BMW BMW 5-Series Insurance Rates
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UPDATED: Jan 7, 2020
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Trying to find lower insurance coverage rates for your BMW 5 Series? Are you a victim of high-priced insurance coverage? Trust us when we tell you many consumers feel financially strained by their insurance coverage policy. Online insurance companies like Progressive, State Farm and GEICO all claim big savings, bombarding you with catchy ads and consumers find it hard to see past the corporate glitz and effectively compare rates to find the best deal.
If you have a current auto insurance policy or are just looking to switch companies, you can learn to find the best rates while maintaining coverages. Finding affordable coverage is not rocket science. Consumers just need to understand the best way to buy auto insurance online.
How to Compare Car Insurance Quotes
Reducing your 2003 BMW 5 Series insurance rates is surprisingly easy. All that’s required is to take time comparing price quotes from different insurance companies. This is very easy and can be done in a couple of different ways.
- One of the simplest ways consumers can make multiple comparisons would be an industry-wide quote request form click to view form in new window. This form keeps you from doing repetitive form submissions for each company you want a rate for. Completing one form gets rate comparisons from multiple companies.
- A more difficult way to analyze rates requires you to visit each individual company website and request a quote. For instance, we’ll assume you want comparison quotes from USAA, Farmers and Progressive. You would have to spend time on each company’s site and enter your information, which is why the first method is more popular.
For a list of links to companies insuring cars in your area, click here.
Whichever way you use, be sure to compare identical coverage limits on every quote you get. If you enter different liability limits you will not be able to determine the best price for your BMW 5 Series.
Save with discounts on BMW 5 Series insurance
Car insurance companies don’t necessarily list every available discount in an easy-to-find place, so the following is a list of both the well known and also the lesser-known savings tricks you should be using. If they aren’t giving you every credit you qualify for, you are paying more than you should be.
- Homeowners Savings – Owning a home may earn you a small savings because maintaining a house shows financial diligence.
- Drive Less and Save – Keeping the miles down on your BMW could qualify for lower rates on the low mileage vehicles.
- Pay Now and Pay Less – If you pay your entire premium ahead of time instead of monthly or quarterly installments you can actually save on your bill.
- New Vehicle Savings – Buying coverage on a new vehicle can be considerably cheaper compared to insuring an older model.
- Federal Employees – Active or retired federal employment can earn a discount up to 10% on 5 Series insurance with certain companies.
It’s important to understand that most credits do not apply to the overall cost of the policy. The majority will only reduce the price of certain insurance coverages like comp or med pay. So when the math indicates it’s possible to get free car insurance, you won’t be that lucky.
For a list of insurance companies who offer auto insurance discounts, click here.
Tailor your coverage to you
When buying adequate coverage for your personal vehicles, there really is not a “perfect” insurance plan. Everyone’s situation is unique so your insurance needs to address that. For example, these questions can help discover if your situation would benefit from professional advice.
- Does my medical payments coverage pay my health insurance deductible?
- Am I covered when renting a car or should I buy coverage from the car rental agency?
- Do I need motorclub coverage?
- If I drive on a suspended license am I covered?
- Do I need PIP (personal injury protection) coverage in my state?
- Do I need an umbrella policy?
- Am I covered when driving someone else’s vehicle?
- What can I do if my company won’t pay a claim?
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If you’re not sure about those questions but a few of them apply, you may need to chat with a licensed insurance agent. To find an agent in your area, simply complete this short form or you can go here for a list of companies in your area. It is quick, free and can help protect your family.
Auto insurance policy specifics
Having a good grasp of your policy aids in choosing appropriate coverage and proper limits and deductibles. Auto insurance terms can be ambiguous and coverage can change by endorsement. Shown next are typical coverage types available from auto insurance companies.
Uninsured Motorist or Underinsured Motorist insurance – This coverage provides protection when the “other guys” do not carry enough liability coverage. Covered claims include injuries sustained by your vehicle’s occupants as well as 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. For this reason, having high UM/UIM coverages is very important.
Coverage for liability – Liability insurance will cover damages or injuries you inflict on people or other property that is your fault. It protects YOU from legal claims by others. Liability doesn’t cover damage sustained by your vehicle in an accident.
Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have limits of 50/100/50 that means you have a limit of $50,000 per injured person, a total of $100,000 of bodily injury coverage per accident, and property damage coverage for $50,000.
Liability can pay for things such as structural damage, funeral expenses, bail bonds, medical expenses and repair costs for stationary objects. How much liability coverage do you need? That is up to you, but it’s cheap coverage so purchase as large an amount as possible.
Collision coverages – Collision insurance pays for damage to your 5 Series caused by collision with another car or object. You will need to pay your deductible then the remaining damage will be paid by your insurance company.
Collision coverage pays for claims such as crashing into a ditch, sideswiping another vehicle, crashing into a building, colliding with another moving vehicle and hitting a parking meter. Collision coverage makes up a good portion of your premium, so consider dropping it from lower value vehicles. Another option is to bump up the deductible to bring the cost down.
Insurance for medical payments – Med pay and PIP coverage provide coverage for bills for things like pain medications, surgery and dental work. They can be used in conjunction with a health insurance policy or if you are not covered by health insurance. Medical payments and PIP cover not only the driver but also the vehicle occupants as well as if you are hit as a while walking down the street. PIP is only offered in select states and may carry a deductible
Comprehensive coverage (or Other than Collision) – Comprehensive insurance coverage covers damage that is not covered by collision coverage. You first have to pay a deductible then your comprehensive coverage will pay.
Comprehensive insurance covers things like rock chips in glass, damage from a tornado or hurricane, hitting a deer, vandalism and hitting a bird. The maximum payout a auto insurance company will pay at claim time is the cash value of the vehicle, so if it’s not worth much more than your deductible consider removing comprehensive coverage.
Feed the piggy bank
We just presented a lot of ways to lower your 2003 BMW 5 Series insurance rates. It’s most important to understand that the more rate comparisons you have, the better your comparison will be. Consumers may even find the best prices are with a small local company. These companies may cover specific market segments cheaper compared to the large companies like GEICO and State Farm.
Cheaper insurance is available both online as well as from independent agents, and you should compare price quotes from both in order to have the best chance of saving money. A few companies don’t offer the ability to get a quote online and usually these regional insurance providers provide coverage only through local independent agents.
For more information, feel free to visit the articles below:
- What is Covered by an Auto Insurance Policy? (Insurance Information Insitute)
- Child Safety FAQ (iihs.org)
- Liability Insurance Coverage (Nationwide)
- What is Full Coverage? (Allstate)
- Auto Insurance Learning Center (State Farm)
- Prepare your Teens for Safe Driving (InsureUonline.org)
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