BMW BMW 5-Series Insurance Rates
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UPDATED: Nov 16, 2021
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Trying to find better insurance coverage rates for your BMW 5 Series? Having to pay for overpriced BMW 5 Series insurance can dwindle your checking account, especially in this economy. Shopping your coverage around is a great way to cut your insurance bill.
Numerous insurance companies battle for your business, so it’s not easy to compare every insurance company and uncover the absolute lowest cost out there.
Consumers should take time to price shop coverage occasionally because rates are usually higher with each renewal. If you had the best rates on 5 Series insurance two years ago you will most likely find a better rate today. Block out anything you think you know about insurance coverage because you’re about to find out the only way to reduce your cost while improving coverage.
Free Auto Insurance Quotes
To find the best auto insurance prices, there are several ways to compare rate quotes and find the best price. The easiest way to compare 1998 BMW 5 Series insurance prices is simply to get online rate quotes. This can be done in a couple of different ways.
- The recommended way to get quotes for comparison would be an industry-wide quote request form click here to open form in new window. This easy form keeps you from doing boring form submissions for every auto insurance company. Completing one form will get you price quotes from multiple companies.
- Another way to get quotes online requires visiting the website for each individual company to complete a price quote. For example, let’s say you want rates from Farmers, Allstate and Liberty Mutual. To get each rate you have to spend time on each company’s site and enter your policy data, which is why the first method is quicker.For a list of links to companies insuring cars in your area, click here.
However you get your quotes, make darn sure you compare exactly the same quote information on every quote. If you use differing limits it will be very difficult to determine which rate is truly the best. Quoting even small variations in coverages can result in a big premium difference. And when quoting auto insurance, remember that getting more free quotes gives you a better chance of getting better pricing.
Don’t overlook these discounts
Companies do not list every available discount in an easy-to-find place, so the following is a list of both well-publicized as well as the least known ways to save on insurance coverage.
- Theft Prevention System – Vehicles with anti-theft systems are stolen less frequently and therefore earn up to a 10% discount.
- Good Student – Performing well in school can be rewarded with saving of up to 25%. The discount lasts up to age 25.
- Safe Driver Discount – Safe drivers may receive a discount up to 45% less on 5 Series insurance than drivers with accident claims.
- Employee of Federal Government – Simply working for the federal government can save as much as 8% on 5 Series insurance depending on your company.
- Organization Discounts – Participating in a professional or civic organization is a good way to get lower rates when buying insurance coverage on 5 Series insurance.
- Own a Home – Being a homeowner may earn you a small savings because maintaining a house requires personal responsibility.
- Multiple Cars – Insuring all your vehicles on one policy may reduce the rate for each vehicle.
It’s important to note that most credits do not apply to the overall cost of the policy. Some only apply to individual premiums such as liability and collision coverage. So when it seems like all those discounts means the company will pay you, it just doesn’t work that way.
Car insurance companies who might offer these benefits may include but are not limited to:
- State Farm
- American Family
- Liberty Mutual
Check with all companies you are considering how you can save money. Savings might not be offered in your area.
Is my situation unique?
When choosing adequate coverage for your personal vehicles, there is no cookie cutter policy. Every situation is different and your policy should reflect that. For example, these questions can aid in determining whether or not you might need an agent’s assistance.
- What discounts do I qualify for?
- Is upholstery damage covered by car insurance?
- If I drive on a suspended license am I covered?
- Which is better, split liability limits or combined limits?
- Is my state a no-fault state?
- Does my personal policy cover me when driving out-of-state?
- What is medical payments coverage?
- Am I covered when using my vehicle for business?
If you’re not sure about those questions but you think they might apply to your situation, you might consider talking to an insurance agent. To find lower rates from a local agent, fill out this quick form or go to this page to view a list of companies.
Impacting insurance rates for a BMW 5 Series
Smart consumers have a good feel for the different types of things that help determine your insurance rates. Understanding what determines base rates helps enable you to make changes that may reward you with lower insurance prices.
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The following are a partial list of the pieces that factor into rates.
- Better crash test results mean better rates – Safer cars get lower rates. Safer cars protect occupants better and better occupant protection translates into fewer and smaller insurance claims and lower rates for you. If the BMW 5 Series earned at least four stars on Safercar.gov you may qualify for a discount.
- Save money with special equipment – Driving a car that has an advanced theft prevention system can help lower your rates. Theft prevention devices such as LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all hinder car theft.
- No coverage gaps is important – Not having insurance is illegal and as a result your rates will increase for letting your coverage have a gap. Not only will rates go up, but being ticketed for driving with no insurance can result in a steep fine or even jail time.Then you may be required to provide proof of insurance in the form of an SR-22 filing with your state DMV.
- Don’t buy coverages you don’t need – There are a lot of extra coverages you can purchase on your 5 Series policy. Coverages like vanishing deductibles, better glass coverage and additional equipment coverage may be wasting your money. They may seem like a good idea when you first buy your policy, but now you might not need them so get rid of them and save.
- Better credit scores mean better rates – Having a bad credit score is a big factor in calculating your insurance rates. If your credit history is lower than you’d like, you could save money insuring your 1998 BMW 5 Series by improving your rating. Drivers with good credit tend to file fewer claims and have better driving records as compared to drivers with poor credit.
Can you really save that much by switching?
Companies like Allstate, GEICO and Progressive regularly use television and radio advertisements. All the ads make the same claim that you can save if you move your policy. How can each company claim to save you money? It’s all in the numbers.
All companies have a preferred profile for the type of customer that makes them money. For instance, a driver they prefer might be profiled as between the ages of 40 and 55, has no prior claims, and has a high credit rating. Any new insured that hits that “sweet spot” is entitled to the best price and most likely will save when they switch companies.
Consumers who fall outside the “perfect” profile will have to pay higher premiums and ends up with business going elsewhere. Company advertisements say “people who switch” not “everybody who quotes” save that kind of money. That is how insurance companies can confidently make those claims. Because of the profiling, you absolutely need to get as many quotes as possible. It is impossible to predict the company that will fit your personal profile best.
Detailed coverages of your insurance policy
Having a good grasp of your policy helps when choosing which coverages you need at the best deductibles and correct limits. The coverage terms in a policy can be confusing and even agents have difficulty translating policy wording. Listed below are typical coverage types found on the average insurance policy.
Liability car insurance
This will cover injuries or damage you cause to people or other property that is your fault. This coverage protects you from legal claims by others, and doesn’t cover your own vehicle damage or injuries.
Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see liability limits of 100/300/100 which stand for $100,000 in coverage for each person’s injuries, a total of $300,000 of bodily injury coverage per accident, and a total limit of $100,000 for damage to vehicles and property.
Liability can pay for claims such as medical services, structural damage, court costs and loss of income. How much liability should you purchase? That is a personal decision, but consider buying as high a limit as you can afford.
Auto collision coverage
This pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You have to pay a deductible and the rest of the damage will be paid by collision coverage.
Collision can pay for claims like colliding with another moving vehicle, sustaining damage from a pot hole, driving through your garage door and sideswiping another vehicle. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. It’s also possible to raise the deductible in order to get cheaper collision rates.
Comprehensive (Other than Collision)
Comprehensive insurance coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive can pay for things such as rock chips in glass, theft, hail damage and damage from a tornado or hurricane. The highest amount you’ll receive from a claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.
Protection from uninsured/underinsured drivers
This coverage provides protection when the “other guys” either have no liability insurance or not enough. This coverage pays for hospital bills for your injuries and also any damage incurred to your BMW 5 Series.
Since a lot of drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is important protection for you and your family.
Medical expense insurance
Med pay and PIP coverage reimburse you for expenses such as nursing services, doctor visits, ambulance fees and funeral costs. They are often used in conjunction with a health insurance policy or if you are not covered by health insurance. It covers you and your occupants in addition to if you are hit as a while walking down the street. Personal injury protection coverage is not an option in every state and gives slightly broader coverage than med pay
Smart consumers save more
Cheaper 1998 BMW 5 Series insurance is available online in addition to many insurance agents, so you should be comparing quotes from both so you have a total pricing picture. Some insurance companies do not provide you the ability to get quotes online and these small, regional companies work with independent agents.
Throughout this article, we presented some good ideas how you can shop for insurance online. The key concept to understand is the more times you quote, the better likelihood of reducing your rate. You may even find the best price on insurance is with an unexpected company. Smaller companies may often insure only within specific states and give getter rates as compared to the big name companies such as Allstate or State Farm.
Much more information about insurance is located at the links below
- Medical Payments Coverage (Liberty Mutual)
- Understanding Car Crashes Video (iihs.org)
- What is Full Coverage? (Allstate)
- Teen Driving and Texting (State Farm)
- No-Fault Auto Insurance Statistics (Insurance Information Insitute)
- Five Tips to Save on Auto Insurance (Insurance Information Insitute)
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