View 2002 BMW 5 Series Car Insurance Rates

Sick and tired of not being able to afford each month for car insurance? You are no different than many other consumers.

You have multiple insurance companies to choose from, and though it is a good thing to be able to choose, lots of choices makes it harder to get the best deal.

It’s important to do rate comparisons on a regular basis because prices are usually higher with each renewal. If you had the best deal on 5 Series coverage a few years ago the chances are good that you can find a lower rate today. There is a lot of wrong information about insurance coverage on the web, but we’re going to give you some solid techniques on how to put money back in your pocket.

This information will teach you the best way to quote coverages and some tricks to saving. If you are paying for car insurance now, you will most likely be able to reduce your rates substantially using this strategy. But car owners benefit from understanding how big insurance companies sell online.

How to Get Cheap Insurance

Most major insurance companies give price estimates online. Getting quotes is quite easy as you simply enter your required coverages into a form. When the form is submitted, the system will obtain reports for credit and driving violations and provides a quote based on these and other factors. This makes comparing rates easy, but having to visit many different websites and type in the same information is monotonous and tiresome. But it’s very important to compare as many rates as possible if you are searching for the best price possible.

The preferred way to get multiple rate quotes is to use a quote form that gets prices from a lot of companies. The form is fast, reduces the work, and makes comparison shopping much more efficient. Immediately after you send the form, your coverage is rated and you can select any of the quotes returned.

If you find a better price you simply finish the application and buy the new coverage. It can be completed in a matter of minutes and may result in a nice savings.

To use this form to compare rates, click here and enter your information. If you currently have coverage, we recommend you replicate the coverages as shown on your current policy. This way, you are getting a price comparison based on identical coverages.

Are you getting all your discounts?

Insurance can be prohibitively expensive, but discounts can save money and there are some available to reduce the price significantly. Some discounts apply automatically at the time you complete a quote, but some must be requested specifically prior to getting the savings.

  • Distant Student – Any of your kids living away from home attending college and don’t have a car may be able to be covered for less.
  • Claim Free – Drivers with accident-free driving histories pay less as compared to frequent claim filers.
  • Discount for Swiching Early – Some insurance companies reward drivers for switching to them prior to your current policy expiration. The savings is around 10%.
  • Multiple Cars – Having all your vehicles on the same insurance policy may reduce the rate for each vehicle.
  • Federal Government Employee – Employees or retirees of the government may qualify you for a discount on 5 Series coverage depending on your company.
  • Drive Safe and Save – Safe drivers can pay as much as 50% less on 5 Series coverage than their less cautious counterparts.
  • Drive Less and Save – Fewer annual miles on your BMW can earn a substantially lower rate.
  • Accident Waiver – Certain companies will forgive one accident before raising your premiums if you are claim-free for a certain period of time.
  • New Car Discount – Buying coverage on a new vehicle can cost up to 25% less since new cars are generally safer.

It’s important to understand that some of the credits will not apply to all coverage premiums. Most cut specific coverage prices like comprehensive or collision. So despite the fact that it appears having all the discounts means you get insurance for free, insurance companies aren’t that generous. Any amount of discount will cut the amount you have to pay.

A partial list of companies that possibly offer these discounts include:

Before buying, ask all companies you are considering what discounts are available to you. All car insurance discounts may not be available in your state.

Why your BMW 5 Series might be costing you more

An important part of buying insurance is that you know the rating factors that help determine car insurance rates. When you know what positively or negatively impacts premium levels helps enable you to make changes that will entitle you to better car insurance rates.

The following are some of the items that factor into prices.

  • Traffic violations increase rates – Good drivers receive lower rates than their less careful counterparts. Even a single ticket can increase rates by as much as thirty percent. Drivers who have dangerous citations such as DWI, reckless driving or hit and run convictions may need to file a SR-22 with their state motor vehicle department in order to prevent a license revocation.
  • Do you need the policy add-ons? – There are a ton of extra bells and whistles you can purchase if you aren’t careful. Coverages for rental car reimbursement, better glass coverage and membership fees are examples of these. These coverages may sound good when you first buy your policy, but your needs may have changed so eliminate them to save money.
  • Theft deterrents lower rates – Choosing a vehicle 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 can thwart car theft.
  • Better credit means lower rates – A driver’s credit rating is a big factor in determining what you pay for car insurance. Consumers who have excellent credit tend to be less risk to insure than drivers who have lower credit scores. If your credit history can use some improvement, you could save money insuring your 2002 BMW 5 Series by repairing your credit.
  • Pay less after the wedding – Being married helps lower the price on your policy. It usually means you are more mature and it’s proven that married couples file fewer claims.
  • No coverage gaps is important – Driving your car without having proper coverage can get your license suspended and car insurance companies will penalize you for letting your coverage lapse. Not only will rates go up, getting caught without coverage might get you a license revocation or jail time.

When might I need an agent?

When buying coverage for your personal vehicles, there really is not a one size fits all plan. Everyone’s situation is unique so this has to be addressed. For example, these questions might help in determining whether your personal situation might need professional guidance.

  • If my 2002 BMW 5 Series is totaled, can I afford another vehicle?
  • Am I covered when renting a car or should I buy coverage from the car rental agency?
  • Am I covered by my employer’s commercial auto policy when driving my personal car for business?
  • Is upholstery damage covered by car insurance?
  • Should I have combined single limit or split liability limits?
  • What exactly is covered by my policy?

If it’s difficult to answer those questions but one or more may apply to you, you might consider talking to an insurance agent. To find an agent in your area, simply complete this short form or go to this page to view a list of companies.

Coverages available on your auto insurance policy

Knowing the specifics of auto insurance can help you determine which coverages you need for your vehicles. The coverage terms in a policy can be confusing and coverage can change by endorsement. Listed below are typical coverages found on the average auto insurance policy.

Comprehensive coverage

This pays to fix your vehicle from damage OTHER than collision with another vehicle or object. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for things like damage from a tornado or hurricane, rock chips in glass, theft and fire damage. The maximum amount you’ll receive from a claim is the cash value of the vehicle, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

Medical payments coverage and PIP

Coverage for medical payments and/or PIP provide coverage for bills for hospital visits, funeral costs and rehabilitation expenses. The coverages can be utilized in addition to your health insurance policy or if you lack health insurance entirely. Coverage applies to you and your occupants and will also cover getting struck while a pedestrian. PIP is only offered in select states but can be used in place of medical payments coverage

Collision coverage

This coverage pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You will need to pay your deductible then your collision coverage will kick in.

Collision coverage pays for things such as rolling your car, sustaining damage from a pot hole, backing into a parked car and colliding with another moving vehicle. This coverage can be expensive, so consider dropping it from older vehicles. Another option is to bump up the deductible to bring the cost down.

Uninsured/Underinsured Motorist coverage

This coverage gives you protection from other motorists when they either are underinsured or have no liability coverage at all. Covered losses include hospital bills for your injuries as well as your vehicle’s damage.

Since a lot of drivers only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is a good idea. Normally these coverages are identical to your policy’s liability coverage.

Liability coverages

This protects you from damage that occurs to people or other property that is your fault. It protects you from legal claims by others. Liability doesn’t cover damage to your own property or vehicle.

Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. Your policy might show liability limits of 100/300/100 which stand for a limit of $100,000 per injured person, $300,000 for the entire accident, and a total limit of $100,000 for damage to vehicles and property. Alternatively, you may have one limit called combined single limit (CSL) which provides one coverage limit without having the split limit caps.

Liability insurance covers things like repair bills for other people’s vehicles, medical services, pain and suffering and attorney fees. The amount of liability coverage you purchase is a decision to put some thought into, but you should buy as large an amount as possible.

Don’t be a big spender

As you shop your coverage around, it’s very important that you do not skimp on critical coverages to save a buck or two. There are too many instances where consumers will sacrifice collision coverage only to discover later that their decision to reduce coverage ended up costing them more. The proper strategy is to buy a smart amount of coverage at a price you can afford, not the least amount of coverage.

Cheap 2002 BMW 5 Series insurance can be purchased both online and also from your neighborhood agents, and you should be comparing both in order to have the best price selection to choose from. A few companies may not provide online price quotes and most of the time these regional insurance providers sell through independent agents.

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