BMW X3 insurance cost image courtesy of QuoteInspector.com
It takes a few minutes, but the best way to get budget auto insurance rates is to do an annual price comparison from companies who can sell car insurance in Boston.
- Get a basic knowledge of what coverages are included in your policy and the changes you can make to keep rates in check. Many rating criteria that cause high rates such as careless driving and an unacceptable credit history can be amended by improving your driving habits or financial responsibility.
- Compare price quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only provide price estimates from one company like Progressive or Farmers Insurance, while independent agents can quote prices for a wide range of insurance providers.
- Compare the new rate quotes to the price on your current policy to see if you can save by switching companies. If you find a lower rate, ensure coverage does not lapse between policies.
- Notify your agent or company to cancel the current policy and submit a down payment along with a completed application to the new insurer. Immediately upon receiving it, store the certificate of insurance in an accessible location in your vehicle.
The key aspect of shopping around is to try to compare identical coverages on each price quote and and to get price quotes from as many companies as you can. Doing this guarantees a level playing field and a thorough price selection.
It goes without saying that auto insurance companies don't want you comparing rates. People who get comparison quotes once a year will presumably buy a new policy because they have good chances of finding a more affordable policy premium. A study showed that consumers who routinely compared quotes saved about $860 a year compared to people who never shopped around.
If saving the most money on BMW X3 insurance in Boston is your objective, knowing how to shop for insurance can save time and money.
Auto insurance providers offering cheap rate quotes in Massachusetts
The auto insurance companies shown below offer price comparisons in Massachusetts. To find cheap car insurance in Boston, it's a good idea that you visit as many as you can to get the best price comparison.
Detailed insurance information
The information shown below outlines a range of insurance premium costs for BMW X3 models. Understanding more about how auto insurance policy rates are formulated can help guide drivers when making informed purchases.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|X3 3.0I xDrive AWD 4-Dr||$228||$466||$378||$22||$114||$1,208||$101|
|Get Your Own Custom Quote Go|
Cost estimates assume single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Massachusetts minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, multi-vehicle, and homeowner. Price estimates do not factor in specific garaging location which can raise or lower rates significantly.
Full coverage rates vs. liability-only
The chart below illustrates the difference between BMW X3 annual premium costs with full coverage compared to only the Massachusetts minimum liability coverage. The rates are based on no claims or driving citations, $100 deductibles, single status, and no discounts are applied to the premium.
When to switch to liability coverage only
There isn't a written rule to stop paying for comp and collision coverage, but there is a general guideline you can use. If the yearly cost for physical damage coverage is more than about 10% of the replacement cost minus the deductible, then it might be time to consider dropping full coverage.
For example, let's assume your BMW X3 claim settlement value is $3,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $2,000 after you pay the deductible. If you are paying over $200 a year for full coverage, then you may need to consider dropping full coverage.
There are some cases where buying only liability insurance is not a good idea. If you still have a lienholder on your title, you must maintain physical damage coverage to protect the lienholder's interest in the vehicle. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should not remove full coverage.
Discounts can help lower rates on BMW X3 insurance in Boston
Companies that sell car insurance don't list every discount very well, so the list below gives a summary of some of the more common and also the more inconspicuous credits available to bring down your rates.
- Seat Belt Discounts - Drivers who require all vehicle occupants to wear their seat belts could save 15% off PIP or medical payments premium.
- Telematics Devices - Drivers who elect to allow their insurance company to spy on when and where they use their vehicle remotely such as Allstate's Drivewise and State Farm's In-Drive system might see lower rates if they show good driving skills.
- Responsible Driver Discounts - Safe drivers can save as much as half off their rates compared to rates paid by drivers with frequent claims.
- Good Grades Discount - Performing well in school can get you a discount of up to 25%. Earning this discount can benefit you up to age 25.
- Distant Student Discount - Any of your kids who are enrolled in higher education away from home and don't have a car may be insured at a cheaper rate.
- Air Bag Discount - Factory air bags can qualify for discounts of 25 to 30%.
- Payment Discounts - If paying your policy premium upfront instead of paying each month you can avoid the installment charge.
- Professional Memberships - Being in a civic or occupational organization in Boston could earn you a nice discount when shopping for car insurance.
- Own a Home and Save - Owning a house in Boston can get you a discount due to the fact that maintaining a home demonstrates responsibility.
- Discount for Life Insurance - Select insurance companies reward you with better prices if you take out life insurance from them.
You should keep in mind that some credits don't apply to the whole policy. Some only apply to specific coverage prices like liability, collision or medical payments. If you do the math and it seems like adding up those discounts means a free policy, you aren't that lucky. Any amount of discount will help reduce your premiums.
The information below visualizes the comparison of BMW X3 annual premium costs with and without discounts applied to the premium. The rate quotes are based on a female driver, no driving violations, no at-fault accidents, Massachusetts state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, multi-car, safe-driver, multi-policy, marriage, and homeowner discounts applied.
Larger car insurance companies and a selection of discounts can be found below.
- Progressive has discounts for good student, multi-vehicle, online signing, online quote discount, multi-policy, continuous coverage, and homeowner.
- The Hartford may offer discounts for defensive driver, bundle, driver training, anti-theft, and air bag.
- Mercury Insurance has savings for annual mileage, professional/association, age of vehicle, location of vehicle, low natural disaster claims, accident-free, and good student.
- GEICO may have discounts that include multi-vehicle, multi-policy, anti-theft, seat belt use, air bags, anti-lock brakes, and membership and employees.
- AAA may include discounts for anti-theft, multi-policy, education and occupation, good driver, AAA membership discount, and good student.
- State Farm discounts include accident-free, Steer Clear safe driver discount, Drive Safe & Save, good student, passive restraint, multiple autos, and multiple policy.
If you are trying to find inexpensive Boston car insurance quotes, ask each insurance company the best way to save money. Depending on the company, some discounts may not be offered in every state. To see a list of providers who offer car insurance discounts in Massachusetts, click this link.
Get rate quotes but buy from a local neighborhood Boston car insurance agent
Some consumers just prefer to have an agent's advice and that is just fine! The biggest benefit of comparing insurance prices online is that you can find the lowest rates but still work with a licensed agent. And buying from local insurance agencies is important especially in Boston.
To find an agent, once you fill out this form (opens in new window), your information gets sent to local insurance agents in Boston who will give you bids for your business. You don't have to contact an agency because quoted prices will be sent directly to you. You can find lower rates and work with a local agent. If for some reason you want to get a comparison quote from a specific company, you just need to jump over to their website to submit a rate quote request.
When researching an insurance agent, you should know the types of agencies and how they differ in how they quote coverages. Auto insurance agents in Boston are either independent (non-exclusive) or exclusive.
Independent Auto Insurance Agents (or Brokers)
These agents are appointed with more than one company so they can quote policies with multiple insurance companies and find you the best rates. If you are not satisfied with one company, the business is moved internally and you stay with the same agent. If you need lower rates, you should always include rate quotes from a couple of independent agencies to have the most options to choose from.
Listed below is a partial list of independent insurance agencies in Boston that can possibly get you free price quotes.
452 Bennington St - Boston, MA 02128 - (617) 567-1100 - View Map
Exclusive Auto Insurance Agencies
Agents that elect to be exclusive can only provide one company's prices such as State Farm, Allstate, or Farmers Insurance. These agents are not able to provide rate quotes from other companies so you need to shop around if the rates are high. Exclusive agencies are well schooled on the products they sell and that allows them to sell at a higher price point.
The following are Boston exclusive agencies that can give you comparison quotes.
Selecting an car insurance agent requires more thought than just a cheap price quote. You should also get answers to these questions.
- Is the coverage adequate for your vehicle?
- Do they carry Errors and Omissions coverage?
- Is the agent properly licensed in Massachusetts?
- Do they assist clients in filing claims?
- Will high miles depreciate repair valuations?
- What is the financial rating for the quoted company?
Car insurance companies ranked
Finding the top auto insurance provider can be rather challenging considering how many companies sell insurance in Boston. The ranking data in the lists below may help you analyze which car insurance companies you want to consider purchasing from.
Top 10 Boston Car Insurance Companies by A.M. Best Rank
- USAA - A++
- GEICO - A++
- Travelers - A++
- State Farm - A++
- Allstate - A+
- Nationwide - A+
- Esurance - A+
- Progressive - A+
- The Hartford - A+
- Mercury Insurance - A+
Car insurance coverage information
Knowing the specifics of your policy helps when choosing which coverages you need at the best deductibles and correct limits. Policy terminology can be ambiguous and reading a policy is terribly boring. Below you'll find typical coverages available from car insurance companies.
Comprehensive coverage (or Other than Collision) - This coverage pays for damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive can pay for claims such as rock chips in glass, hitting a deer and vandalism. The most a car insurance company will pay at claim time is the market value of your vehicle, so if the vehicle's value is low it's not worth carrying full coverage.
Collision coverage - Collision insurance will pay to fix damage to your X3 resulting from a collision with an object or car. You first must pay a deductible and the rest of the damage will be paid by collision coverage.
Collision can pay for claims like colliding with another moving vehicle, crashing into a ditch, colliding with a tree and scraping a guard rail. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Drivers also have the option to increase the deductible on your X3 to bring the cost down.
Uninsured Motorist or Underinsured Motorist insurance - Your UM/UIM coverage protects you and your vehicle when the "other guys" do not carry enough liability coverage. This coverage pays for medical payments for you and your occupants as well as damage to your BMW X3.
Because many people carry very low liability coverage limits (Massachusetts limits are 20/40/5), their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is very important. Most of the time the UM/UIM limits do not exceed the liability coverage limits.
Liability - This coverage provides protection from injuries or damage you cause to other's property or people. It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see policy limits of 20/40/5 that translate to a $20,000 limit per person for injuries, a limit of $40,000 in injury protection per accident, and a limit of $5,000 paid for damaged property. Another option is one limit called combined single limit (CSL) which combines the three limits into one amount and claims can be made without the split limit restrictions.
Liability coverage pays for claims such as bail bonds, attorney fees and repair bills for other people's vehicles. How much liability coverage do you need? That is up to you, but you should buy as much as you can afford. Massachusetts state law requires minimum liability limits of 20/40/5 but it's recommended drivers buy more liability than the minimum.
The next chart shows why buying the state minimum limits may not be adequate.
Insurance for medical payments - Personal Injury Protection (PIP) and medical payments coverage kick in for expenses for surgery, prosthetic devices, pain medications, rehabilitation expenses and X-ray expenses. The coverages can be used in conjunction with a health insurance program or if you are not covered by health insurance. They cover not only the driver but also the vehicle occupants and will also cover any family member struck as a pedestrian. PIP is not universally available but it provides additional coverages not offered by medical payments coverage
One last thing about your coverage
Throughout this article, we presented a lot of ways to get a better price on BMW X3 insurance in Boston. It's most important to understand that the more companies you get rates for, the more likely it is that you will get a better rate. Consumers may even find the best prices are with a company that doesn't do a lot of advertising. These smaller insurers may cover specific market segments cheaper than their larger competitors like Progressive and GEICO.
Lower-priced BMW X3 insurance in Boston is possible from both online companies in addition to local insurance agencies, so you need to quote Boston car insurance with both to have the best rate selection. Some auto insurance companies may not offer internet price quotes and many times these regional insurance providers provide coverage only through independent agents.
As you prepare to switch companies, it's very important that you do not buy less coverage just to save a little money. There are too many instances where consumers will sacrifice physical damage coverage only to find out that a couple dollars of savings turned into a financial nightmare. Your focus should be to get the best coverage possible at the best price, but do not sacrifice coverage to save money.
Even more information can be read in the articles below:
- Protecting Teens from Drunk Driving (Insurance Information Institute)
- How Much are Auto Insurance Rates for a Toyota Camry in Boston? (FAQ)
- Who Has Affordable Auto Insurance for Used Cars in Boston? (FAQ)
- Steps to Take After an Auto Accident (Insurance Information Institute)
- Liability Insurance Coverage (Nationwide)