Cheaper 1998 BMW 5 Series Insurance Quotes

Searching for better auto insurance rates for your BMW 5 Series? High-priced auto insurance can bleed your savings and make it tough to pay other bills. Comparing price quotes can lower your rates and help to ensure you are getting the best deal.

With consumers having so many insurance providers from which to choose, it’s nearly impossible to pick the best insurance company.

You should take the time to compare rates every six months because insurance rates change regularly. Despite the fact that you may have had the lowest premium rates on 5 Series coverage on your last policy you can probably find a better price now. There is a lot of bad information regarding auto insurance out there, but in a few minutes you can learn some solid techniques on how to save money.

The cheapest auto insurance

There are several ways to compare auto insurance quotes, and some are less labor-intensive and much quicker. You could waste time discussing policy coverages with agents in your area, or you can utilize the web to get the quickest rates.

Many companies take part in a program that allows shoppers to submit one quote, and each company then returns a price quote based on that data. This eliminates the need for repetitive form submissions to each company.

To find out how much you’re overpaying now click to open in new window.

The one disadvantage to pricing coverage this way is you cannot specify the companies you want to price. So if you want to choose specific providers to request quotes from, we have a page of auto insurance companies in your area. Click to view list.

Compare rates however you want, just make sure you are using identical deductibles and coverage limits for each quote you get. If you compare mixed coverages it will be next to impossible to determine which rate is truly the best.

Insurance discounts help slash rates

Buying insurance is not cheap, but there could be available discounts that you may not even know about. Most are applied when you quote, but once in a while a discount must be manually applied before you will receive the discount.

  • Home Ownership Discount – Owning a house may earn you a small savings since home ownership means you have a higher level of financial diligence.
  • Claim-Free Discount – Drivers who don’t have accidents are rewarded with significantly better rates on insurance coverage quote compared to policyholders that have many claims.
  • E-sign Discounts – A handful of insurance companies will give a small break for buying a policy and signing up over the internet.
  • Discounts for Seat Belt Usage – Using a seat belt and requiring all passengers to buckle up could cut 10% or more on medical payment and PIP coverage.
  • Telematics Devices – Policyholders that allow driving data collection to look at their driving habits by using a telematics device in their vehicle such as Progressive’s Snapshot and State Farm’s In-Drive might get better premium rates if their driving habits are good.
  • Braking Control Discount – Vehicles that have steering control and anti-lock brakes can stop better under adverse conditions and qualify for as much as a 10% discount.
  • Life Insurance Discount – Some insurance companies give a discounted premium rate on car insurance if you buy life insurance from them.
  • Accident Forgiveness Coverage – but some insurance companies will turn a blind eye to one accident before hitting you with a surcharge if your claims history is clear before the accident.

Just know that most of the big mark downs will not be given to the overall cost of the policy. The majority will only reduce the cost of specific coverages such as comprehensive or collision. So even though they make it sound like adding up those discounts means a free policy, company stockholders wouldn’t be very happy. But any discount will positively reduce your policy premiums.

A few popular companies and a partial list of their discounts can be read below.

  • State Farm offers premium reductions for multiple autos, Drive Safe & Save, driver’s education, multiple policy, and safe vehicle.
  • Geico offers discounts for defensive driver, seat belt use, military active duty, multi-policy, anti-lock brakes, and daytime running lights.
  • Allstate has savings for safe driver, eSmart discount, good payer, multi-policy, passive restraint, senior citizen, and early signing.
  • SAFECO may include discounts for safe driver, multi-car, anti-lock brakes, drive less, and accident prevention training.
  • Farm Bureau has discounts for safe driver, 55 and retired, youthful driver, driver training, and renewal discount.
  • Progressive discounts include good student, homeowner, online quote discount, multi-policy, continuous coverage, and online signing.
  • AAA includes discounts for education and occupation, good driver, pay-in-full, multi-policy, multi-car, and AAA membership discount.

Before purchasing a policy, check with every prospective company which discounts can lower your rates. Depending on the company, some discounts may not apply to policies everywhere. If you would like to see a list of insurers who offer insurance discounts, click here.

How to lower your insurance costs

An important part of buying insurance is that you know the rating factors that aid in calculating your insurance coverage rates. If you have some idea of what positively or negatively impacts your premiums, this allows you to make educated decisions that can earn you big savings. Many factors are taken into consideration when pricing auto insurance. Some are obvious like your driving record, although some other factors are not quite as obvious such as your credit history and annual miles driven.

  • Raising coverage deductibles lowers premiums – Protection for physical damage, aka comp and collision, is used to repair damage to your BMW. Some coverage claims would be a dented fender, hail damage, and damage from a fallen tree branch. Deductibles for physical damage represent how much money the insured will be required to pay if a claim is determined to be covered. The more you’re willing to pay, the lower your rates will be on 5 Series coverage.
  • Safer the car lower the rate – Cars with five star safety ratings are cheaper to insure. Safe vehicles reduce injuries and fewer serious injuries means lower claim amounts and cheaper rates on your policy. If the BMW 5 Series is rated at least four stars on Safercar.gov you are probably receiving a discount.
  • Do you know you’re credit rating? – A driver’s credit history will be a significant factor in calculating your premium rate. People that have excellent credit tend to file fewer claims and have better driving records than drivers who have bad credit. Therefore, if your credit rating could use some work, you could potentially save money when insuring your 1998 BMW 5 Series by improving your credit score.
  • How many coverages with the same company – Most major insurers will award lower prices to clients that have more than one policy. It’s known as a multi-policy discount. The amount of the discounts can be anywhere from five to ten percent in most cases. If you currently are using one company, it’s in your best interest to get quotes from other companies to verify if the discount is saving money. You may still find lower rates by buying insurance from more than one company.
  • How many miles do you drive? – The more miles you rack up on your BMW in a year the more it will cost to insure it. Most insurance companies charge to insure your cars based upon how much you drive. Cars left parked in the garage can get a lower rate than those that get driven frequently. Ask your agent if your policy correctly shows annual mileage. An improperly rated 5 Series can result in significantly higher rates.
  • How much liability insurance do you need? – The liability section of your policy is the protection when you are ruled to be at fault for physical damage or personal injury to other. It will provide for a legal defense which can be incredibly expensive. This coverage is very inexpensive compared to other policy coverages, so drivers should carry high limits.
  • Driving citations can be expensive – Having just one speeding ticket may cause rates to rise to the point where it’s not affordable. Careful drivers get better rates than people who have multiple driving citations. Drivers who get license-revoking citations such as reckless driving or DUI may find that they have to to prove financial responsibility with their state’s department of motor vehicles in order to legally drive.

Which is the best insurance coverage?

When it comes to choosing coverage, there really is no best way to insure your cars. Everyone’s needs are different and your policy should reflect that. Here are some questions about coverages that can aid in determining if you may require specific advice.

  • Where can I find DUI or SR-22 insurance?
  • How much liability coverage do I need in my state?
  • Are rental cars covered under my policy?
  • Should I put collision coverage on all my vehicles?
  • Are all vehicle passengers covered by medical payments coverage?
  • Does my car insurance cover rental cars?
  • Are my friends covered when driving my 1998 BMW 5 Series?
  • Do I need added coverage for expensive stereo equipment?

If it’s difficult to answer those 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 or you can also visit this page to select a carrier It’s fast, doesn’t cost anything and may give you better protection.

What car insurance coverages do you need?

Understanding the coverages of car insurance can be of help when determining the best coverages for your vehicles. The coverage terms in a policy can be impossible to understand and nobody wants to actually read their policy. Shown next are the usual coverages offered by car insurance companies.

Insurance for medical payments

Med pay and PIP coverage provide coverage for expenses for funeral costs, nursing services, chiropractic care, ambulance fees and hospital visits. They can be used to fill the gap from your health insurance plan or if you lack health insurance entirely. They cover you and your occupants and will also cover any family member struck as a pedestrian. PIP is not universally available but it provides additional coverages not offered by medical payments coverage

Uninsured Motorist or Underinsured Motorist insurance

This coverage gives you protection from other motorists when they either are underinsured or have no liability coverage at all. This coverage pays for injuries to you and your family and also any damage incurred to your BMW 5 Series.

Due to the fact that many drivers have only the minimum liability required by law, their limits can quickly be used up. This is the reason having UM/UIM coverage is important protection for you and your family. Frequently these coverages are similar to your liability insurance amounts.

Comprehensive coverage (or Other than Collision)

This coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against things like falling objects, damage from getting keyed, rock chips in glass, hail damage and damage from flooding. The most you’ll receive from a claim is the cash value of the vehicle, so if the vehicle’s value is low consider dropping full coverage.

Liability insurance

Liability coverage will cover damage that occurs to people or other property in an accident. This coverage protects you against claims from other people. It does not cover damage to your own property or vehicle.

Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. You might see liability limits of 25/50/25 which stand for $25,000 in coverage for each person’s injuries, a total of $50,000 of bodily injury coverage per accident, and a total limit of $25,000 for damage to vehicles and property. Occasionally you may see a combined single limit or CSL that pays claims from the same limit rather than limiting it on a per person basis.

Liability coverage protects against things like repair bills for other people’s vehicles, attorney fees, medical services, emergency aid and structural damage. How much liability should you purchase? That is your choice, but it’s cheap coverage so purchase higher limits if possible.

Coverage for collisions

Collision insurance will pay to fix damage to your 5 Series resulting from a collision with another car or object. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision can pay for things like sideswiping another vehicle, colliding with a tree, sustaining damage from a pot hole and backing into a parked car. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from older vehicles. It’s also possible to raise the deductible to bring the cost down.

Best coverage at the best price

The cheapest 1998 BMW 5 Series insurance is possible on the web and from local insurance agents, so you need to shop insurance coverage with both to get a complete price analysis. A few companies may not have the ability to get quotes online and most of the time these small insurance companies provide coverage only through local independent agencies.

We’ve covered many ideas to save on 1998 BMW 5 Series insurance. The key concept to understand is the more quotes you get, the better chance you’ll have of finding affordable insurance coverage. You may be surprised to find that the best price on auto insurance is with some of the smallest insurance companies. Regional companies may only write in your state and offer lower premium rates than the large multi-state companies such as Allstate or State Farm.

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