Comparing quotes is a great way to save money on your insurance, but there are also a number of other ways to save money. We’ve ignored the factors that are realistically out of your control e.g. moving out of a city, increasing your no claims bonus and focused on factors that can be taken into account. Some of which are only applicable prior to purchasing an X5, whereas other tips can help current owners also.
To generate the information below we have created a user profile of an accountant working and living in London.
Petrol Vs Diesel
If you have not yet purchased your car then we would recommend running a quote for both petrol and diesel fuel types as our tests found a difference of almost £50 per year.
Mileage per year
Take the time to work out an accurate figure for your annual mileage as it can make a significant difference to your insurance premium. A word of warning though, do not give a false mileage figure to reduce your quote as it may invalidate your insurance in the event of a claim.
Voluntary excess of £200: £1,121
Voluntary excess of £500: £935
Deciding on the amount of excess you are willing to pay voluntarily in the event of any claim is tricky. It may be appealing to go for a higher excess in the mindset that you will not claim in the year etc. but this higher excess will really sting in the unfortunate event that you have to make a claim. Even if you consider yourself to the most careful of drivers you cannot account for other drivers on the road, in fact insurance claims are often made for hit and runs when the driver is not even in the vehicle.
Age of Vehicle
The age of your BMW will affect your insurance but it may not affect it as you think. Most people are of the belief that the cheaper the car the lower the insurance (as it is in the case) however this is not always true. It pays to check before you buy your car.
Not modified: £1,121
For this illustration we have chosen a rear roof spoiler and a chipped engine. Modifications indicate higher risk to an insurance provider so if you can you should try and stay away from them. If you do modify your car in any way whilst you are insured you will need to advise your insurance provider immediately.