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BMW BMW 5-Series Insurance Rates

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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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UPDATED: Jan 7, 2020

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Searching for better insurance rates for your BMW 5 Series? Finding cheap insurance online is rather challenging for beginners to buying insurance on the web. Since there are so many online companies available, how can you possibly compare every company to locate the best available rates?

You need to shop coverage around periodically because insurance rates are adjusted regularly by insurance companies. Despite the fact that you may have had the best rates on 5 Series coverage two years ago you can probably find a better price now. You can find a lot of wrong information about insurance on the internet, so I’m going to show you a lot of great tips on how to buy insurance cheaper.

Policy discounts you shouldn’t miss

Companies that sell car insurance do not list every discount in a way that’s easy to find, so here is a list some of the best known and also the lesser-known savings tricks you should be using.

  • Good Student Discount – Getting good grades can earn a discount of 20% or more. The discount lasts until age 25.
  • Save with a New Car – Adding a new car to your policy can cost up to 25% less due to better safety requirements for new cars.
  • Claim Free – Drivers who don’t have accidents pay much less when compared to frequent claim filers.
  • Early Signing – Some companies give discounts for buying a policy prior to your current policy expiration. This can save 10% or more.
  • Life Insurance – Companies who offer life insurance give a discount if you purchase life insurance.

It’s important to understand that most discount credits are not given to the entire policy premium. Some only reduce the cost of specific coverages such as liability, collision or medical payments. Just because it seems like it’s possible to get free car insurance, companies don’t profit that way.

A partial list of companies that possibly offer these benefits are:

Before buying, ask all companies you are considering what discounts are available to you. All car insurance discounts may not apply in every state.

Insurance agents can help

When it comes to choosing the best auto insurance coverage, there is no cookie cutter policy. Coverage needs to be tailored to your specific needs.

For instance, these questions might help in determining if your situation could use an agent’s help.

  • Is my business laptop covered if it gets stolen from my vehicle?
  • Does liability extend to a camper or trailer?
  • Am I covered if hit by an uninsured driver?
  • Is upholstery damage covered by car insurance?
  • Am I covered when driving on a suspended license?
  • Do I need rental car coverage?
  • How do I buy GAP insurance?

If you don’t know the answers to these questions, you might consider talking to an insurance agent. If you want to speak to an agent in your area, fill out this quick form.

Free Auto Insurance Comparison

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

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Do drivers who switch really save?

Insurance coverage providers like Allstate and Progressive constantly bombard you with television and radio advertisements. They all make the same claim that you’ll save big if you switch your policy. How do they all make the same claim? It’s all in the numbers.

All the different companies can use profiling for the driver that earns them a profit. For example, a desirable insured might be profiled as over the age of 50, has no prior claims, and drives less than 10,000 miles a year. Any driver that hits that “sweet spot” will get the preferred rates and is almost guaranteed to save quite a bit of money when switching.

Drivers who don’t qualify for the “perfect” profile will be quoted higher prices which leads to the driver buying from a lower-cost company. The ad wording is “people who switch” but not “drivers who get quotes” save money. That’s the way insurance companies can make the claims of big savings. This emphasizes why you need to get as many quotes as possible. It’s not possible to predict which company will fit your personal profile best.

Auto insurance 101

Having a good grasp of a insurance policy aids in choosing the right coverages and proper limits and deductibles. The terms used in a policy can be confusing and even agents have difficulty translating policy wording.

Auto liability – Liability insurance can cover damages or injuries you inflict on a person or their property. This coverage protects you against claims from other people, and does not provide coverage for damage to your own property or vehicle.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. Your policy might show limits of 50/100/50 that translate to a $50,000 limit per person for injuries, a per accident bodily injury limit of $100,000, and property damage coverage for $50,000.

Liability coverage protects against things such as pain and suffering, repair bills for other people’s vehicles, attorney fees, funeral expenses and repair costs for stationary objects. How much liability should you purchase? That is a decision to put some thought into, but you should buy higher limits if possible.

Coverage for uninsured or underinsured drivers – Uninsured or Underinsured Motorist coverage gives you protection from other drivers when they are uninsured or don’t have enough coverage. Covered claims include hospital bills for your injuries and damage to your BMW 5 Series.

Due to the fact that many drivers only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage should not be overlooked.

Coverage for medical expenses – Personal Injury Protection (PIP) and medical payments coverage provide coverage for immediate expenses for things like prosthetic devices, doctor visits and rehabilitation expenses. The coverages can be used to fill the gap from your health insurance plan or if you lack health insurance entirely. Medical payments and PIP cover you and your occupants in addition to being hit by a car walking across the street. PIP is not universally available but can be used in place of medical payments coverage

Collision coverages – This coverage will pay to fix damage to your 5 Series resulting from a collision with another vehicle or an object, but not an animal. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.

Collision can pay for claims such as colliding with a tree, colliding with another moving vehicle, damaging your car on a curb and rolling your car. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from older vehicles. It’s also possible to bump up the deductible in order to get cheaper collision rates.

Comprehensive insurance – This pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. A deductible will apply then your comprehensive coverage will pay.

Comprehensive coverage pays for claims like damage from getting keyed, hitting a deer, falling objects and damage from a tornado or hurricane. The maximum payout your insurance company will pay is the actual cash value, so if the vehicle’s value is low consider removing comprehensive coverage.

A penny saved is a penny earned

Cheap 2008 BMW 5 Series insurance is available online and with local insurance agents, so compare prices from both to get a complete price analysis. A few companies do not offer online quoting and these smaller companies work with independent agents.

As you go through the steps to switch your coverage, never skimp on critical coverages to save a buck or two. In many instances, someone dropped comprehensive coverage or liability limits and discovered at claim time that the small savings ended up costing them much more. Your strategy should be to buy enough coverage at a price you can afford while still protecting your assets.

Insureds change insurance companies for a number of reasons such as an unsatisfactory settlement offer, policy cancellation, unfair underwriting practices or lack of trust in their agent. No matter why you want to switch, switching companies is easier than you think.

To learn more, link through to the resources below:

Use our FREE quote tool to compare rights now!

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