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: Oct 6, 2015

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Searching for lower insurance rates for your BMW X5? Are you regretting buying an overpriced insurance policy? It’s a common feeling and you’re not alone.

Many auto insurance companies compete for your insurance dollar, and it can be difficult to compare rates to discover the definitive lowest price

It is always a good idea to compare rates before your next renewal because prices are adjusted regularly by insurance companies. Just because you found the best price on X5 insurance a few years ago you will most likely find a better rate today. Forget anything you know (or think you know) about insurance because I’m going to let you in on the secrets to the best methods to save money, get proper deductibles and limits, all at the lowest rate.

Use discounts on auto insurance

The cost of insuring your cars can be expensive, but you might find some hidden discounts that can help lower your rates. Most are applied at quote time, but a few must be asked about before you will receive the discount.

  • Full Payment Discount – If you can afford to pay the entire bill rather than paying monthly you could save 5% or more.
  • Homeowners Savings – Being a homeowner can help you save on auto insurance since home ownership is proof of financial responsibility.
  • Paperless Signup – Many larger companies will provide an incentive for buying a policy and signing up online.
  • Theft Prevention Discount – Cars, trucks, and SUVs equipped with tracking devices and advanced anti-theft systems prevent vehicle theft so companies will give you a small discount.
  • ABS Brakes – Cars with ABS and/or traction control prevent accidents so you can save 10 percent or more.
  • Safety Restraint Discount – Drivers who always wear seat belts and also require passengers to use their safety belts can save 10% or more off PIP or medical payments premium.

You should keep in mind that most discount credits are not given to the entire policy premium. A few only apply to the price of certain insurance coverages like liability and collision coverage. If you do the math and it seems like having all the discounts means you get insurance for free, it doesn’t quite work that way.

Companies who might offer these discounts include:

Before purchasing a policy, check with all companies you are considering to give you their best rates. All car insurance discounts might not apply in your area. To see insurers that can offer you the previously mentioned discounts, click here to view.

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

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Low cost insurance prices

When comparison shopping, there are several ways of comparing rate quotes from different insurance companies. By far the easiest way to do a complete rate comparison consists of obtaining rate quotes online. This is quite simple and can be completed using a couple different methods.

  1. The most efficient way to find the lowest comparison rates is a comparison rater form click to view form in new window. This easy form prevents you from having to do separate quote forms to each individual insurance company. One form submission compares rates from multiple companies.
  2. A more time consuming way to find better pricing is going to each company website and complete a new quote form. For sake of this example, we’ll assume you want to compare Liberty Mutual, 21st Century and GEICO. To get each rate you have to take the time to go to each site to input your insurance information, and that explains why we recommend the first method. For a handy list of car insurance company links in your area, click here.
  3. The least efficient method to get rate quotes is going to and from local insurance agencies. The internet eliminates the need for an insurance agent unless you have a complicated situation and need the professional advice that can only be provided by a licensed insurance agent. Some companies do allow you to price shop online but have your policy serviced through an agent.

It doesn’t matter which method you choose, just ensure you’re using apples-to-apples coverage limits on every quote. If you compare different deductibles it’s impossible to make a fair rate comparison. Having just a slight variation in coverage limits may result in a large different in cost. And when comparison shopping, comparing a large number of companies helps you find a better price.

You can change your insurance prices

Many things are taken into consideration when pricing auto insurance. Some are pretty understandable such as traffic violations, but other criteria are not quite as obvious like where you live or your financial responsibility.

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

  • Teenage drivers pay more – Inexperience drivers have been known to be less responsible in a vehicle so they pay higher car insurance rates. Having to add a teenage driver to your policy can break the bank. Mature drivers are more responsible, file fewer claims and tend to be get fewer driving tickets.
  • Additional coverages that may be costing you – There are a lot of extra add-on coverages that can waste your money if you aren’t diligent. Add-on coverages like personal injury protection, better glass coverage, and extra life insurance coverage may not be needed and are just wasting money. The coverages may be enticing when talking to your agent, but if they’re wasting money remove them from your policy.
  • Low credit rating equals high prices – Having a bad credit rating can be a huge factor in determining your rates. Drivers with excellent credit tend to be better drivers and file fewer claims than drivers who have poor credit. If your credit rating can use some improvement, you could be paying less to insure your 2003 BMW X5 by improving your rating.
  • Raise physical damage deductibles and save – Physical damage protection, termed comprehensive and collision coverage on your policy, protects your BMW from damage. Some examples of claims that would be covered would be a dented fender, damage caused by hail, and having your car stolen. Comp and collision deductibles represent how much money you are willing to pay if a covered claim is submitted. The more money you are required to pay out-of-pocket, the lower your rates will be on X5 insurance.

Tailor your auto insurance coverage to you

When it comes to buying the right insurance coverage, there is no “best” method to buy coverage. Coverage needs to be tailored to your specific needs and your policy should reflect that. For instance, these questions may help you determine if you might need professional guidance.

  • How high should deductibles be on a 2003 BMW X5?
  • Does coverage extend to Mexico or Canada?
  • Does insurance cover damages from a DUI accident?
  • What is the rate difference between pleasure use and commuting?
  • Am I covered when driving someone else’s vehicle?
  • Does my 2003 BMW X5 qualify for pleasure use?
  • Am I covered if hit by an uninsured driver?
  • Am I covered when delivering products for my home-based business?

If you don’t know the answers to these questions but a few of them apply, you may need to chat with an insurance agent. To find lower rates from a local agent, complete this form or go to this page to view a list of companies.

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

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Car insurance coverages for a BMW X5

Learning about specific coverages of a car insurance policy can be of help when determining appropriate coverage for your vehicles. The coverage terms in a policy can be impossible to understand and reading a policy is terribly boring. Shown next are the usual coverages offered by car insurance companies.

Uninsured and underinsured coverage

This coverage provides protection when the “other guys” either have no liability insurance or not enough. Covered claims include injuries to you and your family and also any damage incurred to your BMW X5.

Because many people have only the minimum liability required by law, it only takes a small accident to exceed their coverage. So UM/UIM coverage is a good idea. Normally these limits are set the same as your liablity limits.

Auto collision coverage

Collision insurance covers damage to your X5 from colliding with an object or car. You first must pay a deductible then your collision coverage will kick in.

Collision insurance covers claims like crashing into a ditch, colliding with another moving vehicle and crashing into a building. This coverage can be expensive, so consider removing coverage from vehicles that are older. It’s also possible to raise the deductible to bring the cost down.

Comprehensive coverages

This will pay to fix damage OTHER than collision with another vehicle or object. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive insurance covers things such as a tree branch falling on your vehicle, damage from a tornado or hurricane and fire damage. The most you’ll receive from a claim is the market value of your vehicle, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.


Liability coverage will cover damage that occurs to other’s property or people that is your fault. It protects YOU against other people’s claims, and doesn’t cover your own vehicle damage or injuries.

Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show limits of 25/50/25 that translate to $25,000 in coverage for each person’s injuries, a limit of $50,000 in injury protection per accident, and a limit of $25,000 paid for damaged property. Another option is a combined single limit or CSL that pays claims from the same limit and claims can be made without the split limit restrictions.

Liability coverage pays for claims such as funeral expenses, repair bills for other people’s vehicles and attorney fees. How much liability coverage do you need? That is up to you, but it’s cheap coverage so purchase higher limits if possible.

Coverage for medical payments

Personal Injury Protection (PIP) and medical payments coverage reimburse you for short-term medical expenses for things like dental work, rehabilitation expenses, surgery and EMT expenses. The coverages can be used to cover expenses not covered by your health insurance program or if there is no health insurance coverage. Medical payments and PIP cover not only the driver but also the vehicle occupants and will also cover if you are hit as a while walking down the street. Personal injury protection coverage is not an option in every state but can be used in place of medical payments coverage

Saving money is sweet as honey

When shopping online for auto insurance, it’s not a good idea to skimp on coverage in order to save money. In too many instances, someone sacrificed uninsured motorist or liability limits and discovered at claim time that they should have had better coverage. Your strategy should be to purchase a proper amount of coverage at a price you can afford, but don’t skip important coverages to save money.

We just covered quite a bit of information on how to compare 2003 BMW X5 insurance premium rates online. The key concept to understand is the more times you quote, the better likelihood of getting inexpensive car insurance. You may be surprised to find that the lowest premium rates are with an unexpected company. Some small companies may only write in your state and offer lower prices compared to the large companies like State Farm, GEICO and Nationwide.

Additional detailed information can be read in the articles below: