Buying car insurance is something that everyone needs to do but very few know how to decide how much coverage they need. If you have a BMW, it can get even more confusing since it is a nice car that can often call for higher premiums. Though it is dangerous to be driving underinsured, it can be a big financial mistake to have too much insurance. If you do not have insurance, then your property will then be at risk in case of an accident and you were at fault.
What Is The Minimum Coverage Needed?
The state law might require as little as $15,000 per person and $30,000 for every accident while only needing $5000 for property damage. About half of the states will require about $25,000 per person and then double that amount for accidents. However, if you can afford more, then it is a good idea to buy more than the minimum. The minimum may not be enough to help you pay for a Mercedes-Benz that’s worth more than $100,000 if you hit it.
If you have more income and assets, then you will need more insurance. Most insurance companies will even recommend that you get at least $100,000 per person and then $300,000 for accidents. Though this might seem like a lot, it is a great idea. Since you will have a BMW, you might even need to think about a “personal liability umbrella” that will be worth $1 million and this will be in conjunction with your homeowner’s coverage.
Just like with buying your car, there really is no one solution that will work for everyone. The rates will definitely vary from one company to the other. Some surveys will say that you can be paying different premiums that do the same thing simply because you are working with a different company.
Shop Around
The best tip that anyone can give you regarding buying BMW car insurance would have to be “shop around.” Don’t just choose an insurance company right away and then hope that it will be enough. You must have at least two or even three options from large insurers. You will then just need to contact the agents and get your quote from that one company. You can also work with direct-marketing companies like Geico or even Progressive and they will talk to you through the phone. These companies will be able to give you lower rates and simply tell you on the phone. These companies are looking to be able to give the lowest rates and so you should keep an eye out for these types of companies.
You also can never forget about the internet when it comes to buying car insurance. You can some great online quotes and it will be easier for you to compare rates from different companies all in the comfort of your very own home. By simply just using the search box above, you will be able to find the very best insurance offers out there. Though finding car insurance can be a hassle, it is definitely needed and so you might as well get the best.