Cheaper 2003 BMW 5 Series Insurance Rates

Trying to find better insurance rates for your BMW 5 Series? Getting budget-priced insurance can appear to be challenging for vehicle owners that are not comfortable with quoting and comparing rates over the internet. With such a large number of insurance companies available, how can you have the ability to compare every company in order to find the lowest rates?

Consumers need to take a look at other company’s rates at least once a year because prices are constantly changing. Despite the fact that you may have had the best rates for 5 Series insurance a year ago there is a good chance you can find better premium rates now. Forget all the misinformation about insurance because I’m going to teach you the proper way to remove unneeded coverages and save money.

Car insurance discounts are available to cut your rates

Car insurance is not cheap, but you can get discounts that many people don’t even know exist. Larger premium reductions will be automatically applied when you get a quote, but once in a while a discount must be specifically requested before you get the savings.

  • New Vehicle Savings – Adding a new car to your policy can save up to 30% due to better safety requirements for newer vehicles.
  • Discount for Low Mileage – Driving less can qualify you for better prices on cars that stay parked.
  • Auto/Home Discount – When you have multiple policies and insure them with the same company you may save as much as 10 to 15 percent.
  • Military Rewards – Having an actively deployed family member could qualify you for better car insurance rates.
  • Discounts for Federal Employees – Having worked for a branch of the government could qualify for a slight premium decrease for 5 Series insurance but check with your company.
  • Mature Driver Discount – If you qualify as a senior citizen, you may be able to get a small decrease in premiums for 5 Series insurance.

Discounts save money, but please remember that most discount credits are not given to all coverage premiums. Most cut individual premiums such as collision or personal injury protection. Even though it appears you could get a free car insurance policy, companies don’t profit that way. But all discounts will bring down your overall bill.

A few of the larger companies and their offered discounts are outlined below.

  • State Farm offers discounts for anti-theft, safe vehicle, accident-free, good student, and passive restraint.
  • American Family may include discounts for good driver, early bird, accident-free, air bags, and mySafetyValet.
  • AAA has savings for anti-theft, education and occupation, multi-policy, good student, good driver, and AAA membership discount.
  • Geico may have discounts that include five-year accident-free, multi-policy, seat belt use, anti-lock brakes, and membership and employees.
  • Mercury Insurance offers premium reductions for good driver, good student, type of vehicle, annual mileage, and anti-theft.
  • Farmers Insurance has discounts for multi-car, alternative fuel, good student, business and professional, teen driver, pay in full, and homeowner.
  • Progressive discounts include online quote discount, homeowner, multi-policy, online signing, and good student.

When getting free auto insurance quotes, it’s a good idea to all the companies which discounts can lower your rates. Some of the earlier mentioned discounts might not be available to policyholders in your area. If you would like to see a list of insurers that offer the discounts shown above, follow this link.

How to lower your auto insurance cost

When shopping for auto insurance there are multiple ways to compare prices from local auto insurance companies. One of the best ways to compare 2003 BMW 5 Series insurance prices is simply to get online rate quotes. This is very easy and can be done in a couple of different ways.

Hands down the most simple method to get the best comparison quotes is a comparison rater form click to view form in new window. This method saves time by eliminating separate quotes for every company. One simple form will get you rate comparisons from all major companies. It’s the fastest way to compare.

A more difficult way to analyze rates is to take the time to go to each individual company website and fill out their own quote form. For example, let’s assume you want to view quotes from State Farm, 21st Century and GMAC. To get rate quotes you would need to take the time to go to each site and repeatedly enter your information, which can get old fast. To view a list of companies in your area, click here.

The most difficult method to find cheaper rates is to waste gas driving to each insurance agency near you. Comparing rate quotes online has made agencies unnecessary unless you prefer the personal advice of a local agency. Although you can comparison shop online and have a local agent actually service the policy.

Whichever way you choose to compare rates, ensure you are comparing equivalent quote data with every price quote. If you have different deductibles it will be next to impossible to decipher which rate is best. Even a minor difference in coverage limits can result in a big premium difference. And when price shopping your coverage, comparing a wide range of rates will increase your chances of finding lower pricing. Some smaller insurers to not give price estimates online, so you need to compare quotes from them, too.

Everyone needs different insurance coverage coverages

When it comes to buying coverage for your vehicles, there really is not a cookie cutter policy. Every situation is different.

These are some specific questions may help highlight if your situation might need an agent’s assistance.

  • Is rental equipment covered for theft or damage?
  • How high should my medical payments coverage be?
  • Do I need rental car coverage?
  • Am I covered if I drive in a foreign country?
  • How high should my uninsured/underinsured coverage be in my state?
  • Do I have coverage when making deliveries for my home business?
  • Am I missing any policy discounts?
  • Should I rate my 2003 BMW 5 Series as pleasure use or commute?

If you can’t answer these questions but one or more may apply to you, then you may want to think about talking to an insurance agent. If you want to speak to an agent in your area, fill out this quick form.

Auto insurance coverages 101

Knowing the specifics of your policy can help you determine the right coverages for your vehicles. Auto insurance terms can be confusing and even agents have difficulty translating policy wording.

Collision protection

This covers damage to your 5 Series resulting from a collision with an object or car. You will need to pay your deductible and then insurance will cover the remainder.

Collision can pay for things such as crashing into a building, crashing into a ditch, hitting a mailbox and driving through your garage door. This coverage can be expensive, so consider removing coverage from older vehicles. It’s also possible to increase the deductible to get cheaper collision coverage.

Auto liability insurance

This coverage protects you from damage or injury you incur to people or other property in an accident. This insurance protects YOU from legal claims by others. Liability doesn’t 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 commonly see limits of 25/50/25 that means you have a $25,000 limit per person for injuries, $50,000 for the entire accident, and a total limit of $25,000 for damage to vehicles and property. Occasionally you may see one number which is a combined single limit which provides one coverage limit rather than limiting it on a per person basis.

Liability can pay for things such as structural damage, bail bonds and funeral expenses. How much liability should you purchase? That is up to you, but you should buy higher limits if possible.

Uninsured/Underinsured Motorist coverage

This coverage provides protection when the “other guys” are uninsured or don’t have enough coverage. This coverage pays for hospital bills for your injuries and damage to your BMW 5 Series.

Since a lot of drivers carry very low liability coverage limits, their limits can quickly be used up. So UM/UIM coverage is important protection for you and your family. Normally the UM/UIM limits are similar to your liability insurance amounts.

Medical payments coverage and PIP

Med pay and PIP coverage reimburse you for expenses like ambulance fees, prosthetic devices, hospital visits, EMT expenses and nursing services. The coverages can be utilized in addition to your health insurance plan or if you lack health insurance entirely. It covers all vehicle occupants and will also cover getting struck while a pedestrian. Personal injury protection coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage

Comprehensive coverage

This coverage covers damage that is not covered by collision coverage. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive insurance covers things such as theft, damage from flooding and hitting a deer. The highest amount you can receive from a comprehensive 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.

Be a money saver!

We just covered quite a bit of information on how to get a better price on 2003 BMW 5 Series insurance. The key concept to understand is the more price quotes you have, the better likelihood of getting cheaper auto insurance. You may even find the lowest rates are with a company that doesn’t do a lot of advertising.

While you’re price shopping online, it’s very important that you do not reduce needed coverages to save money. There are many occasions where someone sacrificed liability coverage limits to discover at claim time they didn’t purchase enough coverage. The proper strategy is to buy the best coverage you can find at a price you can afford and still be able to protect your assets.

Drivers change insurance companies for a number of reasons such as high prices, policy non-renewal, delays in paying claims or even delays in responding to claim requests. Whatever your reason, switching companies can be pretty painless.

Much more information about auto insurance is located at these links: