Since BMW is a premium luxury brand, it costs more to insure one than most other cars in Connecticut. The main reason for this is that maintenance and repair costs of BMWs are higher than average. You will thus have to pay higher rates especially if you include collision and other options for comprehensive coverage.
However, BMWs are noted for their high safety standard. Thus, medical costs are lower on average for collisions involving BMWs. This high safety factor reduces the cost of insurance.
As a rough guide, a 40-year-old male driver with a clean record will incur around $200 per month by way of BMW insurance. High-end models like the BMW740i can push up this cost to around $250 per month. But economical models like the BMW 328i can cost as low as $170. The smaller SUVs like the X1 and X2 have slightly higher costs.
If you compare these values with other luxury makes, you will find that there is not much of a difference there.
BMW Model and Age
Besides expensive luxury cars, which is what BMW is known to offer, the company also offers mid-range vehicles. You may be able to save on insurance if you decide to go with one from the mid-range models. The high end luxury models will certainly have more costly insurance.
Experience and Driving Record
If you have a clean track record, you could have access to reasonably low BMW auto insurance.
Age is another important factor. Teen drivers as well as those with a new driving license are among the riskiest prospects. Teens can be very impulsive drivers. After all, the prefrontal cortex (executive decision-making center towards the front of the brain) is not fully developed until the mid or late twenties. Thus, teens have a reduced decision-making capability. Newly licensed drivers are also high-risk since they have little driving experience and dexterity.
Seniors are high risk due to their slowed reflexes which increases the risk of collisions. Thus, if you are a teen, inexperienced driver or a senior, you may have to pay higher premiums.
Of course, if you have DUIs, traffic violations and tickets on your record, then you will have to pay higher BMW auto insurance.
Choice of Insurance Company
The insurance company that you choose to go with will have the strongest effect on your monthly insurance rate. There is a major price fluctuation between various insurance companies in the market. Drivers in Connecticut should know that there are plenty of companies to choose from for BMW car insurance. Thus, they should carry out due diligence and research before finalizing their insurance purchase decision.
The price of BMW auto insurance can vary strongly between companies. The BMW 328i costs just $120 per month at Liberty Mutual while the same model at Travelers costs a rather pricey $240. As you can see, prices can vary by a factor of two.
You may want to cut down on your insurance expense by going for the lowest price possible. But that could ultimately prove costly in the long term and may even stand in the way of your insurance claim. Besides price levels, you should also check for claim settlement record, customer service, financial stability and coverage options. These factors strongly influence the likelihood of having your claim approved. Beware of shady dealers in the auto insurance sector.
Credit History
Your credit history matters no matter where you go. Even landlords and utility services now take a look at the credit record to find out whether or not the customer will pay on time.
Your credit record indicates your ability to pay on time. Thus, to maximize your chances of approval, you should ideally have an excellent credit score.
Any auto insurer that you apply to will assign you a score that is calculated from numerous factors including your credit score. The resultant rating is the auto insurance score. It will determine your chances of approval with the insurer. The auto insurance score carries almost as much weight as your driving record.
Conclusion
Remember that there are several factors to consider when buying BMW auto insurance. When searching for good insurers be sure to check for prices, coverage plans, customer satisfaction, service quality, and financial stability.
Prices for BMW car insurance in Connecticut can vary widely. Hence, you should search the marketplace thoroughly to get the best deal on auto insurance.
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