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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Written by Jeffrey Johnson
Insurance Lawyer Jeffrey Johnson

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 23, 2017

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Looking for better insurance coverage rates for your BMW 5 Series? Having to pay for overpriced BMW 5 Series insurance can diminish your personal savings and possibly require postponing other expenditures. Popular companies such as State Farm, Farmers Insurance, GEICO and Allstate all promote huge savings with TV and radio ads and consumers find it hard to avoid their marketing magic and take the time to shop coverage around.

It’s a good habit to compare prices as often as possible because insurance rates tend to go up over time. If you had the best rate on 5 Series insurance at your last renewal a different company probably has better prices today. There are lots of tips to save on insurance coverage out there, but in a few minutes you can learn some good information on how to slash your insurance coverage rates.

If you have insurance now or need new coverage, you can use these techniques to cut your premiums while maximizing coverage. Choosing the best insurance company for you is not rocket science. Vehicle owners only need to know the most efficient way to find the lowest price over the internet.

Discounts for lower-cost insurance coverage rates

The cost of insuring your cars can be expensive, but you may be missing some discounts that could drop your premiums quite a bit. Some of these disounts will be visible when you complete an application, but some must be asked about before being credited.

  • Bundle and Save – If you combine your home and auto policies with the same insurance company you could earn a discount of up to 20% and get you inexpensive car insurance.
  • Defensive Driver Discounts – Completing a course in defensive driver could earn you a small percentage discount and also improve your driving technique.
  • Federal Employees – Being employed by or retired from a federal job could qualify for a slight premium decrease on 5 Series insurance depending on your insurance coverage provider.
  • Distant Student – Any of your kids who live away from home at college and do not have access to a covered vehicle may qualify for this discount.
  • No Charge for an Accident – Not a discount per se, but companies like GEICO, Allstate and Liberty Mutual permit an accident without raising rates if you are claim-free before the accident.
  • Active Service Discounts – Having an actively deployed family member could be rewarded with lower premium rates.
  • No Accidents – Insureds who avoid accidents and claims can earn big discounts when compared with bad drivers.
  • Memberships – Joining a civic or occupational organization may earn a discount on your next renewal.

It’s important to understand that many deductions do not apply to your bottom line cost. Most only apply to individual premiums such as medical payments or collision. Just because it seems like having all the discounts means you get insurance for free, it doesn’t quite work that way.

To locate insurers that provide some of the discounts listed above, click here.

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

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Finding insurance

Finding a better price on insurance can be surprisingly simple. The only requirement is to take a few minutes to compare free car insurance quotes from some recommended companies. Price comparisons can be done in several different ways.

  • The easiest and least time consuming way to find the lowest comparison rates would be an industry-wide quote request form (click to open form in new window). This method prevents you from having to do multiple quote forms for each price estimate. Filling out one form gets rate comparisons instantly.
  • A slightly less efficient method to find better pricing requires a visit to each company’s website and go through the quote process again. For sake of this example, let’s say you are doing a rate comparison from State Farm, Allstate and Liberty Mutual. In order to get each rate, you would have to navigate to each company’s site and enter your policy data, which is why the first method is more popular. For a list of links to insurance companies in your area, click here.

You can use whichever method you prefer to find lower rates, just do your best to enter exactly the same coverage limits with every price quote. If you are comparing different deductibles it’s not possible to make an equal comparison.

You may need specialized insurance coverage coverage

When buying proper insurance coverage, there isn’t really a “perfect” insurance plan. Your needs are not the same as everyone else’s so this has to be addressed. For instance, these questions can help discover whether or not you might need professional guidance.

  • When should I drop full coverage on my 2005 BMW 5 Series?
  • Am I covered when driving a rental car?
  • Do I need rental car coverage?
  • What happens if I owe more than my 2005 BMW 5 Series is worth?
  • I have a DUI can I still get coverage?
  • Should I have combined single limit or split liability limits?

If you don’t know the answers to these questions but one or more may apply to you, 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 or you can go here for a list of companies in your area. It’s fast, doesn’t cost anything and can help protect your family.

Specifics of your insurance policy

Knowing the specifics of your policy can be of help when determining appropriate coverage and the correct deductibles and limits. The terms used in a policy can be impossible to understand and coverage can change by endorsement. Shown next are the normal coverages found on most insurance policies.

Uninsured/Underinsured Motorist coverage

This gives you protection when other motorists are uninsured or don’t have enough coverage. This coverage pays for injuries sustained by your vehicle’s occupants as well as damage to your BMW 5 Series.

Since many drivers only carry the minimum required liability limits, their limits can quickly be used up. This is the reason having UM/UIM coverage is a good idea. Usually these coverages are set the same as your liablity limits.

Collision coverage

Collision insurance pays for damage to your 5 Series from colliding with a stationary object or other vehicle. You have to pay a deductible then your collision coverage will kick in.

Collision coverage protects against claims like hitting a parking meter, sustaining damage from a pot hole and crashing into a ditch. Collision is rather expensive coverage, so consider removing coverage from older vehicles. Another option is to bump up the deductible to bring the cost down.

Liability coverages

This will cover damages or injuries you inflict on people or other property in an accident. This insurance protects YOU against other people’s claims, and doesn’t cover your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see policy limits of 100/300/100 which means a limit of $100,000 per injured person, a total of $300,000 of bodily injury coverage per accident, and $100,000 of coverage for damaged propery. Some companies may use one number which is a combined single limit which limits claims to one amount and claims can be made without the split limit restrictions.

Liability coverage protects against claims like funeral expenses, bail bonds, medical services and court costs. How much coverage you buy is a personal decision, but buy as high a limit as you can afford.

Medical payments coverage and PIP

Coverage for medical payments and/or PIP pay for bills such as surgery, chiropractic care, nursing services, doctor visits and pain medications. The coverages can be used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. They cover you and your occupants and also covers being hit by a car walking across the street. Personal Injury Protection is not available in all states but can be used in place of medical payments coverage

Comprehensive coverage

This covers damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive coverage pays for things such as damage from a tornado or hurricane, rock chips in glass, a broken windshield, hitting a deer and theft. The maximum payout you’ll receive from a claim is the actual cash value, so if the vehicle is not worth much consider dropping full coverage.

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

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Save your hard earned cash

When shopping online for auto insurance, make sure you don’t reduce coverage to reduce premium. In many instances, consumers will sacrifice liability limits or collision coverage only to discover later they didn’t purchase enough coverage. The aim is to buy a smart amount of coverage for the lowest price but still have enough coverage for asset protection.

In this article, we covered some good ideas how you can reduce 2005 BMW 5 Series insurance rates online. The most important thing to understand is the more quotes you get, the higher your chance of finding inexpensive car insurance. You may be surprised to find that the biggest savings come from a lesser-known regional company. Some small companies may often insure only within specific states and give getter rates as compared to the big name companies such as GEICO and State Farm.

Cheaper 2005 BMW 5 Series insurance is available online in addition to many insurance agents, and you need to price shop both to have the best chance of lowering rates. Some insurance providers may not offer internet price quotes and many times these regional carriers prefer to sell through independent agents.

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