2003 BMW 5 Series Insurance Quotes

Want cheaper auto insurance rates for your BMW 5 Series? Finding the best price on auto insurance is challenging if you’ve never compared online price comparisons. But relax because we’re going to show you how.

If you are paying for car insurance now, you will most likely be able to lower your premiums substantially using this information. This information will familiarize you with how to get online quotes and some tricks to saving. But consumers do need to know the way insurance companies market insurance on the web and apply this information to your search.

Don’t pay full price with these discounts

Car insurance is not cheap, but you may find discounts that you may not even be aware of. Most are applied when you complete an application, but a few need to be asked about before they will apply.

  • Auto/Life Discount – Select insurance companies reward you with a break if you buy life insurance from them.
  • Use Seat Belts – Drivers who require all occupants to wear their seat belts could save 15% off your PIP or medical payments premium.
  • Fewer Miles Equal More Savings – Fewer annual miles on your BMW could qualify for discounted rates on garaged vehicles.
  • Military Rewards – Being on active duty in the military may qualify for rate reductions.
  • Discounts for Safe Drivers – Drivers who avoid accidents may save up to 50% more for 5 Series coverage than drivers with accidents.
  • Safety Course Discount – Taking part in a defensive driving course could save 5% or more and easily recoup the cost of the course.

Drivers should understand that most credits do not apply to the entire policy premium. Some only reduce the cost of specific coverages such as liability and collision coverage. So even though they make it sound like all those discounts means the company will pay you, it just doesn’t work that way. But all discounts will bring down the amount you have to pay.

To see a list of providers who offer auto insurance discounts, click here to view.

BMW 5 Series rates are complex

It’s important that you understand the factors that go into determining the rates you pay for auto insurance. Understanding what influences your rates helps enable you to make changes that can help you get much lower annual insurance costs.

Listed below are some of the factors that factor into your rates.

  • Marriage brings a discount – Getting married can actually save you money on your auto insurance policy. Having a significant other means you’re more mature and responsible and it’s statistically proven that drivers who are married are more cautious.
  • Younger drivers pay higher rates – Older insureds tend to be more responsible, tend to file fewer claims and are safer drivers. Teen drivers are known to be careless and easily distracted when behind the wheel therefore auto insurance rates are much higher.
  • Never let your coverage lapse – Allowing your coverage to lapse will be a sure-fire way to bump up your auto insurance costs. And not only will your rates increase, but not being able to provide proof of insurance may earn you a license revocation or jail time.
  • Safer cars are cheaper to insure – Vehicles with good safety scores tend to have better insurance rates. The safest vehicles protect occupants better and better occupant protection translates into savings for insurance companies passed on to you as lower rates. If your BMW 5 Series has ratings of a minimum four stars on Safercar.gov or an “acceptable” rating on iihs.org you are probably receiving a discount.
  • Do you work long hours in a high stress job? – Careers like real estate brokers, social workers and dentists have the highest average rates because of high stress and long work days. Other professions such as farmers, historians and retirees get better rates for 5 Series coverage.

Your personal situation dictates your coverage

When it comes to choosing coverage, there isn’t really a “perfect” insurance plan. Coverage needs to be tailored to your specific needs.

For instance, these questions might point out if you will benefit from professional help.

  • When can my company non-renew my policy?
  • Am I covered when driving in Canada or Mexico?
  • Is business property covered if stolen from my car?
  • Do I need special endorsements for business use of my vehicle?
  • Who is covered by my policy?
  • Which companies will insure high-risk drivers?
  • How high should deductibles be on a 2003 BMW 5 Series?
  • Are my friends covered when driving my 2003 BMW 5 Series?
  • Does having multiple vehicles earn me a discount?
  • Does my medical payments coverage pay my health insurance deductible?

If you’re not sure about those questions but a few of them apply, then you may want to think about talking to a licensed insurance agent. If you don’t have a local agent, simply complete this short form.

Insurance coverages 101

Learning about specific coverages of a insurance policy helps when choosing appropriate coverage and proper limits and deductibles. Policy terminology can be difficult to understand and coverage can change by endorsement.

Collision – This coverage will pay to fix damage to your 5 Series from colliding with another vehicle or an object, but not an animal. You have to pay a deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers things like crashing into a building, backing into a parked car and scraping a guard rail. Collision is rather expensive coverage, so consider dropping it from lower value vehicles. You can also raise the deductible to bring the cost down.

Protection from uninsured/underinsured drivers – This coverage gives you protection when other motorists 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 purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is a good idea. Normally these coverages are identical to your policy’s liability coverage.

Medical expense insurance – Medical payments and Personal Injury Protection insurance provide coverage for short-term medical expenses for things like ambulance fees, chiropractic care, prosthetic devices, surgery and X-ray expenses. They can be used to fill the gap from your health insurance plan or if there is no health insurance coverage. Medical payments and PIP cover both the driver and occupants as well as any family member struck as a pedestrian. PIP is not available in all states and may carry a deductible

Comprehensive (Other than Collision) – This coverage covers damage from a wide range of events other than collision. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for claims such as hitting a bird, a tree branch falling on your vehicle, a broken windshield and hail damage. The maximum payout your insurance company will pay is the actual cash value, so if the vehicle is not worth much it’s not worth carrying full coverage.

Liability insurance – Liability coverage will cover damage or injury you incur to other’s property or people. It protects you from legal claims by others. Liability doesn’t cover your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show policy limits of 50/100/50 which stand for a limit of $50,000 per injured person, a total of $100,000 of bodily injury coverage per accident, and a limit of $50,000 paid for damaged property. Alternatively, you may have one number which is a combined single limit that pays claims from the same limit without having the split limit caps.

Liability insurance covers claims like structural damage, court costs, repair bills for other people’s vehicles and medical expenses. The amount of liability coverage you purchase is a personal decision, but you should buy as large an amount as possible.

Power to the consumer

We just showed you many ways to shop for 2003 BMW 5 Series insurance online. The key concept to understand is the more quotes you get, the higher the chance of saving money. Consumers could even find that the best prices are with an unexpected company.

Insureds who switch companies do it for a variety of reasons including poor customer service, denial of a claim, not issuing a premium refund and policy cancellation. Whatever your reason, finding a new car insurance company can be less work than you think.

As you go through the steps to switch your coverage, make sure you don’t reduce needed coverages to save money. There are too many instances where an insured cut uninsured motorist or liability limits to discover at claim time that it was a big error on their part. Your focus should be to get the best coverage possible at an affordable rate, not the least amount of coverage.

Additional car insurance information can be read at these links: