2002 BMW 5 Series Insurance Rates – 10 Ideas for Best Quotes

Nobody I know enjoys paying for car insurance, particularly when they could get a better deal.

Companies like State Farm, Progressive and Geico promote their brand names with ad campaigns and it can be hard to see past the geckos and flying pigs and take the time to shop coverage around.

You should take the time to check car insurance prices once or twice a year because insurance prices change quite often. Despite the fact that you may have had the best deal on 5 Series coverage at your last renewal other companies may now be cheaper. Forget anything you know (or think you know) about car insurance because you’re about to learn one of the quickest ways to save money, get proper deductibles and limits, all at the lowest rate.

Take these ten policy discounts and save

Car insurance can cost a lot, but there’s a good chance there are discounts to help bring down the price. Many of these discounts will be applied automatically when you get a quote, but some need to be specifically requested before they will apply.

  • No Accidents – Insureds who avoid accidents and claims have much lower rates when compared to frequent claim filers.
  • Multi-line Discount – Not every insurance company offers life insurance, but if they do you may earn a discounted premium rate on car insurance if you buy life insurance.
  • Air Bag Discount – Factory air bags and/or automatic seat belt systems can get savings of 20% or more.
  • Driver Education Discount – Make teen driver coverage more affordable by requiring them to participate in a local driver’s education class in high school.
  • Own a Home and Save – Just owning your own home can save you money because of the fact that having a home is proof of financial responsibility.
  • Payment Method – If you can afford to pay the entire bill instead of making monthly payments you can avoid monthly service charges.
  • One Accident Forgiven – This isn’t a discount exactly, but companies like State Farm and Allstate permit an accident without the usual rate increase with the catch being you have to be claim-free for a certain period of time.
  • Discounts for Multiple Vehicles – Buying insurance for several vehicles on one policy may reduce the rate for each vehicle.
  • Theft Deterent Discount – Cars, trucks, and SUVs equipped with tracking devices and advanced anti-theft systems have a lower chance of being stolen so companies will give you a small discount.
  • Seat Belts Save more than Lives – Buckling up and requiring all passengers to buckle up before driving could save 15% off the personal injury premium cost.

Don’t be surprised that most of the big mark downs will not be given the the whole policy. Most only cut the cost of specific coverages such as physical damage coverage or medical payments. Despite the fact that it seems like it’s possible to get free car insurance, it just doesn’t work that way.

A list of companies and a summarized list of policyholder discounts include:

  • Progressive discounts include homeowner, multi-vehicle, good student, continuous coverage, online quote discount, online signing, and multi-policy.
  • SAFECO has savings for teen safety rewards, teen safe driver, multi-car, anti-theft, homeowner, and bundle discounts.
  • American Family may include discounts for TimeAway discount, bundled insurance, multi-vehicle, mySafetyValet, good student, and good driver.
  • MetLife offers discounts for defensive driver, good driver, claim-free, good student, accident-free, and multi-policy.
  • Geico has discounts for seat belt use, multi-vehicle, five-year accident-free, anti-theft, defensive driver, and military active duty.
  • The Hartford offers premium reductions for anti-theft, vehicle fuel type, defensive driver, bundle, and air bag.

When comparing rates, check with all the companies the best way to save money. Some of the earlier mentioned discounts may not apply to policyholders everywhere. To see insurers that offer discounts, click here.

First Step: Get free auto insurance quotes

The majority of larger companies allow you to get prices for coverage on the web. Getting online rates is fairly simple as you just type in the amount of coverage you want as detailed in the form. After you submit the form their system obtains information on your driving record and credit history and returns pricing information. Online price estimates makes it simple to compare prices but the time required to go to many different websites and fill out multiple forms can be a bit tiresome and repetitive. But it is imperative to get many rate quotes if you want to get better auto insurance pricing.

A less time-consuming method to find better auto insurance pricing makes use of a single form that obtains quotes from multiple companies. This type of form saves time, eliminates form submissions, and makes quoting online much easier to do. After sending the form, it is quoted and you are able to buy any one of the resulting price quotes.

If a lower price is quoted, it’s easy to complete the application and purchase coverage. The whole process can be completed in less than 10 minutes and you’ll know if lower rates are available.

To find out how much you can save on auto insurance, click here to open in a new tab and complete the simple form. If you have your current policy handy, we recommend you replicate the coverage information exactly as shown on your declarations page. Using the same limits helps guarantee you will have a price comparison based on identical coverages.

Which policy gives me the best coverage?

When it comes to buying the best car insurance coverage for your personal vehicles, there really is no “best” method to buy coverage. Everyone’s situation is a little different so your insurance should reflect that For example, these questions may help highlight if you could use an agent’s help.

  • Is my business laptop covered if it gets stolen from my vehicle?
  • Is extra glass coverage worth it?
  • How can I force my company to pay a claim?
  • Can I afford low physical damage deductibles?
  • Do I have coverage when making deliveries for my home business?
  • Do I need motorclub coverage?
  • When should my teen driver be added to my policy?
  • How much liability insurance is required?
  • Is my 2002 BMW 5 Series covered for flood damage?

If it’s difficult to answer those questions, you may need to chat with a licensed agent. To find lower rates from a local agent, complete this form or you can also visit this page to select a carrier

Specific coverages for a 2002 BMW 5 Series

Knowing the specifics of a insurance policy can help you determine the right coverages and proper limits and deductibles. The coverage terms in a policy can be difficult to understand and reading a policy is terribly boring. Listed below are the normal coverages found on the average insurance policy.

Auto liability insurance

Liability coverage provides protection from damage that occurs to other’s property or people in an accident. It protects you from claims by other people, and does not provide coverage for your injuries or vehicle damage.

Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see values of 25/50/25 which means a $25,000 limit per person for injuries, a per accident bodily injury limit of $50,000, and a limit of $25,000 paid for damaged property. Alternatively, you may have a combined single limit or CSL that pays claims from the same limit without having the split limit caps.

Liability can pay for claims such as legal defense fees, bail bonds, pain and suffering and loss of income. The amount of liability coverage you purchase is up to you, but buy as high a limit as you can afford.

Medical payments coverage and PIP

Personal Injury Protection (PIP) and medical payments coverage kick in for bills for funeral costs, hospital visits, nursing services, dental work and doctor visits. They are utilized in addition to your health insurance plan or if you are not covered by health insurance. It covers both the driver and occupants and will also cover any family member struck as a pedestrian. PIP coverage is not universally available but can be used in place of medical payments coverage

Comprehensive coverage

Comprehensive insurance 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 coverage pays for things like rock chips in glass, hitting a deer, fire damage, vandalism and hitting a bird. The most you’ll receive from a claim is the cash value of the vehicle, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

Collision insurance

Collision insurance will pay to fix damage to your 5 Series resulting from colliding with an object or car. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision coverage pays for claims such as sustaining damage from a pot hole, scraping a guard rail, hitting a mailbox and crashing into a ditch. This coverage can be expensive, so consider removing coverage from vehicles that are 8 years or older. Another option is to choose a higher deductible to get cheaper collision coverage.

Uninsured/Underinsured Motorist coverage

Your UM/UIM coverage gives you protection when other motorists do not carry enough liability coverage. It can pay for hospital bills for your injuries as well as your vehicle’s damage.

Because many people only carry the minimum required liability limits, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage should not be overlooked. Frequently these coverages are similar to your liability insurance amounts.

Get your money’s worth

You just read a lot of tips how to lower your 2002 BMW 5 Series insurance premium rates. The key concept to understand is the more providers you compare, the better chance you’ll have of finding low cost insurance coverage. You may even discover the most savings is with some of the smallest insurance companies. These smaller insurers may have significantly lower prices on certain market segments than their larger competitors like Allstate or State Farm.

A few companies do not provide the ability to get quotes online and usually these small insurance companies only sell through independent insurance agents. Lower-priced insurance coverage can be sourced from both online companies and from local agencies, so you should be comparing quotes from both in order to have the best price selection to choose from.

Additional information can be found below: