1998 BMW 5 Series Insurance Rates – 9 Tips for Best Quotes

Perplexed by the number of insurance company choices? You have a lot of company. You have so many options that it can easily become a real hassle to find the lowest price.

It’s a great practice to take a look at other company’s rates before your policy renews since rates are rarely the same from one policy term to another. Just because you had the lowest rates on 5 Series insurance on your last policy you will most likely find a better rate today. Starting now, forget anything you know (or think you know) about insurance because you’re going to get a crash course in the only way to reduce your cost while increasing coverage.

How to Compare Car Insurance Rates

There are a lot of ways to compare car insurance quotes, and some are less time-consuming than others. You can spend countless hours driving to insurance agencies in your area, or you can stay home and use the web to accomplish the same thing much quicker.

The majority of car insurance companies participate in a marketplace where insurance shoppers enter their coverage request one time, and every company returns a rated price for coverage. This system prevents you from having to do form submissions to each company. To find out what other companies charge for 1998 BMW 5 Series insurance click here to start a free quote.

The only downside to using this type of system is you can’t choose which carriers you want pricing from. So if you want to select specific insurance companies to compare prices, we have a page of car insurance companies in your area. Click here for list of insurance companies.

Whichever way you use, double check that you are using the exact same coverages for every company. If you use different deductibles you can’t possibly make an equal comparison. Quoting even small variations in coverage limits may cause a big price difference. And when comparison shopping, more quotes will improve the odds of getting the best rates.

Are auto insurance companies telling the truth?

Companies like Progressive, GEICO, Allstate and State Farm continually stream ads on television and other media. All the ads make an identical promise that you’ll save big after switching your coverage to them. How do they all claim to save you money?

All companies can use profiling for the driver that makes them money. A good example of a desirable insured might be a mature driver, insures multiple vehicles, and has great credit. Any driver who meets those qualifications will get the preferred rates and therefore will cut their rates substantially.

Potential customers who don’t qualify for this ideal profile will be charged higher prices and this can result in business not being written. The ads say “customers who switch” but not “drivers who get quotes” save that much. This is how companies can truthfully advertise the savings.

That is why drivers should compare as many rates as you can. It is impossible to predict which insurance companies will have the lowest BMW 5 Series insurance rates.

Discounts can save BIG

Insuring your vehicles can cost a lot, but you may find discounts that many people don’t even know exist. Some trigger automatically at the time of quoting, but a few must be requested specifically before being credited.

  • Early Signing – Select companies give a discount for signing up before your current policy expires. This can save 10% or more.
  • Discount for Good Grades – Getting good grades can save 20 to 25%. The discount lasts up until you turn 25.
  • Anti-theft Discount – Vehicles equipped with anti-theft or alarm systems prevent vehicle theft and earn discounts up to 10%.
  • Clubs and Organizations – Affiliation with certain professional organizations is a good way to get lower rates on insurance on 5 Series insurance.
  • Drivers Education – Have your child take driver’s ed class if it’s offered in school.
  • Employee of Federal Government – Simply working for the federal government may qualify you for a discount on 5 Series insurance depending on your company.
  • Multi-car Discount – Buying coverage for more than one vehicle on one policy can get a discount on all vehicles.
  • Discounts for Safe Drivers – Drivers who don’t get into accidents may receive a discount up to 45% less on 5 Series insurance than less cautious drivers.
  • New Car Discount – Buying coverage on a new vehicle can save up to 30% because new vehicles have to meet stringent safety requirements.

A little note about advertised discounts, many deductions do not apply to the overall cost of the policy. Some only apply to the cost of specific coverages such as comprehensive or collision. Even though it may seem like you could get a free insurance policy, companies wouldn’t make money that way. Any amount of discount will reduce the cost of coverage.

Insurance companies that may offer these discounts include:

Double check with each company which discounts they offer. Some discounts might not apply everywhere.

Will just any policy work for me?

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

For example, these questions can help discover if your situation may require specific advice.

  • How high should my medical payments coverage be?
  • Am I covered if I hit a deer?
  • Do I need to file an SR-22 for a DUI in my state?
  • When does my teenage driver need to be added to my policy?
  • Am I better off with higher deductibles on my 1998 BMW 5 Series?
  • Does coverage extend to a rental car in a foreign country?
  • Can I rate high risk drivers on liability-only vehicles?
  • If I drive on a suspended license am I covered?
  • Where can I find DUI or SR-22 insurance?
  • When do I need to add a new car to my policy?

If you don’t know the answers to these questions but you know they apply to you, you may need to chat with an insurance agent. If you don’t have a local agent, take a second and complete this form.

Specific coverages for a 1998 BMW 5 Series

Knowing the specifics of car insurance can help you determine appropriate coverage for your vehicles. Car insurance terms can be ambiguous and even agents have difficulty translating policy wording.

Medical payments coverage and PIP

Personal Injury Protection (PIP) and medical payments coverage kick in for short-term medical expenses such as doctor visits, chiropractic care, X-ray expenses, funeral costs and ambulance fees. They are often utilized in addition to your health insurance program or if there is no health insurance coverage. It covers all vehicle occupants in addition to being hit by a car walking across the street. PIP coverage is not available in all states and gives slightly broader coverage than med pay

Collision coverage protection

This will pay to fix damage to your 5 Series caused by collision with another vehicle or an object, but not an animal. A deductible applies then your collision coverage will kick in.

Collision coverage protects against claims like colliding with a tree, rolling your car, colliding with another moving vehicle, damaging your car on a curb and backing into a parked car. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are 8 years or older. Drivers also have the option to increase the deductible to save money on collision insurance.

Uninsured/Underinsured Motorist coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants from other motorists when they are uninsured or don’t have enough coverage. Covered losses include medical payments for you and your occupants and damage to your BMW 5 Series.

Since a lot of 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. Usually the UM/UIM limits are similar to your liability insurance amounts.

Liability car insurance

This provides protection from damages or injuries you inflict on people or other property. It protects YOU against other people’s claims. Liability 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. You might see liability limits of 100/300/100 which means a limit of $100,000 per injured person, a limit of $300,000 in injury protection per accident, and a total limit of $100,000 for damage to vehicles and property. Some companies may use a combined single limit or CSL which limits claims to one amount and claims can be made without the split limit restrictions.

Liability coverage protects against things such as repair costs for stationary objects, legal defense fees and medical expenses. How much liability coverage do you need? That is up to you, but buy as large an amount as possible.

Comprehensive coverage

Comprehensive insurance coverage covers damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive coverage pays for things such as theft, rock chips in glass and vandalism. The most your car insurance company will pay is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Saving money is sweet as honey

We’ve covered a lot of tips how to compare 1998 BMW 5 Series insurance prices online. The most important thing to understand is the more quotes you get, the better chance you’ll have of finding lower rates. You may be surprised to find that the lowest priced insurance comes from an unexpected company.

Drivers change insurance companies for many reasons like poor customer service, delays in paying claims, high rates after DUI convictions or an unsatisfactory settlement offer. No matter why you want to switch, choosing a new insurance company can be less work than you think.

As you restructure your insurance plan, it’s a bad idea to skimp on critical coverages to save a buck or two. There have been many cases where someone dropped full coverage to discover at claim time that it was a big mistake. Your goal should be to find the BEST coverage at an affordable rate while not skimping on critical coverages.

Additional information can be found at the links below