Amazingly, the vast majority of consumers have stayed with the same insurance company for at least the last four years, and almost half have never compared insurance rates at all. With the average insurance premium being $1,847, American drivers could save an average of as much as 47% each year just by comparing rates, but they think it’s difficult to shop their coverage around.
If you want to save the most money, the best way to find affordable quotes for BMW X1 insurance in Las Vegas is to compare prices annually from different companies who provide auto insurance in Nevada.
- Take a little time to learn about how insurance companies determine prices and the modifications you can make to prevent rate increases. Many things that are responsible for high rates such as multiple speeding tickets and a substandard credit score can be amended by making minor changes in your lifestyle.
- Compare prices from direct, independent, and exclusive agents. Exclusive and direct companies can provide rates from a single company like GEICO and Allstate, while independent agencies can quote rates from many different companies.
- Compare the quotes to the price on your current policy to determine if switching companies saves money. If you find a better price and switch companies, make sure the effective date of the new policy is the same as the expiration date of the old one.
One important bit of advice is to make sure you’re comparing the same coverage limits and deductibles on each quote request and and to analyze as many companies as feasibly possible. Doing this ensures a fair rate comparison and the best price selection.
The are a couple different ways to compare quotes from car insurance companies in your area. The fastest way to find competitive insurance rates consists of shopping online.
When comparing car insurance rates, know that comparing a wide range of rates helps increase your odds of locating more affordable rates. Not every company provides price estimates online, so it’s recommended that you also compare prices from them as well.
The companies shown below are our best choices to provide price quotes in Las Vegas, NV. If you wish to find the best car insurance in Las Vegas, we recommend you visit several of them to get the best price comparison.
Insurance just makes sense
Despite the high cost of buying insurance for a BMW X1 in Las Vegas, insurance serves several important purposes.
- Just about all states have minimum liability requirements which means you are required to carry a specific level of liability in order to get the vehicle licensed. In Nevada these limits are 15/30/10 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If you bought your BMW with a loan, most banks will make it mandatory that you have full coverage to ensure loan repayment if the vehicle is totaled. If you cancel or allow the policy to lapse, the lender may have to buy a policy to insure your BMW at a much higher premium rate and make you pay much more than you were paying before.
- Insurance protects both your assets and your vehicle. It will also provide coverage for many types of medical costs for both you and anyone you injure as the result of an accident. Liability insurance, one of your policy coverages, will also pay for a defense attorney 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, collision and comprehensive coverages will cover the repair costs.
The benefits of insuring your car more than cancel out the cost, specifically if you ever have a liability claim. As of last year, the average driver in Nevada is overpaying more than $830 a year so you should quote and compare rates each time the policy renews to save money.
The BMW X1 Insurance Rate Equation
A large part of saving on insurance is knowing the factors that aid in calculating the rates you pay for insurance. When you understand what controls the rates you pay, this enables informed choices that will entitle you to cheaper rates. Many things are used when premium rates are determined. A few of the factors are predictable like a motor vehicle report, but other factors are not quite as obvious like your continuous coverage or how financially stable you are.
Pay lower rates after the wedding – Getting married may earn you lower rates on your policy. Having a spouse demonstrates that you tend to be more mature than a single person and insurance companies reward insureds because married couples file fewer claims.
Is you occupation costing you more? – Jobs such as military personnel, social workers, and financial analysts tend to have the highest average rates in part from job stress and lots of time spent at work. On the flip side, careers such as farmers, athletes and performers pay lower than average rates.
Always keep your insurance policy in force – Allowing your insurance policy to lapse is a sure-fire way to pay more for insurance. Not only will rates go up, failure to provide proof of insurance may result in a fine, jail time, or a revoked license.
Big cities mean more claims – Being located in a small town has it’s advantages when talking about insurance. Fewer people translates into fewer accident claims in addition to fewer liability claims. Drivers in populated Nevada areas have much more traffic and longer commutes to work. Longer commute distances means a statistically higher chance of an accident.
Performance makes a difference – The type of car you are trying to find cheaper insurance for makes a big difference in the rate you pay. Smaller low performance passenger cars generally receive the lowest base rates, but the cost you end up paying is determined by many additional factors.
BMW X1 insurance loss data – Insurance companies study historical loss data when they file their rates in each state. Models that tend to have higher prevalence or dollar amount of losses will have a higher premium rate.
The next table illustrates the loss history for BMW X1 vehicles. For each policy coverage type, the claim probability for all vehicles, without regard to make or model, is considered to be 100. Numbers under 100 suggest a positive loss record, while values over 100 point to more losses or an increased likelihood of larger losses.
| Vehicle Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| BMW X1 4dr 2WD | 99 | 86 | 113 | 90 | 95 | 87 |
| BMW X1 4dr 4WD | 103 | 96 | 120 | 73 | 69 | 82 |
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Don’t give up on affordable premiums
Drivers change insurance companies for a number of reasons such as lack of trust in their agent, unfair underwriting practices, an unsatisfactory settlement offer or even high rates after DUI convictions. Regardless of your reason for switching companies, finding the right auto insurance provider can be less work than you think.
Throughout this article, we presented a lot of techniques to lower your BMW X1 insurance car insurance rates in Las Vegas. The key thing to remember is the more companies you get premium rates for, the more likely it is that you will get a better rate. Drivers may even discover the lowest priced auto insurance comes from the least-expected company.
As you go through the steps to switch your coverage, make sure you don’t sacrifice coverage to reduce premiums. In many cases, someone sacrificed uninsured motorist or liability limits only to find out that the few dollars in savings costed them thousands. Your strategy should be to find the BEST coverage at the best price, not the least amount of coverage.
Other information
- Young Drivers: The High Risk Years Video (iihs.org)
- What Auto Insurance is Cheapest for First-time Drivers in Las Vegas? (FAQ)
- Who Has the Cheapest Auto Insurance for Low Mileage Drivers in Las Vegas? (FAQ)
- Who Has Affordable Las Vegas Car Insurance Rates for a Ford Fusion? (FAQ)
- How Much are Las Vegas Car Insurance Quotes for a Toyota Corolla? (FAQ)
- Warning systems don’t curb driver distraction (Insurance Institute for Highway Safety)
- Rental Reimbursement Coverage (Allstate)
- Get the Right Protection (InsureUonline.org)
- Side Impact Crash Tests (iihs.org)