Cheaper 2004 BMW X5 Car Insurance Cost

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Jeffrey Johnson graduated summa cum laude from the University of Baltimore School of Law and has worked in legal offices and nonprofits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman University and worked in film, education, and publishing. His professional writing has appeared on sites like The Manifest and Vice, and he is the author of a novel ...

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Written by Jeffrey Johnson
Insurance Lawyer Jeffrey Johnson

UPDATED: Aug 23, 2022

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Want better insurance rates for your BMW X5? Scraping up a payment for overpriced BMW X5 insurance can take a big chunk out of your personal savings and make it hard to pay other bills. Comparing price quotes is free, only takes a few minutes, and is a good way to make sure you’re not throwing money away.

Big-name insurance companies like Allstate, Liberty Mutual and State Farm increase brand awareness with catchy ads and it can be hard to separate fact from fiction and take the time to shop coverage around.

Comparison of Car Insurance

To find the best car insurance prices, there are several ways of comparing rate quotes from local car insurance companies. One of the best ways to find the cheapest 2004 BMW X5 insurance rates is to use the internet to compare rates. This can be accomplished using a couple different methods.

  • Probably the best way to find low rates is a comparison rater form (click to open form in new window). This method saves time by eliminating separate quote forms for each company. Filling out one form will get you price quotes from many national carriers.
  • A harder way to analyze rates is to manually visit each company’s website to request a price quote. For examples sake, we’ll pretend you want to compare Liberty Mutual, GEICO and Travelers. You would have to spend time on each company’s site to input your insurance information, which is why most consumers use the first method. For a list of links to insurance companies in your area, click here.

Whichever way you use, make darn sure you compare apples-to-apples coverages with each company. If you use different values for each quote you will not be able to decipher which rate is best. Quoting even small variations in insurance coverages may cause a big price difference. It’s important to know that obtaining a wide range of quotes gives you a better chance of getting a better price.

Be sure to get all your discounts

Insuring your fleet can be pricey, but companies offer discounts that you may not even be aware of. Larger premium reductions will be automatically applied at the time you complete a quote, but lesser-known reductions have to be asked about before being credited.

  • Sign Online – A handful of insurance companies will give a small break for buying your policy digitally online.
  • Passive Restraint Discount – Vehicles equipped with air bags or automatic seat belts can receive discounts of more than 20%.
  • Discount for New Cars – Insuring a new car can be considerably cheaper compared to insuring an older model.
  • No Charge for an Accident – A few companies permit an accident before hitting you with a surcharge if you are claim-free for a set time period.
  • Discounts for Safe Drivers – Drivers who don’t get into accidents may receive a discount up to 45% less for X5 coverage than drivers with accidents.
  • Pay Now and Pay Less – By paying your policy upfront rather than paying monthly you could save 5% or more.
  • Multiple Policy Discount – When you combine your home and auto insurance with the same company you will save approximately 10% to 15%.
  • Senior Discount – If you’re over the age of 55, you may be able to get reduced rates for X5 coverage.

It’s important to note that some credits don’t apply the whole policy. Some only apply to the cost of specific coverages such as liability and collision coverage. Just because you may think you would end up receiving a 100% discount, you won’t be that lucky. Any qualifying discounts will cut your overall premium however.

Car insurance companies that may have some of the above discounts are:

Double check with each company which discounts you may be entitled to. Some discounts might not be offered in your state.

How do I know if I need professional advice?

When it comes to choosing proper insurance coverage, there isn’t really a “best” method to buy coverage. Every situation is different so your insurance needs to address that. Here are some questions about coverages that might point out if your situation would benefit from professional advice.

  • Is rental equipment covered for theft or damage?
  • Should I sign the liability waiver when renting a car?
  • Is business equipment covered while in my vehicle?
  • What is the difference between comprehensive and collision coverage?
  • What discounts do I qualify for?
  • What is an SR-22 filing?
  • Can I get a multi-policy discount for packaging my home and auto coverage?
  • Is a blown tire covered by insurance?
  • Who is covered when they drive my 2004 BMW X5?
  • Does my policy cover my teen driver if they drive my company car?

If you’re not sure about those questions but you know they apply to you, you might consider talking to an agent. To find lower rates from a local agent, take a second and complete this form or click here for a list of auto insurance companies in your area.

BMW X5 insurance premiums are calculated by many factors

An important part of buying insurance is that you know the rating factors that play a part in calculating the rates you pay for auto insurance. Understanding what determines base rates helps enable you to make changes that may reward you with lower auto insurance prices.

Shown below are a few of the “ingredients” that factor into rates.

  • Safer cars are cheaper to insure – Vehicles with high crash test scores tend to have better insurance rates. The safest vehicles have better occupant injury protection and lower injury rates means lower claim amounts and thus lower rates. If your BMW scored better than an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website it is probably cheaper to insure.
  • Your auto insurance rates can be influenced by your job – Did you know your job can affect your rates? Occupations like real estate brokers, architects and financial analysts have higher average rates because of job stress and lengthy work days. Conversely, professions such as scientists, engineers and performers get better rates for X5 coverage.
  • Rate your vehicle for proper use – Driving more miles each year the more you will pay for auto insurance. Most companies apply a rate based on how the vehicle is used. Autos left parked in the garage qualify for better rates than vehicles that are driven to work every day. An improperly rated X5 can cost quite a bit. Make sure your auto insurance coverage is showing the proper vehicle usage.
  • Multi-policy discounts can save money – Most auto insurance companies provide better rates to people who have multiple policies with them, otherwise known as a multi-policy discount. If you currently are using one company, it’s still a good idea to compare other company rates to ensure the best deal.
  • Liability coverage protects you – The liability section of your policy is the protection in the event that a jury decides you are liable for damages from an accident. It will provide legal defense which can be incredibly expensive. Liability is cheap compared to insuring for physical damage coverage, so buy as much as you can afford.

Don’t be fooled by advertising claims

Auto insurance providers like GEICO, State Farm and Progressive continually stream ads on TV and radio. They all say the same thing that you’ll save big after switching to their company. How does each company claim to save you money?

All companies have a preferred profile for the type of customer that is profitable for them. For instance, a desirable insured could be between 25 and 40, has no driving citations, and has great credit. A customer who meets those qualifications receives the best rates and as a result will probably save quite a bit of money when switching.

Consumers who are not a match for the “perfect” profile will have to pay higher rates which leads to the customer not buying. The ads state “people who switch” but not “drivers who get quotes” save that kind of money. That is how insurance companies can confidently claim big savings.

Because of the profiling, you need to get a wide range of price quotes. It’s just too difficult to predict the company that will fit your personal profile best.

Coverages available on your policy

Learning about specific coverages of your auto insurance policy can be of help when determining which coverages you need and the correct deductibles and limits. The coverage terms in a policy can be confusing and even agents have difficulty translating policy wording. Listed below are the usual coverages found on the average auto insurance policy.

Medical expense coverage

Personal Injury Protection (PIP) and medical payments coverage provide coverage for immediate expenses for chiropractic care, rehabilitation expenses and ambulance fees. They are used in conjunction with a health insurance policy or if you do not have health coverage. Coverage applies to both the driver and occupants and will also cover being hit by a car walking across the street. PIP is not universally available but it provides additional coverages not offered by medical payments coverage

Auto collision coverage

This pays for damage to your X5 resulting from colliding with another car or object. A deductible applies and then insurance will cover the remainder.

Collision coverage protects against things like driving through your garage door, hitting a parking meter, hitting a mailbox, crashing into a ditch and rolling your car. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Drivers also have the option to increase the deductible in order to get cheaper collision rates.

Comprehensive protection

Comprehensive insurance coverage pays for damage OTHER than collision with another vehicle or object. A deductible will apply then your comprehensive coverage will pay.

Comprehensive coverage pays for things such as vandalism, damage from a tornado or hurricane, damage from flooding, a broken windshield and falling objects. The most a auto insurance company will pay at claim time is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Liability

Liability insurance can cover damage that occurs to people or other property by causing an accident. This insurance protects YOU against claims from other people, and doesn’t cover damage to your own property or vehicle.

Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. Your policy might show limits of 100/300/100 that translate to $100,000 in coverage for each person’s injuries, a per accident bodily injury limit of $300,000, and property damage coverage for $100,000. Another option is a combined limit which provides one coverage limit with no separate limits for injury or property damage.

Liability can pay for things like attorney fees, repair bills for other people’s vehicles, structural damage, medical services and emergency aid. 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.

Uninsured or underinsured coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle when the “other guys” either are underinsured or have no liability coverage at all. It can pay for hospital bills for your injuries as well as your vehicle’s damage.

Because many people have only the minimum liability required by law, their limits can quickly be used up. This is the reason having UM/UIM coverage is a good idea. Usually your uninsured/underinsured motorist coverages are identical to your policy’s liability coverage.

In Summary

We covered many ways to reduce 2004 BMW X5 insurance prices online. The most important thing to understand is the more rate quotes you have, the better chance you’ll have of finding lower rates. Consumers may even find the best price on insurance coverage is with an unexpected company. These smaller insurers may often insure only within specific states and give getter rates than their larger competitors like Allstate, GEICO and Progressive.

When shopping online for insurance coverage, you should never sacrifice coverage to reduce premiums. There are too many instances where someone dropped liability limits or collision coverage and discovered at claim time that their decision to reduce coverage ended up costing them more. Your strategy should be to find the BEST coverage at an affordable rate while still protecting your assets.

More information can be found on the following sites:

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