Compare BMW X5 Insurance Quotes in Honolulu

Insurance rates BMW X5 in HonoluluAre you regretting buying an expensive car insurance policy? Trust us, there are many Honolulu consumers feeling the pinch from expensive car insurance.

It’s astonishing, but nearly 70% of customers have remained with the same car insurance company for four years or more, and about 40% of consumers have never compared rates with other companies. Many drivers in America could save as much as $859 each year just by comparing rates, but they just assume it’s a time-consuming process to shop around.

Steps to buying cheaper BMW X5 insurance in Honolulu

Really, the only way to find cheaper BMW X5 insurance is to do a yearly price comparison from companies in Honolulu. Rate comparisons can be done by completing these steps.

  1. Take a little time to learn about auto insurance and the steps you can take to lower rates. Many risk factors that drive up the price like inattentive driving and a negative credit history can be remedied by improving your driving habits or financial responsibility. This article provides instructions to help keep prices low and find overlooked discounts.
  2. Compare price quotes from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can provide rates from a single company like GEICO or State Farm, while agents who are independent can provide rate quotes for a wide range of insurance providers. Begin your rate comparison
  3. Compare the quotes to your current policy premium to determine if switching companies saves money. If you can save money and make a switch, make sure there is no coverage gap between policies.
  4. Tell your current agent or company to cancel your current policy and submit payment along with a signed and completed policy application to your new insurance company. When you receive it, keep your new proof of insurance certificate with the vehicle registration.

One tip to remember is to use the same deductibles and limits on each price quote and to quote with as many companies as feasibly possible. This enables an accurate price comparison and a thorough price selection.

Many auto insurance companies vie to insure your vehicles, and it can be difficult to compare rates to get the best rate on BMW X5 insurance in Honolulu.

It’s a great practice to take a look at other company’s rates at least once a year because car insurance prices fluctuate regularly. Just because you had the best deal on BMW X5 insurance in Honolulu six months ago you will most likely find a better rate today. Forget anything you know (or think you know) about car insurance because we’re going to demonstrate how to use online quotes to lower your rates without sacrificing coverage.

If you’re already insured or are looking for a new policy, you can use these tips to find better prices without sacrificing coverage. Finding the cheapest auto insurance coverage in Honolulu is really not that difficult. Vehicle owners only have to learn the most efficient way to shop from multiple carriers.

Six Things That Determine Your Insurance Prices

Lots of things are part of the equation when pricing auto insurance. Most are fairly basic such as your driving history, although some other factors are not quite as obvious such as your credit history or your commute time. It’s important that you understand some of the factors that aid in calculating the level of your policy premiums. When you know what positively or negatively impacts premium levels, this allows you to make good choices that will entitle you to better car insurance rates.

Shown below are just a few of the factors companies use to determine prices.

Younger drivers are expensive to insure – Teen drivers in Hawaii are known to be careless and easily distracted when driving with friends therefore car insurance rates are much higher. Parents adding a teenage driver onto a policy can be very expensive. Mature drivers are more responsible, file fewer claims, and receive fewer citations.

The data below assumes a single driver, full coverage with $100 deductibles, and no discounts or violations.

Liability insurance – Liability coverage will provide protection if ever you are responsible for personal injury or accident damage. Liability provides legal defense to attempt to prove you were not liable. Liability insurance is quite affordable when compared to the cost of physical damage coverage, so drivers should carry high limits.

Inexpensive frequent policy claims are not good – If you are a frequent claim filer, you can pretty much guarantee either policy cancellation or increased premiums. Car insurance companies in Hawaii generally give the best rates to drivers that do not abuse their auto insurance. Your insurance policy is meant to be used in the event of more catastrophic claims.

Never let your car insurance lapse – Having a lapse in insurance coverage is a guaranteed way to trigger a rate increase. And not only will insurance be more expensive, getting caught without coverage may earn you a license revocation or jail time. You may have to prove you have insurance by filing a SR-22 with the Hawaii DMV.

Qualify for multi-policy discounts – Lots of insurers provide better rates to customers who have multiple policies with them. It’s known as a multi-policy discount. Discounts can amount to 10 percent or more. Even if you’re getting this discount you may still want to compare other Honolulu X5 insurance rates to help ensure you have the lowest rates. Consumers may find better rates even if you insure with multiple companies

Marriage discount – Getting married helps lower the price on your policy. Having a spouse may mean you are more stable financially and it’s statistically proven that married drivers tend to have fewer serious accidents.

BMW X5 historical loss data – Auto insurance companies analyze the history of losses to help set a rate to offset losses. Models that are shown to have a trend towards higher claims will cost more to insure. The information below illustrates the historical insurance loss data for BMW X5 vehicles.

For each policy coverage, the loss probability for all vehicles as a whole is equal to 100. Numbers below 100 are indicative of better than average losses, while values over 100 indicate a higher chance of having a claim or tendency to have larger claims.

BMW X5 Insurance Claim Statistics
Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
BMW X5 4dr 2WD 131 110 153
BMW X5 4dr 4WD 126 81 164 65 57 67

Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

BMW X5 coverage statistics

The coverage table shown next outlines a range of prices for BMW X5 models. Understanding more about how insurance quotes are formulated can assist in making smart choices when comparing insurance quotes.

BMW X5 Insurance Rates in Honolulu, HI
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X5 3.0I AWD $122 $212 $248 $14 $74 $670 $56
X5 3.5D AWD $134 $244 $248 $14 $74 $714 $60
X5 4.8I AWD $134 $244 $248 $14 $74 $714 $60
X5 M AWD $160 $308 $248 $14 $74 $804 $67
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Data based on married female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Hawaii minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, safe-driver, and homeowner. Estimates do not factor in specific Honolulu garaging location which can revise auto insurance rates greatly.

Deductible comparison

One of the more difficult decisions when buying car insurance is how high should the physical damage deductibles be. The rates shown below sum up the rate difference when you choose different deductibles. The first set of rates uses a $100 physical damage coverage deductible and the second rate chart uses a $500 deductible.

BMW X5 insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X5 3.0I AWD $286 $484 $264 $16 $80 $1,155 $96
X5 3.5D AWD $316 $558 $264 $16 $80 $1,259 $105
X5 4.8I AWD $316 $558 $264 $16 $80 $1,259 $105
X5 M AWD $374 $704 $264 $16 $80 $1,463 $122
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BMW X5 insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X5 3.0I AWD $210 $328 $264 $16 $80 $898 $75
X5 3.5D AWD $230 $378 $264 $16 $80 $968 $81
X5 4.8I AWD $230 $378 $264 $16 $80 $968 $81
X5 M AWD $274 $476 $264 $16 $80 $1,110 $93
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Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Hawaii minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, multi-policy, and claim-free. Price information does not factor in vehicle garaging location which can lower or raise coverage prices considerably.

Based on the data above, we can derive that using a $100 deductible will cost you about $24 more each month or $288 a year averaged for all X5 models than choosing the higher $500 deductible. Since the policyholder would be required to pay $400 more to settle a claim with a $500 deductible as compared to a $100 deductible, if you tend to have at a minimum 17 months between claim filings, you would probably save some money going with the higher deductible.

The chart below demonstrates how deductibles and can influence BMW X5 premium costs for different age categories. The premiums are based on a married male driver, comp and collision included, and no policy discounts are applied.

Full coverage or liability only

The diagram below compares BMW X5 premium costs with liability coverage only compared to full coverage. The information is based on no accidents, no driving violations, $100 deductibles, drivers are not married, and no discounts are taken into consideration.

When to stop paying for full coverage

There isn’t a written rule of when to exclude full coverage, but there is a general convention. If the annual cost of comprehensive and collision coverage is 10% or more of the replacement cost minus the deductible, then you may need to consider dropping full coverage.

For example, let’s assume your BMW X5 claim settlement value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $6,000 after the policy deductible has been paid. If it’s costing in excess of $600 annually for comprehensive and collision coverage, then you might want to think about dropping full coverage.

There are some cases where dropping physical damage coverage is not advised. If you still owe money on your vehicle, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if you don’t have enough money to buy a different vehicle in the even your car is totaled, you should not buy liability only.

Get discounts to get affordable Honolulu auto insurance rates

Auto insurance can be pricey, but you may qualify for discounts that you may not even know about. Some discounts apply automatically when you complete an application, but some must be asked about before you will receive the discount.Save money with discounts

Discounts save money, but please remember that some of the credits will not apply to the entire cost. Most only reduce specific coverage prices like liability, collision or medical payments. Even though it may seem like all the discounts add up to a free policy, you aren’t that lucky.

The illustration below illustrates the difference between BMW X5 annual premium costs with and without discounts applied. The premium estimates are based on a female driver, no claims, a clean driving record, Hawaii state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, multi-policy, homeowner, multi-car, claim-free, and safe-driver discounts applied.

The best auto insurance companies and some of the premium reductions they offer include:

Before purchasing a policy, check with all the companies how many discounts you can get. Some of the earlier mentioned discounts may not be available in your area. For a list of auto insurance companies that offer many of these discounts in Honolulu, follow this link.

Best car insurance in Honolulu

Selecting the best insurance company can be difficult considering how many companies there are to choose from in Honolulu. The company ratings listed below could help you select which coverage providers to look at purchasing from.

Top 10 Honolulu Car Insurance Companies by A.M. Best Rank

  1. USAA – A++
  2. State Farm – A++
  3. GEICO – A++
  4. Esurance – A+
  5. Nationwide – A+
  6. Allstate – A+
  7. Progressive – A+
  8. The Hartford – A+
  9. AAA Insurance – A
  10. Liberty Mutual – A

Top 10 Honolulu Car Insurance Companies Ranked by Claims Service

  1. State Farm
  2. Esurance
  3. AAA Insurance
  4. Progressive
  5. GEICO
  6. Liberty Mutual
  7. Allstate
  8. The Hartford
  9. Farmers Insurance
  10. Safeco

Persistent drivers can save

People change insurance companies for a variety of reasons including an unsatisfactory settlement offer, policy cancellation, high prices and being labeled a high risk driver. No matter why you want to switch, switching car insurance companies is not as difficult as it may seem.

Cost effective BMW X5 insurance is possible both online and also from your neighborhood Honolulu agents, so you need to quote Honolulu auto insurance with both in order to have the best chance of saving money. Some car insurance companies may not provide rate quotes online and many times these small, regional companies provide coverage only through independent insurance agencies.

When trying to cut insurance costs, do not sacrifice coverage to reduce premiums. In many cases, consumers will sacrifice physical damage coverage only to regret at claim time that their decision to reduce coverage ended up costing them more. Your aim should be to buy a smart amount of coverage at the best possible price, not the least amount of coverage.

Steps to buying low-cost BMW X5 insurance in Honolulu

If you want to find the absolute lowest rates, then the best way to save money on BMW X5 insurance is to start comparing prices yearly from insurers who sell insurance in Honolulu. Drivers can shop around by following these steps.

The most important part of shopping around is to make sure you enter similar coverage information on each quote request and and to get price estimates from as many car insurance companies as possible. Doing this helps ensure a level playing field and maximum price selection.

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