2005 BMW 5 Series Insurance Cost

No one in their right mind looks forward to paying premiums for insurance coverage, especially when they know their premiums are through the roof.

Companies like Geico, Farmers Insurance and State Farm all claim big savings, bombarding you with catchy ads and it can be hard to ignore the flying pigs and cute green geckos and do the work needed to find the best deal.

It’s a good habit to get comparison quotes on a regular basis because prices are adjusted regularly by insurance companies. Just because you found the lowest price on 5 Series coverage two years ago the chances are good that you can find a lower rate quote today. There is lot of inaccurate information about insurance coverage on the web, but in a few minutes you can learn the best ways to quit paying high insurance coverage rates.

The cheapest car insurance quotes

Most companies like Allstate and Progressive make it easy to get price estimates on the web. Getting online rates is possible for anyone because you just enter your personal and coverage information into the quote form. Behind the scenes, their rating system requests your driving and credit reports and provides a quote based on these and other factors. Quoting online makes it a lot easier to compare rates but having to visit many different websites and type in the same information is not the best way to spend an afternoon. But it’s also necessary to have as many quotes as possible if you are searching for a better rate.

There is a better way!

The easiest way to compare car insurance pricing utilizes a single form to return rates from several different companies. It’s a real time-saver, requires less work, and makes price shopping online much easier to do. Immediately after submitting the form, your coverage is rated and you can select any one of the resulting price quotes.

If a lower price is quoted, you can simply submit the application and purchase the new policy. The whole process takes just a few minutes to complete and could lower your rates considerably.

To quickly compare rates using this form now, click here to open in a new tab and submit your coverage information. If you have a policy now, it’s recommended you replicate the limits and deductibles identical to your current policy. This makes sure you will have an apples-to-apples comparison for similar insurance coverage.

Don’t miss these discounts

Car insurance companies don’t necessarily list the complete list of policy discounts in an easy-to-find place, so below is a list both well-publicized and the more hidden discounts that may be available.

  • Safety Restraint Discount – Forcing all vehicle occupants to use their safety belts can save up to 10 percent (depending on the company) off PIP or medical payments premium.
  • Home Ownership Discount – Simply owning a home can save a few bucks because maintaining a house means you have a higher level of financial diligence.
  • Accident Forgiveness Coverage – This isn’t a discount exactly, but companies like State Farm and Progressive will forgive one accident before raising your premiums if your claims history is clear before the accident.
  • Passive Restraints and Air Bags – Vehicles equipped with air bags can get savings up to 30%.
  • Renewal Discounts – A few companies give discounts for switching to them prior to the expiration date on your current policy. You may see this discount when you get car insurance quotes online.
  • Discounts for Federal Employees – Employees or retirees of the government could qualify for a slight premium decrease on 5 Series coverage with select insurance companies.
  • Good Driver Discount – Safe drivers may receive a discount up to 45% on 5 Series coverage than drivers with accidents.
  • Multi-policy Discount – If you insure your home and vehicles with one company you could get a discount of as much as 10 to 15 percent.
  • Distant Student Discount – Youth drivers living away from home attending college and leave their car at home can be insured at a reduced rate.

It’s important to note that most discounts do not apply the the whole policy. Some only apply to specific coverage prices like medical payments or collision. Even though it appears having all the discounts means you get insurance for free, nobody gets a free ride.

Companies who might offer these money-saving discounts include:

Double check with all the companies how many discounts you can get. Some of the discounts discussed earlier might not apply in your state. To locate companies with discount car insurance rates, follow this link.

Lower your insurance prices

An important part of buying insurance is that you know some of the things that aid in calculating the rates you pay for car insurance. When consumers understand what determines premiums, this allows you to make good choices that could result in lower car insurance prices.

The items below are most of the major factors companies use to determine your rate level.

  • Better rates with anti-theft devices – Owning a car with advanced anti-theft systems can get you a discount on your car insurance. Theft deterrent systems like OnStar, LoJack tracking, and tamper alarms help track and prevent auto theft.
  • Cheaper rates after marriage – Having a wife or husband may cut your premiums compared to being single. Having a spouse usually means you are more financially stable and insurance companies reward insureds because married drivers tend to have fewer serious accidents.
  • Liability preserves assets – The liability coverage on your policy will afford coverage if you are responsible for physical damage or personal injury to other. Liability insurance provides legal defense coverage up to the limits shown on your policy. Liability insurance is quite affordable compared to other policy coverages, so insureds should have plenty of protection for their assets.
  • Save money by raising coverage deductibles – Protection for physical damage, commonly called comprehensive (or other-than-collision) and collision coverage, covers damage that occurs to your BMW. Some examples of covered claims could be colliding with a building, damage from fire, and having your car stolen. Physical damage deductibles state the amount of money you are willing to pay before your car insurance pays a claim. The more you pay before a claim is paid (deductible), the bigger discount you will receive on 5 Series coverage.
  • What’s your car’s crash test rating? – Cars with five star safety ratings can get you lower premiums. These vehicles reduce the chance of injuries and fewer injuries translates into fewer and smaller insurance claims passed on to you as lower rates. If your BMW 5 Series has at least four stars on Safercar.gov you are probably receiving a discount.
  • Rates also based on gender – Statistics show that females tend to be a little less risky than males. However, don’t assume that women are BETTER drivers than men. They both tend to get into at-fault accidents in similar numbers, but guys tend to have higher claims. Not only are claims higher, but men receive more major tickets such as reckless driving. Young men ages 16 to 20 cause the most accidents so it costs more to insure them.
  • Do you qualify for a multi-policy discount? – Most larger companies will give a discount to people who carry more than one policy in the form of a multi-policy discount. Discounts can add up to five, ten or even twenty percent. Even with this discount, it’s always a smart idea to compare rates to help guarantee you have the best rates.

Special considerations

When it comes to choosing adequate coverage for your personal vehicles, there really is no one size fits all plan. Everyone’s situation is a little different and your policy should reflect that. For example, these questions may help you determine if you might need professional guidance.

  • What if I don’t agree with a claim settlement offer?
  • Do all my vehicles need collision coverage?
  • Why am I required to get a high-risk car insurance policy?
  • Does coverage extend to a rental car in a foreign country?
  • What if I owe more than I can insure my car for?
  • Should I carry comprehensive and collision coverage?
  • Is upholstery damage covered by car insurance?
  • What companies insure drivers after a DUI or DWI?
  • Am I covered when driving a rental car?

If you’re not sure about those questions but you know they apply to you, then you may want to think about talking to an insurance agent. To find lower rates from a local agent, complete this form or go to this page to view a list of companies.

Coverage specifics

Having a good grasp of your insurance policy helps when choosing the best coverages for your vehicles. The terms used in a policy can be impossible to understand and coverage can change by endorsement. Listed below are typical coverage types found on the average insurance policy.

Uninsured or underinsured coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle when other motorists either are underinsured or have no liability coverage at all. This coverage pays for injuries to you and your family as well as your vehicle’s damage.

Since a lot of drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage should not be overlooked. Most of the time the UM/UIM limits are similar to your liability insurance amounts.

Collision coverage protection

Collision coverage will pay to fix damage to your 5 Series resulting from colliding with an object or car. You first must pay a deductible then your collision coverage will kick in.

Collision can pay for things such as hitting a mailbox, crashing into a building, backing into a parked car, scraping a guard rail and rolling your car. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are older. You can also raise the deductible to save money on collision insurance.

Comprehensive protection

Comprehensive insurance coverage will pay to fix damage that is not covered by collision coverage. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive can pay for things such as hitting a deer, falling objects and damage from getting keyed. The maximum payout you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle’s value is low consider removing comprehensive coverage.

Medical expense coverage

Coverage for medical payments and/or PIP provide coverage for expenses for EMT expenses, doctor visits and pain medications. They are often 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 will also cover getting struck while a pedestrian. PIP coverage is not universally available and may carry a deductible

Auto liability

Liability insurance can cover damage that occurs to other people or property in an accident. It protects YOU from claims by other people. Liability doesn’t cover your injuries or vehicle damage.

Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see liability limits of 25/50/25 which stand for a limit of $25,000 per injured person, $50,000 for the entire accident, and property damage coverage for $25,000. Some companies may use one limit called combined single limit (CSL) that pays claims from the same limit rather than limiting it on a per person basis.

Liability coverage pays for claims like repair costs for stationary objects, emergency aid, court costs, structural damage and loss of income. How much liability coverage do you need? That is a personal decision, but buy as much as you can afford.

A tidy conclusion

As you prepare to switch companies, it’s a bad idea to skimp on critical coverages to save a buck or two. There are a lot of situations where someone sacrificed physical damage coverage only to find out that a couple dollars of savings turned into a financial nightmare. The aim is to find the BEST coverage at the lowest possible cost but still have enough coverage for asset protection.

You just read quite a bit of information on how to compare 2005 BMW 5 Series insurance premium rates online. The key concept to understand is the more price quotes you have, the better your chances of lowering your prices. Consumers could even find that the lowest premium rates are with a small local company. Smaller companies can often provide lower prices in certain areas as compared to the big name companies such as Allstate, Geico and Progressive.

Much more information about insurance is available on the following sites: