How Much Does 2001 BMW 5 Series Car Insurance Cost?

Being forced to pay for overpriced auto insurance premiums can deplete your bank account and make it hard to pay other bills.

Multiple car insurance companies compete for your business, so it’s not easy to compare every company to find the absolute best rates possible.

You should take the time to compare premium rates at least once a year because auto insurance rates are adjusted regularly by insurance companies. Even if you got the lowest premium rates on 5 Series insurance a year ago you may be paying too much now. There is a lot of bad information regarding auto insurance on the web, but in this article, you’re going to get some guaranteed methods to quit paying high auto insurance rates.

If you currently have a car insurance policy, you will be able to lower your premiums substantially using these methods. Finding affordable coverage is not rocket science. But consumers should learn how the larger insurance companies market on the web and use this information to your advantage.

How to find cheap insurance coverage

There are a variety of methods to compare insurance coverage prices but one way is less labor-intensive and much quicker. You could waste a few hours talking to local insurance agents in your area, or you can utilize online quoting to get rate comparisons in just a few minutes.

Most major companies are enrolled in a marketplace where prospective buyers enter their policy data once, and every company then returns a price quote based on that information. This prevents consumers from doing quotation requests for each company you want a rate for. To use this form to compare rates click here (opens in new window).

One minor caviat to comparing rates this way is you can’t choose which providers to get quotes from. So if you prefer to choose specific insurance companies for rate comparison, we have a listing of companies who write insurance coverage in your area. View list of insurance companies.

Compare rates however you want, just be certain you are entering nearly identical quote information on every quote you get. If you compare unequal deductibles or liability limits it’s impossible to determine the best price for your BMW 5 Series. Quoting even small variations in coverage limits may result in a large different in cost. And when price shopping your coverage, making a lot of price comparisons helps improve the odds of finding more affordable rates.

When to get professional advice

When choosing proper insurance coverage for your vehicles, there isn’t really a one size fits all plan. Every situation is different so your insurance needs to address that. These are some specific questions may help highlight if you might need an agent’s assistance.

  • Is my business laptop covered if it gets stolen from my vehicle?
  • Am I covered when driving on a suspended license?
  • How much liability insurance is required?
  • I have health insurance so do I need medical payments coverage?
  • Am I covered by my employer’s commercial auto policy when driving my personal car for business?
  • Am I covered when delivering products for my home-based business?
  • Is my BMW 5 Series covered if I use it for business?
  • Is my trailer covered?
  • Should I put collision coverage on all my vehicles?

If you can’t answer these questions then you might want to talk to an insurance agent. If you want to speak to an agent in your area, simply complete this short form or go to this page to view a list of companies.

Auto insurance 101

Understanding the coverages of a insurance policy can help you determine which coverages you need for your vehicles. The coverage terms in a policy can be impossible to understand and reading a policy is terribly boring. Below you’ll find the normal coverages offered by insurance companies.

Collision coverages – This coverage pays to fix your vehicle from damage caused by collision with another vehicle or an object, but not an animal. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision can pay for things like driving through your garage door, rolling your car, hitting a mailbox, colliding with a tree and colliding with another moving vehicle. Collision is rather expensive coverage, so you might think about dropping it from lower value vehicles. Drivers also have the option to raise the deductible to bring the cost down.

Comprehensive or Other Than Collision – This coverage covers damage from a wide range of events other than collision. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against things like damage from a tornado or hurricane, hail damage, a tree branch falling on your vehicle and fire damage. The maximum amount a insurance company will pay at claim time is the actual cash value, so if the vehicle’s value is low consider removing comprehensive coverage.

Liability coverages – This will cover injuries or damage you cause to people or other property. This coverage protects you against other people’s claims. Liability doesn’t cover your own vehicle damage or injuries.

Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. As an example, you may have limits of 50/100/50 which stand for a $50,000 limit per person for injuries, a total of $100,000 of bodily injury coverage per accident, and property damage coverage for $50,000. Some companies may use a combined single limit or CSL that pays claims from the same limit and claims can be made without the split limit restrictions.

Liability insurance covers claims like repair costs for stationary objects, medical services and medical expenses. How much liability coverage do you need? That is up to you, but consider buying as large an amount as possible.

Medical costs insurance – Medical payments and Personal Injury Protection insurance provide coverage for immediate expenses for things like pain medications, surgery, hospital visits, doctor visits and X-ray expenses. They are used to fill the gap from your health insurance policy or if you are not covered by health insurance. They cover not only the driver but also the vehicle occupants and also covers any family member struck as a pedestrian. Personal injury protection coverage is not available in all states and may carry a deductible

UM/UIM Coverage – This protects you and your vehicle’s occupants from other drivers when they either are underinsured or have no liability coverage at all. It can pay for medical payments for you and your occupants and also any damage incurred to your BMW 5 Series.

Due to the fact that many drivers only carry the minimum required liability limits, their limits can quickly be used up. This is the reason having UM/UIM coverage is a good idea. Frequently these coverages do not exceed the liability coverage limits.