Compare 2000 BMW 5 Series Insurance Cost

Drivers have a choice when trying to find low-cost BMW 5 Series insurance. They can either waste time driving around to get rate comparisons or use the internet to make rate comparisons.

There are more efficient ways to compare auto insurance rates and you need to know the absolute fastest way to compare rates for a new or used BMW and find the best price possible from both online companies and local agents.

It is always a good idea to do rate comparisons yearly because auto insurance rates go up and down regularly. If you had the best deal for 5 Series coverage six months ago there may be better deals available now. Ignore everything you know about auto insurance because you’re about to learn the quickest way to reduce your cost while increasing coverage.

How insurance providers determine BMW 5 Series insurance prices

A large part of saving on insurance is knowing some of the factors that go into determining the rates you pay for insurance. If you have a feel for what impacts premium levels, this allows you to make educated decisions that may result in cheaper rates.

Shown below are a partial list of the pieces companies use to determine premiums.

  • Combine policies with the same company – Some insurers give better rates to clients who buy several policies from them. It’s known as a multi-policy discount. Even if you’re getting this discount it’s in your best interest to compare other insurance prices to help guarantee you have the best rates.
  • Your vocation is a factor – Occupations like doctors, social workers and stock brokers generally pay the highest average rates attributed to job stress and lots of time spent at work. On the other hand, professions such as actors, students and the unemployed pay lower than average rates for 5 Series coverage.
  • Bad driving means higher costs – Even a single moving violation can boost insurance rates by twenty percent. Attentive drivers get better rates than bad drivers. People who have careless tickets like reckless driving or DUI may find they need to submit a SR-22 form with their state’s licensing department in order to drive a vehicle legally.
  • A linsurance policy lapse is a bad thing – Driving any period of time without insurance is not a good idea and companies may charge more for letting your insurance lapse. Not only will rates go up, not being able to provide proof of insurance could earn you a hefty fine and possibly a revoked license. You may have to submit proof of financial responsibility or a SR-22 with your state DMV.
  • Vehicle options impact prices – Selecting a car model with a theft deterrent system can help bring down rates. Theft deterrent systems such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack all help prevent auto theft and help lower rates.
  • Reduce premiums by driving vehicles with better crash test results – Vehicles that have high safety ratings tend to be cheaper to insure. The safest vehicles reduce occupant injuries and fewer injuries means your insurance company pays less and lower rates for you. If your BMW is rated at least four stars on Safercar.gov or an “acceptable” rating on iihs.org you are probably receiving a discount.
  • Marriage is a factor – Walking down the aisle may earn you lower rates on insurance. Marriage demonstrates that you tend to be more financially stable and statistics prove married couples file fewer claims.
  • Your credit rating is important – Credit score can be an important factor in calculating your premium rate. If your credit is lower than you’d like, you could save money insuring your 2000 BMW 5 Series by spending a little time repairing your credit. Insureds that have very good credit scores tend to be less risk to insure as compared to drivers with lower credit scores.

Lower rate quotes with these insurance coverage discounts

Some companies don’t always publicize all disounts very clearly, so the following is a list of a few of the more common in addition to some of the lesser obvious discounts that you may qualify for.

  • Save with More Vehicles Insured – Drivers who insure several vehicles on one policy can get a discount for every vehicle.
  • Discount for Home Ownership – Owning a home may trigger a policy discount on insurance coverage due to the fact that maintaining a home requires a higher level of personal finance.
  • Student Discounts – Getting good grades can save 20 to 25%. Many companies even apply the discount to college students up to age 25.
  • Bundle and Save – If you can combine your homeowners and auto policy and insure them both with the same insurance company they may give you a discount of at least 10% off all policies.
  • Seat Belts Save more than Lives – Requiring all passengers to wear their seat belts could save 15% off the personal injury premium cost.
  • Theft Deterent – Vehicles optioned with advanced anti-theft systems help deter theft and earn discounts up to 10% off your car insurance quote.
  • E-sign Discounts – A few larger online companies give back up to $50 for buying your policy digitally online.

A little disclaimer on discounts, most of the big mark downs will not be given to the overall cost of the policy. A few only apply to individual premiums such as medical payments or collision. If you do the math and it seems like you can get free auto insurance, it doesn’t quite work that way. Any amount of discount will bring down the cost of your policy.

Large insurance coverage companies and their offered discounts are outlined below.

  • Farm Bureau has savings for renewal discount, 55 and retired, driver training, youthful driver, and good student.
  • Liberty Mutual includes discounts for good student, newly married, new move discount, teen driver discount, multi-policy, and hybrid vehicle.
  • State Farm has discounts for safe vehicle, Steer Clear safe driver discount, accident-free, multiple autos, good student, and defensive driving training.
  • Auto-Owners Insurance discounts include good student, anti-lock brakes, multiple vehicles, paid in full, and group or association.
  • Geico may offer discounts for five-year accident-free, anti-lock brakes, emergency military deployment, multi-policy, multi-vehicle, and anti-theft.
  • SAFECO offers premium reductions for teen safe driver, teen safety rewards, accident prevention training, homeowner, bundle discounts, drive less, and multi-car.

When getting a coverage quote, ask all companies you are considering which discounts you may be entitled to. A few discounts may not apply to policies in your area. If you would like to choose from a list of providers who offer discounts, click here to view.

Insurance coverage can get complicated

When it comes to choosing the right insurance coverage for your vehicles, there isn’t really a “best” method to buy coverage. Your needs are not the same as everyone else’s.

These are some specific questions may help highlight whether or not you will benefit from professional help.

  • When can I cancel my policy?
  • Are split liability limits better than a combined single limit?
  • How much liability insurance is required?
  • Am I covered if I crash into my own garage door?
  • Is a new car covered when I drive it off the dealer lot?
  • Should I put collision coverage on all my vehicles?
  • Is my 2000 BMW 5 Series covered for smoke damage?

If you’re not sure about those questions then you might want to talk to a licensed insurance agent. If you want to speak to an agent in your area, complete this form. It’s fast, free and may give you better protection.

Insurance coverage considerations

Having a good grasp of insurance helps when choosing which coverages you need at the best deductibles and correct limits. The terms used in a policy can be confusing and nobody wants to actually read their policy.

Medical expense coverage – Med pay and PIP coverage provide coverage for short-term medical expenses like nursing services, funeral costs, ambulance fees, prosthetic devices and EMT expenses. They are used in conjunction with a health insurance policy or if you do not have health coverage. It covers you and your occupants in addition to getting struck while a pedestrian. PIP coverage is not universally available and gives slightly broader coverage than med pay

Uninsured or underinsured coverage – Uninsured or Underinsured Motorist coverage gives you protection when the “other guys” either are underinsured or have no liability coverage at all. This coverage pays for medical payments for you and your occupants as well as your vehicle’s damage.

Since a lot of drivers only purchase the least amount of liability that is required, their limits can quickly be used up. So UM/UIM coverage is a good idea. Most of the time these coverages do not exceed the liability coverage limits.

Collision – This coverage will pay to fix damage to your 5 Series from colliding with another vehicle or an object, but not an animal. A deductible applies then your collision coverage will kick in.

Collision insurance covers claims such as hitting a parking meter, sustaining damage from a pot hole and hitting a mailbox. Paying for collision coverage can be pricey, so you might think about dropping it from older vehicles. It’s also possible to raise the deductible to save money on collision insurance.

Comprehensive protection – Comprehensive insurance coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive insurance covers claims like hitting a bird, damage from getting keyed, damage from a tornado or hurricane, damage from flooding and hail damage. The maximum payout a insurance company will pay at claim time is the actual cash value, so if the vehicle’s value is low consider dropping full coverage.

Auto liability insurance – Liability insurance protects you from damage that occurs to other’s property or people by causing an accident. This insurance protects YOU against claims from other people, and does not provide coverage for your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see values of 50/100/50 that means you have a $50,000 limit per person for injuries, $100,000 for the entire accident, and $50,000 of coverage for damaged propery. Some companies may use one number which is a combined single limit that pays claims from the same limit and claims can be made without the split limit restrictions.

Liability coverage pays for claims such as structural damage, medical services, repair bills for other people’s vehicles and funeral expenses. How much coverage you buy is a decision to put some thought into, but it’s cheap coverage so purchase as high a limit as you can afford.

Saving money is sweet as honey

We covered a lot of tips how to save on 2000 BMW 5 Series insurance. It’s most important to understand that the more rate comparisons you have, the better your chances of lowering your premium rates. You may be surprised to find that the most savings is with a smaller regional carrier.

More affordable insurance coverage can be bought on the web as well as from insurance agents, and you should compare price quotes from both in order to have the best price selection to choose from. Some insurance coverage companies do not provide rate quotes online and usually these regional carriers provide coverage only through independent agents.

Consumers leave their current company for any number of reasons including poor customer service, not issuing a premium refund, delays in paying claims or even policy cancellation. It doesn’t matter what your reason, choosing a new insurance company is not as difficult as it may seem.

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