Compare 1998 BMW 5 Series Insurance Cost

Cutting costs on auto insurance is always a challenge for consumers not familiar with buying insurance online. Drivers have so many companies to choose from that it can easily become a big hassle to compare prices.

How much can you save with discounts?

Insuring your vehicles can cost a lot, but there could be available discounts that you may not know about. Certain discounts will be triggered automatically at quote time, but some may not be applied and must be specially asked for before they will apply.

  • Defensive Driver – Successfully completing a course teaching defensive driving skills can save you 5% or more if your company offers it.
  • Sign Online – Certain companies may give you up to $50 just for signing your application digitally online.
  • Air Bag Discount – Vehicles with factory air bags and/or automatic seat belt systems may earn rate discounts of 20% or more.
  • Anti-theft Discount – Anti-theft and alarm systems can help prevent theft and will save you 10% or more.
  • Fewer Miles Equal More Savings – Fewer annual miles on your BMW could qualify for a substantially lower rate.

It’s important to understand that most credits do not apply the the whole policy. Most cut the price of certain insurance coverages like comp or med pay. So when the math indicates all those discounts means the company will pay you, you’re out of luck. But any discount will cut the cost of coverage.

Car insurance companies that may have some of the above discounts include:

Before buying, ask all companies you are considering what discounts are available to you. Savings might not be offered in your area.

How to Buy Insurance Coverage Online

The are a couple different ways to compare quotes from insurance coverage companies in your area. By far the easiest way to find the cheapest 1998 BMW 5 Series insurance rates consists of shopping online. This can be done in several different ways.

  1. The recommended way to find low rates would be an industry-wide quote request form like this one (opens in new window). This type of form keeps you from doing separate quotes to each individual insurance coverage company. A single form compares rates from multiple companies. It’s the fastest way to compare.
  2. A more time consuming way to compare rate quotes is to take the time to go to each individual company website to complete their respective quote request forms. For sake of this example, we’ll assume you want comparison quotes from Progressive, 21st Century and GMAC. To get each rate you have to take the time to go to each site and enter your policy data, and that’s why the first method is more popular. For a handy list of car insurance company links in your area, click here.
  3. The hardest way of getting rate comparisons is to spend your day driving to different agent offices. Buying insurance online makes this process obsolete unless you require the professional guidance of a local agent. You can, however, obtain prices from the web and get advice from an agent in your area and we’ll touch on that later.

However you get your quotes, make absolute certain that you use the exact same coverage limits and deductibles on every quote. If your comparisons have differing limits it will be impossible to determine the best price for your BMW 5 Series. Just a small difference in insurance coverages can make a big difference in price. It’s important to know that having more price comparisons will enable you to find the best price.

BMW 5 Series insurance premiums are calculated by many factors

An important part of buying insurance is that you know some of the elements that play a part in calculating the price you pay for auto insurance. Having a good understanding of what impacts premium levels helps enable you to make changes that can help you get lower auto insurance prices.

  • Your auto insurance rates can be influenced by your job – Did you know your occupation can influence how much you pay for auto insurance? Occupations such as judges, architects and stock brokers have the highest rates due to stressful work requirements and lots of time spent at work. On the other hand, professions such as actors, students and homemakers get better rates for 5 Series coverage.
  • Teen drivers pay high rates – Teen drivers are known to get distracted easily in a vehicle so auto insurance rates are higher. Mature drivers are more responsible, file fewer claims and get fewer tickets.
  • Keep rates low by being claim-free – If you file claims often, you can definitely plan on either higher rates or even cancellation. Companies provide lower rates to policyholders who do not rely on their insurance for small claims. Car insurance is meant to be used in the event of major claims that would cause financial hardship.
  • Your spouse saves you money – Having a spouse actually saves money on your auto insurance policy. It means you’re more responsible it has been statistically shown that drivers who are married are more cautious.
  • More miles equals more premium – The more you drive in a year’s time the more you’ll pay to insure your vehicle. The majority of insurers apply a rate based on how the vehicle is used. Cars and trucks used primarily for pleasure use can get a lower rate than vehicles that are driven to work every day. Double check that your auto insurance policy properly reflects the correct driver usage, because it can save money. Incorrect usage on your 5 Series may be costing you.

How much car insurance do I need?

When it comes to buying the right insurance coverage, there really is not a cookie cutter policy. Your needs are not the same as everyone else’s.

For instance, these questions can help discover whether you might need an agent’s assistance.

  • What if I owe more than I can insure my car for?
  • What discounts do I qualify for?
  • What is medical payments coverage?
  • Is other people’s property covered if stolen from my vehicle?
  • What is roadside assistance coverage?
  • When should I remove comp and collision on my 1998 BMW 5 Series?
  • Is upholstery damage covered by car insurance?
  • Will filing a claim cost me more?
  • When would I need rental car insurance?

If you’re not sure about those questions but you think they might apply to your situation then you might want to talk to a licensed insurance agent. To find an agent in your area, fill out this quick form.

Ads can be misleading

Allstate, Geico and Progressive regularly use ads on television and other media. All the companies say the same thing about savings if you move your coverage to them. How does each company make almost identical claims? It’s all in the numbers.

Different companies are able to cherry pick for the type of customer that earns them a profit. For instance, a driver they prefer could possibly be over the age of 40, a clean driving record, and drives less than 7,500 miles a year. Any new insured who meets those qualifications will get the preferred rates and as a result will probably save when they switch companies.

Potential insureds who don’t meet the requirements will be charged more money which usually ends up with the driver buying from a lower-cost company. The ads state “drivers who switch” but not “drivers who get quotes” save that kind of money. That’s why companies can truthfully advertise the savings.

That is why it’s extremely important to quote coverage with many companies. It is impossible to predict the company that will provide you with the cheapest BMW 5 Series insurance rates.

Information about specific coverages

Learning about specific coverages of your insurance policy can help you determine appropriate coverage for your vehicles. The coverage terms in a policy can be ambiguous and nobody wants to actually read their policy.

Medical expense coverage

Personal Injury Protection (PIP) and medical payments coverage reimburse you for immediate expenses like surgery, pain medications and ambulance fees. They can be utilized in addition to your health insurance program or if you lack health insurance entirely. They cover all vehicle occupants as well as being hit by a car walking across the street. Personal injury protection coverage is not universally available and may carry a deductible

Uninsured or underinsured coverage

Your UM/UIM coverage protects you and your vehicle from other motorists when they do not carry enough liability coverage. This coverage pays for injuries to you and your family as well as damage to your 1998 BMW 5 Series.

Due to the fact that many drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Most of the time your uninsured/underinsured motorist coverages are set the same as your liablity limits.

Coverage for collisions

This coverage will pay to fix damage to your 5 Series resulting from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible then your collision coverage will kick in.

Collision can pay for claims such as crashing into a building, damaging your car on a curb, driving through your garage door and sustaining damage from a pot hole. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are 8 years or older. It’s also possible to bump up the deductible to save money on collision insurance.

Comprehensive protection

Comprehensive insurance pays for damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive coverage protects against claims such as vandalism, hitting a deer, rock chips in glass, a broken windshield and fire damage. The most a insurance company will pay at claim time is the cash value of the vehicle, so if the vehicle is not worth much consider removing comprehensive coverage.

Auto liability

This provides protection from damages or injuries you inflict on other people or property by causing an accident. It protects you against other people’s claims. It does not cover damage sustained by your vehicle in an accident.

Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see liability limits of 100/300/100 which means $100,000 bodily injury coverage, a limit of $300,000 in injury protection per accident, and a total limit of $100,000 for damage to vehicles and property. Alternatively, you may have a combined single limit or CSL which limits claims to one amount and claims can be made without the split limit restrictions.

Liability coverage pays for things such as legal defense fees, pain and suffering, funeral expenses and court costs. The amount of liability coverage you purchase is up to you, but consider buying as much as you can afford.

The best insurance company isn’t always the cheapest

Discount 1998 BMW 5 Series insurance can be sourced online as well as from independent agents, so you should be comparing quotes from both to get a complete price analysis. A few companies don’t offer you the ability to get quotes online and usually these smaller companies provide coverage only through local independent agents.

In this article, we covered a lot of tips how to shop for insurance online. The most important thing to understand is the more rate comparisons you have, the higher the chance of saving money. You may even discover the most savings is with the least-expected company.

When shopping online for car insurance, do not reduce needed coverages to save money. There have been many cases where someone dropped uninsured motorist or liability limits and learned later they didn’t purchase enough coverage. The aim is to get the best coverage possible at an affordable rate, not the least amount of coverage.

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