Would you like to buy the cheapest BMW Z4 insurance in Tampa? Finding lower priced Tampa BMW Z4 insurance quotes can appear to be somewhat intimidating for people not familiar with comparing and buying car insurance online. With such a large number of online companies, how can you have time to compare them all to find the best price?
Steps to buying low-cost BMW Z4 insurance in Tampa
The best way to get low-cost auto insurance rates is to compare quotes once a year from insurers who can sell car insurance in Tampa. You can shop around by completing these steps.
First, it will benefit you to learn about how companies price auto insurance and the steps you can take to prevent expensive coverage. Many rating factors that result in higher prices like traffic citations and a negative credit score can be remedied by making minor changes in your lifestyle. Later in this article we will cover more details to prevent rate hikes and find discounts that may have been missed.
Second, quote rates from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only provide price estimates from a single company like GEICO and Allstate, while independent agencies can quote prices for a wide range of insurance providers.
Third, compare the new rate quotes to the price on your current policy to see if you can save by switching companies. If you find a better price and switch companies, ensure there is no coverage lapse between policies.
Fourth, tell your current agent or company of your intention to cancel your existing policy. Submit the signed application along with the required initial payment to your new company or agent. As soon as coverage is bound, keep the new certificate verifying proof of insurance along with your vehicle registration.
One tip to remember is to try to compare the same deductibles and limits on every price quote and and to get rates from as many auto insurance providers as possible. This provides an apples-to-apples comparison and and a good selection of different prices.
It’s safe to assume that car insurance companies don’t want their customers to go rate shopping. People who shop around for cheaper price quotes are inclined to switch car insurance companies because they have good chances of finding coverage at a cheaper rate. A recent study showed that people who shopped around saved as much as $3,450 over four years as compared to drivers who never shopped around for cheaper prices.
If finding budget-friendly car insurance in Tampa is your objective, then understanding the best way to quote and compare insurance premiums can make it easier to shop your coverage around.
It’s important to get comparison quotes periodically because prices trend upward over time. Despite the fact that you may have had the best price on BMW Z4 insurance in Tampa six months ago you can probably find a better rate now. You can find a lot of misleading information regarding Z4 insurance online, but we’re going to give you a bunch of ideas how to slash your car insurance rates in Tampa.
These discounts can reduce BMW Z4 insurance rates
Some insurers don’t always advertise all possible discounts in an easy-to-find place, so the next list breaks down a few of the more well known and the more hidden credits that may apply to you.
- Senior Discount – If you qualify as a senior citizen, you may qualify for reduced rates.
- Policy Bundle Discount – When you have multiple policies and place coverage with the same company you could save up to 20% off your total Z4 insurance premium.
- Club Memberships – Participating in a qualifying organization can get you a small discount on your next auto insurance statement.
- Military Discounts – Having a family member in the military may lower your auto insurance rates slightly.
- Paperwork-free – Some companies may give you up to $50 for completing your application online.
- Full Payment Discount – If paying your policy premium upfront instead of monthly or quarterly installments you could save up to 5%.
- Multiple Vehicles – Having primary and secondary vehicles on the same auto insurance policy could earn a price break for each car.
As a footnote on discounts, most of the big mark downs will not be given to your bottom line cost. A few only apply to specific coverage prices like comp or med pay. Even though the math looks like you can get free auto insurance, it’s just not the way it works. But all discounts will lower your auto insurance premiums.
The diagram below compares BMW Z4 insurance premiums with and without discounts applied. The data is based on a female driver, a clean driving record, no at-fault accidents, Florida state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, marriage, claim-free, multi-policy, homeowner, and multi-car discounts applied.
The best auto insurance companies and a selection of discounts are:
- American Family may have discounts that include accident-free, good driver, air bags, early bird, and TimeAway discount.
- Farm Bureau offers premium reductions for multi-vehicle, youthful driver, safe driver, renewal discount, and 55 and retired.
- State Farm offers discounts including defensive driving training, Drive Safe & Save, student away at school, multiple policy, and anti-theft.
- Travelers offers discounts for continuous insurance, IntelliDrive, early quote, home ownership, payment discounts, new car, and save driver.
- The Hartford may include discounts for anti-theft, air bag, good student, vehicle fuel type, and defensive driver.
- GEICO has savings for military active duty, multi-vehicle, good student, air bags, seat belt use, driver training, and federal employee.
- Progressive includes discounts for multi-vehicle, multi-policy, online signing, online quote discount, and continuous coverage.
Double check with all the companies which credits you are entitled to. Some of the discounts discussed earlier might not be offered on policies in every state.
When quoting insurance, remember that comparing more quotes provides better odds of finding more affordable rates. Some insurance companies are not set up to provide Tampa Z4 insurance quotes over the internet, so it’s important to also get rates from those companies as well.
The following companies offer price comparisons in Tampa, FL. If you wish to find cheap car insurance in Tampa, FL, we recommend you compare several of them in order to find the cheapest rates.
Insurance rate breakdown
The table displayed below highlights a range of prices for BMW Z4 models. Being more informed about how insurance premiums are figured is important for drivers to make decisions on the best policy to buy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Z4 3.0I SDRIVE 2-Dr Roadster||$514||$880||$464||$28||$140||$2,026||$169|
|Z4 3.5I SDRIVE 2-Dr Roadster||$514||$880||$464||$28||$140||$2,026||$169|
|Get Your Own Custom Quote Go|
Data rating is based on single male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Florida minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, homeowner, and safe-driver. Information does not factor in the specific area where the vehicle is garaged which can modify coverage prices significantly.
Should you raise deductibles?
One common question asked by Tampa drivers is how high or low should comp and collision deductibles be. The data tables below approximate the differences in premium rates of buying low and high deductibles. The first set of prices uses a $250 deductible for physical damage and the second price table uses a $500 deductible.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Z4 3.0I SDRIVE 2-Dr Roadster||$406||$736||$354||$20||$106||$1,647||$137|
|Z4 3.5I SDRIVE 2-Dr Roadster||$406||$736||$354||$20||$106||$1,647||$137|
|Get Your Own Custom Quote Go|
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Z4 3.0I SDRIVE 2-Dr Roadster||$330||$594||$354||$20||$106||$1,404||$117|
|Z4 3.5I SDRIVE 2-Dr Roadster||$330||$594||$354||$20||$106||$1,404||$117|
|Get Your Own Custom Quote Go|
Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include safe-driver, multi-policy, multi-vehicle, homeowner, and claim-free. Price estimates do not factor in Tampa location which can decrease or increase auto insurance rates noticeably.
Based on the figures above, using a $250 deductible costs approximately $20 more each month or $240 each year averaged for all Z4 models than requesting the higher $500 deductible. Due to the fact that you would have to pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you normally go at a minimum 13 months between claim filings, you would probably be better off by selecting a higher deductible. The illustration below shows the way this calculation is made.
|Average monthly premium for $250 deductibles:||$137|
|Average monthly premium for $500 deductibles (subtract):||– $117|
|Monthly savings from raising deductible:||$20|
|Difference between deductibles ($500 – $250):||$250|
|Divide difference by monthly savings:||$250 / $20|
|Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible||13 months|
One big caveat is that raising deductibles to save money means you pay more out-of-pocket when you have a physical damage claim. It will be required that you have enough money put aside in order to pay more to get your vehicle repaired.
Cautious drivers save money
The diagram below highlights how traffic violations and accident claims can impact BMW Z4 insurance rates for different categories of driver ages. The premiums are based on a single male driver, comp and collision included, $250 deductibles, and no discounts are applied.
Yearly car insurance costs for men versus women
The chart below illustrates the difference between BMW Z4 premium costs for male and female drivers. The data is based on no accidents or driving violations, comprehensive and collision coverage, $500 deductibles, single marital status, and no discounts are taken into consideration.
Does full coverage make sense?
The diagram below shows the comparison of BMW Z4 insurance costs when comparing full coverage to liability only. The premiums are based on no accidents, no driving violations, $250 deductibles, marital status is single, and no discounts are applied.
When to stop paying for full coverage
There is no set rule that is best for determining when to drop physical damage insurance, but there is a general guideline. If the annual cost of coverage is 10% or more of replacement cost minus your deductible, then it may be the right time to buy liability only.
For example, let’s say your BMW Z4 settlement value is $5,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most you would receive is $4,000 after paying the physical damage deductible. If you are currently paying more than $400 annually to have full coverage, then it might be time to consider dropping full coverage.
There are a few cases where eliminating full coverage is not recommended. If you still have a loan on your vehicle, you have to carry full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should not opt for liability only.
The BMW Z4 Insurance Rate Equation
Many things are considered when you get a price on insurance. Most are fairly basic like your driving record, but other criteria are more obscure such as your credit history and annual miles driven.
Car features impact prices – Purchasing a vehicle with an alarm system can save you a little every year. Advanced theft deterrents such as LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all help prevent your car from being stolen.
Liability protection safeguards assets – A critical coverage on your policy, liability insurance kicks in in the event that a court rules you are at fault for physical damage or personal injury to other. Your liability coverage provides for a legal defense up to the limits shown on your policy. It is affordable coverage compared to physical damage coverage, so buy as much as you can afford.
Annual mileage and car insurance prices – The higher the mileage driven in a year the higher the price you pay to insure it. Most insurance companies apply a rate partially by how you use the vehicle. Vehicles used primarily for pleasure use get more affordable rates than vehicles that are driven to work every day. Verify your declarations sheet states the correct usage for each vehicle. Improper usage on your Z4 can result in significantly higher rates.
Marriage is a bonus – Being married may cut your premiums compared to being single. Having a significant other demonstrates that you tend to be more mature and insurance companies like that being married results in fewer claims.
Use one insurance company and save – Most companies will give discounts for people who have multiple policies with them. It’s known as a multi-policy discount. Discounts can be ten or even up to twenty percent in some cases. Even if you qualify for this discount already, it’s always a smart idea to comparison shop to help guarantee you have the best rates.
Teenagers are high risk – Beginning drivers in Florida are statistically proven to be less responsible when driving and because of this, their insurance rates are much higher. If you’ve ever had to add a first-time driver to your insurance policy can be very expensive. Older insureds tend to be more responsible, tend to file fewer claims, and tend to be get fewer driving tickets.
The data below uses these assumptions: single driver, full coverage with $100 deductibles, and no discounts or violations.
Insurance claims cost money – If you are a frequent claim filer, you can pretty much guarantee higher premiums or even policy non-renewal. Companies in Florida award the best rates to insureds who only file infrequent claims. Auto insurance is designed for the bigger claims that can’t be paid out-of-pocket.
BMW Z4 insurance loss data – Insurance companies analyze past claim statistics to determine a price that will be profitable for them. Vehicles that tend to have higher number or severity of losses will have a higher premium rate.
The data below shows the actual insurance loss data for BMW Z4 vehicles. For each policy coverage type, the claim amount for all vehicles, as a total average, is represented as 100. Numbers below 100 are indicative of better than average losses, while numbers shown that are more than 100 point to more claims or tendency to have larger claims.
|Vehicle Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|BMW Z4 Convertible||131||67||78|
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Different people need different auto insurance coverages
Always keep in mind that when comparing insurance from an agent or online for your vehicles, there really is not a best way to insure your cars. Your situation is unique.
These are some specific questions might point out whether your personal situation will benefit from professional help.
- Should I file a claim if it’s only slightly more than my deductible?
- When should I buy a commercial auto policy?
- What is no-fault insurance?
- Are my friends covered when driving my BMW Z4?
- Is business equipment covered while in my vehicle?
- Can my teen driver be rated on a liability-only vehicle?
If you don’t know the answers to these questions but you think they might apply to your situation then you might want to talk to a licensed agent. If you don’t have a local agent, simply complete this short form.
Compare prices but work with a local Tampa insurance agent
Certain consumers still like to go talk to an agent and that is just fine! One of the great benefits of getting online price quotes is the fact that drivers can get cheaper auto insurance rates but also keep your business local.
By using this short form, your insurance coverage information is transmitted to insurance agents in Tampa who will give you quotes to get your business. You won’t even need to find an agent on your own because quoted prices will be sent to you instantly. You can find better rates AND a local agent. In the event you want to get a rate quote from a specific insurance company, don’t hesitate to go to their quote page and give them your coverage information.
Finding the right insurer shouldn’t rely on just the premium amount. The questions below may impact your decision as well.
- Does the company allow you to choose your own collision repair facility?
- Will the agent or a CSR service your policy?
- What is the agency’s Better Business Bureau rating?
- How often do they review policy coverages?
- Are aftermarket or OEM parts used to repair vehicles?
- How much can you save by raising your physical damage deductibles?
- Will the quote change when the policy is issued?
- Do they specialize in personal lines auto insurance in Tampa?
If you need to find a local agent, it’s important to understand the different agency structures and how they work. Agents can either be exclusive or independent agents depending on their company appointments.
Exclusive Insurance Agencies
Agents that choose to be exclusive can only provide one company’s prices such as State Farm or Allstate. Exclusive agents are unable to shop your coverage around so keep that in mind. They are highly trained on sales techniques and that can be a competitive advantage. Consumers often choose to use a exclusive agent mostly because of the prominence of the brand rather than having the cheapest rates.
Below are exclusive insurance agents in Tampa that are able to give rate quotes.
- Jim Cornwell – State Farm Insurance Agent
4305 W Bay to Bay Blvd – Tampa, FL 33629 – (813) 835-8892 – View Map
- Allstate Insurance: Paul H. Phaneuf
3641 W Kennedy Blvd F – Tampa, FL 33609 – (813) 353-0303 – View Map
- Shirin Khorsandian – State Farm Insurance Agent
2734 E Fowler Ave, Ste A – Tampa, FL 33612 – (813) 971-6060 – View Map
Independent Car Insurance Agencies
These agents are not limited to a single company so they can insure your vehicles with a variety of different insurance companies and potentially find a lower price. If premiums increase, they simply switch companies in-house without you having to go to a different agency.
If you need cheaper car insurance rates, it’s a good idea to check rates from multiple independent agents in order to compare the most rates. Most can insure with different regional companies which could offer lower prices.
Shown below is a short list of independent agents in Tampa that can give you comparison quotes.
- Mesa Insurance Agent
Tampa, FL 33603 – Tampa, FL 33603 – (813) 442-4179 – View Map
- GreatFlorida Insurance – Mike Polivchak
3928 W Hillsborough Ave – Tampa, FL 33614 – (813) 870-2334 – View Map
- Seibert Insurance Agency
5121 Ehrlich Rd #111 – Tampa, FL 33624 – (813) 960-4672 – View Map
If you get positive feedback to any questions you have and locked in a price quote, it’s possible that you found an insurance agent that can adequately provide car insurance. But remember, policyholders can cancel your policy whenever you want so don’t assume you’re contractually obligated to a specific company with no way out.
Why you need quality insurance for your BMW Z4
Despite the high insurance cost for a BMW Z4 in Tampa, buying car insurance may be mandatory for several reasons.
- The majority of states have minimum mandated liability insurance limits which means you are required to carry specific minimum amounts of liability insurance in order to drive the car. In Florida these limits are 10/20/10 which means you must have $10,000 of bodily injury coverage per person, $20,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If your vehicle has a lienholder, it’s most likely the lender will have a requirement that you have full coverage to ensure the loan is repaid in case of a total loss. If you cancel or allow the policy to lapse, the bank may insure your BMW at a much higher rate and require you to reimburse them for the much more expensive policy.
- Car insurance protects your car and your assets. It will also pay for medical transport and hospital expenses for yourself as well as anyone injured by you. As part of your policy, liability insurance also pays expenses related to your legal defense if you are named as a defendant in an auto accident. If your BMW gets damaged, comprehensive and collision coverage will pay to restore your vehicle to like-new condition.
The benefits of carrying adequate insurance definitely exceed the price paid, especially when you need to use it. But the average driver in Florida is overpaying more than $750 every year so it’s recommended you shop around each time the policy renews to make sure the price is not too high.
Affordable insurance rates are possible
We just showed you many ideas to reduce BMW Z4 insurance car insurance rates online in Tampa. The most important thing to understand is the more you quote Tampa auto insurance, the more likely it is that you will get a better rate. Drivers may even discover the best price on insurance is with a lesser-known regional company.
As you go through the steps to switch your coverage, don’t be tempted to skimp on coverage in order to save money. There have been many cases where an insured cut physical damage coverage only to discover later that they should have had better coverage. Your goal should be to purchase plenty of coverage at the best cost but still have enough coverage for asset protection.
Insureds who switch companies do it for a number of reasons such as questionable increases in premium, extreme rates for teen drivers, unfair underwriting practices or delays in paying claims. No matter why you want to switch, switching companies can be less work than you think.
How to find cheaper BMW Z4 insurance in Tampa
If you want to find the absolute lowest rates, then the best way to get more affordable car insurance rates is to regularly compare prices from different companies that sell auto insurance in Tampa.
- It will benefit you to learn about how your policy works and the factors you can control to keep rates down. Many rating factors that drive up the price such as speeding tickets, accidents and an imperfect credit rating can be controlled by making minor changes to your lifestyle.
- Compare prices from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only quote rates from a single company like Progressive or Farmers Insurance, while independent agents can quote prices from multiple companies.
- Compare the new rates to your existing policy and see if there is a cheaper rate in Tampa. If you find a better price and switch companies, ensure there is no coverage lapse between policies.
- Tell your current company of your intent to cancel the current policy and submit the signed application along with the required initial payment to the new company. Once received, keep your new certificate verifying coverage with the vehicle registration.
The critical component of shopping around is to try to compare similar coverage information on every quote request and and to look at as many auto insurance providers as possible. This enables a fair price comparison and maximum price selection.
Additional information can be found on the following sites:
- Rental Car Insurance Tips (Insurance Information Institute)
- How Much is Auto Insurance for a Subaru Outback in Tampa? (FAQ)
- Who Has Affordable Car Insurance Quotes for a Nissan Altima in Tampa? (FAQ)
- Tread Depth and Tire Safety (State Farm)
- Event Data Recorders FAQ (iihs.org)