Would you like to buy the cheapest BMW X5 insurance in Chicago? Finding cheaper rates for BMW X5 insurance in Chicago might be difficult for drivers who are beginners to quoting and comparing prices online. Consumers have so many options available that it can quickly become a real hassle to find a more affordable company.
Amazlingly, a recent NerdWallet.com study showed that the vast majority of drivers renewed their policy with the same company for at least four years, and 38% of customers have never shopped around. Most drivers in America could save nearly 46.5% a year just by comparing rates, but they won’t spend time to find cheap insurance rates.
Consumers should take time to price shop coverage as often as possible because prices tend to go up over time. Even if you think you had the lowest price on BMW X5 insurance in Chicago six months ago you will most likely find a better rate today. Ignore everything you know about insurance because I’m going to let you in on the secrets to how to use online quotes to save money, get proper deductibles and limits, all at the lowest rate.
If you are already insured, you will be able to get lower rates using the ideas you’re about to read. Buying the cheapest protection in Chicago is not as hard as you may think. But Illinois car owners do need to know how insurance companies set your policy premium because rates are impacted by many factors.
How to get free BMW X5 insurance quotes online
When shopping for the cheapest BMW X5 rate quotes, there are a couple of ways of comparing rates from local Chicago car insurance companies. The fastest way to comparison shop consists of obtaining rate quotes online.
Keep in mind that comparing more quotes helps improve the odds of finding better pricing. Some insurance companies are not set up to provide rate quotes online, so you also need to get prices from them, too.
The companies in the list below have been selected to offer price quotes in Chicago, IL. If multiple companies are listed, we recommend you visit two to three different companies to get the lowest price.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| X5 3.0I AWD | $120 | $210 | $246 | $14 | $74 | $664 | $55 |
| X5 3.5D AWD | $254 | $424 | $268 | $16 | $80 | $1,042 | $87 |
| X5 4.8I AWD | $284 | $506 | $268 | $16 | $80 | $1,154 | $96 |
| X5 M AWD | $160 | $312 | $250 | $14 | $76 | $812 | $68 |
| Get Your Own Custom Quote Go | |||||||
Prices based on married male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, safe-driver, and multi-policy. Rate information does not factor in specific garaging location which can impact rates greatly.
Rate comparison of men versus women
The chart below illustrates the comparison of BMW X5 insurance costs for male and female drivers. The data assumes no claims or violations, full coverage, $100 deductibles, single marital status, and no discounts are taken into consideration.
Rate difference between full and liability-only coverage
The chart below examines BMW X5 premium costs with liability coverage only compared to full coverage. The information is based on no claims or driving violations, $1,000 deductibles, married male driver, and no discounts are taken into consideration.
When to drop full coverage
There is no exact formula for dropping physical damage insurance, but there is a general guideline you can use. If the annual cost of your full coverage insurance is 10% or more of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.
For example, let’s pretend your BMW X5 claim settlement value is $8,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most your company would pay you is $7,000 after paying your deductible. If you are paying in excess of $700 annually for comprehensive and collision coverage, then it might be time to consider dropping full coverage.
There are some situations where dropping full coverage is not a good plan. If you still owe a portion of the original loan, you have to keep full coverage as part of the loan conditions. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should keep full coverage on your policy.
Auto insurance is not optional but you don’t have to overpay
Despite the high insurance cost for a BMW X5 in Chicago, auto insurance is required for several reasons.
- Just about all states have mandatory liability insurance requirements which means you are required to buy specific limits of liability if you don’t want to risk a ticket. In Illinois these limits are 20/40/15 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you have a lien on your X5, most banks will have a requirement that you have comprehensive coverage to ensure loan repayment if the vehicle is totalled. If you let the policy lapse, the lender will be forced to insure your BMW at an extremely high rate and require you to reimburse them for the expensive policy.
- Auto insurance protects both your assets and your BMW X5. Insurance will also pay for medical transport and hospital expenses for not only you but also any passengers injured in an accident. Liability insurance, one of your policy coverages, will also pay to defend you if someone files suit against you as the result of an accident. If you receive damage to your vehicle caused by a storm or accident, comprehensive (other-than-collision) and collision coverage will pay to have it repaired.
The benefits of buying enough insurance are definitely more than the cost, particularly if you ever have a claim. On average, a vehicle owner in Chicago is overpaying over $825 a year so it’s very important to do a rate comparison at every renewal to ensure rates are competitive.
Save money with these discounts on BMW X5 insurance in Chicago
Insuring your fleet can be pricey, but you can get discounts that may help make it more affordable. Many discounts should be triggered at the time you complete a quote, but a few must be requested specifically prior to receiving the credit.
- Distant College Student Discount – Older children who are enrolled in higher education away from home and leave their car at home can be insured at a reduced rate.
- Government Employees – Active or retired federal employment could qualify for a slight premium decrease with a few car insurance companies.
- Full Payment Discount – By making one initial payment as opposed to paying monthly you could save 5% or more.
- Bundle and Save – If you combine your auto and homeowners policies with one insurance company you could save at least 10% off all policies.
- No Claim Discounts – Claim-free drivers get the best car insurance rates as compared to policyholders that have many claims.
- Data Collection Discounts – Chicago drivers who agree to allow driving data collection to spy on where and when they drive by using a telematics device like In-Drive from State Farm and Progressive’s Snapshot could see a rate decrease if they have good driving habits.
- Membership in Organizations – Joining qualifying clubs or civic groups could trigger savings on your next car insurance statement.
- Include Life Insurance and Save – Larger insurance companies have a lower premium rate if you buy some life insurance in addition to your auto policy.
- Senior Citizen Discount – Drivers that qualify as senior citizens may be able to get a small discount on rates.
- Drive Less and Save – Driving less could qualify for better rates on cars that stay parked.
As a sidenote, some credits don’t apply to your bottom line cost. A few only apply to individual premiums such as physical damage coverage or medical payments. Even though it may seem like adding up those discounts means a free policy, insurance companies wouldn’t stay in business.
A list of companies and a partial list of their discounts are shown below.
- State Farm has discounts for defensive driving training, Drive Safe & Save, accident-free, multiple autos, good student, student away at school, and anti-theft.
- Farmers Insurance offers discounts including mature driver, youthful driver, early shopping, bundle discounts, and alternative fuel.
- GEICO may include discounts for military active duty, federal employee, air bags, daytime running lights, seat belt use, and defensive driver.
- American Family may offer discounts for air bags, mySafetyValet, accident-free, early bird, and defensive driver.
- Nationwide has savings for business or organization, Farm Bureau membership, accident-free, easy pay, multi-policy, and family plan.
- Progressive may have discounts that include multi-vehicle, homeowner, multi-policy, continuous coverage, online quote discount, online signing, and good student.
Before purchasing a policy, check with all companies you are considering how you can save money. Depending on the company, some discounts may not apply to policies in Chicago. To view providers offering car insurance discounts in Illinois, click here to view.
When should I talk to a local insurance agent?
A small number of people still prefer to get advice from a local agent and that is a smart decision One of the benefits of comparing rate quotes online is the fact that you can find lower rates and still have an agent to talk to. Buying from and supporting neighborhood agents is still important in Chicago.
By using this quick form, the quote information gets sent to participating agents in Chicago that give free quotes for your coverage. It’s much easier because you don’t need to contact an agency because quoted prices will be sent immediately to your email address. You can find the lowest rates without having to waste a lot of time. If you want to get a rate quote for a specific company, feel free to find their quoting web page and fill out their quote form.
Do you need an independent or exclusive car insurance agent?
If you are searching for a local Chicago insurance agency, it can be helpful to understand the different agency structures and how they can quote your rates. Auto insurance agents in Chicago are considered either independent agents or exclusive agents depending on their employer.
Independent Agents (or Brokers)
Agents in the independent channel are not employed by one company so they have the ability to put coverage with multiple insurance companies and get you the best rates possible. If you are not satisfied with one company, they simply switch companies in-house and you don’t have to switch agencies.
When comparing rate quotes, you should always compare prices from a couple of independent agencies to get the most accurate price comparison. They often place coverage with smaller mutual companies which could offer lower prices.
Below is a list of independent agencies in Chicago that may be able to give free auto insurance rate quotes.
- AArdvark Insurance Agency
1228 W Wilson Ave – Chicago, IL 60640 – (773) 961-8781 – View Map - Amigo Insurance Agency
5902 W Fullerton Ave – Chicago, IL 60639 – (877) 999-2644 – View Map - Riehn Insurance
4541 N Lincoln Ave – Chicago, IL 60625 – (773) 561-4200 – View Map
Exclusive Insurance Agents
Agents in the exclusive channel have only one company to place business with and examples are Allstate, AAA, Farmers Insurance, and State Farm. They usually cannot provide other company’s prices so you need to shop around if the rates are high. Exclusive agents are trained well on their company’s products which helps offset the inability to provide other markets. Drivers often buy insurance from these agents mostly because of loyalty to the company rather than low price.
The following are Chicago exclusive agencies that are able to give comparison quotes.
- Rhea Joyer – State Farm Insurance Agent
4911 N Lincoln Ave c – Chicago, IL 60625 – (773) 878-8883 – View Map - Vivian Valtas – State Farm Insurance Agent
6108 S Archer Ave – Chicago, IL 60638 – (773) 582-3322 – View Map - Gus Andrade – State Farm Insurance Agent
4355 W 26th St – Chicago, IL 60623 – (773) 521-0216 – View Map
Picking the best auto insurance agent shouldn’t rely on just the bottom line cost. Below are some questions you should ask.
- What is the financial rating for the quoted company?
- How experienced are they in personal risk management?
- Is their price quote a firm figure or are their hidden costs?
- Does the agency have a good rating with the Better Business Bureau?
- Which insurance company do they prefer to write with?
- Can you get a list of referrals?
- Does the agent recommend any additional coverage?
- What discounts might you be missing?
Special considerations
When choosing the right insurance coverage for your personal vehicles, there really is no best way to insure your cars. Everyone’s needs are different so this has to be addressed.
For instance, these questions may help highlight if you could use an agent’s help.
- Do I need rental car coverage?
- When do I need to add a new car to my policy?
- Should I buy additional glass protection?
- When should I not buy collision coverage?
- Is a fancy paint job covered?
- Is borrowed equipment or tools covered if stolen or damaged?
- Am I covered when renting a car or should I buy coverage from the car rental agency?
If it’s difficult to answer those questions but you think they might apply to your situation, you might consider talking to an agent. If you don’t have a local agent, take a second and complete this form or click here for a list of auto insurance companies in your area.
A conclusion for your car insurance search
When searching for low cost Chicago car insurance quotes, it’s a bad idea to buy poor coverage just to save money. There are a lot of situations where an accident victim reduced uninsured motorist or liability limits and found out when filing a claim that the small savings ended up costing them much more. The proper strategy is to purchase plenty of coverage at a price you can afford while not skimping on critical coverages.
More affordable car insurance in Chicago can be found online as well as from independent agents in Chicago, so you need to shop Chicago car insurance with both to have the best rate selection. Some insurance providers do not provide price quotes online and usually these regional carriers work with independent agencies.
More articles
- Should I Purchase an Umbrella Liability Policy? (Insurance Information Institute)
- What Car Insurance is Cheapest for Drivers Over Age 50 in Chicago? (FAQ)
- How Much are Chicago Car Insurance Rates for Unemployed Drivers? (FAQ)
- How Much are Chicago Auto Insurance Rates for Nurses? (FAQ)
- Vehicle Safety Ratings (iihs.org)
- Where can I buy Insurance? (Insurance Information Institute)
- Tools for Teen Driving Safety (State Farm)