Cheap 2008 BMW 5 Series Insurance Rates

Searching for cheaper insurance rates? Consumers have options when looking for the lowest priced BMW 5 Series insurance. They can either spend hours calling around to compare prices or leverage the internet to get rate quotes. There are more efficient ways to buy insurance so you’re going to learn the proper way to quote coverages for a BMW and get the lowest price from both online companies and local agents.

If you have a current insurance coverage policy or are just looking to switch companies, you can use this information to shop for the lowest rates while maintaining coverages. The purpose of this article is to instruct you on the most effective way to quote insurance and some money-saving tips. Drivers only need to know the tricks to compare company rates over the internet.

Insurance price influencing factors

Lots of things are part of the equation when you get your auto insurance bill. Some are obvious such as your driving record, but some are more obscure such as your credit history or how financially stable you are.

The list below includes some of the factors used by companies to determine rates.

  • Discounts for auto and home policies – The majority of insurers give a discount to people that purchase more than one policy such as combining an auto and homeowners policy. Even if you’re getting this discount you still need to check prices from other companies to help ensure you have the lowest rates. Consumers may save even more than the discount by splitting coverages up.
  • Keep premiums low by being claim-free – Car insurance companies generally give the best rates to insureds who are claim-free. If you are the type of insured that files lots of claims you can definitely plan on increased rates or even have your policy non-renewed. Insurance coverage is intended to be relied upon for more catestrophic claims.
  • Guys are more aggressive – Over the last 50 years, statistics have shown that women are safer drivers than men. Now that doesn’t mean males are worse at driving than females. Both sexes get in fender benders at a similar rate, but the males get into accidents with more damage. Not only that, but men also receive more major tickets like DUI and reckless driving.
  • Additional coverages that may be costing you – There are many additional coverages you can purchase but may not be useful. Add-on coverages like replacement cost coverage, accidental death, and term life insurance are probably not needed. They may sound like good ideas when discussing your needs, but your money might be better spent on other coverage so remove them and pocket the money.
  • How old are your drivers? – Beginning drivers are statistically proven to be inattentive in a vehicle so they pay higher auto insurance rates. Mature drivers are proven to be safer behind the wheel, file fewer claims , and usually have better credit.

How to lower your auto insurance cost

Lowering your 2008 BMW 5 Series auto insurance rates doesn’t have to be difficult. You just need to take a couple of minutes to compare rate quotes from online providers. You can get a good selection of rate quotes by following the guidelines below.

  1. The recommended way to get quotes is an all-inclusive rate comparison like this one (opens in new window). This easy form eliminates the need for a different quote for each price estimate. One form submission gets prices estimates direct from many companies. It’s definitely the quickest method.
  2. A more difficult way to find more affordable insurance requires a visit to each company’s website to complete their respective quote request forms. For examples sake, we’ll assume you want to get rates from Auto-Owners, Liberty Mutual and Progressive. In order to get each rate, you would have to visit each site to enter the same coverage data repeatedly, which is why first method is reommended.

    For a list of links to companies insuring cars in your area, click here.

Which method you use is up to you, but make absolute certain that you use the exact same quote information on every quote. If the quotes have different data it will be nearly impossible to determine the best price for your BMW 5 Series.

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Find discounts to get cheap car insurance quotes

Companies that sell car insurance don’t always advertise the complete list of policy discounts in a way that’s easy to find, so below is a list both the well known as well as some of the hidden discounts that you may qualify for.

  • Multi-Vehicle Discounts – Buying coverage for multiple cars on a single policy can get a discount on all vehicles.
  • Onboard Data Collection – People who choose to allow data collection to track driving habits by using a telematics device in their vehicle like In-Drive from State Farm and Progressive’s Snapshot might see lower rates as long as the data is positive.
  • Membership in Organizations – Joining qualifying clubs or civic groups is a simple method to lower premiums on your bill.
  • Drivers Education – Make teen driver coverage more affordable by requiring them to sucessfully take a drivers education course in school or through a local driver safety program.
  • Military Deployment Discount – Being on active duty in the military could be rewarded with lower premium rates.
  • No Charge for an Accident – Not really a discount, but companies like Progressive, State Farm and Geico may permit one accident before they charge you more for coverage if you have no claims prior to being involved in the accident.

While discounts sound great, it’s important to understand that most of the big mark downs will not be given to the overall cost of the policy. Most only cut the cost of specific coverages such as liability and collision coverage. Even though it may seem like you could get a free car insurance policy, you aren’t that lucky.

A list of companies and their possible discounts are detailed below.

  • State Farm offers discounts for multiple policy, student away at school, Steer Clear safe driver discount, Drive Safe & Save, accident-free, safe vehicle, and passive restraint.
  • Nationwide includes discounts for Farm Bureau membership, multi-policy, easy pay, defensive driving, anti-theft, good student, and family plan.
  • Geico may have discounts that include daytime running lights, emergency military deployment, federal employee, anti-lock brakes, five-year accident-free, and anti-theft.
  • AAA may include discounts for anti-theft, multi-car, good student, pay-in-full, multi-policy, good driver, and education and occupation.
  • 21st Century offers discounts including air bags, teen driver, driver training, anti-lock brakes, and good student.
  • The Hartford may offer discounts for anti-theft, good student, vehicle fuel type, driver training, air bag, and bundle.

If you are trying to find inexpensive insurance quotes, ask each company or agent which credits you are entitled to. A few discounts may not be available in your area. If you would like to view insurers that offer discounts, click this link.

Tailor your car insurance coverage to you

When choosing coverage, there really is not a best way to insure your cars. Everyone’s situation is unique.

Here are some questions about coverages that might help in determining whether you will benefit from professional help.

  • Will filing a claim cost me more?
  • Is rental equipment covered for theft or damage?
  • Should I buy full coverage?
  • Is my camper covered by my car insurance policy?
  • Am I covered when using my vehicle for business?
  • Is motorclub coverage worth it?
  • Can I rent a car in Mexico?
  • Should I carry comprehensive and collision coverage?

If it’s difficult to answer those questions, you may need to chat with an insurance agent. To find lower rates from a local agent, take a second and complete this form. It’s fast, doesn’t cost anything and may give you better protection.

Auto insurance coverage breakdown

Knowing the specifics of your auto insurance policy aids in choosing the best coverages at the best deductibles and correct limits. The coverage terms in a policy can be ambiguous and reading a policy is terribly boring.

Coverage for liability

Liability insurance protects you from injuries or damage you cause to other people or property by causing an accident. It protects YOU against claims from other people. It does not cover your injuries or vehicle damage.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see limits of 50/100/50 which stand for a limit of $50,000 per injured person, $100,000 for the entire accident, and property damage coverage for $50,000.

Liability can pay for claims such as emergency aid, repair costs for stationary objects, pain and suffering, loss of income and funeral expenses. How much coverage you buy is your choice, but you should buy as high a limit as you can afford.

Medical costs insurance

Medical payments and Personal Injury Protection insurance kick in for bills like doctor visits, surgery, prosthetic devices, ambulance fees and rehabilitation expenses. They are used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. It covers both the driver and occupants and will also cover being hit by a car walking across the street. Personal Injury Protection is not an option in every state and may carry a deductible

Comprehensive or Other Than Collision

This covers damage from a wide range of events other than collision. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for claims like a broken windshield, rock chips in glass, damage from getting keyed, hitting a deer and hitting a bird. The maximum amount your auto insurance company will pay is the actual cash value, so if the vehicle is not worth much consider dropping full coverage.

Collision coverage

Collision coverage covers damage to your 5 Series resulting from a collision with another car or object. You first must pay a deductible and then insurance will cover the remainder.

Collision insurance covers claims like hitting a parking meter, sustaining damage from a pot hole, crashing into a building and rolling your car. Collision is rather expensive coverage, so you might think about dropping it from older vehicles. You can also choose a higher deductible in order to get cheaper collision rates.

UM/UIM Coverage

This protects you and your vehicle from other drivers when they do not carry enough liability coverage. It can pay for medical payments for you and your occupants as well as 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.

A little work can save a LOT of money

As you restructure your insurance plan, never buy poor coverage just to save money. There are a lot of situations where someone dropped full coverage and discovered at claim time that the savings was not a smart move. The proper strategy is to find the BEST coverage at the best price while still protecting your assets.

Throughout this article, we presented quite a bit of information on how to get a better price on 2008 BMW 5 Series insurance. The key concept to understand is the more you quote insurance, the better chance you’ll have of finding the cheapest insurance. Drivers may discover the lowest premium rates are with a company that doesn’t do a lot of advertising.

Budget-friendly insurance coverage is attainable both online and from local insurance agents, so get free insurance quotes from both of them to have the best selection. Some insurance providers do not provide rate quotes online and many times these smaller providers only sell through independent insurance agents.

More tips and info about insurance coverage is available in the articles below:

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