Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years’ experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent Benji Carr

UPDATED: May 27, 2018

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Want the cheapest car insurance rates for your BMW X5? Are you at wits end from sacrificing other expenses to insure your BMW every month? Your situation is no different than millions of other people.

People have multiple insurers to insure vehicles with, and although it’s a good thing to have multiple companies, it can be more difficult to compare rates and find the lowest cost car insurance.

The quickest method to compare car insurance rates is to understand car insurance companies participate in online systems to give rate comparisons. To start a quote, the only thing you need to do is provide a small amount of information like whether your vehicle is owned or leased, how you use your vehicles, deductibles desired, and the type of vehicles you drive. Your details is instantly sent to many of the top insurers and you will get price comparisons within a short period of time.

Insurance coverage discounts help reduce rates

Insuring your fleet can be pricey, but discounts can save money and there are some available that could drop your premiums quite a bit. Certain reductions will be credited at the time you complete a quote, but some must be asked about prior to getting the savings. If you’re not getting every credit you qualify for, you may be paying too high a price.

  • ABS Brakes – Cars, trucks, and SUVs with anti-lock braking systems can avoid accidents and will save you 10% or more.
  • Organization Discounts – Joining specific professional or occupational memberships or organizations may earn a discount when shopping for insurance coverage.
  • Sign Online – Some larger companies will give a small break just for signing your application digitally online.
  • Waiver for an Accident – This one is not really a discount per se, but some companies like GEICO and Allstate will let one accident slide before your rates go up so long as you are claim-free for a specific time period.
  • College Student Discount – Older children who attend college more than 100 miles from home and won’t have access to an insured vehicle can be insured at a reduced rate.
  • Passive Restraint Discount – Vehicles equipped with air bags could see savings of 20 to 30 percent.
  • Drivers Ed for Students – Require your teen driver to enroll in driver’s education if offered at their school.

As a disclaimer on discounts, some of the credits will not apply the the whole policy. Some only apply to specific coverage prices like collision or personal injury protection. So despite the fact that it appears all those discounts means the company will pay you, nobody gets a free ride.

Some of the insurance companies that possibly offer most of these discounts include:

When getting a coverage quote, ask all the companies which credits you are entitled to. A few discounts might not be available to policyholders in your area. To locate companies with discount insurance coverage rates, follow this link.

Enter your zip code below to view companies that have cheap auto insurance rates.

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Which is the best insurance coverage?

When choosing proper insurance coverage for your personal vehicles, there isn’t really a cookie cutter policy. Your needs are not the same as everyone else’s so your insurance should reflect that For example, these questions might point out if you might need an agent’s assistance.

  • I have a DUI can I still get coverage?
  • Is my teen driver covered when they drive my company car?
  • Does my liability insurance cover pulling a trailer or camper?
  • What can I do if my company won’t pay a claim?
  • Where can I find high-risk insurance?
  • Should I have combined single limit or split liability limits?

If you don’t know the answers to these questions but you know they apply to you, you may need to chat with a licensed agent. If you want to speak to an agent in your area, simply complete this short form or you can also visit this page to select a carrier

How you can control BMW X5 insurance premiums

The best way to find cheaper insurance coverage is to take a look at some of the factors that aid in calculating the level of your policy premiums. When you understand what influences your rates, this empowers consumers to make smart changes that may result in big savings. Many things are considered when you get your auto insurance bill. A few of the factors are predictable such as traffic violations, but other criteria are more transparent such as your marital status and annual miles driven.

The factors shown below are some of the factors used by insurance companies to determine prices.

  • Little extras can really add up – Insurance companies have many extra bells and whistles that you can get tricked into buying when buying insurance coverage. Add-on coverages like coverage for rental cars, accidental death, and membership fees are probably not needed. They may sound like good ideas initially, but if you’ve never needed them in the past get rid of them and save.
  • Responsible credit equals lower premiums – Having a bad credit history is a large factor in determining what you pay for insurance coverage. Therefore, if your credit leaves room for improvement, you may save money insuring your 2001 BMW X5 by improving your credit score. People with excellent credit tend to be more responsible than those with lower credit ratings.
  • How many coverages with the same company – Most major insurance companies will give discounts to people who carry more than one policy, otherwise known as a multi-policy discount. This can amount to ten or even up to twenty percent in some cases. Even if you’re getting this discount you still need to check prices from other companies to guarantee you are still saving the most. Consumers may save money by insuring with multiple companies.
  • Always keep your insurance coverage in place – Having a lapse in insurance coverage is a quick way to drive up your policy premiums. In addition to paying higher premiums, not being able to provide proof of insurance may earn you fines and jail time.
  • Proper usage rating affects prices – The more miles you rack up on your BMW in a year’s time the more you will pay for insurance coverage. Most companies rate vehicles determined by how the vehicle is used. Vehicles that have low annual miles qualify for better rates than cars that get driven a lot. Incorrect rating for your X5 can result in significantly higher rates. It’s a good idea to make sure your insurance coverage policy reflects the correct driver usage.
  • Men drivers tend to cost more – Over time, data shows women are more cautious behind the wheel. It does not mean women are BETTER drivers than men. Women and men cause auto accidents in similar percentages, but men cause more damage. They also receive more costly citations like reckless driving and DUI.
  • Save money by raising deductibles – Coverage for physical damage, otherwise known as comp (or other than collision) and collision, is used to repair damage to your BMW. Some examples of claims that would be covered could be collision with another vehicle, collision with an animal, and damage from a fallen tree branch. Comp and collision deductibles define the amount you are required to spend if you file a covered claim. The more expense you are required to pay out-of-pocket, the less money you will pay for insurance coverage on X5 coverage.
  • Deter theft and save money – Owning a car with a theft deterrent system can earn a premium discount. Advanced theft deterrents like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar help track and prevent your car from being stolen.

The ad said I’d save $441 a year!

Well-known car insurance companies like State Farm, GEICO and Progressive regularly use television and radio advertisements. They all make an identical promise about how much you will save if you switch to them. How does every car insurance company offer drivers better rates? It’s all in the words they use.

Car insurance companies give the best rates for the type of driver that earns them a profit. One example of this type of risk profile may be between 25 and 40, insures multiple vehicles, and insures a new vehicle. Any new insured who matches that profile will get the preferred rates and have a good chance to cut their rates substantially.

Insureds who may not quite match this ideal profile may be required to pay a higher premium and this can result in business going elsewhere. Company advertisements say “drivers who switch” but not “everyone who gets a quote” can get the lowest rates when switching. This is how insurance companies can confidently make claims that they all have the best rates.

Because of this risk profiling, you really should compare price quotes frequently. Because without a comparison, you cannot know which insurance companies will fit you best based on your risk profile.

Enter your zip code below to view companies that have cheap auto insurance rates.

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Coverages available on your insurance policy

Having a good grasp of insurance can help you determine appropriate coverage and proper limits and deductibles. Policy terminology can be impossible to understand and even agents have difficulty translating policy wording. Below you’ll find the normal coverages found on most insurance policies.

Coverage for uninsured or underinsured drivers – Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants from other drivers when they do not carry enough liability coverage. It can pay for medical payments for you and your occupants and also any damage incurred to your 2001 BMW X5.

Since many drivers carry very low liability coverage limits, their limits can quickly be used up. For this reason, having high UM/UIM coverages is a good idea. Usually the UM/UIM limits are set the same as your liablity limits.

Collision coverage – This coverage will pay to fix damage to your X5 from colliding with another vehicle or an object, but not an animal. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision can pay for things such as colliding with a tree, damaging your car on a curb, backing into a parked car and scraping a guard rail. Collision coverage makes up a good portion of your premium, so consider dropping it from older vehicles. Drivers also have the option to increase the deductible to get cheaper collision coverage.

Comprehensive insurance – This coverage pays for damage that is not covered by collision coverage. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for claims like rock chips in glass, fire damage and damage from a tornado or hurricane. The maximum payout you’ll receive from a claim is the actual cash value, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

Coverage for medical expenses – Personal Injury Protection (PIP) and medical payments coverage pay for immediate expenses like dental work, pain medications, surgery and EMT expenses. They are used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. It covers you and your occupants and also covers getting struck while a pedestrian. PIP coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage

Liability coverage – Liability insurance provides protection from damages or injuries you inflict on other’s property or people by causing an accident. This coverage protects you against claims from other people. Liability doesn’t cover damage to your own property or vehicle.

It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show limits of 25/50/25 that translate to a limit of $25,000 per injured person, a per accident bodily injury limit of $50,000, and a total limit of $25,000 for damage to vehicles and property. Another option is a combined single limit or CSL that pays claims from the same limit without having the split limit caps.

Liability can pay for claims such as bail bonds, funeral expenses and repair costs for stationary objects. The amount of liability coverage you purchase is your choice, but buy higher limits if possible.

At the end of the day…

While you’re price shopping online, you should never skimp on coverage in order to save money. In too many instances, an insured cut physical damage coverage only to regret at claim time that it was a big mistake. Your aim should be to purchase plenty of coverage at the best possible price while still protecting your assets.

You just read a lot of tips how to save on 2001 BMW X5 insurance. The key concept to understand is the more companies you get prices for, the higher your chance of finding low cost auto insurance. You may even discover the most savings is with a company that doesn’t do a lot of advertising. They often have lower prices on specific markets than their larger competitors like GEICO and State Farm.

Cheaper 2001 BMW X5 insurance can be sourced from both online companies and also from your neighborhood agents, and you need to comparison shop both to have the best chance of lowering rates. Some insurance companies do not offer price quotes online and many times these small insurance companies only sell through independent agencies.

More tips and info about insurance is located in the articles below: