How Much Does 2023 BMW iX Insurance Cost in 2024?

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: Mar 28, 2024

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Nobody that owns a car rejoices having to buy insurance, particularly when the cost is too high.

You have multiple insurance companies to buy insurance from, and though it is a good thing to have a choice, it makes it harder to adequately compare rates.

Choosing the best insurance company for you is not that difficult. If you have car insurance now, you should be able to lower your premiums substantially using this strategy. But drivers must know how the larger insurance companies compete online and take advantage of how the system works.

Find discounts to get cheap auto insurance quotes

Auto insurance can be pricey, but you might already qualify for some discounts that may help make it more affordable. Many discounts should be triggered at the time you complete a quote, but lesser-known reductions have to be inquired about prior to getting the savings. If you check and find you aren’t receiving every discount you deserve, you are just wasting money.

  • Discounts for Responsible Drivers – Insureds who avoid accidents can get discounts for up to 45% lower rates on iX insurance compared to rates paid by drivers with frequent claims.
  • Professional Organizations – Belonging to qualifying employment or professional organizations can get you a small discount when getting a car insurance quote.
  • Buy New and Save – Buying insurance on a new vehicle can cost up to 25% less since new model year vehicles have better safety ratings.
  • Defensive Driver Discount – Taking time to complete a driver safety course could cut 5% off your bill and easily recoup the cost of the course.
  • Auto/Home Discount – If you insure your home and vehicles with the same company you will save over 10 percent off each policy depending on the company.
  • Senior Discount – Mature drivers may qualify for a small decrease in premiums on iX insurance.
  • Passenger Safety Discount – Vehicles with factory air bags and/or automatic seat belt systems can receive discounts of 20% or more.

As a disclaimer on discounts, most of the big mark downs will not be given to all coverage premiums. Most cut specific coverage prices like medical payments or collision. Despite the fact that it seems like having all the discounts means you get insurance for free, companies don’t profit that way.

Insurance companies that may offer policyholders these discounts include:

  • Farm Bureau
  • MetLife
  • Progressive
  • AAA
  • American Family
  • State Farm

When quoting, ask every prospective company which discounts can lower your rates. Discounts may not be available in every state.

Smart buyers can lower their insurance rates

Many different elements are considered when you quote your car insurance policy. Some factors are common sense like a motor vehicle report, although some other factors are not as apparent such as your marital status or your commute time.

The items below are a few of the “ingredients” used by your company to calculate your prices.

  • Extra policy coverages can add up – There are a lot of additional coverages that may not really be needed on your car insurance policy. Coverages for vanishing deductibles, death and dismemberment, and motor club memberships are examples of these. They may seem good when buying your policy, but if you’ve never needed them in the past remove them and pocket the money.
  • Safer vehicles save money – Safer cars can get you lower premiums. Highly rated vehicles reduce injuries and any reduction in injury severity means less money paid by your insurance company and more competitive rates for policyholders. If your BMW earned at least an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website you may qualify for a discount.
  • Higher prices for specific occupations – Jobs like real estate brokers, police officers and dentists tend to have higher rates than the rest of us due to job stress and lots of time spent away from family. On the flip side, occupations such as actors, athletes and homemakers receive lower rates on iX insurance.
  • Liability coverage claims can be big – A critical coverage on your policy, liability insurance will afford coverage when you are ruled to be at fault for causing personal injury or damage in an accident. This coverage provides you with a defense in court which can cost a lot. Carrying liability coverage is mandatory and cheap compared to physical damage coverage, so drivers should carry high limits.
  • Save money by raising deductibles – Deductibles for physical damage state the amount of money you are required to spend out-of-pocket before a claim is paid by your company. Physical damage protection, otherwise known as comp (or other than collision) and collision, insures against damage to your car. Examples of covered claims are collision with another vehicle, hail damage, and damage from wind. The more expense you pay before a claim is paid (deductible), the less your company will charge you for insurance on iX insurance.
  • You might pay more if you are single – Having a significant other can actually save you money when buying car insurance. Marriage translates into being more mature and responsible it has been statistically shown that married couples file fewer claims.
  • Male prices may be higher – Statistics show that females take fewer risks when driving. That doesn’t necessarily mean that women are better drivers. Both genders get in accidents in similar numbers, but the men tend to have higher claims. Not only that, but men also get higher numbers of serious violations like driving under the influence (DUI). Male teenagers have the highest risk to insure and therefore have the most expensive car insurance rates.

Tailor your car insurance coverage to you

When buying proper insurance coverage, there really is no best way to insure your cars. Each situation is unique and your policy should reflect that. Here are some questions about coverages that can aid in determining if your insurance needs may require specific advice.

  • Am I covered when using my vehicle for business?
  • Is my camper covered by my car insurance policy?
  • Am I covered when pulling a rental trailer?
  • Should I put collision coverage on all my vehicles?
  • Do I need more liability coverage?
  • Does my insurance cover a custom paint job?
  • Am I covered by my spouse’s policy after a separation?
  • Why do I only qualify for high-risk insurance?
  • Why am I required to get a high-risk car insurance policy?

If it’s difficult to answer those questions but you know they apply to you then you might want to talk to a licensed agent. To find lower rates from a local agent, take a second and enter your zip code.

Can you really save if you switch?

Big name companies like Progressive, GEICO, Allstate and State Farm constantly bombard you with ads on TV and radio. They all seem to advertise claims that drivers can save some big amount if you move your coverage to them. But how can every company charge you less for car insurance? It’s all in the words they use.

Many companies require specific criteria for the type of driver that earns them the highest profit. An example of a profitable customer should be a female over age 40, has a low-risk occupation, and does not commute to work. A driver that matches those criteria will get a cheap rate quote and will most likely save a lot if they switch.

Insureds who don’t qualify for these stringent criteria will probably be forced to pay a higher premium which usually ends up with the customer not buying. Company advertisements say “customers who switch” but not “everyone who gets a quote” save the amount stated. This is how insurance companies can state the savings. Because of these techniques, drivers should get as many free car insurance quotes as possible. Because you never know the company that will have the best car insurance rates.

Information about specific coverages

Knowing the specifics of a auto insurance policy can help you determine appropriate coverage and the correct deductibles and limits. The coverage terms in a policy can be confusing and coverage can change by endorsement. Listed below are the normal coverages found on the average auto insurance policy.

Comprehensive auto coverage

Comprehensive insurance coverage covers damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive can pay for claims such as hail damage, damage from flooding, damage from getting keyed and rock chips in glass. The maximum amount a auto insurance company will pay at claim time is the ACV or actual cash value, so if the vehicle is not worth much it’s not worth carrying full coverage.

Coverage for liability

This coverage protects you from damages or injuries you inflict on people or other property. This coverage protects you from legal claims by others, and does not provide coverage for damage to your own property or vehicle.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show liability limits of 100/300/100 that translate to $100,000 in coverage for each person’s injuries, a total of $300,000 of bodily injury coverage per accident, and property damage coverage for $100,000.

Liability coverage protects against things like repair costs for stationary objects, emergency aid and medical services. How much liability coverage do you need? That is a decision to put some thought into, but it’s cheap coverage so purchase as high a limit as you can afford.

Collision insurance

This coverage pays for damage to your iX caused by collision with another vehicle or an object, but not an animal. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision coverage pays for claims like sideswiping another vehicle, colliding with another moving vehicle, rolling your car, crashing into a building and hitting a parking meter. This coverage can be expensive, so analyze the benefit of dropping coverage from older vehicles. You can also choose a higher deductible to save money on collision insurance.

Medical payments and PIP coverage

Coverage for medical payments and/or PIP provide coverage for immediate expenses for nursing services, funeral costs and X-ray expenses. The coverages can be used to cover expenses not covered by your health insurance program or if you do not have health coverage. It covers all vehicle occupants in addition to being hit by a car walking across the street. Personal injury protection coverage is not universally available but it provides additional coverages not offered by medical payments coverage

UM/UIM (Uninsured/Underinsured Motorist) coverage

This gives you protection from other motorists when they do not carry enough liability coverage. This coverage pays for injuries sustained by your vehicle’s occupants and damage to your 2023 BMW iX.

Since a lot of drivers have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea.

One last thing

In this article, we covered a lot of techniques to shop for 2023 BMW iX insurance online. It’s most important to understand that the more companies you get premium rates for, the better chance you’ll have of finding inexpensive car insurance. You may even discover the biggest savings come from a small local company. Regional companies may often insure only within specific states and give getter rates compared to the large companies like State Farm, GEICO and Nationwide.

As you quote car insurance, make sure you don’t buy poor coverage just to save money. In many cases, someone dropped collision coverage only to discover later that it was a big mistake. Your objective should be to buy enough coverage at an affordable rate while still protecting your assets.

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