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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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Trying to find lower car insurance rates for your BMW 5 Series? Feel like you’re a prisoner to overpriced car insurance? Believe me when I say you’re not the only one. Numerous car insurance companies battle to insure your vehicles, and it can be difficult to compare rates to discover the definitive cheapest price

Why your BMW 5 Series insurance rates may be high

Consumers need to have an understanding of some of the elements that go into determining your auto insurance rates. Understanding what impacts premium levels allows you to make educated decisions that will entitle you to lower auto insurance prices.

  • Small claims can cost you – If you frequently file small claims, you can pretty much guarantee either a policy non-renewal or much higher rates. Companies give lower rates to people who file claims infrequently. Auto insurance is meant to be used in the event of the large, substantial claims.
  • Marriage brings a discount – Having a wife or husband helps lower the price on your policy. Having a spouse means you’re more responsible and it’s statistically proven that drivers who are married are more cautious.
  • Your location is important – Living in a small town has it’s advantages when it comes to auto insurance. Drivers who live in large cities tend to have congested traffic and longer commutes to work. Fewer drivers translates into fewer accidents and also fewer theft and vandalism claims.
  • Always keep insurance in force – Having an insurance coverage lapse will be a sure-fire way to increase your auto insurance rates. Not only will rates go up, getting caught without coverage might get you a steep fine or even jail time.Then you may be required to submit proof of financial responsibility or a SR-22 with your state department of motor vehicles.
  • Increase deductibles and save – Physical damage deductibles represent how much money you are willing to pay in the event of a claim. Physical damage insurance, also known as collision and other-than-collision, is used to repair damage to your car. Examples of covered claims are colliding with a building, collision with an animal, and windstorm damage. The more you’re willing to pay, the lower your rates will be on 5 Series insurance.
  • Traffic citations inflate rates – A bad driving record impacts your car insurance rates tremendously. Even one ticket may increase your cost by as much as thirty percent. Drivers with clean records tend to pay less for car insurance compared to drivers with tickets. If you have flagrant violations such as hit and run, DWI or reckless driving convictions may find they need to submit a SR-22 form with their state DMV in order to keep their license.
  • Multiple policies with one company can save – The majority of auto insurance companies will give a discount to customers who have multiple policies with them. It’s known as a multi-policy discount. Discounts can add up to ten or even up to twenty percent in some cases. Even though this discount sounds good, it’s in your best interest to compare other company rates to verify if the discount is saving money. Consumers may find better rates by buying insurance from more than one company.

Don’t overlook these discounts

Properly insuring your vehicles can get expensive, but discounts can save money and there are some available to help bring down the price. Larger premium reductions will be automatically applied when you quote, but lesser-known reductions have to be asked for before they will apply. If you aren’t receiving every discount you deserve, you’re paying more than you need to.

  • Claim Free – Claim-free drivers pay less when compared with bad drivers.
  • Defensive Driving Course – Taking a course teaching defensive driving skills could cut 5% off your bill if you qualify.
  • Employee of Federal Government – Employees or retirees of the government can save as much as 8% on 5 Series insurance depending on your company.
  • Discount for New Cars – Buying coverage on a new vehicle is cheaper because new vehicles have to meet stringent safety requirements.
  • Drivers Ed for Students – Make teen driver coverage more affordable by requiring them to successfully complete driver’s ed class in high school.

Drivers should understand that most discounts do not apply to the entire cost. A few only apply to the cost of specific coverages such as collision or personal injury protection. So even though they make it sound like it’s possible to get free car insurance, companies wouldn’t make money that way. Any amount of discount will bring down your premiums.

Insurance companies that possibly offer these discounts are:

Check with all companies you are considering which discounts you may be entitled to. Discounts may not apply everywhere.

Is my situation unique?

When buying adequate coverage, there isn’t really a “perfect” insurance plan. Everyone’s situation is unique so this has to be addressed. Here are some questions about coverages that can aid in determining whether you may require specific advice.

  • Should I bundle my homeowners policy with my auto?
  • Are my friends covered when driving my car?
  • What can I do if my company denied a claim?
  • How much can I save by bundling my policies?
  • Is my trailer covered?
  • What is UM/UIM insurance?

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If you can’t answer these questions but you think they might apply to your situation, you might consider talking to a licensed insurance agent. To find lower rates from a local agent, take a second and complete this form or you can go here for a list of companies in your area. It’s fast, doesn’t cost anything and may give you better protection.

Auto insurance 101

Knowing the specifics of your car insurance policy aids in choosing 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. Listed below are typical coverages offered by car insurance companies.

Uninsured or underinsured coverage – Your UM/UIM coverage protects you and your vehicle’s occupants from other motorists when they do not carry enough liability coverage. Covered claims include injuries sustained by your vehicle’s occupants as well as damage to your BMW 5 Series.

Because many people only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages should not be overlooked. Most of the time the UM/UIM limits are set the same as your liablity limits.

Comprehensive protection – Comprehensive insurance pays for damage from a wide range of events other than collision. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for things like vandalism, hitting a bird, theft, damage from flooding and rock chips in glass. The maximum amount you can receive from a comprehensive claim is the cash value of the vehicle, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

Medical expense coverage – Coverage for medical payments and/or PIP kick in for immediate expenses like doctor visits, chiropractic care, nursing services, hospital visits and rehabilitation expenses. They are used in conjunction with a health insurance plan or if there is no health insurance coverage. They cover not only the driver but also the vehicle occupants as well as getting struck while a pedestrian. PIP coverage is not universally available but it provides additional coverages not offered by medical payments coverage

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

Collision coverage protects against claims such as crashing into a building, colliding with a tree and driving through your garage door. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are older. Drivers also have the option to choose a higher deductible to bring the cost down.

Liability coverage – Liability insurance can cover damage or injury you incur to other people or property by causing an accident. This insurance protects YOU against other people’s claims. It does not 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. You might see limits of 100/300/100 which means $100,000 bodily injury coverage, a per accident bodily injury limit of $300,000, and property damage coverage for $100,000. Another option is a combined limit that pays claims from the same limit and claims can be made without the split limit restrictions.

Liability insurance covers claims like court costs, bail bonds and attorney fees. How much coverage you buy is a decision to put some thought into, but buy as much as you can afford.

Buy online or local, you save

Discount 2014 BMW 5 Series insurance can be bought from both online companies and also from your neighborhood agents, and you need to comparison shop both so you have a total pricing picture. Some insurance providers may not provide online quoting and many times these small, regional companies only sell through independent insurance agents.

As you go through the steps to switch your coverage, it’s not a good idea to reduce coverage to reduce premium. There have been many cases where an insured cut full coverage only to discover later they didn’t purchase enough coverage. The ultimate goal is to purchase plenty of coverage for the lowest price.

To read more, link through to the following helpful articles:

Use our FREE quote tool to compare rates now!

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