Cheapest BMW 535i Insurance in Madison

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Insurance rates BMW 535i in MadisonIf you want to find the absolute lowest rates, then the best way to get cheaper car insurance rates is to start comparing prices yearly from insurers who can sell car insurance in Madison. You can compare prices by completing these steps.

Step 1: Take a little time to learn about coverages and the things you can change to lower rates. Many things that increase rates such as traffic violations, accidents, and your credit history can be controlled by paying attention to minor details.

Step 2: Quote rates from direct, independent, and exclusive agents. Exclusive and direct companies can give quotes from a single company like Progressive or Farmers Insurance, while independent agents can provide rate quotes for many different companies.

Step 3: Compare the quotes to the premium of your current policy and see if there is a cheaper rate. If you find a better price and make a switch, ensure coverage does not lapse between policies.

Step 4: Notify your agent or company of your intent to cancel your current auto insurance policy and submit payment along with a signed and completed policy application for the new policy. Once received, place the new certificate verifying proof of insurance along with the vehicle's registration papers.

A valuable tip to remember is that you use identical limits and deductibles on each quote and and to get price quotes from as many auto insurance providers as possible. This enables a fair rate comparison and a thorough price selection.

It's an obvious statement that auto insurance companies don't want their customers to go rate shopping. Consumers who get price quotes annually will most likely buy a new policy because there is a good probability of finding discount prices. A study showed that consumers who compared prices once a year saved over $860 a year compared to other drivers who never shopped around.

If finding low prices for auto insurance in Madison is the reason you're reading this, then understanding how to find and compare coverages can help simplify the task of finding more affordable coverage.

If you have a current insurance policy or just want to save money, use these tips to reduce the price you pay without sacrificing coverage. Buying the cheapest insurance in Madison can be much easier if you know how to start. Vehicle owners just have to understand the most effective way to find the lowest price from many different companies.

The quickest method we recommend to compare insurance rates from multiple companies takes advantage of the fact most of the larger companies actually pay money for the chance to compare rate quotes. To begin a comparison, all you need to do is provide details including whether or not you need a SR-22, the make and model of your vehicles, if you're married, and your education level. Those rating factors gets sent immediately to many different companies and you will receive price estimates very quickly.

To start a rate quote now, click here and complete the quick form.

The providers in the list below can provide free rate quotes in Madison, WI. If you want cheap car insurance in Madison, we suggest you visit several of them in order to get a fair rate comparison.

Why you need quality insurance for your 535i

Even though it's not necessarily cheap to insure a BMW in Madison, insurance is not optional due to several reasons.

First, the majority of states have mandatory insurance requirements which means state laws require a specific minimum amount of liability in order to get the vehicle licensed. In Wisconsin 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.

Second, if you took out a loan on your BMW 535i, more than likely the lender will make it mandatory that you carry insurance to ensure loan repayment if the vehicle is totaled. If the policy lapses, the bank or lender will purchase a policy for your BMW for a much higher rate and make you pay for the expensive policy.

Third, insurance protects not only your vehicle but also your assets. It will also cover medical bills for yourself as well as anyone injured by you. Liability coverage, the one required by state law, will also pay attorney fees if you are sued as the result of your driving. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will pay to repair the damage minus the deductible amount.

The benefits of insuring your car more than cancel out the cost, especially with large liability claims. According to a 2015 survey, the average American driver is currently overpaying as much as $865 each year so it's very important to do a rate comparison each time the policy renews to make sure the price is not too high.

Auto insurance statistics and figures

The rate information displayed below highlights detailed analysis of insurance premium costs for BMW 535i models. Learning a little about how policy rates are established can help drivers make decisions when shopping your coverage around.

BMW 535i Insurance Rates in Madison, WI
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
535I 4-Dr Sedan $212 $450 $260 $16 $78 $1,016 $85
535I xDrive Station Wagon $212 $450 $260 $16 $78 $1,016 $85
535I GT 4-Dr Sedan $212 $450 $260 $16 $78 $1,016 $85
535I xDrive 4-Dr Sedan $232 $450 $260 $16 $78 $1,036 $86
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Above prices assume single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Wisconsin minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, multi-policy, and safe-driver. Premium amounts do not factor in specific zip code location which can raise or lower premium rates substantially.

Where to set your deductibles

A question often asked by Madison drivers is how high should the physical damage coverage deductibles be. The following insurance rates can help illustrate the price difference between low and high physical damage coverage deductibles. The first rate estimation uses a $100 comprehensive and collision deductible and the second rate chart uses a $1,000 deductible.

BMW 535i insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
535I 4-Dr Sedan $274 $548 $230 $14 $68 $1,159 $97
535I xDrive Station Wagon $274 $548 $230 $14 $68 $1,159 $97
535I GT 4-Dr Sedan $274 $548 $230 $14 $68 $1,159 $97
535I xDrive 4-Dr Sedan $300 $548 $230 $14 $68 $1,185 $99
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BMW 535i insurance rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
535I 4-Dr Sedan $152 $290 $230 $14 $68 $754 $63
535I xDrive Station Wagon $152 $290 $230 $14 $68 $754 $63
535I GT 4-Dr Sedan $152 $290 $230 $14 $68 $754 $63
535I xDrive 4-Dr Sedan $166 $290 $230 $14 $68 $768 $64
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Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Wisconsin minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, claim-free, and multi-policy. Rate information does not factor in vehicle location which can increase or decrease premiums greatly.

Based on the data above, we can derive that using a $100 deductible will cost you approximately $35 more each month or $420 each year than buying the higher $1,000 deductible. Because you would pay $900 more if you file a claim with a $1,000 deductible as compared to a $100 deductible, if you go more than 26 months between claim filings, you would save money by selecting a higher deductible.

The information below demonstrates how deductible levels and can increase or decrease BMW 535i insurance prices for different age groups. The information is based on a married female driver, full coverage, and no other discounts are factored in.

Careless driving habits raise Madison auto insurance rates

The example below illustrates how speeding tickets and fender-benders can raise BMW 535i insurance prices for different categories of driver ages. The information is based on a single male driver, comprehensive and collision coverage, $1,000 deductibles, and no policy discounts are applied.

Auto insurance prices based on gender

The example below shows the difference between BMW 535i insurance costs for male and female drivers. The information is based on no claims, a clean driving record, comp and collision included, $100 deductibles, single marital status, and no discounts are taken into consideration.

Score discounts to get cheaper Madison insurance rates

Companies don't always list every policy discount in a way that's easy to find, so the following is a list of a few of the more well known and the harder-to-find insurance savings.Discount insurance

  • Responsible Drivers - Safe drivers can save up to 40% or more on their Madison auto insurance quote than less cautious drivers.
  • Accident-Free Discounts - Insureds who avoid accidents and claims can save substantially when compared with drivers with a long claim history.
  • Anti-theft Discount - Cars, trucks, and SUVs equipped with anti-theft or alarm systems can help prevent theft and earn discounts up to 10% off your Madison auto insurance quote.
  • Military Deployment Discount - Being deployed in the military could be rewarded with lower prices.
  • Senior Citizens - If you qualify as a senior citizen, you could receive a small discount on rates.
  • Student in College - Kids living away from Madison attending college and won't have access to an insured vehicle may be insured at a cheaper rate.

You should keep in mind that most of the big mark downs will not be given to the whole policy. Most only cut specific coverage prices like liability, collision or medical payments. Despite the appearance that all the discounts add up to a free policy, it just doesn't work that way.

The chart below illustrates the difference between BMW 535i insurance prices with and without discounts. The data assumes a female driver, no claims, a clean driving record, Wisconsin state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, homeowner, claim-free, safe-driver, marriage, and multi-car discounts applied.

A list of companies and their possible discounts can be found below.

  • State Farm includes discounts for Steer Clear safe driver discount, good driver, passive restraint, defensive driving training, accident-free, and safe vehicle.
  • American Family offers premium reductions for accident-free, Steer into Savings, good driver, air bags, multi-vehicle, and mySafetyValet.
  • AAA offers discounts including education and occupation, pay-in-full, AAA membership discount, multi-policy, anti-theft, and multi-car.
  • GEICO has discounts for military active duty, emergency military deployment, air bags, good student, anti-theft, five-year accident-free, and membership and employees.
  • Mercury Insurance policyholders can earn discounts including accident-free, good driver, anti-theft, good student, age of vehicle, multi-policy, and type of vehicle.
  • Farmers Insurance may include discounts for mature driver, pay in full, alternative fuel, switch companies, and distant student.
  • Progressive has savings for online signing, homeowner, continuous coverage, online quote discount, multi-policy, good student, and multi-vehicle.

Check with all the companies which discounts can lower your rates. A few discounts might not apply in Madison. To see a list of insurance companies that offer multiple discounts in Wisconsin, click this link.

When should I discuss my situation with an agent?

When quoting and choosing the best auto insurance coverage for your vehicles, there really is no cookie cutter policy. Your needs are unique to you so this has to be addressed.Higher deductibles save money These are some specific questions can aid in determining whether you will benefit from professional help.

  • How can I get high-risk coverage after a DUI?
  • Are my friends covered when driving my car?
  • How do I insure my teen driver?
  • What discounts do I qualify for?
  • Is a fancy paint job covered?
  • Are rock-chip repairs free?

If you don't know the answers to these questions, you might consider talking to an agent. To find lower rates from a local agent, complete this form or click here for a list of auto insurance companies in your area. It's fast, doesn't cost anything and can help protect your family.

What is the best auto insurance company in Madison?

Finding the right company is hard considering how many different insurance companies sell coverage in Wisconsin. The ranking data shown next can help you choose which insurers to look at comparing rates with.

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

  1. USAA - A++
  2. Travelers - A++
  3. State Farm - A++
  4. GEICO - A++
  5. Nationwide - A+
  6. Esurance - A+
  7. The Hartford - A+
  8. Erie Insurance - A+
  9. Progressive - A+
  10. Allstate - A+