Cheap Memphis BMW 535i Insurance

Sad but true, the majority of drivers have stayed with the same insurance company for at least the last four years, and nearly the majority have never even shopped around for affordable coverage. The average driver in Memphis can save hundreds of dollars each year, but they don’t know how much they could save if they swap their current policy for a cheaper one.

If you want to save the most money, the best way to save money on BMW 535i insurance in Memphis is to compare prices at least once a year from insurers in Tennessee.

1. Read and learn about how companies price auto insurance and the steps you can take to keep rates low. Many factors that are responsible for high rates like speeding tickets, careless driving and bad credit can be remedied by improving your driving habits or financial responsibility.
2. Compare prices from direct, independent, and exclusive agents. Direct companies and exclusive agencies can give quotes from one company like GEICO or Farmers Insurance, while independent agencies can provide prices from multiple insurance companies.
3. Compare the quotes to your existing policy to determine if you can save on 535i insurance in Memphis. If you find better rates, make sure there is no lapse between the expiration of your current policy and the new one.

A key point to remember is to make sure you enter the same deductibles and limits on every quote request and and to get rates from all possible companies. This provides a level playing field and and a good selection of different prices.

Finding the cheapest car insurance coverage in Memphis is really quite easy. Essentially every person who is looking for a better price on car insurance will more than likely find better rates. But Tennessee consumers do need to know how companies charge you for coverage and use it to find better rates.

Cheapest BMW 535i insurance rate quotes in Memphis, TN

When quoting insurance, remember that having more price comparisons will enable you to find more affordable insurance. Some companies don’t provide online rate quotes, so you should also compare prices from them, too.

The companies shown below provide quotes in Memphis, TN. To buy the best auto insurance in TN, we recommend you visit several of them in order to find the most competitive rates.

Premium rates and analysis

The coverage information displayed next highlights different insurance coverage prices for BMW 535i models. Learning more about how car insurance premiums are determined is important for drivers to make smart choices when comparing insurance quotes.

Table data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, claim-free, and safe-driver. Premium amounts do not factor in specific zip code location which can decrease or increase premiums substantially.

Physical damage deductible comparison

One of the hardest decisions when shopping for auto insurance is what deductibles to buy. The following tables can help illustrate the premium difference when you select higher and lower insurance deductibles. The first rate estimation uses a $250 physical damage coverage deductible and the second set of rates uses a $500 deductible.

Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include multi-policy, claim-free, multi-vehicle, safe-driver, and homeowner. Premium amounts do not factor in your specific Memphis location which can raise or lower rates greatly.

We can derive from the above data that using a $250 deductible could cost the average driver approximately $17 more each month or $204 every year than buying the higher $500 deductible. Since the policyholder would be required to pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you go more than 15 months between claim filings, you would most likely save money if you opt for a higher deductible.

The example below demonstrates how deductibles and can impact BMW 535i yearly insurance costs for different categories of driver ages. The information is based on a married female driver, full coverage, and no other discounts are factored in.

Accidents and violations increase rates

The example below demonstrates how traffic citations and at-fault claims raise BMW 535i insurance premiums for different age categories. The premiums are based on a married male driver, full coverage, $250 deductibles, and no discounts are taken into consideration.

Liability only or full coverage

The information below visualizes the comparison of BMW 535i insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Tennessee. The premiums assume no claims, a clean driving record, $250 deductibles, marital status is single, and no discounts are applied.

Deciding between full coverage and liability only

There isn’t a written rule for phasing out physical damage coverage on your policy, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then you may want to consider only buying liability coverage.

For example, let’s assume your BMW 535i claim settlement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $8,000 after paying the physical damage deductible. If premiums are more than $800 annually for comprehensive and collision coverage, then you might consider buying liability only.

There are some cases where only buying liability is not advised. If you still owe money on your vehicle, you are required to maintain full coverage as part of the loan requirements. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should keep full coverage in place.

Car insurance protects more than just your car

Even though it’s not necessarily cheap to insure a BMW in Memphis, buying car insurance is not optional due to several reasons.

• Most states have compulsory liability insurance requirements which means it is punishable by state law to not carry a specific minimum amount of liability protection in order to be legal. In Tennessee these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
• If you have a lien on your BMW 535i, almost every bank will force you to have insurance to ensure loan repayment if the vehicle is totaled. If you do not pay your insurance premiums, the lender will be forced to insure your BMW at a significantly higher premium and require you to reimburse them much more than you were paying before.
• Car insurance protects both your assets and your car. It will also cover hospital and medical expenses for not only you but also any passengers injured in an accident. Liability insurance also covers all legal expenses up to the policy limit in the event you are sued. If you have damage to your BMW as the result of the weather or an accident, comprehensive and/or collision insurance will pay to have it repaired.

The benefits of carrying enough insurance definitely exceed the price paid, particularly for liability claims. According to a recent study, the average American driver overpays as much as $855 a year so it’s very important to do a rate comparison once a year at a minimum to save money.

Car insurance coverage information

Knowing the specifics of car insurance can help you determine which coverages you need at the best deductibles and correct limits. The terms used in a policy can be difficult to understand and reading a policy is terribly boring.

Auto liability

This can cover damages or injuries you inflict on a person or their property. It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see policy limits of 25/50/15 that means you have $25,000 bodily injury coverage, a limit of $50,000 in injury protection per accident, and a limit of $15,000 paid for damaged property.

Liability coverage pays for things like pain and suffering, bail bonds, medical services, repair costs for stationary objects and court costs. How much liability should you purchase? That is a decision to put some thought into, but you should buy higher limits if possible. Tennessee requires drivers to carry at least 25/50/15 but it’s recommended drivers buy better liability coverage.

The illustration below shows why the minimum limit may not be high enough to adequately cover claims.

Comprehensive coverage (or Other than Collision)

Comprehensive insurance will pay to fix damage that is not covered by collision coverage. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against things such as rock chips in glass, damage from flooding, a broken windshield, vandalism and damage from a tornado or hurricane. The maximum payout your car insurance company will pay is the ACV or actual cash value, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.

Collision coverage protection

This pays for damage to your 535i resulting from a collision with a stationary object or other vehicle. A deductible applies and then insurance will cover the remainder.

Collision coverage pays for things such as scraping a guard rail, sideswiping another vehicle, rolling your car, crashing into a building and backing into a parked car. This coverage can be expensive, so consider removing coverage from vehicles that are older. It’s also possible to raise the deductible on your 535i to save money on collision insurance.

Uninsured Motorist or Underinsured Motorist insurance

Uninsured or Underinsured Motorist coverage provides protection when the “other guys” either are underinsured or have no liability coverage at all. Covered losses include injuries sustained by your vehicle’s occupants and also any damage incurred to your BMW 535i.

Since a lot of drivers have only the minimum liability required by law (25/50/15), it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages should not be overlooked.

Insurance for medical payments

Coverage for medical payments and/or PIP provide coverage for short-term medical expenses for things like nursing services, ambulance fees and rehabilitation expenses. They can be utilized in addition to your health insurance policy or if you lack health insurance entirely. Coverage applies to all vehicle occupants and also covers any family member struck as a pedestrian. PIP coverage is not available in all states and gives slightly broader coverage than med pay

How to find a good Tennessee auto insurance company

Buying coverage from the highest-rated insurance company can be difficult considering how many different companies there are to choose from in Memphis. The company ratings in the next section can help you analyze which providers to look at comparing prices from.

Top 10 Memphis Car Insurance Companies Overall

1. Travelers
2. USAA
3. Mercury Insurance
4. AAA Insurance
5. Nationwide
6. Allstate
7. State Farm
8. The Hartford
9. Safeco Insurance
10. Progressive