We don’t have to tell you that insurance companies want to keep your business as long as possible. People who shop around for the cheapest price will, in all likelihood, buy a new policy because there is a significant possibility of finding lower prices. Surprisingly, a recent survey revealed that consumers who make a habit of shopping around saved on average $865 annually compared to drivers who never shopped for cheaper rates.
If finding the cheapest rates on car insurance is your goal, then learning about how to get rate quotes and compare insurance rates can make shopping around easier.
The best way to find better pricing on auto insurance rates in Miami is to annually compare prices from insurance carriers that sell auto insurance in Florida. Rate comparisons can be done by completing these steps.
- Step 1: Try to comprehend the different coverages in a policy and the measures you can control to keep rates down. Many rating criteria that are responsible for high rates like careless driving and a not-so-good credit rating can be remedied by making lifestyle changes or driving safer.
- Step 2: Obtain price quotes from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can give quotes from a single company like Progressive or State Farm, while independent agencies can provide rate quotes for a wide range of companies.
- Step 3: Compare the quotes to the price on your current policy to see if a cheaper price is available in Miami. If you can save money and change companies, make sure coverage does not lapse between policies.
- Step 4: Give notification to your agent or company of your intent to cancel your current auto insurance policy and submit a down payment and signed policy application to the new insurer. Be sure to place the new proof of insurance certificate above your visor, in the console, or in the glove compartment.
A valuable tip to remember is to compare the same liability limits and deductibles on every price quote and and to get rate quotes from as many carriers as you can. This helps ensure an apples-to-apples comparison and a complete price analysis.
Most of the larger companies allow consumers to get coverage prices online. Doing online quotes for BMW X5 eDrive insurance in Miami is easy for anyone because you just enter the coverages you want as detailed in the form. Behind the scenes, their system pulls reports for credit and driving violations and generates pricing information based on these and other factors.
This makes it simple to compare prices and it’s necessary to perform this step if you want to find a better rate.
In order to find out what other companies charge, compare rate quotes from the providers shown below. If you currently have coverage, we recommend you input your coverages as close as possible to your current policy. This helps ensure you will get a rate comparison based on similar coverages.
The companies in the list below have been selected to offer free rate quotes in Miami, FL. If your goal is to find the best car insurance in Miami, we suggest you visit several of them to find the most competitive auto insurance rates.
Here’s why car insurance is not optional
Despite the high insurance cost for a BMW X5 eDrive in Miami, maintaining insurance may be required for several reasons.
- The majority of states have mandatory insurance requirements which means the state requires a specific minimum amount of liability protection if you want to drive legally. In Florida these limits are 10/20/10 which means you must have $10,000 of bodily injury coverage per person, $20,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If your X5 eDrive has a lienholder, more than likely the lender will stipulate that you carry insurance to ensure loan repayment if the vehicle is totaled. If the policy lapses, the lender may insure your BMW at a more expensive rate and force you to pay much more than you were paying before.
- Car insurance protects both your BMW X5 eDrive and your personal assets. It also can pay for hospital and medical expenses for you, any passengers, and anyone injured in an accident. Liability insurance will also pay to defend you if you are sued as the result of an accident. If you have damage to your BMW as the result of the weather or an accident, comprehensive and collision coverage will cover the damage repairs after a deductible is paid.
The benefits of carrying adequate insurance more than offset the price you pay, especially for larger claims. But the average driver in Florida is wasting up to $865 each year so it’s important to compare rates every year to ensure rates are inline.
Cut your insurance rates with these ten discounts
The price of auto insurance can be rather high, but you may be missing some discounts to cut the cost considerably. Some trigger automatically when you complete an application, but occasionally some discounts must be asked about in order for you to get them. If you don’t get every credit available, you are throwing money away.
- Mature Driver Discount – If you’re over the age of 55, you are able to get reduced rates.
- Driver Education Discount – It’s a good idea to have your young drivers successfully complete driver’s ed class if offered at their school.
- Good Student – A discount for being a good student can get you a discount of up to 25%. You can use this discount normally well after school through age 25.
- Waiver for an Accident – Not a discount per se, but a few companies such as Liberty Mutual, GEICO and Allstate permit an accident without raising rates with the catch being you have to be claim-free prior to the accident.
- Renewal Discounts – Select larger companies give a discount for switching to them prior to your current X5 eDrive insurance policy expiring. The savings is around 10%.
- Fewer Miles Equal More Savings – Keeping the miles down on your BMW could earn better insurance rates on cars that stay parked.
- Passive Restraints and Air Bags – Factory options such as air bags or motorized seat belts may get savings of more than 20%.
- Resident Student – College-age children who are attending college and don’t have a car may qualify for this discount.
- Telematics Data Discounts – Drivers who elect to allow driving data collection to scrutinize driving patterns by using a telematics device in their vehicle like Allstate’s Drivewise may get a rate reduction as long as the data is positive.
- Lower Rates for Military – Having a family member in the military may qualify for rate reductions.
A little note about advertised discounts, most discounts do not apply to all coverage premiums. Most only apply to individual premiums such as collision or personal injury protection. So even though they make it sound like you could get a free insurance policy, it just doesn’t work that way. Any amount of discount should help reduce your premiums.
Car insurance companies that may include most of these discounts include:
Before buying, ask each insurance company which discounts can lower your rates. Savings might not be available to policyholders in every state. To see insurers who offer discounts in Florida, click here to view.
Compare rate quotes but buy from a local Miami insurance agency
Certain consumers just want to buy from a local agent and that is a personal choice. Good insurance agents are trained to spot inefficiencies and help file insurance claims. A nice benefit of comparing insurance prices online is you may find better rates and still choose a local agent.
After filling out this simple form, the coverage information is transmitted to local insurance agents in Miami who will give you bids for your business. It’s much easier because you don’t need to find an agent since rate quotes are delivered to you. If you wish to get a rate quote from a specific car insurance provider, just go to their quote page and fill out the quote form the provide.
Picking an insurance company requires more thought than just the quoted price. Here are some questions you should ask.
- Is insurance their full-time profession?
- Which members of your family are coverage by the policy?
- In the event of vehicle damage, can you pick the collision repair facility?
- Do clients work directly with the agent or are most inquiries handled by a CSR?
- Do they make recommendations based only on price?
If you would like to find a reputable insurance agent or broker, you must know there are a couple different agency structures and how they work. Agents in Miami can either be exclusive or independent (non-exclusive). Both sell and service car insurance coverage, but it is a good idea to know the difference between them since it could factor into which agent you choose.
Exclusive agencies are contracted to one company such as AAA, Allstate, and State Farm. They are unable to give you multiple price quotes so it’s a take it or leave it situation. These agents receive extensive training on what they offer which helps them sell insurance even at higher premiums. Some people will only buy from the same agent for years primarily because of the prominence of the brand and the convenience of having a single billing for all their coverages.
The following are exclusive agencies in Miami that can give you price quotes.
- Gus Figueredo – State Farm Insurance Agent
7950 W Flagler St #103 – Miami, FL 33144 – (305) 262-0440 – View Map
- Rick Burke – State Farm Insurance Agent
2250 S Dixie Hwy Ste. 2 – Miami, FL 33133 – (305) 860-0616 – View Map
- Clark Alvarado – State Farm Insurance Agent
5209 NW 36th St – Miami Springs, FL 33166 – (305) 887-9543 – View Map
Independent Insurance Agents
Independent agencies are not employed by any specific company and that enables them to quote your coverage with an assortment of companies and get you the best rates possible. If they quote lower rates, your agent can just switch to a different company and you won’t have to switch agencies. When searching for an agent, we highly recommend that you get insurance quotes from independent agents so that you have a good selection of quotes to compare. They also have the ability to place coverage with smaller regional carriers which can save you money.
Listed below are Miami independent agencies willing to provide rate quotes.
- The Market Insurance Agency
7900 NW 27th Ave #604b – Miami, FL 33147 – (786) 542-5233 – View Map
- Neighbors Insurance Agency
7149 W Flagler St – Miami, FL 33144 – (786) 401-4820 – View Map
- Miami International Insurance Agency
2200 SW 16th St, Suite 212 – Miami, FL 33145 – (305) 856-3333 – View Map
Which car insurance company is best in Florida?
Ending up with the top car insurance company is hard considering how many companies sell insurance in Florida. The ranking data shown below can help you analyze which companies you want to consider to insure your vehicles.
Top 10 Miami Car Insurance Companies Overall
- Mercury Insurance
- AAA Insurance
- State Farm
- The Hartford
- Safeco Insurance
Car insurance 101
Learning about specific coverages of your policy aids in choosing appropriate coverage for your vehicles. Policy terminology can be difficult to understand and reading a policy is terribly boring.
Comprehensive insurance – Comprehensive insurance coverage will pay to fix damage from a wide range of events other than collision. You first have to pay a deductible then your comprehensive coverage will pay.
Comprehensive insurance covers things like rock chips in glass, a tree branch falling on your vehicle, vandalism, damage from getting keyed and hail damage. The most you can receive from a comprehensive claim is the ACV or actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.
Collision – Collision insurance pays to fix your vehicle from damage resulting from a collision with another vehicle or an object, but not an animal. You have to pay a deductible then your collision coverage will kick in.
Collision coverage protects against things like colliding with another moving vehicle, backing into a parked car, sustaining damage from a pot hole, sideswiping another vehicle and hitting a parking meter. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Another option is to raise the deductible on your X5 eDrive in order to get cheaper collision rates.
Auto liability – Liability coverage provides protection from damage that occurs to other’s property or people. Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see values of 10/20/10 that translate to a $10,000 limit per person for injuries, a limit of $20,000 in injury protection per accident, and a limit of $10,000 paid for damaged property.
Liability can pay for claims like repair bills for other people’s vehicles, pain and suffering and attorney fees. How much coverage you buy is up to you, but buy higher limits if possible. Florida state minimum liability requirements are 10/20/10 but it’s recommended drivers buy higher limits.
The chart below demonstrates why buying low liability limits may not be enough.
Coverage for medical expenses – Med pay and PIP coverage reimburse you for expenses for things like doctor visits, pain medications, EMT expenses, funeral costs and nursing services. The coverages can be used to fill the gap from your health insurance policy or if you are not covered by health insurance. They cover you and your occupants in addition to getting struck while a pedestrian. PIP is only offered in select states but can be used in place of medical payments coverage
Coverage for uninsured or underinsured drivers – This coverage gives you protection when other motorists either are underinsured or have no liability coverage at all. Covered losses include injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.
Since many Florida drivers have only the minimum liability required by law (10/20/10), their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important.
Be persistent and save
As you prepare to switch companies, you should never skimp on coverage in order to save money. There are too many instances where consumers will sacrifice collision coverage only to regret that it was a big mistake. The ultimate goal is to buy a smart amount of coverage at the best cost, but do not sacrifice coverage to save money.
Low-cost BMW X5 eDrive insurance in Miami is available on the web as well as from insurance agents, and you should compare rates from both to get a complete price analysis. A few companies do not provide the ability to get quotes online and these smaller providers sell through independent agents.
In this article, we presented many ideas to reduce BMW X5 eDrive insurance rates online in Miami. The key concept to understand is the more companies you get car insurance rates for, the better chance you’ll have of finding affordable BMW X5 eDrive insurance quotes. You may even discover the most savings is with an unexpected company.
Additional detailed information can be read at these sites:
- Rental Car Insurance Tips (Insurance Information Institute)
- Who Has the Cheapest Car Insurance Rates for Drivers with Good Credit in Miami? (FAQ)
- Who Has Cheap Miami Auto Insurance Quotes for a Toyota Corolla? (FAQ)
- How Much is Car Insurance for 18 Year Olds in Miami? (FAQ)
- Think You’re a Safe Driver? (State Farm)
- Prepare your Teens for Safe Driving (InsureUonline.org)
- Protecting Teens from Drunk Driving (Insurance Information Institute)
- Vehicle Insurance in the U.S. (Wikipedia)