Lower Your 2002 BMW X5 Insurance Rates

Trying to find lower car insurance rates for your BMW X5? Feel like you’re a prisoner to overpriced car insurance? Trust us, you are not the only one feeling buyer’s remorse.

Consumers have many insurers to purchase coverage from, and although it’s a good thing to have a selection, it makes it harder to compare rates and cut insurance costs.

Do you qualify for a discount?

Companies don’t always publicize all available discounts in an easy-to-find place, so we break down both well-publicized and the more hidden car insurance savings.

  • Fewer Miles Equal More Savings – Keeping the miles down on your BMW could be rewarded with lower rates on the low mileage vehicles.
  • E-sign – A few companies will discount your bill up to fifty bucks for buying your policy over the internet.
  • Passive Restraints and Air Bags – Vehicles with factory air bags and/or automatic seat belt systems can get savings of 20% or more.
  • Driver’s Ed – Have your child successfully complete driver’s ed class if offered at their school.
  • No Charge for an Accident – Certain companies permit an accident before your rates go up if you are claim-free for a set time period.

It’s important to understand that most discount credits are not given to your bottom line cost. Some only apply to the cost of specific coverages such as comp or med pay. Just because it seems like all the discounts add up to a free policy, it doesn’t quite work that way.

Insurance companies that may have these discounts are:

Before buying, ask all companies you are considering how you can save money. Discounts may not be available in your area.

Quick Auto Insurance Quotes

There are a lot of ways to compare auto insurance prices but one way is less labor-intensive and much quicker. You can spend your afternoon talking about coverages with agents in your area, or you could save time and use online quoting to quickly compare rates.

Most major companies take part in a program where prospective buyers submit their information once, and every company then returns a price quote based on that information. This system prevents you from having to do form submissions to each individual auto insurance company.

To submit your quote information now, click here (opens in new window).

The only downside to comparing rates this way is you don’t know exactly which providers to get pricing from. So if you want to select individual companies to compare prices, we put together a list of auto insurance companies in your area. Click here for list of insurance companies.

It’s up to you which method you use, but double check that you are using the exact same coverages for each comparison quote. If you compare mixed coverages it will be next to impossible to truly determine the lowest rate. Just a small difference in coverage limits can result in a big premium difference. It’s important to know that comparing a large number of companies will improve the odds of getting the best offered rates.

Some factors that can determine what BMW X5 insurance costs

Consumers need to have an understanding of some of the elements that come into play when calculating the price you pay for insurance. Understanding what determines base rates empowers consumers to make smart changes that could result in much lower annual insurance costs.

The list below includes some of the factors used by your company to calculate premiums.

  • Mature drivers pay less – Older drivers are viewed as being more responsible, tend to file fewer claims and tend to be better behind the wheel. Teen drivers have a tendency to be less responsible behind the wheel and because of this, their insurance rates are much higher.
  • Being married is a good thing – Having a wife or husband helps lower the price on insurance. It is viewed as being more mature it has been statistically shown that drivers who are married are more cautious.
  • Increase deductibles and save – Physical damage insurance, otherwise known as comp (or other than collision) and collision, protects your BMW from damage. Some examples of claims that would be covered are collision with another vehicle, collision with an animal, and windstorm damage. Physical damage deductibles are the amount of money you are required to spend out-of-pocket before a claim is paid by your company. The higher the amount the insured has to pay upfront, the less your insurance will be for X5 coverage.
  • Battle of the sexes – Statistics show women tend to be less risk to insure than men. Now that doesn’t mean men are worse drivers. Men and women tend to get into accidents at about the same rate, but the male of the species tend to have more serious accidents. Men also tend to receive more costly citations like DUI and reckless driving.
  • Your occupation can affect rates – Jobs such as real estate brokers, social workers and accountants are shown to have higher rates than average in part from high stress levels and long work days. On the flip side, jobs such as scientists, athletes and retirees pay the least for X5 coverage.

What coverages do I need?

When choosing the best auto insurance coverage for your vehicles, there is no single plan that fits everyone. Your needs are not the same as everyone else’s so your insurance needs to address that. These are some specific questions may help highlight whether your personal situation might need professional guidance.

  • Am I covered when using my vehicle for business?
  • Do I benefit by insuring my home with the same company?
  • Does my policy cover my teen driver if they drive my company car?
  • Am I covered if I break a side mirror?
  • Am I covered if hit by an uninsured driver?
  • Should I file a claim if it’s only slightly more than my deductible?
  • Do I pay less for low miles?
  • Where can I find DUI or SR-22 insurance?

If you’re not sure about those questions then you might want to talk to a licensed agent. To find lower rates from a local agent, fill out this quick form or you can also visit this page to select a carrier

Insurance policy coverages for a BMW X5

Having a good grasp of your insurance policy can help you determine appropriate coverage at the best deductibles and correct limits. Policy terminology can be difficult to understand and nobody wants to actually read their policy. These are typical coverage types offered by insurance companies.

Medical payments coverage and PIP – Personal Injury Protection (PIP) and medical payments coverage pay for short-term medical expenses for things like doctor visits, funeral costs and EMT expenses. They are often utilized in addition to your health insurance policy or if you do not have health coverage. Medical payments and PIP cover both the driver and occupants as well as being hit by a car walking across the street. Personal Injury Protection is not available in all states and gives slightly broader coverage than med pay

Comprehensive coverage – Comprehensive insurance coverage will pay to fix 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 pays for claims such as damage from getting keyed, hitting a deer, damage from flooding, vandalism and damage from a tornado or hurricane. The highest amount you’ll receive from a claim is the actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.

Uninsured/Underinsured Motorist coverage – This protects you and your vehicle’s occupants from other motorists when they either have no liability insurance or not enough. It can pay for medical payments for you and your occupants and also any damage incurred to your BMW X5.

Due to the fact that many drivers only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is important protection for you and your family.

Collision – This pays for damage to your X5 resulting from colliding with another car or object. You have to pay a deductible then your collision coverage will kick in.

Collision can pay for things such as rolling your car, crashing into a ditch and hitting a mailbox. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are older. It’s also possible to raise the deductible in order to get cheaper collision rates.

Liability car insurance – Liability coverage will cover injuries or damage you cause to other people or property. This insurance protects YOU against claims from other people, and 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. As an example, you may have policy limits of 100/300/100 which means $100,000 in coverage for each person’s injuries, a total of $300,000 of bodily injury coverage per accident, and a limit of $100,000 paid for damaged property.

Liability coverage protects against claims such as pain and suffering, legal defense fees, funeral expenses, medical expenses and structural damage. How much coverage you buy is up to you, but it’s cheap coverage so purchase as high a limit as you can afford.

Save your hard earned cash

Lower-priced 2002 BMW X5 insurance is definitely available on the web in addition to many insurance agents, so you should be comparing quotes from both to have the best chance of lowering rates. A few companies do not provide the ability to get a quote online and usually these regional insurance providers provide coverage only through local independent agents.

In this article, we presented many tips how you can compare insurance prices online. The most important thing to understand is the more times you quote, the better your chances of lowering your rates. Drivers may discover the lowest rates come from the least-expected company. These companies may have significantly lower rates on certain market segments as compared to the big name companies such as Progressive and Geico.

More information can be read at these links: