Cheaper 2004 BMW 5 Series Insurance Quotes

Want better car insurance rates for your BMW 5 Series? Getting affordable car insurance can be rather difficult for drivers who are beginners to quoting and comparing rates and buying car insurance on the internet. With more and more insurance companies available, how can drivers possibly compare them all to find the best available price?

If you currently have car insurance, you will most likely be able to save some money using this strategy. Shopping for the lowest cost protection is simple if you know the tricks. But consumers can benefit by having an understanding of the way companies compete online and take advantage of how the system works.

The best way to get rate comparisons is to understand car insurance companies have advanced systems to give rate comparisons. To start a quote, the only thing you need to do is provide information like any included safety features, daily mileage, what you do for a living, and which vehicles you own. The data is sent automatically to insurance companies and you will get price comparisons with very little delay.

If you would like to start a quote now, click here and enter your coverage details.

Why your insurance rates might be higher

Smart consumers have a good feel for the different types of things that help determine the rates you pay for insurance. When you understand what determines base rates, this enables informed choices that may reward you with big savings. Lots of factors are taken into consideration when you quote your car insurance policy. A few of the factors are predictable like your driving record, but other criteria are less obvious like your vehicle usage or your financial responsibility.

The items below are a partial list of the pieces used by your company to calculate your premiums.

  • Do you qualify for a multi-policy discount? – Some insurance companies will award better rates to insureds that have more than one policy such as combining an auto and homeowners policy. If you currently are using one company, drivers will still want to comparison shop to help ensure you have the lowest rates. You may still find a better deal by splitting coverages up.
  • City traffic equals higher premiums – Living in smaller towns and rural areas of the country can be a good thing when trying to find low car insurance rates. Lower population translates into fewer accident claims as well as less vandalism and auto theft. Drivers in populated areas have to deal with more road rage incidents and higher rates of accident claims. More time on the road means higher likelihood of an accident.
  • You might pay higher costs if you are single – Getting married can get you a discount on your insurance bill. It translates into being less irresponsible and it’s proven that drivers who are married file infrequent claims.
  • Improve your credit history – Credit rating can be a huge factor in determining what you pay. Insureds that have excellent credit tend to be less risk to insure as compared to drivers with lower ratings. If your credit score is lower than you’d like, you could potentially save money when insuring your 2004 BMW 5 Series if you improve your credit rating.
  • Low deductibles can be expensive – Physical damage deductibles are how much you are willing to pay in the event of a claim. Physical damage coverage, also called comprehensive and collision insurance, protects your car from damage. Examples of covered claims would be rearending another vehicle, damage from fire, or theft of your vehicle. The more of the claim you choose to pay out-of-pocket, the bigger discount you will receive for 5 Series insurance.
  • Be proud to be claim-free – If you are the type of insured that files lots of claims don’t be surprised to see much higher rates or policy non-renewal. Auto insurance companies award better rates to insureds who file claims infrequently. Your car insurance is designed for claims that pose a financial burden.
  • Reduce insurance rates by driving safer vehicles – Cars with high safety ratings can get you lower premiums. Highly rated vehicles have better occupant injury protection and any reduction in injury severity translates into savings for insurance companies and cheaper rates on your policy. If your BMW 5 Series is rated at a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website you may pay a lower rate.
  • Vocation stress can affect insurance rates – Do you have a high-stress occupation? Occupations such as military generals, architects and financial analysts have higher premiums than the average policyholder attributed to intense work requirements and long work hours. Other jobs such as professors, athletes and retirees have the lowest average rates for 5 Series insurance.

Discounts can really help lower premiums

Car insurance is expensive, but there’s a good chance there are discounts to help bring down the price. Most are applied when you complete an application, but less common discounts must be specially asked for before being credited.

  • Seat Belts Save more than Lives – Drivers who require all occupants to use a seat belt could save 15% off PIP or medical payments premium.
  • Driver Education Discount – Teen drivers should sucessfully take a drivers education course in school.
  • Organization Discounts – Being a member of certain professional organizations can get you a small discount on car insurance.
  • Claim Free – Good drivers with no accidents can earn big discounts as compared to drivers with a long claim history.
  • Good Student Discount – Maintaining excellent grades can be rewarded with saving of up to 25%. You can use this discount normally up until you turn 25.
  • Drive Safe and Save – Drivers without accidents can save as much as half off their rates for 5 Series insurance compared to rates paid by drivers with frequent claims.

A little note about advertised discounts, some credits don’t apply the the whole policy. Most only cut individual premiums such as liability and collision coverage. So despite the fact that it appears having all the discounts means you get insurance for free, you won’t be that lucky.

If you would like to view insurers that provide some of the discounts listed above, click here to view.

Will just any policy work for me?

When buying adequate coverage for your personal vehicles, there really is not a best way to insure your cars. Everyone’s needs are different.

For example, these questions may help you determine whether you will benefit from professional help.

  • Is a blown tire covered by insurance?
  • How much underlying liability do I need for an umbrella policy?
  • Am I covered when driving a rental car?
  • Do I need medical payments coverage since I have good health insurance?
  • What is no-fault insurance?
  • Should I drop comprehensive coverage on older vehicles?
  • Do I need replacement cost coverage on my 2004 BMW 5 Series?
  • Does my insurance cover a custom paint job?
  • How can I get high-risk coverage after a DUI?
  • Does liability extend to a camper or trailer?

If it’s difficult to answer those questions but one or more may apply to you, you may need to chat with an agent. To find an agent in your area, take a second and complete this form.

Auto insurance coverages 101

Understanding the coverages of auto insurance can be of help when determining which coverages you need and proper limits and deductibles. Policy terminology can be confusing and even agents have difficulty translating policy wording.

Medical payments and PIP coverage

Coverage for medical payments and/or PIP kick in for short-term medical expenses for things like rehabilitation expenses, nursing services and hospital visits. They are used to cover expenses not covered by your health insurance plan or if you are not covered by health insurance. They cover not only the driver but also the vehicle occupants in addition to being hit by a car walking across the street. Personal Injury Protection is only offered in select states and may carry a deductible

Auto liability

Liability coverage protects you from damage that occurs to other people or property. It protects you from legal claims by others, and does not provide coverage for your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. You commonly see values of 50/100/50 that translate to a limit of $50,000 per injured person, $100,000 for the entire accident, and a total limit of $50,000 for damage to vehicles and property. Some companies may use a combined limit which limits claims to one amount and claims can be made without the split limit restrictions.

Liability can pay for claims like loss of income, pain and suffering, funeral expenses, structural damage and repair bills for other people’s vehicles. The amount of liability coverage you purchase is your choice, but consider buying higher limits if possible.

UM/UIM (Uninsured/Underinsured Motorist) coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle when the “other guys” either have no liability insurance or not enough. This coverage pays for injuries to you and your family and also any damage incurred to your BMW 5 Series.

Because many people carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is a good idea. Normally your uninsured/underinsured motorist coverages do not exceed the liability coverage limits.

Auto collision coverage

Collision coverage pays to fix your vehicle from damage resulting from colliding with another car or object. You first must pay a deductible then your collision coverage will kick in.

Collision coverage protects against claims such as damaging your car on a curb, colliding with a tree and hitting a parking meter. This coverage can be expensive, so you might think about dropping it from vehicles that are older. Another option is to bump up the deductible in order to get cheaper collision rates.

Comprehensive auto coverage

This coverage pays to fix your vehicle from damage that is not covered by collision coverage. You first must pay your deductible and then insurance will cover the rest of the damage.

Comprehensive coverage pays for things like theft, fire damage and a broken windshield. The maximum amount your auto insurance company will pay is the market value of your vehicle, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Don’t break the bank

When searching for cheap insurance quotes, don’t be tempted to skimp on critical coverages to save a buck or two. There have been many situations where an insured dropped uninsured motorist or liability limits only to find out that it was a big mistake. The proper strategy is to buy the best coverage you can find at the lowest possible cost but still have enough coverage for asset protection.

Budget-friendly auto insurance can be sourced online and also from your neighborhood agents, so you need to shop insurance with both in order to have the best price selection to choose from. Some auto insurance companies do not offer internet price quotes and many times these smaller providers only sell through independent agencies.

People change insurance companies for any number of reasons including lack of trust in their agent, unfair underwriting practices, questionable increases in premium and even delays in paying claims. It doesn’t matter why you want to switch finding a great new company is easier than you think.

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