BMW X3 Insurance Quotes in San Jose

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Insurance rates BMW X3 in San JoseHow long have you put off shopping around for low-cost BMW X3 insurance in San Jose? Are you kicking yourself for buying an under-performing, overpriced car insurance policy? Don't sweat it because there are lots of people in the same boat.

A recent survey discovered that the majority of drivers kept their policy with the same company for well over three years, and practically 40% of car insurance customers have never compared car insurance rates at all. Most drivers in California could pocket approximately $470 a year, but they don't believe the large savings they would see if they replace their high priced policy.

How to find cheaper BMW X3 insurance in San Jose

The best way to find cheaper quotes for BMW X3 insurance is to make a habit of regularly comparing prices from different companies that insure vehicles in San Jose. Price quotes can be compared by following these guidelines.

  1. Try to comprehend how car insurance works and the things you can control to prevent expensive coverage. Many risk factors that cause high rates such as accidents, traffic tickets, and poor credit rating can be controlled by being financially responsible and driving safely.
  2. Request rate estimates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only quote rates from one company like Progressive or State Farm, while independent agents can quote prices for a wide range of companies.
  3. Compare the new quotes to your existing rates and see if there is a cheaper rate in San Jose. If you find a better price and change companies, make sure the effective date of the new policy is the same as the expiration date of the old one.

One important bit of advice is that you use the same liability limits and deductibles on each quote request and and to get price quotes from as many different insurance providers as possible. This helps ensure an apples-to-apples comparison and plenty of rates choose from.

Due to the increasing number of insurance companies to choose from that have lower-cost insurance for a BMW X3 in San Jose, it can be challenging to locate the cheapest insurer.

The companies shown below provide quotes in San Jose, CA. If multiple companies are shown, we recommend you visit several of them in order to find the lowest rates.

Choosing BMW X3 insurance is an important decision

Despite the high insurance cost for a BMW X3 in San Jose, insuring your vehicle is mandatory in California but it also protects more than you think.

  • The majority of states have minimum mandated liability insurance limits which means the state requires a specific level of liability protection if you drive a vehicle. In California these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.
  • If you have a loan on your BMW X3, most banks will force you to have insurance to protect their interest in the vehicle. If you default on your policy, the lender may insure your BMW at a significantly higher premium and require you to reimburse them the higher premium.
  • Insurance safeguards both your BMW X3 and your assets. It will also pay for all forms of medical expenses for yourself as well as anyone injured by you. One of the most valuable coverages, liability insurance, also pays for attorney fees and expenses if you cause an accident and are sued. If damage is caused by hail or an accident, your car insurance policy will pay to repair the damage.

The benefits of carrying adequate insurance definitely exceed the cost, especially when you need to use it. But the average driver in California overpays as much as $810 a year so you should quote and compare rates every year to help ensure money is not being wasted.

Insurance coverage details

The rate information below highlights estimates of insurance policy prices for BMW X3 models. Having a better understanding of how auto insurance premiums are determined is important to be able to make informed decisions when comparing rates.

BMW X3 Insurance Rates in San Jose, CA
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X3 3.0I xDrive AWD 4-Dr $430 $780 $442 $26 $132 $1,810 $151
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Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and California minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, claim-free, and safe-driver. Premium costs do not factor in specific garaging location which can lower or raise rates significantly.

Physical damage deductible comparison

One of the most common car insurance questions is the level to set your comp and collision deductibles. The premium rates below may help to conceptualize the rate fluctuation between low and high policy deductibles. The first set of prices uses a $100 physical damage coverage deductible and the second price table uses a $500 deductible.

BMW X3 insurance policy rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X3 3.0I xDrive AWD 4-Dr $478 $932 $442 $26 $132 $2,035 $170
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BMW X3 insurance policy rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
X3 3.0I xDrive AWD 4-Dr $348 $630 $442 $26 $132 $1,578 $132
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Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and California minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, homeowner, and multi-policy. Information does not factor in the specific area where the vehicle is garaged which can alter coverage rates substantially.

Based on the data above, we can derive that using a $100 deductible costs an average of $38 more each month or $456 annually than opting for the higher $500 deductible. Since you would pay $400 more if you turn in a claim with a $500 deductible as compared to a $100 deductible, if you tend to have at least 11 months between claim filings, you would most likely save money if you choose the higher deductible.

How to calculate deductible break even point

Average monthly premium for $100 deductibles: $170
Average monthly premium for $500 deductibles (subtract): - $132
Monthly savings from raising deductible: $38
Difference between deductibles ($500 - $100): $400
Divide difference by monthly savings: $400 / $38
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 11 months

One thing to note is that raising deductibles to save money results in a higher out-of-pocket expense when you have a claim. You need to have enough extra savings in order to pay the deductible.

The diagram below highlights how deductible selection and can increase or decrease BMW X3 insurance rates for different age groups of insureds. The information is based on a single male driver, full physical damage coverage, and no policy discounts are applied.

BMW X3 full coverage rates compared to liability only

The illustration below shows the comparison of BMW X3 auto insurance costs with full coverage and liability only. The premiums assume a clean driving record, no at-fault accidents, $500 deductibles, marital status is single, and no discounts are factored in.

Should you pay for full coverage?

There is no definitive formula to stop buying full coverage on your policy, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is about 10% or more of the vehicle's replacement cost less your deductible, then it might be time to buy liability only.

For example, let's say your BMW X3 replacement cost is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $5,000 after paying your deductible. If premium cost is more than $500 a year for physical damage coverage, then you might want to think about dropping full coverage.

There are some cases where dropping physical damage coverage is not financially feasible. If you still have a loan on your vehicle, you have to keep full coverage in order to prevent your loan from defaulting. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should not opt for liability only.

Do you qualify for discounts on BMW X3 insurance in San Jose?

Auto insurance companies don't list all discounts very clearly, so the following list contains a few of the more common and also the lesser-known credits that you can use to lower your rates.Save money with discounts

  • Federal Government Employee - Being employed by or retired from a federal job may reduce rates when you quote San Jose auto insurance depending on your company.
  • ABS and Traction Control Discounts - Cars and trucks with ABS and/or traction control can reduce accidents and therefore earn up to a 10% discount.
  • Payment Discounts - By paying your entire bill at once instead of paying each month you can avoid the installment charge.
  • Passive Restraints and Air Bags - Options like air bags or automatic seat belts may qualify for discounts as much as 30%.
  • Include Life Insurance and Save - Larger auto insurance companies have a discounted premium rate on car insurance if you buy life insurance from them.
  • Driver Education Discount - Cut your cost by having your teen driver enroll and complete driver's education in school.
  • Fewer Miles Equal More Savings - Fewer annual miles on your BMW could qualify for lower auto insurance rates on the low mileage vehicles.
  • Discount for Swiching Early - A few insurance companies allow discounts for buying a policy before your current X3 insurance policy expires. It could save around 10% when you buy San Jose auto insurance online.

As a sidenote, many deductions do not apply to the overall cost of the policy. Most only cut the cost of specific coverages such as liability, collision or medical payments. Even though it may seem like you would end up receiving a 100% discount, that's just not realistic.

The information below shows the difference between BMW X3 car insurance rates with and without discounts applied to the premium. The premiums assume a female driver, no claims or violations, California state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, multi-car, multi-policy, safe-driver, marriage, and homeowner discounts applied.

A few popular companies and their offered discounts are included below.

  • State Farm offers discounts including Steer Clear safe driver discount, accident-free, defensive driving training, safe vehicle, and anti-theft.
  • GEICO offers premium reductions for emergency military deployment, defensive driver, good student, five-year accident-free, and multi-policy.
  • Allstate discounts include early signing, FullPay discount, 55 and retired, passive restraint, premier discount, eSmart discount, and safe driver.
  • SAFECO may include discounts for bundle discounts, anti-theft, anti-lock brakes, teen safe driver, homeowner, accident prevention training, and multi-car.
  • Farm Bureau policyholders can earn discounts including youthful driver, good student, multi-policy, driver training, safe driver, renewal discount, and multi-vehicle.
  • Progressive includes discounts for continuous coverage, good student, homeowner, multi-vehicle, online quote discount, online signing, and multi-policy.
  • AAA may have discounts that include pay-in-full, education and occupation, good student, good driver, multi-car, and anti-theft.

Check with each company or agent to give you their best rates. Some of the discounts discussed earlier may not be available in San Jose. For a list of auto insurance companies who offer online BMW X3 insurance quotes in California, click here to view.