1998 BMW 5 Series Insurance Quotes – 8 Tips for Cheapest Rates

Finding more affordable auto insurance is always slightly frustrating for drivers who are new to quoting and comparing prices online. Consumers have so many choices that it can easily be a chore to find the best rates.

If you are paying for car insurance now, you should be able to lower your premiums substantially using these techniques. Buying the best coverage is easy if you know what you’re doing. But car owners must understand how the larger insurance companies sell insurance online because it can help you find the best coverage.

Do you qualify for these eight discounts?

Companies that sell car insurance don’t always advertise every discount they offer in a way that’s easy to find, so we break down a few of the more well known and also the lesser-known credits that may apply to you.

  • Early Renewal Discounts – Some insurance companies reward drivers for switching to them prior to the expiration date on your current policy. You can save around 10% with this discount.
  • Payment Method – By paying your policy upfront rather than paying monthly you can actually save on your bill.
  • Onboard Data Collection – Drivers who elect to allow their company to track their driving habits by installing a telematics device such as Allstate’s Drivewise and State Farm’s In-Drive system might get better premium rates if they show good driving skills.
  • Discount for Passive Restraints – Vehicles equipped with air bags and/or automatic seat belt systems could see savings of more than 20%.
  • Drive Less and Save – Fewer annual miles on your BMW may allow you to get discounted premium rates on garaged vehicles.
  • Theft Deterent System – Cars, trucks, and SUVs optioned with advanced anti-theft systems are less likely to be stolen and will qualify for a discount on a insurance quote.
  • No Claim Discounts – Drivers with accident-free driving histories pay much less when compared with drivers who are more careless.
  • Save with a New Car – Buying insurance on a new vehicle can get you a discount compared to insuring an older model.

A quick disclaimer, some of the credits will not apply to the overall cost of the policy. Most only reduce the cost of specific coverages such as comprehensive or collision. So even though you would think you can get free auto insurance, it doesn’t quite work that way.

A few popular companies and some of their more popular discounts are outlined below.

  • 21st Century offers discounts for defensive driver, anti-lock brakes, homeowners, 55 and older, early bird, driver training, and teen driver.
  • Progressive has savings for continuous coverage, multi-policy, homeowner, good student, online signing, and online quote discount.
  • State Farm may offer discounts for accident-free, safe vehicle, good student, anti-theft, and student away at school.
  • Nationwide may have discounts that include easy pay, defensive driving, family plan, good student, business or organization, and multi-policy.
  • Esurance has discounts for defensive driver, DriveSense, homeowner, anti-theft, and claim free.
  • The Hartford offers discounts including defensive driver, good student, vehicle fuel type, driver training, and bundle.

Before you buy a policy, ask every insurance company which discounts you qualify for. Some discounts listed above might not be offered in every state.

Which insurance coverage is cheapest?

Shopping for lower insurance coverage rates can take hours if you aren’t aware of the most efficient way to do it. You can spend countless hours driving to agents in your area, or you can stay home and use the internet to get the quickest rates.

Many companies are enrolled in a marketplace where prospective buyers submit their information once, and each participating company can give them a price based on the submitted data. This eliminates the need for form submissions to every company.

To find out how much you’re overpaying now click here (opens in new window).

One minor caviat to using this type of form is that you can’t choose the providers you want pricing from. If you wish to select specific insurance companies to compare, we have a listing of insurance coverage companies in your area. View list of insurance companies.

It doesn’t matter which method you choose, just be sure you’re using exactly the same coverages and limits on every quote you get. If you have different data you will not be able to determine which company has the best rates. Just slight variations in insurance coverages may result in large price differences. Just remember that comparing a wide range of rates helps locate more affordable rates.

Don’t assume everyone needs the same insurance coverage

When it comes to buying adequate coverage, there isn’t really a best way to insure your cars. Every situation is different.

For instance, these questions can aid in determining if your insurance needs could use an agent’s help.

  • Do I have coverage if my license is suspended?
  • Is my dog or cat covered if injured in an accident?
  • Should I buy more coverage than the required minimum liability coverage?
  • Can my babysitter drive my car?
  • When can my company non-renew my policy?
  • Are rock chip repairs covered?

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, take a second and complete this form.

Save $441 a year? Really?

Popular insurance providers such as Progressive, GEICO, Allstate and State Farm regularly use ads on TV and radio. All the companies make the point that drivers can save some big amount if you move your policy. How does every company make almost identical claims? You have to listen carefully.

Different companies can use profiling for the type of insured that will add to their bottom line. For instance, a desirable insured may be over the age of 45, has never had a claim, and drives newer vehicles. Anybody who matches those parameters will probably get cheap prices and will most likely pay quite a bit less when switching companies.

People who don’t meet the requirements may be forced to pay more expensive rates which translates to business not being written. The wording the ads use say “customers that switch” not “everybody who quotes” can save as much as they claim. That is how insurance companies can confidently make those claims.

This really emphasizes why you really should quote coverage with many companies. Because you never know which insurance companies will be your best fit.

Insurance coverage basics

Knowing the specifics of a insurance policy aids in choosing the right coverages and proper limits and deductibles. Insurance terms can be confusing and even agents have difficulty translating policy wording.

Collision coverage protection

Collision coverage pays for damage to your 5 Series from colliding with another vehicle or an object, but not an animal. A deductible applies then the remaining damage will be paid by your insurance company.

Collision coverage pays for things such as colliding with a tree, hitting a mailbox, sustaining damage from a pot hole, backing into a parked car and scraping a guard rail. This coverage can be expensive, so consider removing coverage from vehicles that are 8 years or older. Another option is to raise the deductible to bring the cost down.

Comprehensive coverage (or Other than Collision)

Comprehensive insurance will pay to fix damage from a wide range of events other than collision. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive insurance covers things like a tree branch falling on your vehicle, vandalism, damage from a tornado or hurricane, hitting a bird and fire damage. The highest amount your insurance company will pay is the market value of your vehicle, so if the vehicle’s value is low consider dropping full coverage.

Liability auto insurance

This can cover injuries or damage you cause to a person or their property in an accident. Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see liability limits of 50/100/50 that means you have $50,000 bodily injury coverage, $100,000 for the entire accident, and $50,000 of coverage for damaged propery. Some companies may use a combined single limit or CSL that pays claims from the same limit rather than limiting it on a per person basis.

Liability can pay for claims like medical expenses, repair costs for stationary objects, court costs, attorney fees and loss of income. How much coverage you buy is a decision to put some thought into, but you should buy as high a limit as you can afford.

Insurance for medical payments

Medical payments and Personal Injury Protection insurance provide coverage for short-term medical expenses such as EMT expenses, hospital visits, dental work, surgery and doctor visits. They can be used in conjunction with a health insurance policy or if you are not covered by health insurance. It covers both the driver and occupants as well as getting struck while a pedestrian. Personal injury protection coverage is not an option in every state and gives slightly broader coverage than med pay

Uninsured Motorist or Underinsured Motorist insurance

Your UM/UIM coverage provides protection when other motorists do not carry enough liability coverage. It can pay for medical payments for you and your occupants as well as your vehicle’s damage.

Due to the fact that many drivers carry very low liability coverage limits, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea. Normally the UM/UIM limits are identical to your policy’s liability coverage.

More effort can pay off

We covered some good ideas how you can save on 1998 BMW 5 Series insurance. The key thing to remember is the more quotes you get, the better your comparison will be. Consumers may even find the most savings is with a small mutual company.

As you quote insurance, do not sacrifice coverage to reduce premiums. In many cases, consumers will sacrifice uninsured motorist or liability limits only to find out that the savings was not a smart move. The proper strategy is to buy enough coverage for the lowest price but still have enough coverage for asset protection.

Insureds change insurance companies for any number of reasons including high rates after DUI convictions, denial of a claim, policy cancellation or even delays in responding to claim requests. Regardless of your reason, finding a new company is easier than you think.

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