Cheapest Insurance for a BMW 535i in Miami

The most effective way to get cheaper BMW 535i insurance in Miami is to start doing an annual price comparison from providers who sell insurance in Florida. Prices can be compared by completing these steps.

Step 1: Try to understand how car insurance works and the factors you can control to keep rates low. Many things that drive up the price such as speeding tickets, careless driving and a poor credit rating can be controlled by making small lifestyle or driving habit changes.

Step 2: Get rate quotes from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only give prices from one company like Progressive and State Farm, while independent agents can give you price quotes for a wide range of insurance providers.

Step 3: Compare the quotes to your existing policy to see if switching to a new carrier will save money. If you find a lower rate quote and make a switch, make sure coverage does not lapse between policies.

Step 4: Provide proper notification to your current company of your intent to cancel the current policy. Submit the required down payment along with the signed application for the new coverage. Don’t forget to safely store the proof of insurance paperwork in your glove compartment.

One important bit of advice is that you’ll want to compare similar coverage information on each price quote and and to get rates from as many car insurance companies as possible. This helps ensure an accurate price comparison and a complete price analysis.

It’s easy to assume that car insurance companies don’t want their policyholders to compare prices. Drivers who shop around for cheaper prices are likely to switch companies because they have good chances of finding coverage at a cheaper rate. A recent survey discovered that people who routinely compared quotes saved approximately $3,500 over four years as compared to drivers who don’t make a habit of comparing rates.

If finding budget-friendly rates on car insurance is your objective, then having a grasp of how to find and compare insurance can save money and time.

Locating the most cost-effective insurance policy in Miami is actually quite simple. Basically, every vehicle owner who needs lower cost insurance will more than likely be able to reduce their rates. But Florida car owners need to learn how insurance companies calculate your policy premium because it varies considerably.

It’s important to know that having more price comparisons helps increase your odds of locating lower pricing. Not every company provides online Miami 535i insurance quotes, so you need to compare rates from those companies as well.

The companies in the list below provide price comparisons in Florida. In order to find the cheapest auto insurance in Miami, it’s highly recommended you compare several of them in order to find the most competitive rates.

Analysis of BMW 535i rates

The premium table shown below highlights a range of insurance costs for BMW 535i models. Learning more about how insurance policy rates are figured is important to be able to make smart choices when selecting a policy.

Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Florida minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, homeowner, and multi-vehicle. Premium costs do not factor in Miami location which can change insurance rates noticeably.

Deductible analysis

One common question asked by Miami drivers is the level to set your comp and collision deductibles. The following insurance rates can help you visualize the rate fluctuation of buying low and high coverage deductibles. The first rate table uses a $250 deductible for comprehensive and collision coverage and the second set of rates uses a $500 deductible.

Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, claim-free, and homeowner. Price information does not factor in specific location information which can modify price quotes substantially.

Using the premium rates above, we can conclude that using a $250 deductible costs approximately $22 more each month or $264 each year across all BMW 535i models than selecting the higher $500 deductible. Since you would pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you have more than 11 months between claim filings, you would probably be better off by going with a higher deductible.

Illustration showing the impact of accidents and violations

The illustration below demonstrates how speeding tickets and fender-benders raise BMW 535i car insurance rates for different insured age categories. The prices are based on a married male driver, comp and collision included, $250 deductibles, and no policy discounts are applied.

Gender-based car insurance premiums

The information below illustrates the comparison of BMW 535i premium costs for male and female drivers. The data is based on a clean driving record, no at-fault accidents, full coverage, $1,000 deductibles, single status, and no additional discounts are factored in.

BMW 535i liability-only versus full coverage

The example below visualizes the comparison of BMW 535i car insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The data is based on no claims or driving violations, $250 deductibles, marital status is single, and no discounts are applied to the premium.

When to eliminate full coverage

There is no written rule of when to exclude full coverage on your policy, but there is a guideline you can consider. If the annual cost of having full coverage is more than 10% of any settlement you would receive from your insurance company, then it might be time to buy liability only.

For example, let’s pretend your BMW 535i claim settlement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, you would only receive $8,000 after you pay the deductible. If premiums are more than $800 annually for full coverage, then it could be time to drop full coverage.

There are a few cases where eliminating full coverage is not a good plan. If you still have a lienholder on your title, you have to maintain full coverage as part of the loan conditions. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should not drop full coverage.

Three reasons to insure your BMW vehicle

Even though it can be expensive, buying auto insurance is mandatory in Florida but it also protects more than you think.

• Most states have minimum mandated liability insurance limits which means it is punishable by state law to not carry specific limits of liability coverage if you drive a vehicle. 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 535i has a loan, most banks will force you to have insurance to protect their interest in the vehicle. If you cancel or allow the policy to lapse, the lender may insure your BMW at a much higher premium rate and require you to fork over the higher price.
• Auto insurance protects both your assets and your BMW 535i. Insurance will pay for all forms of medical expenses for yourself as well as anyone injured by you. Liability coverage, the one required by state law, will also pay to defend you if you are sued as the result of an accident. If mother nature or an accident damages your car, your policy will cover the repair costs.

The benefits of having auto insurance outweigh the cost, particularly if you ever have a claim. Unknowingly, the average driver is wasting up to $850 per year so compare quotes from several companies once a year at a minimum to help ensure money is not being wasted.

Auto insurance coverages and their meanings

Understanding the coverages of your policy helps when choosing which coverages you need and the correct deductibles and limits. The coverage terms in a policy can be ambiguous and coverage can change by endorsement.

Comprehensive (Other than Collision) – Comprehensive insurance covers damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for things such as damage from a tornado or hurricane, rock chips in glass, theft and falling objects. The most you can receive from a comprehensive claim 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.

Protection from uninsured/underinsured drivers – Your UM/UIM coverage provides protection from other drivers when they either are underinsured or have no liability coverage at all. It can pay for injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.

Since a lot of drivers only purchase the least amount of liability that is required (10/20/10 in Florida), their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family.

Collision – Collision coverage pays for damage to your 535i resulting from a collision with another vehicle or an object, but not an animal. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision coverage protects against claims such as driving through your garage door, sustaining damage from a pot hole, hitting a parking meter, crashing into a ditch and crashing into a building. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from older vehicles. Another option is to choose a higher deductible on your 535i to get cheaper collision coverage.

Liability insurance – Liability coverage will cover damage or injury you incur to people or other property by causing an accident. Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. You might see values of 10/20/10 which stand for $10,000 bodily injury coverage, a total of $20,000 of bodily injury coverage per accident, and $10,000 of coverage for damaged property.

Liability insurance covers things such as structural damage, emergency aid and medical expenses. How much coverage you buy is your choice, but it’s cheap coverage so purchase higher limits if possible. Florida requires minimum liability limits of 10/20/10 but it’s recommended drivers buy more coverage.

The illustration below shows why buying the state minimum limits may not be high enough to adequately cover claims.

Medical expense insurance – Med pay and PIP coverage kick in for short-term medical expenses such as funeral costs, EMT expenses, chiropractic care, surgery and X-ray expenses. They are often utilized in addition to your health insurance policy or if there is no health insurance coverage. Medical payments and PIP cover all vehicle occupants as well as being hit by a car walking across the street. Personal injury protection coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage

Which auto insurance company is best in Miami?

Selecting a highly-rated company can be difficult considering how many choices you have in Miami. The company ratings in the lists below can help you choose which car insurance companies you want to consider comparing price quotes from.

Top 10 Miami Car Insurance Companies Ranked by Customer Satisfaction

1. USAA – 91%
2. AAA Insurance – 90%
3. Esurance – 90%
4. Mercury Insurance – 89%
5. Nationwide – 89%
6. Travelers – 88%
7. Progressive – 88%
8. Safeco Insurance – 88%
9. State Farm – 88%
10. Allstate – 88%

Don’t give up on cheaper rates

Drivers leave their current company for many reasons like high prices, extreme rates for teen drivers, poor customer service and lack of trust in their agent. It doesn’t matter what your reason, switching insurance companies is easier than you think.

Cheaper BMW 535i insurance in Miami can be sourced on the web and also from your neighborhood Miami agents, and you need to comparison shop both to get a complete price analysis. A few companies may not have internet price quotes and many times these regional carriers only sell coverage through independent agents.

We’ve covered many ways to shop for BMW 535i insurance online. It’s most important to understand that the more rate comparisons you have, the better likelihood of getting inexpensive Miami car insurance quotes. Consumers could even find that the lowest priced insurance comes from a small mutual company.

More tips and info about insurance is located in these articles:

• Insurance Losses by Make and Model (iihs.org)
• What is the Cheapest Car Insurance in Miami, Florida? (FAQ)
• Who Has the Cheapest Miami Auto Insurance Quotes for College Graduates? (FAQ)
• Car Insurance for Teen Drivers with Divorced Parents (Allstate)
• Shopping for a Safe Car (Insurance Information Institute)