Compare 2001 BMW 5 Series Insurance Quotes

Trying to find the cheapest insurance coverage rates for your BMW 5 Series? Are you sick and tired of being strong-armed to keep your car insured? You are no different than most other drivers.

Lots of car insurance companies contend to insure your vehicles, and because of this it can be hard to compare insurance companies and get the best coverage at the best rates possible.

Consumers need to do rate comparisons before your policy renews because prices are usually higher with each renewal. Even if you think you had the best deal for 5 Series insurance six months ago other companies may now be cheaper. Don’t believe everything you read about insurance coverage out there, but in a few minutes you can learn some great ways to buy insurance coverage cheaper.

More discounts mean cheap premiums

Insurance can cost an arm and a leg, but you might find some hidden discounts to help offset the cost. Many of these discounts will be applied automatically when you get a quote, but a few must be manually applied before being credited.

  • Paper-free Discount – Some of the larger companies give back up to $50 for completing your application over the internet.
  • Low Miles Discount – Driving less can earn slightly better rates than normal.
  • Early Switch Discount – Some auto insurance companies reward drivers for switching policies prior to the expiration date on your current policy. You can save around 10% with this discount.
  • Anti-theft Discount – Cars, trucks, and SUVs optioned with advanced anti-theft systems are stolen with less frequency and that can save you a little bit as well.
  • No Claims – Good drivers with no accidents can save substantially in comparison to policyholders that have many claims.
  • Seat Belts Save – Using a seat belt and requiring all passengers to buckle up can save a little off PIP or medical payments premium.
  • Onboard Data Collection – Insureds that choose to allow companies to monitor driving habits by using a telematic data system such as Allstate’s Drivewise and State Farm’s In-Drive system might get better premium rates if they exhibit good driving behavior.
  • Driver’s Education for Students – Reduce the cost of insurance for teen drivers by having them enroll and complete driver’s education as it can save substantially.
  • Bundled Policy Discount – When you have multiple policies with one insurance company you may earn as much as 10 to 15 percent.

A little note about advertised discounts, some credits don’t apply to the overall cost of the policy. Most only cut the cost of specific coverages such as medical payments or collision. Just because it seems like you could get a free auto insurance policy, companies don’t profit that way.

Some of the larger companies that may offer quotes with these money-saving discounts may include but are not limited to:

If you need cheaper insurance coverage quotes, ask all the companies which discounts you qualify for. Some of the discounts discussed earlier may not apply everywhere. If you would like to view companies that offer discounts, click here to view.

Decisions you make can impact your insurance rates

A large part of saving on auto insurance is knowing some of the factors that help calculate the price you pay for auto insurance. If you know what impacts premium levels, this helps enable you to make changes that may result in cheaper rates. Lots of things are part of the calculation when you quote your car insurance policy. Some factors are common sense like your driving record, although others are more obscure like your vehicle usage or your commute time.

  • No policy lapses lowers premiums – Not having insurance is not a good idea and as a result your rates will increase for letting your insurance lapse for non-payment. Not only will rates go up, being ticketed for driving with no insurance may result in a license revocation or jail time. You may have to prove you have insurance by filing a SR-22 with your state DMV.
  • Pay more out-of-pocket – Deductibles for physical damage represent how much money the insured will be required to pay before a claim is paid by your company. Coverage for physical damage, termed comprehensive and collision coverage on your policy, insures against damage to your car. Some examples of covered claims are colliding with a stationary object, vandalism, and damage caused by road hazards. The more of the claim you’re willing to pay, the lower your rates will be for 5 Series insurance.
  • Your employer is a factor – Do you have a high-stress occupation? Occupations such as real estate brokers, business owners and accountants generally pay higher rates than the rest of us because of high stress levels and incredibly demanding work hours. On the other hand, careers such as scientists, students and retirees receive lower rates for 5 Series insurance.
  • Pay less with a high crash test rating – Vehicles that have high safety ratings tend to have lower insurance rates. The safest vehicles protect occupants better and any reduction in injury severity means your insurance company pays less and cheaper rates on your policy. If your BMW 5 Series has ratings of a minimum four stars on you are probably receiving a discount.
  • The more you drive the more you pay – The more you drive your BMW in a year’s time the more it will cost to insure it. Most insurance companies rate vehicles based upon how much you drive. Cars and trucks used primarily for pleasure use receive better premium rates than vehicles that have high annual mileage. Having an incorrect usage rating on your 5 Series is just wasting money. Verify your auto insurance declarations sheet reflects annual mileage, because it can save money.
  • High credit rating translates to low prices – Having a bad credit rating can be an important factor in determining what you pay. So if your credit score can be improved, you may save money insuring your 2001 BMW 5 Series by improving your rating. People with high credit ratings tend to be better drivers and file fewer claims than drivers who have worse credit.
  • Optional features that cut auto insurance rates – Choosing a vehicle with advanced anti-theft systems can help lower your rates. Theft prevention devices like LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system can help prevent vehicle theft.

It’s not one size fits all

When it comes to choosing the right insurance coverage, there is no single plan that fits everyone. Every insured’s situation is different and your policy should reflect that. For instance, these questions might point out if your situation may require specific advice.

  • Should I carry comprehensive and collision coverage?
  • What is UM/UIM insurance?
  • Where can I find DUI or SR-22 insurance?
  • Can I rate high risk drivers on liability-only vehicles?
  • Do I need motorclub coverage?
  • How do I file an SR-22 for a DUI in my state?
  • What companies insure drivers after a DUI or DWI?
  • Do I need PIP coverage since I have good health insurance?
  • Am I covered when renting a car or should I buy coverage from the car rental agency?
  • Why am I required to buy liability insurance?

If it’s difficult to answer those questions but you know they apply to you, you may need to chat with a licensed agent. If you don’t have a local agent, complete this form or you can also visit this page to select a carrier

Auto insurance myths debunked

Allstate and Progressive seem to constantly run ads in print and on television. They all have a common claim that drivers can save some big amount if you get a free insurance coverage quote and switch to their company. That’s great but how can every company make almost identical claims?

All companies have underwriting criteria for the driver that is profitable for them. One example of a desirable risk might have to be a married male, has few claims, and does not commute to work. Any new insured who meets those qualifications gets the lowest rates and will most likely pay quite a bit less when switching companies.

Drivers who fall short of the requirements will get higher prices which usually ends up with business not being written. The trick companies use is to say “customers that switch” not “everybody who quotes” can get the lowest rates when switching. That’s the way companies can truthfully make the claims of big savings. Because each company has a different risk profile, you should do a rate comparison at every renewal. Because you never know which auto insurance company will have the best premium rates for your profile.

Specifics of your car insurance policy

Knowing the specifics of a car insurance policy can be of help when determining the right coverages and the correct deductibles and limits. The coverage terms in a policy can be confusing and coverage can change by endorsement. Listed below are the usual coverages available from car insurance companies.

Collision insurance

Collision coverage pays for damage to your 5 Series resulting from colliding with another car or object. You first must pay a deductible and then insurance will cover the remainder.

Collision insurance covers things like crashing into a ditch, rolling your car, scraping a guard rail, hitting a parking meter and driving through your garage door. Collision is rather expensive coverage, so consider removing coverage from vehicles that are 8 years or older. It’s also possible to increase the deductible in order to get cheaper collision rates.

UM/UIM (Uninsured/Underinsured Motorist) coverage

This coverage protects you and your vehicle from other motorists when they either are underinsured or have no liability coverage at all. Covered claims include medical payments for you and your occupants and also any damage incurred to your 2001 BMW 5 Series.

Due to the fact that many 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.

Comprehensive auto coverage

Comprehensive insurance coverage will pay to fix damage that is not covered by collision coverage. A deductible will apply then your comprehensive coverage will pay.

Comprehensive coverage pays for claims like damage from flooding, fire damage, rock chips in glass and theft. The highest amount you’ll receive from a claim is the market value of your vehicle, so if the vehicle’s value is low consider dropping full coverage.

Liability car insurance

This coverage can cover injuries or damage you cause to people or other property. It protects YOU from claims by other people. It does not 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 50/100/50 which stand for $50,000 bodily injury coverage, a limit of $100,000 in injury protection per accident, and property damage coverage for $50,000.

Liability coverage pays for claims like bail bonds, legal defense fees and loss of income. How much liability should you purchase? That is up to you, but buy as much as you can afford.

Medical payments and PIP coverage

Medical payments and Personal Injury Protection insurance provide coverage for short-term medical expenses for things like pain medications, prosthetic devices and doctor visits. The coverages can be used in conjunction with a health insurance program or if you lack health insurance entirely. Medical payments and PIP cover both the driver and occupants in addition to being hit by a car walking across the street. PIP is not an option in every state and gives slightly broader coverage than med pay

In conclusion

The cheapest 2001 BMW 5 Series insurance can be bought online and also from your neighborhood agents, so you need to quote insurance coverage with both to have the best chance of lowering rates. Some insurance companies do not provide internet price quotes and many times these small insurance companies only sell through local independent agents.

We covered many tips how you can get a better price on 2001 BMW 5 Series insurance. The key concept to understand is the more price quotes you have, the better your chances of lowering your prices. Drivers may discover the lowest premium rates are with a smaller regional carrier. Regional companies often have lower prices on specific markets than their larger competitors like Geico and State Farm.

Even more information can be read by following these links:

Comments About 2001 BMW 5 Series Insurance

  1. Jacquelyne Cleveland

    I’m in the suburbs of Raleigh, NC. Got prices from Auto-Owners, Sentry, and Travelers for my 2001 BMW 5 Series and I’m now saving $20 a month. It’s only liability tho.

  2. Jerome Jennings

    Allstate was cheapest for my 2001 BMW 5 Series in Evansville, IN.

  3. Harlan Eaton

    I live in Bismarck, North Dakota, and 21st Century rates were best.

  4. Pauline Glass

    Will Allstate cancel me for an at-fault accident?

  5. Daysi Mooney

    Well-written and thought out article. I’m in Jackson, MS. Quoted a bunch of companies. Saved roughly $20 a month. Progressive was the cheapest option for me. Was with American Family. I’m a pretty good driver though. Online quotes are the way to go. When should I drop full coverage?

  6. Cathi Atkinson

    When do I drop full coverage?

  7. Rolf Norton

    I live east of Rapid City, SD. Got quotes from Auto-Owners, MetLife, and USAA for my 5 Series and saved just over $70 a year. You can get a rate quote online. Book value doesn’t justify full coverage anymore.

  8. Frankie Glass

    I live in a small town just outside of Wichita, Kansas. Got prices from American Family, Safeco, and some smaller one I can’t remember the name of for my 2001 BMW 5 Series and I’m now saving $24 a month. It’s only liability tho.

  9. Jeffie Sanders

    It all costs too much. I’m just west of Hartford, CT. I compared lots of rates. Saved darn near $20 a month. State Farm was the cheapest option for me. I recommend comparing lots of rates. Next renewal I’ll just do liability.