It takes a few minutes, but the best way to save money on auto insurance rates is to compare prices annually from providers that insure vehicles in Charlotte. Drivers can shop around by following these steps.
- Get an understanding of the different coverages in a policy and the steps you can take to lower rates. Many policy risk factors that drive up the price like traffic violations, accidents, and your credit history can be controlled by making minor changes in your lifestyle.
- Compare rates from direct, independent, and exclusive agents. Exclusive and direct companies can only quote rates from a single company like GEICO and State Farm, while independent agencies can provide prices from multiple insurance companies. Start a quote
- Compare the quotes to your existing rates to see if cheaper X1 coverage is available in Charlotte. If you find better rates, ensure there is no coverage lapse between policies.
- Provide adequate notice to your current company of your decision to cancel your current auto insurance policy. Submit any necessary down payment along with the completed application to the new company. As soon as you can, put the new certificate verifying proof of insurance in an accessible location in your vehicle.
A key point to remember is to use the same amount of coverage on each quote and and to get prices from as many car insurance companies as possible. This enables a fair rate comparison and and a good selection of different prices.
Anyone knows that car insurance companies don’t want policyholders to shop around. Drivers who compare other rates are likely to buy a different policy because there is a good probability of getting low-cost coverage. Surprisingly, a recent survey revealed that consumers who compared price quotes annually saved on average $3,500 over four years as compared to drivers who don’t make a habit of comparing rates.
If finding low prices for insurance is your ultimate goal, then learning a little about how to shop for insurance rates can help make the process easier and more efficient.
If you have a policy now or are shopping for new coverage, you will benefit by learning to get lower rates and still get good coverage. Locating the best rates in Charlotte can really be easy if you know what you’re doing. Drivers just have to learn the most efficient way to buy car insurance from many different companies.
The auto insurance companies shown below are ready to provide quotes in Charlotte, NC. In order to find cheaper auto insurance in Charlotte, it’s a good idea that you compare several of them in order to get a fair rate comparison.
Why do I need car insurance?
Despite the potentially high cost of BMW X1 insurance, insuring your vehicle is a good idea for several reasons.
- Most states have mandatory liability insurance requirements which means you are required to carry a specific level of liability insurance in order to be legal. In North Carolina 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 bought your X1 with a loan, most lenders will stipulate that you carry insurance to guarantee their interest in the vehicle. If you do not pay your insurance premiums, the lender may have to buy a policy to insure your BMW at a significantly higher premium and require you to reimburse them for the much more expensive policy.
- Insurance safeguards both your assets and your car. It will also provide coverage for hospital and medical expenses for yourself as well as anyone injured by you. Liability coverage will also pay attorney fees if you cause an accident and are sued. If you have damage to your BMW as the result of the weather or an accident, collision and comprehensive (also known as other-than-collision) coverage will cover the damage repairs after a deductible is paid.
The benefits of buying car insurance definitely exceed the cost, particularly for liability claims. On average, a vehicle owner in Charlotte is wasting up to $830 a year so shop around at least once a year to help ensure money is not being wasted.
What insurance coverages do I need?
When buying a policy, there really is no “perfect” insurance plan. Each situation is unique so your insurance needs to address that.
These are some specific questions may help you determine if your insurance needs could use an agent’s help.
- Does my policy cover my teen driver if they drive my company car?
- Am I covered if I drive in a foreign country?
- Should I rate my BMW X1 as pleasure use or commute?
- Do they offer discounts for home and auto coverage?
- Is my ex-spouse still covered by my policy?
- I have health insurance so do I need medical payments coverage?
- Can I insure my car for more than it’s worth?
If you don’t know the answers to these questions then you might want to talk to an insurance agent. To find an agent in your area, complete this form or go to this page to view a list of companies. It only takes a few minutes and you can get the answers you need.
Car insurance 101
Having a good grasp of a car insurance policy aids in choosing appropriate coverage for your vehicles. The terms used in a policy can be impossible to understand and nobody wants to actually read their policy. Below you’ll find typical coverage types found on the average car insurance policy.
UM/UIM Coverage – This protects you and your vehicle when other motorists are uninsured or don’t have enough coverage. It can pay for hospital bills for your injuries and damage to your BMW X1.
Due to the fact that many North Carolina drivers only purchase the least amount of liability that is required (30/60/25 in North Carolina), their limits can quickly be used up. So UM/UIM coverage is very important.
Collision coverage – Collision insurance covers damage to your X1 resulting from a collision with another vehicle or an object, but not an animal. You have to pay a deductible and the rest of the damage will be paid by collision coverage.
Collision can pay for claims like backing into a parked car, colliding with a tree, hitting a parking meter, scraping a guard rail and hitting a mailbox. Collision coverage makes up a good portion of your premium, so you might think about dropping it from lower value vehicles. Drivers also have the option to choose a higher deductible on your X1 to bring the cost down.
Medical costs insurance – Coverage for medical payments and/or PIP pay for expenses for doctor visits, funeral costs and ambulance fees. They are used in conjunction with a health insurance policy or if there is no health insurance coverage. Coverage applies to you and your occupants and also covers getting struck while a pedestrian. PIP coverage is not available in all states but it provides additional coverages not offered by medical payments coverage
Comprehensive or Other Than Collision – This coverage will pay to fix damage that is not covered by collision coverage. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive insurance covers claims such as vandalism, hitting a deer, theft and a broken windshield. The highest amount a car insurance company will pay at claim time is the market value of your vehicle, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.
Liability coverages – Liability coverage protects you from damage that occurs to other’s property or people in an accident. This coverage protects you against claims from other people, and does not provide coverage for your injuries or vehicle damage.
Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. Your policy might show limits of 30/60/25 which means a $30,000 limit per person for injuries, $60,000 for the entire accident, and property damage coverage for $25,000.
Liability insurance covers things such as medical expenses, emergency aid, bail bonds, repair bills for other people’s vehicles and court costs. How much coverage you buy is up to you, but consider buying as large an amount as possible. North Carolina state minimum liability requirements are 30/60/25 but it’s recommended drivers buy more coverage.
The chart below demonstrates why buying low liability limits may not provide adequate coverage.
Quote more to save more
We just presented a lot of techniques to get a better price on BMW X1 insurance in Charlotte. The most important thing to understand is the more quotes you get, the more likely it is that you will get a better rate. You may even be surprised to find that the lowest prices are with some of the lesser-known companies. Smaller companies may often insure only within specific states and give better rates as compared to the big name companies such as Progressive and GEICO.
A few companies may not have online rate quotes and usually these smaller companies provide coverage only through independent insurance agencies. Cheaper BMW X1 insurance in Charlotte can be sourced both online and from local insurance agents, so you should compare both in order to have the best chance of saving money.
More information can be read at the links below
- What is Full Coverage? (Allstate)
- Who Has Affordable Auto Insurance Rates for State Employees in Charlotte? (FAQ)
- Who Has Affordable Charlotte Auto Insurance Rates for Active Military? (FAQ)
- Who Has the Cheapest Car Insurance Quotes for Veterans in Charlotte? (FAQ)
- Booster Seat Ratings (iihs.org)
- Auto Crash Statistics (Insurance Information Institute)