Remarkably, a study showed that almost 70% of insureds have bought auto insurance from the same company for well over three years, and 38% of customers have never taken the time to shop around. Many consumers in Kentucky could save an average of 30% each year by just comparing quotes, but most undervalue the amount of savings they would get if they switched to a more affordable policy.
Truthfully, the best way to save on BMW X5 insurance is to start doing an annual price comparison from providers who sell insurance in Lexington.
Step 1: Take a little time to learn about what is in your policy and the factors you can control to prevent high rates. Many rating factors that are responsible for high rates such as speeding tickets, accidents and a negative credit history can be eliminated by making minor driving habit or lifestyle changes.
Step 2: Obtain price quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can provide rates from one company like GEICO or Allstate, while agents who are independent can provide price quotes for a wide range of insurance providers.
Step 3: Compare the new quotes to your existing coverage to see if switching to a new carrier will save money. If you find a lower rate and switch companies, verify that coverage does not lapse between policies.
The most important part of shopping around is to try to use similar limits and deductibles on each quote request and and to get price quotes from as many carriers as you can. This guarantees a fair rate comparison and maximum price selection.
The following companies have been selected to offer free rate quotes in Lexington, KY. If you want to find the best cheap car insurance in Kentucky, we recommend you visit several of them to find the most affordable car insurance rates.
Three main reasons to buy car insurance
Despite the high insurance cost for a BMW X5 in Lexington, paying for car insurance is required in Kentucky but it also protects you in many ways.
- The majority of states have compulsory liability insurance requirements which means it is punishable by state law to not carry a specific minimum amount of liability in order to be legal. In Kentucky these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you bought your vehicle with a loan, almost every bank will require that you have full coverage to ensure the loan is repaid in case of a total loss. If you do not pay your insurance premiums, the bank may insure your BMW at an extremely high rate and require you to fork over a much higher amount than you were paying before.
- Car insurance protects not only your BMW but also your assets. It will also provide coverage for medical bills for yourself as well as anyone injured by you. Liability insurance, one of your policy coverages, will also pay attorney fees if you cause an accident and are sued. If your vehicle suffers damage from an accident or hail, your car insurance policy will pay to repair the damage minus the deductible amount.
The benefits of insuring your car are without a doubt worth the cost, particularly for liability claims. An average driver in America is overpaying more than $700 annually so shop around every year to make sure the price is not too high.
Insurance coverage analysis
The rate information below outlines a range of rate quotes for BMW X5 models. Learning more about how insurance rates are calculated can help customers make decisions when shopping around.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| X5 3.0I AWD | $308 | $490 | $334 | $20 | $100 | $1,252 | $104 |
| X5 3.5D AWD | $340 | $566 | $334 | $20 | $100 | $1,360 | $113 |
| X5 4.8I AWD | $340 | $566 | $334 | $20 | $100 | $1,360 | $113 |
| X5 M AWD | $402 | $714 | $334 | $20 | $100 | $1,570 | $131 |
| Get Your Own Custom Quote Go | |||||||
Prices based on married female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, safe-driver, homeowner, multi-vehicle, and multi-policy. Rate quotes do not factor in specific location which can change prices considerably.
Should you raise deductibles?
When comparing car insurance rates, the most common question is what deductibles to buy. The rates shown below approximate the cost difference between low and high comp and collision deductibles. The first table uses a $100 comprehensive and collision deductible and the second data table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| X5 3.0I AWD | $354 | $598 | $326 | $20 | $98 | $1,421 | $118 |
| X5 3.5D AWD | $390 | $688 | $326 | $20 | $98 | $1,547 | $129 |
| X5 4.8I AWD | $390 | $688 | $326 | $20 | $98 | $1,547 | $129 |
| X5 M AWD | $462 | $870 | $326 | $20 | $98 | $1,801 | $150 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| X5 3.0I AWD | $196 | $316 | $326 | $20 | $98 | $956 | $80 |
| X5 3.5D AWD | $216 | $362 | $326 | $20 | $98 | $1,022 | $85 |
| X5 4.8I AWD | $216 | $362 | $326 | $20 | $98 | $1,022 | $85 |
| X5 M AWD | $256 | $458 | $326 | $20 | $98 | $1,158 | $97 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, claim-free, and homeowner. Prices do not factor in vehicle garaging location which can influence rates substantially.
Based on the data above, we can derive that using a $100 deductible could cost the average driver approximately $45 more each month or $540 a year across all BMW X5 models than choosing the higher $1,000 deductible. Since you would have to pay $900 more to file a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to have at a minimum 20 months between claims, you would more than likely save some money by selecting a higher deductible.
The diagram below shows how choosing a deductible and can change BMW X5 annual premium costs for each age group. The premium estimates are based on a single male driver, comprehensive and collision coverage, and no additional discounts are factored in.
Comparison of full coverage and liability-only policies
The example below illustrates the comparison of BMW X5 insurance costs with and without physical damage coverage. Data assumes no accidents or driving violations, $1,000 deductibles, drivers are not married, and no policy discounts are applied.
Guidelines for eliminating full coverage
There is no written rule to delete comp and collision coverage, but there is a general guideline. If the annual cost of having full coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then you might consider buying liability only.
For example, let’s say your BMW X5 replacement value is $9,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, you would only receive $8,000 after paying the physical damage deductible. If premium cost is more than $800 a year for your policy with full coverage, then you may need to consider dropping full coverage.
There are a few cases where buying only liability insurance is not recommended. If you still have a loan on your vehicle, you are required to maintain full coverage to satisfy the loan requirements. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should not remove full coverage.
Car insurance discounts help lower rates for BMW X5 insurance in Lexington
Properly insuring your vehicles can get expensive, but you might already qualify for some discounts that may help make it more affordable. Most are applied at the time of purchase, but less common discounts must be requested specifically before they will apply. If you aren’t receiving every discount you qualify for, you could be paying more than you need to.
- Policy Bundle Discount – If you combine your auto and homeowners policies with one company you could get a discount of over 10 percent off each policy depending on the company.
- E-sign Discounts – A few car insurance companies may give you up to $50 simply for signing on the web.
- Own a Home and Save – Owning your own home or condo may trigger a policy discount on car insurance because it shows financial diligence.
- ABS Braking Discount – Cars equipped with ABS or steering control can reduce accidents so you can save 10 percent or more.
- Discounts for Good Drivers – Insureds without accidents could pay up to 40% less than drivers with accident claims.
- Accident Forgiveness Coverage – Not necessarily a discount, but some insurance companies will allow you to have one accident before raising your premiums as long as you don’t have any claims prior to the accident.
- Buy New and Save – Buying a new car instead of a used X5 can cost up to 25% less because new vehicles have to meet stringent safety requirements.
- Drivers Education – It’s a good idea to have your young drivers enroll in driver’s education as it can save substantially.
As a disclaimer on discounts, some credits don’t apply to the entire cost. Some only apply to the price of certain insurance coverages like collision or personal injury protection. If you do the math and it seems like you can get free auto insurance, nobody gets a free ride.
The chart below illustrates the difference between BMW X5 yearly insurance costs with and without discounts applied to the rates. The information is based on a male driver, no claims or driving citations, Kentucky 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 safe-driver, multi-policy, claim-free, homeowner, marriage, and multi-car discounts applied.
If you would like to choose from a list of companies with the best discounts in Kentucky, click this link.
Can’t I compare rates from local Lexington car insurance agents?
Some consumers just prefer to buy from a licensed agent and that is OK! Licensed agents can help you choose the best coverages and help you file claims. The biggest benefit of comparing insurance prices online is the fact that you can find lower rates and still have an agent to talk to. Buying from local agents is still important in Lexington.
By using this simple form, the coverage information is instantly submitted to insurance agents in Lexington that can provide free Lexington auto insurance quotes to get your business. You don’t have to leave your computer since price quotes are sent straight to your inbox. If you need to get a price quote from a specific insurance company, you can always go to their quote page to submit a rate quote request.
If you would like to find a reliable insurance agency, it helps to know the two different types of agencies and how they function. Agents in Lexington can be classified as either independent (non-exclusive) or exclusive. Both types of agents can insure your vehicles, but it’s a good idea to understand how they are different since it could factor into the selection process.
Independent Insurance Agents
Agents that choose to be independent are not restricted to one company so they can quote policies through many different insurance companies and get the cheapest rates. If they find a cheaper price, your agent can switch companies and you won’t have to switch agencies.
When comparing insurance rates, you will want to contact several independent agencies to maximize your price options. They also have the ability to place coverage with less well-known companies which may provide better rates.
Below is a short list of independent agencies in Lexington that can give you competitive price quotes.
- Carroll and Stone Insurance Services
4384 Clearwater Way – Lexington, KY 40515 – (859) 269-1044 – View Map - Bray and Oakley Insurance Agency, Inc.
3061 Fieldstone Way – Lexington, KY 40513 – (859) 927-3743 – View Map - Greater Lexington Insurance Agency, Inc.
1066 Wellington Way – Lexington, KY 40513 – (859) 224-2477 – View Map
Exclusive Agents
Exclusive agents generally can only insure with one company and some examples include State Farm, Allstate, and Farm Bureau. They usually cannot compare rates from other companies so always compare other rates. Exclusive agents receive a lot of sales training on their company’s products which helps them compete with independent agents. Consumers often buy from the same agent for years mainly due to the brand rather than low rates.
Below is a list of exclusive agents in Lexington willing to provide comparison quotes.
- David Lovejoy – State Farm Insurance Agent
125 Towne Center Dr #125 – Lexington, KY 40511 – (859) 266-2121 – View Map - GEICO Insurance Agent
3100 Old Todds Rd #110 – Lexington, KY 40509 – (859) 286-8655 – View Map - Allstate Insurance: Mike Ison
2121 Richmond Rd Ste 145 – Lexington, KY 40502 – (859) 268-8850 – View Map
Choosing the best car insurance agent requires more thought than just the price. Any agent in Lexington should be forthright in answering these questions:
- Are they full-time agents?
- Will the company cover a rental car if your car is getting fixed?
- Does the company have a solid financial rating?
- How much can you save by raising your physical damage deductibles?
- Where would glass claims be handled in Lexington?
After receiving answers to your satisfaction to your questions and affordable BMW X5 insurance rates in Lexington quotes, chances are good that you have found a car insurance agent that is professional and can insure your vehicles.
When should I discuss my situation with an agent?
Always keep in mind that when comparing adequate coverage, there really is not a “best” method to buy coverage. Each situation is unique.
For example, these questions can aid in determining if you may require specific advice.
- Am I getting all the discounts available?
- Can I use my car for my catering business?
- Can I afford low physical damage deductibles?
- What is an SR-22 filing?
- Do I have any recourse if my insurance company denies a claim?
- Does my car insurance cover rental cars?
- Is my BMW X5 covered for smoke damage?
- At what point should I drop full coverage?
- What vehicles should carry emergency assistance coverage?
If you can’t answer these questions but one or more may apply to you then you might want to talk to a licensed insurance agent. To find lower rates from a local agent, fill out this quick form. It is quick, free and may give you better protection.
A little work can save a LOT of money
As you go through the steps to switch your coverage, don’t be tempted to skimp on coverage in order to save money. There are too many instances where someone dropped uninsured motorist or liability limits and learned later that the few dollars in savings costed them thousands. Your strategy should be to buy a smart amount of coverage at an affordable rate.
Cheaper auto insurance in Lexington is definitely available both online and from local insurance agents, so you should compare both to have the best selection. A few companies do not offer internet price quotes and usually these small insurance companies provide coverage only through local independent agencies.
Insureds leave their current company for a number of reasons such as lack of trust in their agent, poor customer service, policy cancellation and even unfair underwriting practices. It doesn’t matter why you want to switch switching companies can be pretty painless.
Additional articles
- Vehicle Safety Ratings (iihs.org)
- What Auto Insurance is Cheapest for Used Cars in Lexington? (FAQ)
- Who Has Affordable Car Insurance Rates for a Toyota Camry in Lexington? (FAQ)
- Who Has Affordable Auto Insurance for Drivers Over Age 70 in Lexington? (FAQ)
- Who Has Cheap Auto Insurance Rates for a GMC Sierra in Lexington? (FAQ)
- What is Gap Insurance? (Insurance Information Institute)
- Should I Purchase an Umbrella Liability Policy? (Insurance Information Institute)