We don’t have to point out that fact that auto insurance companies don’t want policyholders to shop around. Consumers who compare other prices are likely to move their business because they stand a good chance of finding good coverage at a lower price. A study discovered that people who made a habit of comparing rate quotes saved approximately $3,500 over four years as compared to drivers who never compared rates.
If finding budget-friendly rates on auto insurance in Orlando is why you’re here, learning the best ways to shop for insurance rates can help you succeed in saving money.
It takes a few minutes, but the best way to find lower priced car insurance rates in Orlando is to regularly compare price quotes from different companies who provide auto insurance in Florida. Drivers can shop around by completing these steps.
- Step 1: Take a little time to learn about policy coverages and the measures you can take to prevent rate increases. Many rating criteria that increase rates like accidents, traffic tickets, and a poor credit rating can be remedied by making minor driving habit or lifestyle changes. Keep reading for information to help reduce prices and get bigger discounts that may have been overlooked.
- Step 2: Get rate quotes from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can provide rates from a single company like Progressive or State Farm, while independent agencies can give you price quotes for many different companies.
- Step 3: Compare the new quotes to your existing coverage and see if there is a cheaper rate. If you find a lower rate quote, ensure coverage does not lapse between policies.
- Step 4: Provide proper notification to your current company of your intent to cancel your current policy. Submit a down payment and signed policy application to the new company. Once coverage is bound, put the new certificate of insurance with your vehicle’s registration.
The key aspect of shopping around is to compare similar coverage information on each price quote and and to get price quotes from every company you can. This ensures a level playing field and many rates to choose from.
To get affordable Orlando auto insurance quotes, there a variety of ways to get quotes from lots of Florida auto insurance companies. The easiest way to find the lowest BMW Z4 rates is simply to get online rate quotes. When comparing auto insurance rates, know that quoting more helps improve the odds of finding lower pricing.
The providers in the list below are our best choices to provide comparison quotes in Florida. To get cheap auto insurance in Orlando, FL, we recommend you visit two to three different companies in order to find the most competitive rates.
Car insurance statistics and figures
The coverage table displayed below showcases estimates of insurance premium costs for BMW Z4 models. Being able to understand how policy premiums are calculated helps drivers 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 | $300 | $546 | $366 | $22 | $110 | $1,344 | $112 |
| Z4 3.5I SDRIVE 2-Dr Roadster | $300 | $546 | $366 | $22 | $110 | $1,344 | $112 |
| Get Your Own Custom Quote Go | |||||||
Prices based on married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Florida minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Rate quotes do not factor in Orlando location which can affect premium rates noticeably.
Comparison of policy deductibles
One of the hardest decisions when shopping for car insurance is how high should your deductibles be. The figures shown below may help you to understand how much more you’ll pay when you select higher and lower comp and collision deductibles. The first rate comparisons uses a $250 deductible for physical damage and the second data table uses a $1,000 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 | $250 | $464 | $354 | $20 | $106 | $1,194 | $100 |
| Z4 3.5I SDRIVE 2-Dr Roadster | $250 | $464 | $354 | $20 | $106 | $1,194 | $100 |
| Get Your Own Custom Quote Go | |||||||
Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, multi-vehicle, and homeowner. Rate quotes do not factor in vehicle garaging location which can alter prices noticeably.
Based on this data, using a $250 deductible will cost you about $37 more each month or $444 each year than selecting the higher $1,000 deductible. Due to the fact that you would have to pay $750 more if you turn in a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to go more than 20 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 $250 deductibles: | $137 |
| Average monthly premium for $1,000 deductibles (subtract): | – $100 |
| Monthly savings from raising deductible: | $37 |
| Difference between deductibles ($1,000 – $250): | $750 |
| Divide difference by monthly savings: | $750 / $37 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 20 months |
An important thing to remember is that higher deductibles means you will have to pay more out-of-pocket when you file a claim. It will be required that you have some non-essential savings in order to pay the deductible to have repairs made.
Price comparison of only insuring for liability
The diagram below illustrates the comparison of BMW Z4 insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Florida. The price estimates are based on no claims or driving citations, $500 deductibles, single status, and no policy discounts are applied.
Deciding between full coverage and liability only
There is no definitive formula to drop physical damage coverage on your policy, but there is a general convention. If the annual cost of comprehensive and collision coverage is about 10% or more of the settlement you would receive from your company, then you might want to think about dropping full coverage.
For example, let’s say your BMW Z4 settlement value is $7,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, you would only receive $6,000 after paying your deductible. If it’s costing in excess of $600 a year to have full coverage, then it could be time to drop full coverage.
There are a few cases where only buying liability is not in your best interest. If you haven’t paid off your loan, you have to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if you can’t afford to buy a different vehicle in case of an accident, you should not drop full coverage.
It may be expensive, but it’s not optional
Despite the high cost of buying insurance for a BMW Z4 in Orlando, maintaining insurance serves a purpose in several ways.
First, most states have minimum mandated liability insurance limits which means the state requires a minimum amount of liability insurance in order to get the vehicle licensed. 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.
Second, if you bought your BMW Z4 with a loan, more than likely the lender will force you to have comprehensive coverage to ensure loan repayment if the vehicle is totaled. If coverage lapses or is canceled, the bank will be required to insure your BMW at an extremely high rate and require you to reimburse them a much higher amount than you were paying before.
Third, insurance safeguards both your vehicle and your assets. It will also provide coverage for medical transport and hospital expenses incurred in an accident. One policy coverage, liability insurance, will also pay for a defense attorney in the event you are sued. If your car is damaged in a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will cover the repair costs.
The benefits of having insurance more than cancel out the cost, particularly if you ever have a claim. According to a survey of 1,000 drivers, the average driver overpays more than $750 every year so we recommend shopping around each time the policy renews to ensure rates are competitive.
You Can Change Your Insurance Costs
Many different elements are used when pricing auto insurance. Some of the criteria are obvious like your driving record, but other criteria are not as apparent like where you live and annual miles driven.
- No car insurance policy gaps is important – Driving your car without having proper coverage is against the law and car insurance companies will penalize you for letting your insurance lapse. And not only will insurance be more expensive, failure to provide proof of insurance may result in a hefty fine and possibly a revoked license. You may then have to provide proof of insurance in the form of an SR-22 filing with the Florida motor vehicle department.
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Age of drivers impacts prices – Older drivers are more cautious drivers, statistically cause fewer accidents, and receive fewer citations. Beginning drivers are proven to be more careless when behind the wheel so they pay higher car insurance rates.
The following data is based on a single driver, full coverage with $250 deductibles, and no discounts or violations.
- Do you really need roadside assistance? – There are a ton of extra bells and whistles that you can buy if you don’t pay attention. Insurance for personal injury protection, high-cost glass coverage, and additional equipment coverage may be costing you every month. You may think they are a good idea at first, but if you’ve never needed them in the past eliminate them to save money.
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Does insurance coverage cost more for men? – Over the last 50 years, statistics have shown females are less aggressive when driving. However, don’t assume that women are BETTER drivers than men. Both genders tend to get into at-fault accidents in similar percentages, but men have costlier accidents. Not only are claims higher, but men get more serious tickets like driving under the influence (DUI). Male teenagers tend to get in the most accidents and are penalized with high car insurance rates.
The illustration below illustrates the difference between BMW Z4 car insurance costs for male and female drivers. The premiums assume no driving violations, no at-fault accidents, full physical damage coverage, $100 deductibles, marital status is single, and no discounts are taken into consideration.
- Insure your auto and home with one company – The majority of companies will award lower prices to policyholders that buy multiple policies. It’s known as a multi-policy discount. The discount can add up to ten or even up to twenty percent in some cases. Even with this discount applied, it’s in your best interest to compare other Orlando Z4 insurance rates to help guarantee you have the best rates.
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BMW Z4 insurance loss probability – Companies use claims history to help calculate a profitable premium price. Models that have higher losses will have a higher cost to insure. The table below illustrates the historical insurance loss data for BMW Z4 vehicles.
For each policy coverage, the claim amount for all vehicles, as an average, is set at 100. Numbers under 100 represent a good loss history, while values that are above 100 indicate a higher chance of having a claim or tendency to have larger claims.
Car Insurance Loss Data for BMW Z4 Models Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury BMW Z4 Convertible 131 67 78 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Don’t neglect these discounts on BMW Z4 insurance in Orlando
Insuring your fleet can be pricey, but there could be available discounts that you may not even be aware of. A few discounts will be applied when you get a quote, but occasionally some discounts must be specifically requested in order for you to get them.
- Responsible Drivers – Insureds without accidents could pay up to 40% less than their less cautious counterparts.
- Low Miles Discount – Keeping the miles down on your BMW may allow you to get cheaper car insurance rates.
- Anti-lock Brake Discount – Anti-lock brake equipped vehicles can reduce accidents and earn discounts up to 10%.
- Waiver for an Accident – Not a discount per se, but a few companies such as Allstate, State Farm and GEICO will forgive one accident before your rates go up if your claims history is clear before the accident.
- Discount for Life Insurance – If the company offers life insurance, you could get a small discount if you purchase life insurance.
Discounts lower rates, but many deductions do not apply to your bottom line cost. A few only apply to the price of certain insurance coverages like medical payments or collision. So when it seems like you can get free auto insurance, company stockholders wouldn’t be very happy.
The example below visualizes the comparison of BMW Z4 annual premium costs with and without discounts applied to the rates. The premiums assume a female driver, no claims or violations, Florida state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, multi-car, safe-driver, claim-free, multi-policy, and marriage discounts applied.
Some of the insurance companies that may have these benefits possibly include:
Before you buy a policy, ask every prospective company which discounts you qualify for. Some credits might not be offered in Orlando. If you would like to see a list of providers with the best BMW Z4 insurance discounts in Florida, click here.
Which policy gives me the best coverage?
When choosing adequate coverage, there really isn’t a one-size-fits-all type of policy. Your financial needs are unique and a cookie cutter policy won’t apply.
For example, these questions can aid in determining whether you could use an agent’s help.
- Is my cargo covered for damage or theft?
- Does liability extend to a camper or trailer?
- When should I have rental car coverage?
- How do I buy GAP insurance?
- What is covered by UM/UIM coverage?
- Are my custom wheels covered?
- What is motorclub and do I need it?
If you can’t answer these questions but you know they apply to you, you may need to chat with a licensed agent. To find lower rates from a local agent, fill out this quick form or you can also visit this page to select a carrier
Insurance agencies can help
Some consumers just prefer to sit down with an agent and doing so can bring peace of mind A nice benefit of comparing insurance prices online is you may find cheap car insurance quotes and also buy local. Buying insurance from neighborhood agents is important especially in Orlando.
After filling out this short form, the coverage information is instantly submitted to local insurance agents in Orlando that provide free Orlando auto insurance quotes for your insurance coverage. You won’t need to leave your computer due to the fact that quote results will go to you. Get lower rates and a licensed agent to talk to. If you need to get a price quote for a specific company, you would need to search and find their rate quote page and complete a quote there.
Shown below are Orlando auto insurance companies who can help you get comparison quotes for BMW Z4 insurance in Orlando.
- Gingerbread Insurance Agency
8000 S Orange Ave #201 – Orlando, FL 32809 – (407) 309-9949 – View Map - Talmadge Commercial Insurance Agency
111 W Jefferson St – Orlando, FL 32801 – (407) 701-6321 – View Map - Justin Bauknight – State Farm Insurance Agent
2507 Curry Ford Rd – Orlando, FL 32806 – (407) 898-2041 – View Map - Jim Daniels – State Farm Insurance Agent
4759 S Conway Rd – Orlando, FL 32812 – (407) 855-6791 – View Map
Finding a good insurance company shouldn’t rely on just a low price. Any good agent in Orlando should know the answers to these questions.
- Which company do they place the most coverage with?
- Are claims handled at the agent’s location?
- How long has their agency been open in Orlando?
- If your car is totaled, how to they determine the replacement cost?
- Will a damage claim use OEM or aftermarket replacement parts?
- Do they receive special compensation for putting your coverage with one company over another?
- Do they carry Errors and Omissions coverage?
How to find a good Orlando auto insurance company
Choosing a high-quality auto insurance company can be rather challenging considering how many companies provide coverage in Florida. The ranking data in the lists below could help you pick which auto insurers you want to consider when comparing rates.
Top 10 Orlando Car Insurance Companies Ranked by Customer Service
- USAA
- Travelers
- Mercury Insurance
- AAA Insurance
- Nationwide
- Safeco Insurance
- Progressive
- State Farm
- The Hartford
- The General
Cheap insurance prices are available
As you prepare to switch companies, you should never skimp on coverage in order to save money. There are too many instances where an accident victim reduced full coverage only to discover later that the few dollars in savings costed them thousands. Your aim should be to get the best coverage possible at the lowest possible cost, not the least amount of coverage.
Cheaper insurance in Orlando can be purchased on the web and also from your neighborhood Orlando agents, and you should compare rates from both to have the best selection. A few companies may not have internet price quotes and most of the time these regional carriers prefer to sell through independent agents.
For more information, feel free to browse the following helpful articles:
- What is Gap Insurance? (Insurance Information Institute)
- Who Has the Cheapest Orlando Car Insurance Quotes for Drivers Under 25? (FAQ)
- Who Has Affordable Car Insurance Rates for Drivers Requiring a SR22 in Orlando? (FAQ)
- Who Has Cheap Orlando Auto Insurance Rates for Infrequent Drivers? (FAQ)
- Who Has the Cheapest Orlando Auto Insurance Quotes for a Ford F-150? (FAQ)
- Who Has the Cheapest Auto Insurance for a Honda Civic in Orlando? (FAQ)
- Vehicle Safety Ratings (iihs.org)
- State Laws for Cellphones and Texting (iihs.org)