Compare BMW 535i Insurance Rates in Durham

Unimaginable but true, nearly 70% of customers renewed their policy with the same company for more than four years, and nearly 40% of drivers have never compared rates from other carriers. With the average insurance premium being $1,847, American drivers could save approximately 46.5% each year by just comparing quotes, but they feel it’s too difficult to find cheaper insurance by shopping around.

If your goal is the lowest price, then the best way to find lower priced auto insurance rates is to start doing a yearly price comparison from providers who provide auto insurance in Durham.

1. Take a little time to learn about coverages and the measures you can control to prevent high rates. Many policy risk factors that result in higher rates like distracted driving and a lousy credit rating can be improved by making lifestyle changes or driving safer.
2. Request price quotes from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only give prices from one company like Progressive or Allstate, while agents who are independent can give you price quotes from multiple sources.
3. Compare the quotes to your existing rates to see if switching to a new carrier will save money. If you find better rates, make sure there is no lapse in coverage.
4. Provide written notification to your current company to cancel your current auto insurance policy. Submit any necessary down payment along with the completed application to your new company or agent. As soon as coverage is bound, store the proof of insurance paperwork in your vehicle’s glove compartment or console.

One thing to remember is to make sure you enter identical limits and deductibles on each quote and and to get rate quotes from as many carriers as you can. This enables the most accurate price comparison and a better comparison of the market.

The companies in the list below provide free rate quotes in North Carolina. If multiple companies are listed, we recommend you visit two to three different companies to get the best price comparison.

Rates and data analysis

The rate table shown next highlights a range of prices for BMW 535i models. Being more informed about how auto insurance prices are formulated can benefit drivers when making smart choices when buying a policy.

Prices above based on single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, multi-policy, and claim-free. Price information does not factor in vehicle location which can alter premium rates considerably.

Deductible analysis

One of the hardest decisions when shopping for car insurance is where to set your physical damage deductibles. The rates below summarize the differences in premium rates of buying low and high physical damage deductibles. The first rate estimation uses a $250 physical damage coverage deductible and the second rate chart uses a $500 deductible.

Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, safe-driver, and multi-vehicle. Price information does not factor in specific zip code location which can revise rates substantially.

Using the premium rates above, we can conclude that using a $250 deductible would cost the average driver about $15 more each month or $180 a year across all BMW 535i models than selecting the higher $500 deductible. Since you would pay $250 more out-of-pocket with a $500 deductible as compared to a $250 deductible, if you have at a minimum 17 months between claim filings, you would probably come out ahead by selecting a higher deductible.

One thing to note is that raising deductibles to get cheaper rates results in having to pay to pay more out-of-pocket at claim time. You must have enough extra savings in order to pay more for the deductible.

Poor driving habits will raise your car insurance rates

The illustration below demonstrates how speeding tickets and accident claims can drive up BMW 535i insurance costs for different age categories. The rates are based on a married male driver, full coverage, $100 deductibles, and no other discounts are factored in.

Do you need full coverage?

The diagram below visualizes the comparison of BMW 535i premium costs when comparing full coverage to liability only. The data assumes no accidents, no driving violations, $100 deductibles, single marital status, and no discounts are applied.

When to eliminate full coverage

There is no exact formula for dropping full coverage on your policy, but there is a general guideline. If the annual cost of having full coverage is more than around 10% of the replacement cost minus the deductible, then you may want to consider only buying liability coverage.

For example, let’s pretend your BMW 535i claim settlement value is $6,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most your company will settle for is $5,000 after the policy deductible has been paid. If premium cost is more than $500 a year to have full coverage, the it may be a good time to stop paying for full coverage.

There are some situations where dropping physical damage coverage is not recommended. If you haven’t paid off your loan, you have to carry full coverage in order to keep the loan. Also, if your finances do not allow you to purchase a different vehicle if your current one is in an accident, you should not opt for liability only.

Protect more than your 535i

Even though Durham 535i insurance rates can get expensive, buying car insurance is mandatory in North Carolina but it also protects more than you think.

• Just about all states have compulsory liability insurance requirements which means you are required to buy specific minimum amounts of liability protection if you drive a vehicle. In North Carolina these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
• If you bought your BMW with a loan, it’s most likely the lender will stipulate that you have insurance to protect their interest in the vehicle. If you do not pay your insurance premiums, the bank may buy a policy for your BMW at a more expensive rate and require you to reimburse them the higher premium.
• Insurance protects not only your BMW but also your assets. It will also cover medical transport and hospital expenses for yourself as well as anyone injured by you. Liability insurance also covers all legal expenses up to the policy limit if you cause an accident and are sued. If you receive damage to your vehicle caused by a storm or accident, comprehensive and/or collision insurance will cover the repair costs.

The benefits of carrying enough insurance more than cancel out the cost, particularly for liability claims. In a recent study of 1,000 drivers, the average customer overpays more than $800 each year so compare rates at every policy renewal to ensure rates are competitive.

Nine discounts for cheaper auto insurance quotes

Properly insuring your vehicles can get expensive, but discounts can save money and there are some available that can dramatically reduce your bill. Larger premium reductions will be automatically applied at the time of quoting, but a few must be requested specifically before being credited.

• Renewal Discounts – Some insurance companies give discounts for buying a policy prior to the expiration date on your current 535i insurance policy. You could save around 10% when you buy Durham auto insurance online.
• Defensive Driver Discount – Participating in a class that teaches safe driver techniques may get you a small discount and easily recoup the cost of the course.
• ABS Brakes – Anti-lock brake equipped vehicles have fewer accidents and qualify for as much as a 10% discount.
• Driver’s Ed – Reduce the cost of insurance for teen drivers by having them enroll and complete driver’s education in school or through a local driver safety program.
• Accident Waiver – Not really a discount, but a handful of insurance companies permit an accident before hitting you with a surcharge if you are claim-free for a particular time prior to the accident.
• Service Members Pay Less – Having an actively deployed family member could trigger a small discount.
• Anti-theft System – Anti-theft and alarm system equipped vehicles are stolen with less frequency and that can save you a little bit as well.
• More Vehicles More Savings – Buying a policy with primary and secondary vehicles with the same auto insurance company can reduce rates for all insured vehicles.
• Club Memberships – Affiliation with qualifying clubs or civic groups could qualify you for a break on your bill.

Discounts save money, but please remember that most discounts do not apply to the entire cost. Most only reduce individual premiums such as collision or personal injury protection. Despite the fact that it seems like it’s possible to get free car insurance, auto insurance companies aren’t that generous. But all discounts will lower the cost of your policy.

The example below visualizes the comparison of BMW 535i insurance costs with and without discounts being applied to the rates. The data assumes a male driver, no accidents, no driving violations, North Carolina 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, multi-car, safe-driver, claim-free, and homeowner discounts applied.

A few companies that may have these discounts include:

• State Farm
• American Family
• AAA
• GEICO
• Mercury Insurance
• Farmers Insurance
• Progressive

Double check with all companies you are considering how many discounts you can get. Some of the earlier mentioned discounts might not be available to policyholders in Durham. To view providers with significant discounts in North Carolina, click this link.

Insurance quotes from local neighborhood Durham car insurance agents

A lot of people just prefer to buy from a licensed agent and we recommend doing that Agents can point out coverage gaps and help in the event of a claim. One of the benefits of comparing insurance online is that you can obtain cheaper premium rates and still buy from a local agent. Buying from local insurance agencies is definitely important in Durham.

Upon completion of this simple form, the coverage information is sent to local insurance agents that give free quotes and help you find cheaper coverage. There is no need to drive around because quoted prices will be sent to you instantly. If you need to get a comparison quote from one company in particular, feel free to find their quoting web page to submit a rate quote request.

When looking for a reputable agency, you need to know there are two different agency structures that you can choose from. Agents in Durham are classified as either exclusive or independent. Both types can sell and service insurance coverage, but it’s a good idea to understand the subtle differences because it may have an impact on which type of agent you select.

Independent Insurance Agents (or Brokers)

Agents that elect to be independent are not required to write business for one company and that allows them to write policies with many different companies and help determine which has the cheapest rates. If you are not satisfied with one company, they simply switch companies in-house and you don’t have to find a new agent. If you need lower rates, you definitely need to compare quotes from at least one independent agent to ensure the widest selection of prices. Most have the option of insuring with smaller companies which can save you money.

The following is a partial list of independent insurance agencies in Durham that may be able to give rate quotes.

• Around The Corner Insurance Agency, Inc.
  1431 Broad St – Durham, NC 27705 – (919) 286-9500 – View Map
• Superior Insurance Durham North
  3808 Guess Rd Suite J – Durham, NC 27705 – (919) 973-1507 – View Map
• Marsh Dawson Insurance Agency
  5410 – Durham, NC 27713 – (919) 484-8400 – View Map

More insurance agents

Exclusive Agencies

These agents generally can only insure with one company and some examples include State Farm or Allstate. Exclusive agencies are unable to give you multiple price quotes so keep that in mind. These agents are well schooled on their company’s products which aids in selling service over price. A lot of people buy from the same agent for years partially due to the brand name rather than low price.

Listed below are exclusive insurance agencies in Durham willing to provide price quote information.

• Shawn Cockerham – State Farm Insurance Agent
  5518 NC-55 – Durham, NC 27713 – (919) 316-3276 – View Map
• Marty Lindsey – State Farm Insurance Agent
  1852 Hillandale Rd – Durham, NC 27705 – (919) 479-9671 – View Map
• Nationwide Insurance: Sizsiz L Wong
  105 W North Carolina 54 Ste 279 – Durham, NC 27713 – (919) 544-7000 – View Map

More insurance agents

Choosing the best insurance agency is decision based upon more than just a low price. You should also get answers to these questions.

• Will they give you a referral list?
• How much can you save by raising your physical damage deductibles?
• Does the agent have professional designations like CIC, CPCU or AIC?
• Is working in the agency their full-time job?
• How long has their agency been in business in Durham?
• Do they offer claims assistance after hours?
• If independent agents, which companies do they recommend?
• How many years of experience in personal auto insurance do they have?

Ratings for North Carolina car insurance companies

Choosing the top insurance provider can be a challenge considering how many companies there are to choose from in North Carolina. The ranking information displayed below can help you analyze which car insurance companies you want to consider when comparing rate quotes.

Top 10 Durham Car Insurance Companies Overall

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

Top 10 Durham Car Insurance Companies Ranked by Customer Service

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

Don’t assume everyone needs the same insurance coverage

When it comes to coverage for your vehicles, there isn’t really a cookie cutter policy. Everyone’s situation is unique and your insurance should be unique as well.
These are some specific questions could help you determine if your situation might need an agent’s assistance.

• Is rental equipment covered for theft or damage?
• Will damage be repaired with OEM parts?
• Are my company tools covered if they get stolen?
• Why is insurance for a teen driver so high in Durham?
• What is the ISO rating for a BMW 535i?
• Does every company file a SR-22 automatically?
• How much liability insurance is required?
• Can I still get insurance after a DUI?
• Who is covered when they drive my BMW 535i?

If it’s difficult to answer those questions but you think they might apply to your situation, you might consider talking to an insurance agent. If you want to speak to an agent in your area, fill out this quick form or go to this page to view a list of companies. It only takes a few minutes and can provide invaluable advice.

What car insurance coverages do you need?

Having a good grasp of your car insurance policy helps when choosing which coverages you need at the best deductibles and correct limits. Car insurance terms can be ambiguous and reading a policy is terribly boring. Listed below are the usual coverages found on most car insurance policies.

Uninsured Motorist or Underinsured Motorist insurance

This coverage protects you and your vehicle’s occupants when the “other guys” are uninsured or don’t have enough coverage. It can pay for injuries to you and your family and damage to your BMW 535i.

Because many people carry very low liability coverage limits (30/60/25), it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is important protection for you and your family. Usually the UM/UIM limits are identical to your policy’s liability coverage.

Comprehensive coverage (or Other than Collision)

Comprehensive insurance coverage pays to fix your vehicle from damage from a wide range of events other than collision. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive insurance covers things such as hitting a bird, vandalism, damage from getting keyed, fire damage and damage from a tornado or hurricane. The highest amount you’ll receive from a claim is the ACV or actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.

Collision insurance

Collision coverage pays for damage to your 535i resulting from colliding with an object or car. A deductible applies and then insurance will cover the remainder.

Collision insurance covers claims such as colliding with a tree, crashing into a building, driving through your garage door and sustaining damage from a pot hole. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. It’s also possible to raise the deductible on your 535i in order to get cheaper collision rates.

Insurance for medical payments

Coverage for medical payments and/or PIP provide coverage for bills such as ambulance fees, dental work, nursing services, prosthetic devices and hospital visits. They can be used to cover expenses not covered by your health insurance program or if you do not have health coverage. They cover both the driver and occupants and also covers any family member struck as a pedestrian. PIP coverage is not universally available and gives slightly broader coverage than med pay

Auto liability insurance

Liability coverage provides protection from damage that occurs to a person or their property. It protects YOU against other people’s claims. Liability doesn’t cover your injuries or vehicle damage.

Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. You commonly see liability limits of 30/60/25 which stand for a limit of $30,000 per injured person, a per accident bodily injury limit of $60,000, and property damage coverage for $25,000. Alternatively, you may have a combined limit which combines the three limits into one amount with no separate limits for injury or property damage.

Liability can pay for claims such as repair costs for stationary objects, loss of income, attorney fees and medical services. How much coverage you buy is a personal decision, but it’s cheap coverage so purchase as large an amount as possible. North Carolina requires minimum liability limits of 30/60/25 but it’s recommended drivers buy higher limits.

The next chart demonstrates why buying the state minimum limits may not provide you with enough coverage.

Quote often and quote early

Budget-conscious BMW 535i insurance can be bought from both online companies and from local insurance agents, so you should be comparing quotes from both to have the best rate selection. Some companies do not provide price quotes online and most of the time these smaller providers only sell coverage through independent insurance agents.

As you go through the steps to switch your coverage, make sure you don’t buy less coverage just to save a little money. In many cases, an insured cut physical damage coverage only to find out that the small savings ended up costing them much more. The goal is to purchase plenty of coverage at the best price, but do not skimp to save money.

We just showed you some good ideas how to lower your BMW 535i insurance rates in Durham. The most important thing to understand is the more times you quote, the better your comparison will be. Consumers could even find that the biggest savings come from a lesser-known regional company. They may often insure only within specific states and give better rates compared to the large companies like Allstate and Progressive.

Other resources

• What are my Rights when Filing a Claim? (Insurance Information Institute)
• What Car Insurance is Cheapest for Drivers Requiring a SR22 in Durham? (FAQ)
• Who Has the Cheapest Car Insurance Rates for Low Mileage Drivers in Durham? (FAQ)
• What Insurance is Cheapest for Drivers Over Age 60 in Durham? (FAQ)
• Who Has Cheap Auto Insurance Quotes for Police Officers in Durham? (FAQ)
• Who Has Cheap Auto Insurance Quotes for Drivers with a Bad Driving Record in Durham? (FAQ)
• Cellphones, Texting and Driving (iihs.org)
• Credit and Insurance Scores (Insurance Information Institute)