How Much Does 2005 BMW 5 Series Insurance Cost?

Searching for better car insurance rates for your BMW 5 Series? Paying for high-priced BMW 5 Series insurance can overdraw your savings account and force you to make sacrifices. Comparing price quotes is free, only takes a few minutes, and is a good way to lower your monthly bill. Drivers have multiple insurance companies to buy insurance from, and although it’s nice to have multiple companies, having more auto insurance companies makes it harder to find the best rates.

Insurance Coverage Prices

There are a variety of methods to compare 2005 BMW 5 Series insurance coverage quotes, but there is one way that is less labor-intensive and much quicker. You could spend your day talking to insurance companies in your area, or you could save time and use online quotes to get the quickest rates.

Most car insurance companies belong to an insurance system where prospective buyers complete one form, and each company can provide price quotes based on that data. This prevents consumers from doing quotation requests for each company.

To compare pricing click here (opens in new window).

One minor caviat to using this type of form is you don’t know exactly the insurers to receive prices from. If you prefer to choose individual companies to compare, we put together a list of low cost insurance coverage companies in your area. Click here for list of insurance companies.

However you get your quotes, make sure you use exactly the same coverage information for each price quote. If you use different limits and deductibles on each one it will be next to impossible to determine the best price for your BMW 5 Series.

Is there truth in advertising?

Drivers can’t ignore all the ads for the lowest price auto insurance from companies such as State Farm, Geico and Progressive. All the ads have a common claim of big savings after switching your policy.

But how can every company say the same thing? It’s all in the numbers.

Insurance companies have a preferred profile for the type of driver that earns them a profit. An example of a profitable customer might be over the age of 40, is a homeowner, and drives less than 7,500 miles a year. A propective insured that hits that “sweet spot” is entitled to the best price and is almost guaranteed to pay quite a bit less when switching companies.

Consumers who don’t qualify for this ideal profile must pay more money and this can result in the driver buying from a lower-cost company. The ad wording is “customers who switch” but not “drivers who get quotes” save money. That is how companies can truthfully state the savings.

This illustrates why it is so important to get quotes from several different companies. It’s just too difficult to predict which company will have the lowest BMW 5 Series insurance rates.

These discounts can slash car insurance rates

Insuring your fleet can be pricey, but there could be available discounts to reduce the price significantly. Certain discounts will be triggered automatically at the time of purchase, but some must be inquired about before being credited. If you don’t get every credit available, you are throwing money away.

  • Payment Discounts – If you pay your bill all at once rather than paying monthly you may reduce your total bill.
  • Homeowners Savings – Owning a home can save you money because of the fact that having a home requires personal responsibility.
  • Multiple Cars – Insuring all your vehicles on one policy could earn a price break for each car.
  • 55 and Retired – If you qualify as a senior citizen, you may be able to get a small decrease in premiums on 5 Series insurance.
  • Accident Free – Claim-free drivers can save substantially when compared to frequent claim filers.
  • Fewer Miles Equal More Savings – Low mileage vehicles can earn a substantially lower rate.

Keep in mind that most credits do not apply to your bottom line cost. Most only reduce the cost of specific coverages such as collision or personal injury protection. Even though it may seem like all the discounts add up to a free policy, you won’t be that lucky. But all discounts will bring down your premiums.

To see a list of companies who offer car insurance discounts, click here.

When might I need the advice of an agent?

When choosing the right insurance coverage, there isn’t really a best way to insure your cars. Everyone’s situation is unique so this has to be addressed. For instance, these questions might help in determining if you will benefit from professional help.

  • When should I drop full coverage on my 2005 BMW 5 Series?
  • Does coverage extend to my business vehicle?
  • What if I don’t agree with a claim settlement offer?
  • When should I buy a commercial auto policy?
  • Am I covered when renting a car or should I buy coverage from the car rental agency?
  • I don’t drive much so do I pay less?

If it’s difficult to answer those questions but you think they might apply to your situation, 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. It is quick, free and may give you better protection.

Educate yourself about car insurance coverages

Understanding the coverages of car insurance can help you determine the best coverages and proper limits and deductibles. Policy terminology can be ambiguous and reading a policy is terribly boring. Shown next are the normal coverages found on most car insurance policies.

Coverage for uninsured or underinsured drivers

Your UM/UIM coverage gives you protection when the “other guys” either have no liability insurance or not enough. Covered losses include injuries to you and your family and also any damage incurred to your BMW 5 Series.

Due to the fact that many drivers only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Most of the time these coverages do not exceed the liability coverage limits.

Comprehensive car insurance

This will pay to fix damage that is not covered by collision coverage. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive can pay for things like fire damage, rock chips in glass, damage from flooding, vandalism and a broken windshield. The highest amount your car insurance company will pay is the actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.

Collision insurance

This pays to fix your vehicle from damage from colliding with a stationary object or other vehicle. You will need to pay your deductible and then insurance will cover the remainder.

Collision coverage protects against claims such as damaging your car on a curb, colliding with a tree and crashing into a ditch. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are 8 years or older. Drivers also have the option to bump up the deductible to bring the cost down.

Liability auto insurance

Liability coverage will cover injuries or damage you cause to other’s property or people. This insurance protects YOU from claims by other people. Liability doesn’t cover damage to your own property or vehicle.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. As an example, you may have policy limits of 25/50/25 which stand for a limit of $25,000 per injured person, a total of $50,000 of bodily injury coverage per accident, and a limit of $25,000 paid for damaged property. Another option is one number which is a combined single limit which combines the three limits into one amount rather than limiting it on a per person basis.

Liability coverage protects against claims such as legal defense fees, structural damage, emergency aid and attorney fees. How much coverage you buy is a decision to put some thought into, but it’s cheap coverage so purchase as large an amount as possible.

Coverage for medical expenses

Med pay and PIP coverage kick in for short-term medical expenses such as funeral costs, surgery, pain medications and EMT expenses. They can be used in conjunction with a health insurance policy or if you do not have health coverage. It covers all vehicle occupants as well as if you are hit as a while walking down the street. PIP coverage is not available in all states and may carry a deductible

The bottom line

We just presented some good ideas how to reduce 2005 BMW 5 Series insurance prices online. It’s most important to understand that the more providers you compare, the better your comparison will be. You may even find the best price on car insurance is with some of the lesser-known companies. Smaller companies may only write in your state and offer lower rates as compared to the big name companies such as State Farm, Geico and Nationwide.

Low-cost insurance is possible 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 the ability to get a quote online and many times these regional insurance providers only sell through independent insurance agents.

When shopping online for car insurance, never skimp on critical coverages to save a buck or two. In too many instances, an insured cut liability coverage limits and learned later that the few dollars in savings costed them thousands. Your aim should be to purchase a proper amount of coverage at a price you can afford while not skimping on critical coverages.

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