2007 BMW X5 Insurance Cost

Looking for cheaper insurance coverage rates for your BMW X5? Nobody I know likes buying insurance coverage, especially knowing their premiums are too high.

Due to the large number of online and local companies to choose from, it can be hard to pick the best insurer.

You should make it a habit to check insurance coverage prices every six months since insurance prices go up and down regularly. Even if you got the best price for X5 coverage at your last renewal you will most likely find a better rate quote today. You’ll find quite a bit of inaccurate information about insurance coverage online but in this article, you’re going to get some great ideas on how to reduce your insurance coverage bill.

Finding insurance coverage

There are a lot of ways to shop for insurance coverage, and some are less time-consuming than others. You can waste hours talking about coverages with local insurance agents in your area, or you could save time and use the web to get pricing more quickly.

Most car insurance companies belong to a marketplace where prospective buyers submit their information once, and at least one company can give them a price based on that data. This eliminates the need for quote forms to every company. To fill out one form to compare multiple rates now click here (opens in new window).

The only drawback to comparing rates this way is you cannot specify which companies you want to price. So if you prefer to choose specific insurance companies for rate comparison, we have a page of the cheapest insurance coverage companies in your area. Click to view list.

Whichever way you choose to compare rates, do your best to enter the same coverage information for each comparison quote. If you use unequal deductibles or liability limits it will be nearly impossible to get a fair rate comparison. Just a small difference in insurance coverages or limits can mean a large discrepancy in price. And when comparison shopping, quoting more helps locate a better price.

Lower rate quotes by earning discounts

Some insurers don’t always publicize their entire list of discounts very clearly, so the following list contains both well-publicized and the more hidden credits available to you. If you don’t get every credit possible, you could be getting lower rates.

  • Drive Safe and Save – Drivers who avoid accidents could pay up to 40% less for X5 coverage as compared to drivers with claims.
  • Early Renewal Discounts – A few insurance coverage companies give discounts for signing up early. You may see this discount when you get car insurance quotes online.
  • Paperless Signup – Some of the larger companies will provide an incentive just for signing your application on your computer.
  • Driver Training Discounts – Participating in a class that teaches defensive driver techniques could save 5% or more depending on where you live.
  • Senior Citizens – Drivers over the age of 55 may qualify for a small decrease in premiums for X5 coverage.
  • Anti-lock Brake System – Vehicles that have steering control and anti-lock brakes can stop better under adverse conditions so you can save 10 percent or more.
  • Passive Restraints – Vehicles with factory air bags or motorized seat belts could see savings up to 30%.
  • No Charge for an Accident – This one is not really a discount per se, but a few companies such as Allstate and GEICO will allow you to have one accident before raising your premiums if you are claim-free prior to the accident.
  • Low Mileage Discounts – Low annual miles could be rewarded with better premium rates on cars that stay parked.
  • Organization Discounts – Being in qualifying employment or professional organizations may earn a discount on insurance coverage.

Don’t be surprised that most credits do not apply to the entire policy premium. Some only apply to individual premiums such as medical payments or collision. Even though it may seem like you can get free auto insurance, it’s just not the way it works.

A list of companies and some of their more popular discounts are included below.

  • State Farm has discounts for defensive driving training, accident-free, driver’s education, multiple autos, good student, passive restraint, and good driver.
  • Liberty Mutual offers discounts including preferred payment discount, newly retired, exclusive group savings, good student, and newly married.
  • American Family offers premium reductions for Steer into Savings, mySafetyValet, TimeAway discount, bundled insurance, good student, and multi-vehicle.
  • Progressive policyholders can earn discounts including continuous coverage, multi-policy, multi-vehicle, homeowner, online signing, good student, and online quote discount.
  • Farmers Insurance offers discounts for youthful driver, pay in full, multi-car, switch companies, distant student, and mature driver.
  • Auto-Owners Insurance discounts include teen driver, company car, paid in full, multi-policy, and anti-theft.
  • SAFECO may offer discounts for anti-theft, accident prevention training, multi-car, anti-lock brakes, safe driver, and homeowner.

Double check with every company which discounts you qualify for. Discounts might not be offered in your area.

Your auto insurance coverage should be tailored to you

When buying proper insurance coverage for your vehicles, there really is no one size fits all plan. Your needs are not the same as everyone else’s so your insurance needs to address that. These are some specific questions may help highlight if you might need an agent’s assistance.

  • If my 2007 BMW X5 is totaled, can I afford another vehicle?
  • Can I pay claims out-of-pocket if I buy high deductibles?
  • Is my babysitter covered when using my vehicle?
  • Is borrowed equipment or tools covered if stolen or damaged?
  • Will my vehicle be repaired with OEM or aftermarket parts?
  • Why am I required to buy liability insurance?
  • Does my car insurance cover rental cars?
  • Am I covered if my car is in a flood?

If you can’t answer these questions but one or more may apply to you, you might consider talking to a licensed insurance agent. If you want to speak to an agent in your area, fill out this quick form or you can go here for a list of companies in your area.

How do insurance companies determine BMW X5 insurance costs?

Many factors are taken into consideration when you get your auto insurance bill. A few of the factors are predictable such as your driving record, but other factors are not as apparent like your continuous coverage and annual miles driven.

  • Do you have enough liability coverage? – The liability coverage on your policy kicks in when you are determined to be liable for an accident. Liability provides for a legal defense starting from day one. This coverage is relatively inexpensive when compared with rates for comp and collision, so drivers should buy more than the minimum limits required by law.
  • Optional features that cut rates – Driving a car with an alarm system can help lower your premiums. Theft deterrent systems such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems can thwart car theft.
  • Vehicles with better crash test results save money – Vehicles with good safety scores are cheaper to insure. Vehicles engineered for safety result in less severe injuries and lower rates of occupant injuries means your insurance company pays less passed on to you as lower rates. If your BMW X5 scored at minimum four stars on Safercar.gov you are probably receiving a discount.
  • Drive lots and pay more – The more you drive your BMW in a year the higher your rate. Many insurance companies calculate rates based upon how the vehicle is primarily used. Cars and trucks left parked in the garage cost less to insure as compared to vehicles used primarily for driving to work. It’s always a good idea to double check that your vehicle rating states the correct usage for each vehicle, because it can save money. An improperly rated X5 can result in significantly higher rates.

Coverage specifics

Knowing the specifics of your insurance policy can help you determine appropriate coverage for your vehicles. Policy terminology can be confusing and coverage can change by endorsement. Below you’ll find typical coverage types offered by insurance companies.

Collision coverage protection

Collision insurance will pay to fix damage to your X5 resulting from a collision with another car or object. A deductible applies and then insurance will cover the remainder.

Collision coverage pays for claims such as hitting a mailbox, hitting a parking meter, colliding with a tree, backing into a parked car and rolling your car. Collision is rather expensive coverage, so consider dropping it from vehicles that are 8 years or older. It’s also possible to increase the deductible to get cheaper collision coverage.

Comprehensive insurance

Comprehensive insurance coverage pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive coverage protects against things such as damage from a tornado or hurricane, damage from getting keyed, vandalism and hail damage. The maximum amount a insurance company will pay at claim time is the market value of your vehicle, so if the vehicle is not worth much it’s not worth carrying full coverage.

Uninsured/Underinsured Motorist (UM/UIM)

Your UM/UIM coverage gives you protection from other drivers when they either are underinsured or have no liability coverage at all. It can pay for medical payments for you and your occupants as well as damage to your 2007 BMW X5.

Because many people carry very low liability coverage limits, their liability coverage can quickly be exhausted. So UM/UIM coverage should not be overlooked. Normally these limits do not exceed the liability coverage limits.

Coverage for liability

Liability coverage will cover damage that occurs to other’s property or people in an accident. This coverage protects you from legal claims by others, and doesn’t cover damage to your own property or vehicle.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see values of 100/300/100 which means $100,000 in coverage for each person’s injuries, $300,000 for the entire accident, and a limit of $100,000 paid for damaged property. Occasionally you may see a combined single limit or CSL which provides one coverage limit rather than limiting it on a per person basis.

Liability can pay for claims such as funeral expenses, structural damage, bail bonds and legal defense fees. How much liability should you purchase? That is a decision to put some thought into, but it’s cheap coverage so purchase as high a limit as you can afford.

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage reimburse you for expenses like dental work, ambulance fees, pain medications, nursing services and prosthetic devices. They are used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. They cover you and your occupants as well as if you are hit as a while walking down the street. PIP coverage is not universally available but it provides additional coverages not offered by medical payments coverage

Don’t throw your cash in the trash

More affordable car insurance can be purchased from both online companies and from local insurance agents, so you should be comparing quotes from both in order to have the best price selection to choose from. Some insurance providers do not provide internet price quotes and most of the time these small, regional companies work with independent insurance agents.

As you shop your coverage around, never buy lower coverage limits just to save a few bucks. Too many times, an accident victim reduced physical damage coverage only to regret at claim time that saving that couple of dollars actually costed them tens of thousands. The ultimate goal is to buy enough coverage at the best possible price.

Much more information about car insurance can be found on the following sites: