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2012 BMW 5 Series Gran Turismo 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: Jun 12, 2015

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Trying to find lower insurance rates for your BMW 5 Series Gran Turismo? Are you a victim of high-priced insurance? Trust us when we tell you you’re not alone. Big companies like State Farm, Allstate, GEICO and Progressive persitently shower you with advertising and it is challenging if not impossible to see past the corporate glitz and find the best price available.

It’s a good habit to shop coverage around before your policy renews because prices are usually higher with each renewal. Just because you found the best price on 5 Series Gran Turismo insurance a year ago there may be better deals available now. Starting right now, ignore everything you know about insurance because it’s time to teach you the tricks you need to know to reduce your cost while increasing coverage.

If you have insurance now or need new coverage, you can follow these tips to find the best rates and still get good coverage. Finding the best rates is not that difficult. Drivers only need to know the tricks to shop for insurance over the internet.

The best way we recommend to get policy rate comparisons utilizes the fact most of the larger companies will pay a fee to compare their rates. The only thing you need to do is give the companies some data such as if your license is active, an estimate of your credit level, any included safety features, and the type of vehicles you drive. That rating information is instantly submitted to insurance carriers in your area and you will get price comparisons instantly to find the best rate.

Take advantage of discounts

Auto insurance companies don’t always advertise all their discounts very well, so here is a list both the well known as well as the least known savings tricks you should be using. If you don’t get every credit you deserve, you are throwing money away.

  • No Accidents – Drivers who don’t have accidents can earn big discounts when compared with frequent claim filers.
  • Homeowners Savings – Owning a house may earn you a small savings because of the fact that having a home is proof that your finances are in order.
  • Anti-lock Brake System – Vehicles with anti-lock braking systems prevent accidents and will save you 10% or more.
  • Drivers Ed for Students – Cut your cost by having your teen driver take driver’s ed class if it’s offered in school.
  • Defensive Driver – Taking part in a driver safety course could cut 5% off your bill if your company offers it.
  • Safe Drivers – Safe drivers can get discounts for up to 45% lower rates on 5 Series Gran Turismo insurance than their less cautious counterparts.
  • Life Insurance – Select insurance companies reward you with lower rates if you buy life insurance.
  • Good Student – Performing well in school can be rewarded with saving of up to 25%. The good student discount can last up to age 25.
  • Seat Belt Usage – Drivers who require all occupants to buckle their seat belts can save up to 15% on the medical payments or PIP coverage costs.
  • Student in College – Children living away from home attending college and do not have a car can be insured at a reduced rate.

It’s important to note that many deductions do not apply to the entire policy premium. Some only reduce individual premiums such as physical damage coverage or medical payments. So even though they make it sound like it’s possible to get free car insurance, companies wouldn’t make money that way.

Car insurance companies that possibly offer these benefits are:

It’s a good idea to ask each insurance company what discounts are available to you. Discounts may not be available in your state.

How to know if you need help

When it comes to choosing adequate coverage, there really is no one size fits all plan. Coverage needs to be tailored to your specific needs so this has to be addressed. Here are some questions about coverages that might point out if your situation will benefit from professional help.

  • Is my teen driver covered when they drive my company car?
  • Does my policy cover me when driving someone else’s vehicle?
  • Is my 2012 BMW 5 Series Gran Turismo covered for flood damage?
  • What is an SR-22 filing?
  • Is a blown tire covered by insurance?
  • Do I need more liability coverage?
  • Exactly who is provided coverage by my policy?
  • Where can I find DUI or SR-22 insurance?
  • How much liability do I need to cover my assets?

If you’re not sure about those questions, you might consider talking to an agent. To find an agent in your area, simply complete this short form or click here for a list of auto insurance companies in your area. It’s fast, free and can provide invaluable advice.

Some factors that can determine what BMW 5 Series Gran Turismo insurance costs

Smart consumers have a good feel for some of the elements that play a part in calculating the price you pay for car insurance. Understanding what controls the rates you pay allows you to make educated decisions that could result in big savings.

  • Credit scores impact car insurance rates – Credit rating is a large factor in determining what you pay for car insurance. People with high credit scores tend to be more responsible than drivers who have poor credit. So if your credit score can use some improvement, you could be paying less to insure your 2012 BMW 5 Series Gran Turismo by improving your rating.
  • Your spouse saves you money – Getting married helps lower the price when buying car insurance. Marriage is viewed as being more responsible and statistics show married drivers get in fewer accidents.
  • Pleasure use saves money – The more you drive in a year the higher your rates will be. The majority of insurers price each vehicle’s coverage based upon how you use the vehicle. Vehicles left parked in the garage qualify for better rates compared to those used for work or business. An improperly rated 5 Series Gran Turismo may be costing you. Make sure your car insurance policy properly reflects the correct driver usage.
  • Your location affects your rates – Living in small towns and rural areas has it’s advantages when talking about car insurance. Less people living in that area means fewer accidents as well as less vandalism and auto theft. Urban drivers have congested traffic and much longer commute distances. More time commuting means more change of being in an accident.
  • How your age affects price – Older insureds are more responsible, file fewer claims and tend to be better behind the wheel. Teenage drivers are statistically proven to be less responsible when behind the wheel and because of this, their car insurance rates are much higher.
  • Extra coverages can waste money – There are a lot of additional coverages you can purchase on your 5 Series Gran Turismo policy. Insurance for personal injury protection, better glass coverage and motor club memberships may be wasting your money. They may seem like a good idea when you first buy your policy, but if you don’t need them eliminate the coverages to reduce your premium.
  • Liability coverage is peace of mind – Your policy’s liability coverage provides coverage in the event that a jury decides you are liable for causing damage or personal injury in an accident. Liability insurance provides for a legal defense up to the limits shown on your policy. Liability is cheap as compared to coverage for physical damage, so do not skimp.
  • Multiple policies with one company can save – Most insurance companies will give a discount to insureds who consolidate policies with them, otherwise known as a multi-policy discount. Even though this discount sounds good, you may still want to compare rates to ensure the best deal. You may still be able to find better rates by buying insurance from more than one company.

Advertising myths

Consumers can’t ignore all the ads that promise big savings by companies like State Farm and Allstate. All the ads say the same thing of big savings if you switch to them.

How do they all make almost identical claims?

All companies have a preferred profile for the type of customer that earns them a profit. An example of a profitable customer could be between 30 and 50, a clean driving record, and has great credit. A customer who meets those qualifications receives the best rates and is almost guaranteed to save when they switch companies.

Drivers who don’t meet the “perfect” profile must pay more money which usually ends up with the driver buying from a lower-cost company. The ads state “people who switch” not “everybody who quotes” save money. That’s the way companies can make the claims of big savings. This illustrates why you should compare as many rates as you can. Because you never know which company will fit your personal profile best.

Car insurance coverage considerations

Understanding the coverages of a car insurance policy aids in choosing the right coverages and proper limits and deductibles. The terms used in a policy can be impossible to understand and even agents have difficulty translating policy wording. Shown next are the normal coverages found on the average car insurance policy.

Collision insurance

This pays for damage to your 5 Series Gran Turismo resulting from a collision with another car or object. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision coverage pays for things like colliding with another moving vehicle, crashing into a ditch, scraping a guard rail, crashing into a building and driving through your garage door. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Another option is to bump up the deductible in order to get cheaper collision rates.

Liability

Liability insurance can cover damages or injuries you inflict on a person or their property that is your fault. It protects YOU against other people’s claims. Liability doesn’t cover your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see limits of 25/50/25 which stand for a limit of $25,000 per injured person, a per accident bodily injury limit of $50,000, and property damage coverage for $25,000.

Liability coverage protects against things such as medical services, emergency aid, funeral expenses, attorney fees and repair costs for stationary objects. How much liability coverage do you need? That is your choice, but buy as large an amount as possible.

UM/UIM (Uninsured/Underinsured Motorist) coverage

Your UM/UIM coverage protects you and your vehicle when the “other guys” either have no liability insurance or not enough. It can pay for hospital bills for your injuries and also any damage incurred to your 2012 BMW 5 Series Gran Turismo.

Since a lot of drivers have only the minimum liability required by law, their limits can quickly be used up. This is the reason having UM/UIM coverage is important protection for you and your family.

Medical payments and PIP coverage

Med pay and PIP coverage kick in for bills like surgery, funeral costs, X-ray expenses, EMT expenses and prosthetic devices. They are often used to fill the gap from your health insurance policy or if you lack health insurance entirely. They cover you and your occupants and also covers if you are hit as a while walking down the street. PIP coverage is only offered in select states and gives slightly broader coverage than med pay

Comprehensive auto coverage

Comprehensive insurance coverage will pay to fix damage that is not covered by collision coverage. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive insurance covers things like theft, a broken windshield, hail damage and a tree branch falling on your vehicle. The maximum payout your car insurance company will pay is the cash value of the vehicle, so if it’s not worth much more than your deductible consider dropping full coverage.

Save for a rainy day

You just read many ideas to reduce 2012 BMW 5 Series Gran Turismo insurance prices online. It’s most important to understand that the more companies you get rates for, the better chance you’ll have of finding lower rates. Drivers may discover the biggest savings come from some of the smallest insurance companies. Some small companies may have significantly lower rates on certain market segments compared to the large companies like State Farm, GEICO and Nationwide.

When you buy insurance online, it’s a bad idea to buy lower coverage limits just to save a few bucks. There are too many instances where an insured dropped uninsured motorist or liability limits only to discover later that it was a big error on their part. Your strategy should be to find the BEST coverage for the lowest price.

Cheap insurance is available from both online companies and with local insurance agents, and you need to comparison shop both so you have a total pricing picture. There are still a few companies who do not offer you the ability to get quotes online and these regional insurance providers work with independent agents.

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