2008 BMW 5 Series Insurance Cost

If you’ve never shopped for insurance online, it’s easy to get overwhelmed by the vast number of online companies selling insurance.

You need to do rate comparisons at least once a year since rates tend to go up over time. Even if you think you had the best deal on 5 Series coverage two years ago you can probably find a lower rate today. You can find a lot of wrong information about insurance on the web, but with this article, you’re going to get the best ways to stop overpaying for insurance.

If you have car insurance now, you should be able to save some money using these methods. This article will let you in on the most effective way to quote insurance and some money-saving tips. But car owners can benefit from knowing how big insurance companies compete online because it can help you find the best coverage.

Insurance Coverage Comparison Rates

There are a lot of ways to compare insurance coverage prices but there is one way that is less time-consuming than others. You can waste a lot of time driving to agents in your area, or you could use online quotes to get prices fast.

Many insurance companies are enrolled in a marketplace that enables customers to enter their coverage request one time, and at least one company returns a competitive quote for coverage. This system prevents you from having to do quote forms to each company.

To participate in this free quote system, click here to open in new window.

The one disadvantage to pricing coverage this way is you are unable to specify which companies to get quotes from. So if you prefer to choose individual companies to request quotes from, we have a page of companies who write insurance coverage in your area. View list of insurance companies.

It’s your choice how you get your quotes, but ensure you are comparing apples-to-apples coverage limits and deductibles for each price quote. If you are comparing unequal deductibles or liability limits it will be very difficult to determine the lowest rate for your BMW 5 Series. Slightly different insurance coverages can result in a big premium difference. And when comparing insurance coverage rates, know that comparing more company’s prices will improve the odds of getting a lower rate.

Save 15 percent in 15 minutes? Is it for real?

Insurance providers like State Farm, Allstate and Geico regularly use ads on television and other media. They all say the same thing about savings if you move your coverage to them. How do they all make almost identical claims? This is how they do it.

All the different companies can use profiling for the right customer that earns them a profit. An example of a desirable insured might be profiled as between the ages of 40 and 55, owns a home, and has a short commute. A customer who matches those parameters is entitled to the best price and is almost guaranteed to pay quite a bit less when switching companies.

Potential customers who are not a match for the requirements must pay higher prices and this can result in business not being written. The ad wording is “drivers who switch” not “people who quote” save money. This is how insurance companies can confidently claim big savings.

This illustrates why you need to get quotes from several different companies. It’s just too difficult to predict which company will provide you with the cheapest BMW 5 Series insurance rates.

Discounts mean cheaper 2008 BMW 5 Series insurance rates

Insurance can cost an arm and a leg, but companies offer discounts that many people don’t even know exist. Most are applied when you quote, but lesser-known reductions have to be asked for prior to receiving the credit.

  • Multiple Cars – Insuring all your vehicles on one policy could earn a price break for each car.
  • Drive Less and Save – Driving fewer miles can earn lower rates on the low mileage vehicles.
  • Paperwork-free – A handful of insurance companies will discount your bill up to fifty bucks for buying your policy on their website.
  • Federal Employees – Active or retired federal employment may qualify you for a discount on 5 Series coverage depending on your company.
  • Good Student – A discount for being a good student can get you a discount of up to 25%. This discount can apply up until you turn 25.
  • Resident Student – Youth drivers living away from home attending college and do not have a car can be insured at a reduced rate.
  • Discount for Swiching Early – Some companies give discounts for switching to them before your current policy expires. The savings is around 10%.
  • Service Members Pay Less – Having a deployed family member may qualify for rate reductions.
  • Driver’s Ed – Cut your cost by having your teen driver enroll in driver’s education in high school.

Keep in mind that many deductions do not apply the the whole policy. Some only apply to the price of certain insurance coverages like medical payments or collision. So even though it sounds like all those discounts means the company will pay you, companies wouldn’t make money that way. But any discount will cut your premiums.

To see a list of insurance companies offering insurance discounts, click here.

Tailor your coverage to you

When it comes to buying the right insurance coverage for your personal vehicles, there really is not a one size fits all plan. Every situation is different.

For example, these questions may help you determine whether or not you would benefit from an agent’s advice.

  • Does liability extend to a camper or trailer?
  • Is a new car covered when I drive it off the dealer lot?
  • Is my nanny covered when driving my vehicle?
  • What vehicles should carry emergency assistance coverage?
  • Am I insured when driving a different vehicle?
  • Is rental equipment covered for theft or damage?

If it’s difficult to answer those questions but a few of them apply, you may need to chat with a licensed agent. To find an agent in your area, fill out this quick form.

Auto insurance coverages 101

Having a good grasp of a auto insurance policy aids in choosing appropriate coverage at the best deductibles and correct limits. Auto insurance terms can be confusing and reading a policy is terribly boring.

Auto collision coverage

This pays for damage to your 5 Series from colliding with another car or object. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision coverage pays for claims like backing into a parked car, damaging your car on a curb and hitting a mailbox. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are older. Another option is to increase the deductible in order to get cheaper collision rates.

Medical expense coverage

Med pay and PIP coverage provide coverage for immediate expenses for doctor visits, dental work, surgery, EMT expenses and funeral costs. They can be used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. Coverage applies to all vehicle occupants and will also cover if you are hit as a while walking down the street. PIP is not universally available and may carry a deductible

Comprehensive protection

Comprehensive insurance coverage will pay to fix damage that is not covered by collision coverage. A deductible will apply then your comprehensive coverage will pay.

Comprehensive coverage pays for claims such as a tree branch falling on your vehicle, hail damage and a broken windshield. The highest amount you can receive from a comprehensive claim is the actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.

Uninsured or underinsured coverage

This coverage protects you and your vehicle’s occupants from other motorists when they either are underinsured or have no liability coverage at all. This coverage pays for hospital bills for your injuries as well as your vehicle’s damage.

Since a lot of drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is important protection for you and your family. Normally the UM/UIM limits are identical to your policy’s liability coverage.

Auto liability

This coverage will cover damage or injury you incur to people or other property that is your fault. This insurance protects YOU from claims by other people. 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 values of 25/50/25 that translate to a limit of $25,000 per injured person, a total of $50,000 of bodily injury coverage per accident, and $25,000 of coverage for damaged propery. Another option is one number which is a combined single limit that pays claims from the same limit rather than limiting it on a per person basis.

Liability coverage pays for claims like attorney fees, loss of income, emergency aid and repair costs for stationary objects. How much coverage you buy is up to you, but it’s cheap coverage so purchase as large an amount as possible.

More quotes. Lower rates.

As you prepare to switch companies, make sure you don’t reduce needed coverages to save money. In too many instances, an insured cut physical damage coverage and discovered at claim time that the few dollars in savings costed them thousands. Your strategy should be to purchase a proper amount of coverage for the lowest price.

Cheap 2008 BMW 5 Series insurance is possible on the web in addition to many insurance agents, and you should compare price quotes from both so you have a total pricing picture. Some insurance coverage companies do not provide the ability to get a quote online and most of the time these small, regional companies sell through independent agents.

We covered many ways to get a better price on insurance. The key thing to remember is the more rate quotes you have, the higher your chance of finding lower rates. Drivers may discover the lowest premiums are with a lesser-known regional company.

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