. Fewer drivers means less chance of accidents as well as less vandalism and auto theft. People who live in big cities have more aggressive driving styles and much longer commute distances. The longer drive time statistically corresponds to a higher accident and claim rate.

The majority of larger companies such as State Farm and Allstate give prices for coverage on the web. Doing online quotes for BMW 535i insurance in Plano doesn't take much effort as you simply enter the coverage amounts you desire into the form. When complete, their quoting system orders your credit score and driving record and quotes a price based on these factors.

Getting online rates for BMW 535i insurance in Plano simplifies rate comparisons, and it's necessary to have as many quotes as possible in order to get cheaper prices.

To compare pricing, check out the insurance providers below. If you have your current policy handy, we recommend you duplicate the limits and deductibles as shown on your current policy. This way, you will be getting a price comparison for similar coverage.

The providers in the list below are ready to provide price comparisons in Plano, TX. If multiple companies are listed, it's a good idea that you get prices from several of them to get the most affordable price.

Coverage statistics and figures

The data table shown next highlights a range of insurance policy prices for BMW 535i models. Having insight into how auto insurance policy rates are determined can benefit drivers when making decisions when choosing a new policy provider.

BMW 535i Insurance Rates in Plano, TX
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
535I 4-Dr Sedan $452 $936 $514 $30 $154 $2,086 $174
535I xDrive Station Wagon $452 $936 $514 $30 $154 $2,086 $174
535I GT 4-Dr Sedan $452 $936 $514 $30 $154 $2,086 $174
535I xDrive 4-Dr Sedan $494 $936 $514 $30 $154 $2,128 $177
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Data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Texas minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, homeowner, and multi-policy. Information does not factor in specific location information which can alter premium rates significantly.

Can higher deductibles save money?

One of the most common insurance questions is the level to set your comp and collision deductibles. The figures shown below may help to illustrate the differences in premium rates of buying low and high comp and collision deductibles. The first data table uses a $100 deductible and the second rate table uses a $1,000 deductible.

BMW 535i insurance with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
535I 4-Dr Sedan $454 $908 $382 $22 $114 $1,905 $159
535I xDrive Station Wagon $454 $908 $382 $22 $114 $1,905 $159
535I GT 4-Dr Sedan $454 $908 $382 $22 $114 $1,905 $159
535I xDrive 4-Dr Sedan $496 $908 $382 $22 $114 $1,947 $162
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BMW 535i insurance with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
535I 4-Dr Sedan $252 $478 $382 $22 $114 $1,248 $104
535I xDrive Station Wagon $252 $478 $382 $22 $114 $1,248 $104
535I GT 4-Dr Sedan $252 $478 $382 $22 $114 $1,248 $104
535I xDrive 4-Dr Sedan $276 $478 $382 $22 $114 $1,272 $106
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Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, claim-free, and homeowner. Premium amounts do not factor in zip code location which can affect premium rates considerably.

Based on the figures above, using a $100 deductible will cost you about $55 more each month or $660 every year than opting for the higher $1,000 deductible. Since the policyholder would be required to pay $900 more out of your own pocket with a $1,000 deductible as compared to a $100 deductible, if you tend to average at least 16 months between claim filings, you would probably be better off going with the higher deductible.

How to calculate deductible break even point

Average monthly premium for $100 deductibles: $160
Average monthly premium for $1,000 deductibles (subtract): - $105
Monthly savings from raising deductible: $55
Difference between deductibles ($1,000 - $100): $900
Divide difference by monthly savings: $900 / $55
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 16 months

Full coverage or liability only

The chart below shows the comparison of BMW 535i insurance costs when comparing full coverage to liability only. The data is based on no claims, a clean driving record, $1,000 deductibles, marital status is single, and no discounts are factored in.

When to stop buying full coverage

There isn't a written rule to stop paying for comp and collision coverage, but there is a broad guideline. If the annual cost of your full coverage insurance is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then it's probably a good time to buy liability coverage only.

For example, let's pretend your BMW 535i replacement cost is $3,000 and you have $1,000 deductibles. If your vehicle is totaled, the most you would receive is $2,000 after paying your deductible. If it's costing in excess of $200 annually for full coverage, then you might consider buying liability only.

There are a few situations where eliminating full coverage is not financially feasible. If you have an outstanding loan on your vehicle, you have to carry full coverage as part of the loan conditions. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should not opt for liability only.

It may be expensive, but it's not optional

Despite the high cost of buying insurance for a BMW 535i in Plano, maintaining insurance is required by state law in Texas and it also provides benefits you may not be aware of.

  • Almost all states have mandatory insurance requirements which means it is punishable by state law to not carry a specific minimum amount of liability insurance coverage if you want to drive legally. 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 have a loan on your 535i, it's most likely the lender will require you to have full coverage to ensure they get paid if you total the vehicle. If the policy lapses, the bank may insure your BMW at a significantly higher premium and require you to reimburse them for it.
  • Auto insurance preserves not only your car but also your financial assets. Insurance will pay for medical expenses for both you and anyone you injure as the result of an accident. Liability insurance also pays expenses related to your legal defense if you cause an accident and are sued. If your vehicle suffers damage from an accident or hail, collision and comprehensive (also known as other-than-collision) coverage will pay to restore your vehicle to like-new condition.

The benefits of having insurance are without a doubt worth the cost, particularly when you have a large claim. According to a 2015 survey, the average American driver is overpaying more than $865 each year so compare rates at least once a year to help ensure money is not being wasted.

Affordable Plano car insurance rates with discounts

Companies that sell car insurance don't list the entire discount list in a way that's easy to find, so we researched both the well known as well as some of the hidden credits available to bring down your rates.Cheaper car insurance with discounts

  • ABS and Traction Control Discounts - Cars and trucks that have steering control and anti-lock brakes are much safer to drive so you can save 10 percent or more.
  • Paperless Signup - Some car insurance companies may give you up to $50 for completing your application on your computer.
  • Government Employees - Active or retired federal employment can save as much as 8% depending on your car insurance provider.
  • Air Bag Discount - Options like air bags and/or automatic seat belt systems may get savings of 20% or more.
  • Bundled Policy Discount - If you can combine your auto and homeowners policy with the same insurance company you could get a discount of as much as 10 to 15 percent.
  • No Claim Discounts - Plano drivers who stay claim-free are rewarded with significantly better rates on Plano auto insurance quote as compared to insureds who have frequent claims or accidents.

Just know that most discount credits are not given to your bottom line cost. Most only cut specific coverage prices like collision or personal injury protection. Even though the math looks like adding up those discounts means a free policy, you aren't that lucky.

The chart below visualizes the comparison of BMW 535i insurance premiums with and without policy discounts. The price estimates are based on a female driver, no claims or violations, Texas state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, safe-driver, homeowner, claim-free, multi-car, and marriage discounts applied.

Larger car insurance companies and their offered discounts can be read below.

  • 21st Century policyholders can earn discounts including defensive driver, student driver, air bags, anti-lock brakes, teen driver, and automatic seat belts.
  • Progressive offers premium reductions for multi-policy, online signing, good student, online quote discount, multi-vehicle, and continuous coverage.
  • State Farm offers discounts for safe vehicle, multiple autos, passive restraint, Steer Clear safe driver discount, driver's education, accident-free, and student away at school.
  • Nationwide discounts include defensive driving, business or organization, multi-policy, Farm Bureau membership, accident-free, easy pay, and anti-theft.
  • Esurance may have discounts that include online quote, defensive driver, multi-car, DriveSense, and multi-policy.
  • The Hartford may offer discounts for air bag, good student, vehicle fuel type, anti-theft, defensive driver, bundle, and driver training.

If you are trying to find inexpensive Plano auto insurance quotes, ask every prospective company how you can save money. A few discounts might not be offered on policies in Plano. To view companies offering car insurance discounts in Plano, click here.

Can't I compare rates from local Plano insurance agencies?

Some consumers just want to buy from a local agent and doing so can bring peace of mind Most agents can help determine the best coverages and help in the event of a claim. A nice benefit of comparing insurance prices online is you can get better rates and still have a local agent.

Find insurance agent in PlanoAfter filling out this simple form, your insurance data gets sent to insurance agents in Plano that can give you free Plano auto insurance quotes for your insurance coverage. There is no need to leave your computer because prices are sent immediately to you. If for some reason you want to get a price quote from one company in particular, don't hesitate to navigate to their website and submit a quote form there.

Finding the right company requires you to look at more than just the premium amount. A good agent in Plano will have answers to these questions.

  • How are claims handled?
  • If independent agents, which companies do they recommend?
  • What are the financial ratings for the companies they represent?
  • Which members of your family are coverage by the policy?
  • How much can you save by raising your physical damage deductibles?
  • Are they properly licensed to sell insurance in Texas?
  • What is the agency's Better Business Bureau rating?

Exclusive and independent Plano car insurance agents

If you want a reliable insurance agent, you need to know there are two different types of agents and how they differ in how they can insure your vehicles. Plano agents are considered either exclusive or independent agents depending on their company appointments. Either can handle insurance, but it's worth mentioning why they differ because it can impact the type of agent you choose.

Exclusive Insurance Agencies

Agents that elect to be exclusive normally can only provide a single company's rates like State Farm, AAA, Farmers Insurance or Allstate. They are unable to shop your coverage around so it's a take it or leave it situation. They receive a lot of sales training in insurance sales which aids in selling service over price. A lot of people choose to use a exclusive agent partially due to the prominent brand name and the convenience of having all coverages with one company.

Listed below are Plano exclusive agents that can give you comparison quotes.

More Plano agents

Independent Agents (or Brokers)

Agents that elect to be independent are not employed by one company so they can insure your vehicles through lots of different companies and possibly get better coverage at lower prices. If you want to switch companies, they simply move the coverage in-house which requires no work on your part.

If you are trying to find cheaper rates, you will definitely want to include rate quotes from several independent insurance agents to maximize your price options. Most also write with less well-known companies that can offer cheaper rates than bigger companies.

Listed below is a short list of independent insurance agencies in Plano willing to provide comparison quotes.

More Plano agents

Auto insurance companies ranked

Ending up with a highly-rated insurance company is difficult considering how many companies provide coverage in Plano. The company rank data listed below can help you pick which car insurance providers you want to consider comparing prices from.

Top 10 Plano Car Insurance Companies Overall

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

When should I discuss my situation with an agent?

When selecting proper insurance coverage for your vehicles, there really is no "perfect" insurance plan. Your needs are not the same as everyone else's.Drive safe and save

For example, these questions can aid in determining if your situation would benefit from professional advice.

  • How much coverage applies to personal belongings?
  • Can I use my car for my catering business?
  • Who is covered when they drive my BMW 535i?
  • Should I buy only the required Texas minimum liability coverage?
  • When should I not buy collision coverage?
  • Why is insurance for a teen driver so high in Plano?
  • Why do I have to buy liability insurance?
  • Should I pay a claim out-of-pocket?

If you don't know the answers to these questions but one or more may apply to you, you may need to chat with an agent. If you don't have a local agent, simply complete this short form. It's fast, doesn't cost anything and may give you better protection.

Keep this in mind when shopping around

As you shop your coverage around, it's very important that you do not buy lower coverage limits just to save a few bucks. In too many instances, an accident victim reduced physical damage coverage only to discover later they didn't purchase enough coverage. Your aim should be to find the BEST coverage at the best price, not the least amount of coverage.

Drivers change insurance companies for a variety of reasons including lack of trust in their agent, delays in paying claims, policy non-renewal or even an unsatisfactory settlement offer. Regardless of your reason for switching companies, switching car insurance companies is actually quite simple.

Discount BMW 535i insurance in Plano is attainable online as well as from independent agents in Plano, and you need to comparison shop both so you have a total pricing picture. Some companies may not have internet price quotes and most of the time these smaller companies prefer to sell through independent agents.

Even more information can be found at these sites: