BMW BMW 5-Series Insurance Rates

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Jeffrey Johnson graduated summa cum laude from the University of Baltimore School of Law and has worked in legal offices and nonprofits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman University and worked in film, education, and publishing. His professional writing has appeared on sites like The Manifest and Vice, and he is the author of a novel ...

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UPDATED: Jan 7, 2020

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Confused by the dozens of auto insurance company choices? You’re not the only one! There are so many choices that it can easily become a challenge to find the perfect company for you.

If you currently have car insurance, you will be able to lower your premiums substantially using this information. Locating more affordable protection is simple if you know the tricks. But consumers benefit from understanding how companies compete online and take advantage of how the system works.

Complexity of BMW 5 Series insurance rates

An important part of buying insurance is that you know the different types of things that play a part in calculating auto insurance rates. Understanding what influences your rates helps enable you to make changes that may reward you with much lower annual insurance costs.

  • Increase deductibles and save – Physical damage deductibles represent how much money you are required to spend out-of-pocket in the event of a claim. Coverage for physical damage, commonly called comprehensive (or other-than-collision) and collision coverage, protects your car from damage. Some examples of claims that would be covered would be colliding with a building, vandalism, or theft. The higher the amount the insured has to pay upfront, the bigger discount you will receive for 5 Series coverage.
  • Poor driving leads to higher costs – Good drivers get better rates than people who have multiple driving citations. Just one citation can increase rates twenty percent or more. If you have severe violations like DWI, reckless driving or hit and run convictions may find they need to submit a SR-22 form to the state department of motor vehicles in order to drive a vehicle legally.
  • Do you have a high stress job? – Did you know your occupation can influence how much you pay for auto insurance? Jobs such as lawyers, social workers and stock brokers tend to have the highest rates attributed to high stress levels and long work hours. On the other hand, occupations like scientists, students and performers receive lower rates for 5 Series coverage.
  • Older drivers pay less – Older drivers are more responsible, tend to file fewer claims and receive fewer citations. Teenage drivers tend to be less responsible behind the wheel therefore auto insurance rates are much higher.
  • High numbers of claims are not good – Auto insurance companies provide discounts to people who are claim-free. If you file claims often, you can expect higher rates. Insurance coverage is intended to be relied upon for major claims that would cause financial hardship.
  • How many coverages with the same company – Many companies will give a discount to customers who buy several policies from them in the form of a multi-policy discount. Even if you’re getting this discount it’s still a good idea to compare rates to ensure the best deal.

Auto Insurance Comparison Rates

When shopping for auto insurance there are multiple ways of comparing rates from auto insurance companies in your area. The fastest way to compare 1997 BMW 5 Series insurance prices is to use the internet to compare rates. This can be done using a couple different methods.

  1. The recommended way consumers can analyze rates would be an industry-wide quote request form click here to open form in new window. This method saves time by eliminating multiple quote forms for each company. One quote request gets you price quotes instantly. Just one form and you’re done.
  2. A different way to get comparison quotes is spending the time to visit the website of each company and request a quote. For sake of this example, let’s say you want rates from Nationwide, State Farm and Travelers. To find out each rate you need to spend time on each company’s site to input your insurance information, and that’s why the first method is more popular.

    For a handy list of car insurance company links in your area, click here.

Whichever method you choose, be sure to compare the exact same coverage information with every price quote. If you are comparing unequal deductibles or liability limits it’s impossible to truly determine the lowest rate. Quoting even small variations in limits can result in a big premium difference. And when comparison shopping, quoting more helps you find the best rates.

How much can you save with discounts?

Companies that sell car insurance don’t always publicize every available discount very well, so the following is a list of both well-publicized and the more hidden savings tricks you should be using.

  • Good Student – This discount can get you a discount of up to 25%. Earning this discount can benefit you well after school through age 25.
  • Memberships – Being a member of a professional or civic organization could trigger savings on insurance coverage for 5 Series coverage.
  • Payment Method – By paying your policy upfront instead of making monthly payments you can actually save on your bill.
  • Drive Safe and Save – Safe drivers may receive a discount up to 45% less for 5 Series coverage than drivers with accidents.
  • Safety Course Discount – Taking a course teaching defensive driving skills could possibly earn you a 5% discount depending on where you live.
  • Seat Belts Save more than Lives – Drivers who require all occupants to wear their seat belts can save 10% or more off your PIP or medical payments premium.

Drivers should understand that some credits don’t apply to the entire cost. A few only apply to the cost of specific coverages such as liability, collision or medical payments. So when it seems like all those discounts means the company will pay you, companies don’t profit that way.

To see a list of providers with the best insurance coverage discounts, click here.

How much car insurance do I need?

When buying coverage, there really is no “best” method to buy coverage. Your needs are not the same as everyone else’s.

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Here are some questions about coverages that could help you determine whether your personal situation would benefit from professional advice.

  • Do I have coverage when making deliveries for my home business?
  • When should I not file a claim?
  • Does coverage extend to my business vehicle?
  • Am I covered when driving in Canada or Mexico?
  • Why is insurance for a teen driver so high?
  • What if I owe more than I can insure my car for?

If it’s difficult to answer those questions, you may need to chat with an agent. If you want to speak to an agent in your area, simply complete this short form.

Insurance coverage options for a BMW 5 Series

Knowing the specifics of insurance can be of help when determining which coverages you need for your vehicles. The terms used in a policy can be difficult to understand and nobody wants to actually read their policy.

Coverage for collisions

Collision insurance covers damage to your 5 Series from colliding with an object or car. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers things like scraping a guard rail, colliding with a tree and backing into a parked car. Collision is rather expensive coverage, so consider removing coverage from older vehicles. You can also bump up the deductible to save money on collision insurance.

Medical expense coverage

Coverage for medical payments and/or PIP provide coverage for expenses for doctor visits, pain medications, EMT expenses, prosthetic devices and hospital visits. They are utilized in addition to your health insurance program or if you lack health insurance entirely. Coverage applies to you and your occupants and will also cover getting struck while a pedestrian. PIP is not an option in every state but it provides additional coverages not offered by medical payments coverage

Liability coverages

Liability insurance protects you from injuries or damage you cause to people or other property. It protects you against other people’s claims. Liability doesn’t cover damage sustained by your vehicle in an accident.

Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see limits of 100/300/100 which stand for a limit of $100,000 per injured person, $300,000 for the entire accident, and property damage coverage for $100,000.

Liability coverage protects against claims such as medical services, loss of income and structural damage. The amount of liability coverage you purchase is up to you, but consider buying as large an amount as possible.

Uninsured or underinsured coverage

This provides protection when other motorists are uninsured or don’t have enough coverage. This coverage pays for injuries to you and your family and damage to your BMW 5 Series.

Due to the fact that many drivers carry very low liability coverage limits, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family.

Comprehensive protection

Comprehensive insurance coverage pays to fix your vehicle from damage that is not covered by collision coverage. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive can pay for things like theft, damage from flooding, vandalism and falling objects. The highest amount you’ll receive from a claim is the ACV or actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

Shop smart and save

We just covered a lot of ways to compare 1997 BMW 5 Series insurance prices online. It’s most important to understand that the more rate quotes you have, the more likely it is that you will get a better rate. You may be surprised to find that the lowest premiums are with a smaller regional carrier.

As you prepare to switch companies, it’s a bad idea to skimp on coverage in order to save money. There are many occasions where consumers will sacrifice uninsured motorist or liability limits and learned later they didn’t purchase enough coverage. The aim is to buy a smart amount of coverage at a price you can afford while still protecting your assets.

Consumers change insurance companies for a number of reasons such as policy non-renewal, policy cancellation, being labeled a high risk driver and even delays in responding to claim requests. It doesn’t matter what your reason, switching insurance coverage companies can be pretty painless.

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