Best BMW X5 Insurance in Newark

  1. Home
  2. >
  3. Newark Auto Insurance
  4. >
  5. BMW X5

Would you like to find more affordable BMW X5 insurance in Newark? If online insurance comparisons are new to you, you may be baffled due to the large selection of insurance companies who all claim to have the lowest rates for BMW X5 insurance in Newark.

Steps to buying low-cost BMW X5 insurance in Newark

If you want to find the absolute lowest rates, then the best way to get low-cost BMW X5 insurance is to do an annual price comparison from companies that insure vehicles in Newark. You can compare prices by following these guidelines.

  • First, gain an understanding of how companies price auto insurance and the factors you can control to prevent rate increases. Many things that cause rate increases such as at-fault accidents, speeding tickets, and an unfavorable credit rating can be remedied by making minor driving habit or lifestyle changes.
  • Second, compare price quotes from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can provide rates from one company like Progressive and State Farm, while independent agencies can provide prices for a wide range of insurance providers.
  • Third, compare the quotes to your existing policy to determine if switching companies saves money. If you can save some money and make a switch, make sure coverage is continuous and does not lapse.

A key point to remember is to use identical coverages on every price quote and and to get rate quotes from as many car insurance companies as possible. Doing this guarantees a fair price comparison and many rates to choose from.

Insurance for BMW X5Remarkably, a study showed that the vast majority of consumers have been with the same company for over three years, and virtually 40% of consumers have never compared rate quotes at all. American consumers can cut their rates by approximately 47% a year, but they just feel it's too hard to go online and compare rates.

You need to compare premium rates as often as possible because prices trend upward over time. Just because you had the lowest price on BMW X5 insurance in Newark a few years ago the chances are good that you can find a lower rate quote today. Ignore everything you know about insurance because I'm going to teach you the best way to lower your annual insurance bill.

If you already have coverage, you stand a good chance to be able to cut your premiums using this information. Buying the lowest cost protection in Newark is easy if you know what you're doing. Although New Jersey car owners do need to understand the way companies set your policy premium and apply this information to your search.

To find the cheapest BMW X5 rate quotes, there are several ways to compare prices from many different New Jersey insurance companies. The quickest method to find competitive BMW X5 insurance rates involves getting comparison quotes online. When quoting car insurance, remember that comparing more quotes provides better odds of finding better pricing. Some regional insurers cannot provide online price quotes, so it's recommended that you also compare prices from them, too.

The companies shown below can provide free rate quotes in New Jersey. To find cheap car insurance in New Jersey, we suggest you visit as many as you can to get a more complete price comparison.

Car insurance data for a BMW X5

The table displayed below covers estimates of insurance coverage prices for BMW X5 models. Having a good grasp of how prices are formulated helps drivers make smart choices when choosing a car insurance company.

BMW X5 Insurance Rates in Newark, NJ
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X5 3.0I AWD $432 $594 $630 $38 $188 $1,882 $157
X5 3.5D AWD $478 $684 $630 $38 $188 $2,018 $168
X5 4.8I AWD $478 $684 $630 $38 $188 $2,018 $168
X5 M AWD $566 $864 $630 $38 $188 $2,286 $191
Get Your Own Custom Quote Go

Data rating is based on single male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and New Jersey minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, multi-policy, and claim-free. Rates do not factor in zip code location which can raise or lower premium rates considerably.

Analysis of deductible levels

The hardest decision when buying coverage is how low should you set your deductibles. The rates below can help you understand the differences in premium rates of buying low and high deductibles. The first rate quote example uses a $250 deductible for comprehensive and collision coverage and the second rate table uses a $1,000 deductible.

BMW X5 insurance premium rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X5 3.0I AWD $466 $738 $480 $28 $144 $1,881 $157
X5 3.5D AWD $514 $848 $480 $28 $144 $2,039 $170
X5 4.8I AWD $514 $848 $480 $28 $144 $2,039 $170
X5 M AWD $610 $1072 $480 $28 $144 $2,359 $197
Get Your Own Custom Quote Go
BMW X5 insurance premium rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X5 3.0I AWD $288 $464 $480 $28 $144 $1,404 $117
X5 3.5D AWD $318 $534 $480 $28 $144 $1,504 $125
X5 4.8I AWD $318 $534 $480 $28 $144 $1,504 $125
X5 M AWD $378 $674 $480 $28 $144 $1,704 $142
Get Your Own Custom Quote Go

Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, claim-free, and multi-vehicle. Premium costs do not factor in specific location information which can impact prices considerably.

Using the premium rates above, we can conclude that using a $250 deductible will cost you roughly $47 more each month or $564 annually than opting for the higher $1,000 deductible. Because you would pay $750 more if you turn in a claim with a $1,000 deductible as compared to a $250 deductible, if you average at least 16 months between claims, you would probably be better off by selecting a higher deductible.

The diagram below illustrates how choosing a deductible and can raise or lower BMW X5 insurance premiums for each different age category. The rate quotes are based on a married male driver, comp and collision included, and no policy discounts are applied.

Does full coverage make sense?

The example below compares BMW X5 insurance rates when comparing full coverage to state minimum liability only. The data is based on no claims, a clean driving record, $1,000 deductibles, single status, and no discounts are factored in.

When to eliminate full coverage

There is no definitive rule that is best for determining when to drop physical damage coverage on your policy, but there is a general guideline you can use. If the yearly cost for physical damage coverage is more than around 10% of replacement cost minus your deductible, then it's probably a good time to buy liability coverage only.

For example, let's say your BMW X5 claim settlement value is $4,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $3,000 after the policy deductible has been paid. If it's costing you more than $300 a year for physical damage coverage, then you might consider buying liability only.

There are some cases where eliminating full coverage is not a good idea. If you haven't satisfied your loan, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if your finances do not allow you to purchase a different vehicle in the event your current vehicle is totaled, you should maintain full coverage.

How Insurers Determine BMW X5 Insurance Premiums

Part of the insurance buying process is learning some of the things that are used to determine insurance rates. If you have some idea of what determines premiums, this enables informed choices that can earn you much lower annual insurance costs.

The itemized list below are just a few of the factors used by insurance companies to determine your prices.

Raising coverage deductibles lowers costs - Insurance for physical damage to your car, also called 'full coverage', helps pay for damage to your vehicle. A few examples of covered claims are collision with another vehicle, collision with an animal, and windstorm damage. Deductibles for physical damage state the amount of money you are required to spend out-of-pocket if a claim is determined to be covered. The more expense you are required to pay out-of-pocket, the bigger discount you will receive.

Occupation impacts rates - Occupations such as doctors, business owners, and emergency personnel are shown to have the highest average rates because of high stress levels and lengthy work days. On the other hand, occupations like scientists, students and the unemployed have lower than average premiums.

Tickets and citations cost more than a fine - Having a single citation can increase rates by twenty percent. Attentive drivers have lower premiums as compared to careless drivers. Drivers who have received severe citations like reckless driving or DUI may be required to submit a SR-22 or proof of financial responsibility with the DMV in their state in order to continue driving.

The chart below illustrates how violations and accidents can influence BMW X5 insurance costs for different age groups of insureds. The price estimates are based on a single male driver, comp and collision included, $1,000 deductibles, and no discounts are applied.

Gender and insurance costs - Over time, data shows that females take fewer risks when driving. However, don't assume that females are better at driving than males. Men and women cause auto accidents in similar numbers, but men have costlier accidents. Men also tend to get more serious tickets like DUI and reckless driving. Young men ages 16 to 20 are the most expensive to insure and therefore have the most expensive insurance rates.

The illustration below illustrates the difference between BMW X5 insurance costs for male and female drivers. Data assumes a clean driving record, no claims, comp and collision included, $100 deductibles, single marital status, and no discounts are applied.

City dwellers may pay more - Having an address in areas with lower population is a positive aspect when talking about insurance. Less people means less chance of accidents and also fewer theft and vandalism claims. City drivers tend to have more aggressive driving styles and a longer drive to work. More time on the road translates into higher accident risk.

No claims equals lower insurance rates - Auto insurance companies in New Jersey generally give most affordable rates to drivers who do not file claims often. If you tend to file frequent claims, you can definitely plan on either a policy non-renewal or much higher rates. Auto insurance is intended for major claims that would cause financial hardship.

Drive fewer miles and save - Driving a lot of miles each year the higher the price you pay to insure it. Most companies calculate rates based upon how much you drive. Autos left parked in the garage get more affordable rates than vehicles that are driven to work every day. Verify your insurance policy is showing the correct usage for each vehicle, because it can save money. Incorrect rating for your X5 can result in significantly higher rates.

BMW X5 insurance loss probability - Car insurance companies use past loss statistics for each vehicle when setting premium costs. Models that tend to have increased claim numbers or amounts will have a higher premium rate. The data below shows the loss history for BMW X5 vehicles.

For each policy coverage, the claim amount for all vehicles averaged together equals 100. Values that are under 100 are indicative of better than average losses, while percentage numbers above 100 show a trend for more claims or an increased likelihood of larger losses.

Car Insurance Loss Data for BMW X5 Models
Vehicle 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
BETTER
AVERAGE
WORSE

Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Three reasons to not skimp on auto insurance

Despite the potentially high cost of BMW X5 insurance, auto insurance may be mandatory for several reasons.

  • The majority of states have mandatory liability insurance requirements which means the state requires a specific level of liability protection in order to be legal. In New Jersey these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.
  • If you have a loan on your vehicle, it's most likely the lender will make it a condition of the loan that you have physical damage coverage to ensure loan repayment if the vehicle is totaled. If you let the policy lapse, the lender may insure your BMW at a much higher premium rate and make you pay for the expensive policy.
  • Auto insurance preserves both your car and your personal assets. It will also pay for medical expenses that are the result of an accident. Liability coverage also covers legal expenses if anyone sues you for causing an accident. If your car is damaged in a storm or accident, comprehensive and/or collision insurance will pay to repair the damage.

The benefits of carrying enough insurance outweigh the cost, particularly when you have a large claim. Today the average American driver is currently overpaying as much as $865 each year so compare rates at least once a year to help ensure money is not being wasted.