2015 BMW 5 Series Gran Turismo Insurance Rates
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UPDATED: Nov 23, 2017
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People who are new to comparing insurance rates online will discover buying cut-rate auto insurance very challenging.
It’s a great practice to do rate comparisons occasionally since rates trend upward over time. If you had the best price for 5 Series Gran Turismo coverage a year ago other companies may now be cheaper. There is a lot of bad information regarding auto insurance on the web, but by reading this article, you’re going to learn a lot of great tips on how to quit paying high auto insurance rates.
If you currently have a car insurance policy, you will most likely be able to save some money using this information. Shopping for the cheapest insurance coverage is not that difficult. But drivers benefit from understanding how big insurance companies sell online and take advantage of how the system works.
Low Cost Insurance
Comparing insurance rates can be challenging if you don’t know the best way to get rate quotes. You can waste a few hours (or days) driving to local insurance agents in your area, or you could use online quotes to get pricing more quickly.
Many of the larger companies participate in a marketplace where insurance shoppers submit one quote, and at least one company returns a competitive quote based on that data. This eliminates the need for repetitive form submissions to each individual insurance company.
To fill out one form to compare multiple rates now click here to start a free quote.
The single downside to pricing coverage this way is buyers cannot specifically choose the providers you will receive quotes from. If you wish to select individual companies to compare prices, we put together a list of companies who write insurance in your area. Click to view list.
It’s up to you which method you use, but ensure you are comparing identical coverage information on every quote. If each company quotes different deductibles you will not be able to decipher which rate is best. Having just a slight variation in coverage limits may result in large price differences. And when price shopping your coverage, comparing more company’s prices helps you find the best price.
Companies offer discounts so take them!
The price of auto insurance can be rather high, but there could be available discounts that can drop the cost substantially. Some trigger automatically at the time you complete a quote, but a few must be manually applied prior to receiving the credit.
- Early Signing – A few companies offer discounts for signing up before your current policy expires. This can save 10% or more.
- Club Memberships – Belonging to a qualifying organization is a good way to get lower rates on car insurance for 5 Series Gran Turismo coverage.
- Anti-theft Discount – Anti-theft and alarm systems prevent vehicle theft and will save you 10% or more.
- Save over 55 – Older drivers can possibly qualify for reduced rates for 5 Series Gran Turismo coverage.
- Use Seat Belts – Buckling up and requiring all passengers to use their safety belts can save up to 15% off your medical payments premium.
- Homeowners Savings – Simply owning a home can help you save on car insurance due to the fact that maintaining a home is proof that your finances are in order.
- Save with a New Car – Insuring a new car can be considerably cheaper because new vehicles have to meet stringent safety requirements.
It’s important to understand that most credits do not apply to the overall cost of the policy. A few only apply to specific coverage prices like comp or med pay. Just because it seems like you could get a free car insurance policy, it just doesn’t work that way. But all discounts will cut the cost of coverage.
To see a list of companies with discount car insurance rates, click here to view.
Factors that might impact rates for a BMW 5 Series Gran Turismo
An important part of buying insurance is that you know the rating factors that come into play when calculating insurance rates. Knowing what determines base rates allows you to make educated decisions that will entitle you to lower insurance prices.
- Multiple policies with one company can save – Some companies will award you with lower prices to customers who have multiple policies with them such as combining an auto and homeowners policy. Discounts can amount to anywhere from five to ten percent in most cases. Even if you’re getting this discount it’s in your best interest to shop around to ensure the best deal. Drivers may still find a better deal by insuring with multiple companies.
- Your location is important – Being located in a small town can be a good thing when talking about insurance. City drivers have much more traffic and longer commute times. Fewer drivers means fewer accidents and a lower car theft rate.
- Do you have enough liability coverage? – Liability insurance is the coverage that protects you if a court rules you are at fault for causing damage or personal injury in an accident. It will provide for a legal defense starting from day one. Carrying liability coverage is mandatory and cheap compared to physical damage coverage, so drivers should carry high limits.
- Your stress level may be raising your rates – Did you know your occupation can influence how much you pay for insurance? Jobs such as lawyers, social workers and accountants have higher rates than average because of stressful work requirements and lengthy work days. On the flip side, occupations like farmers, athletes and homemakers get better rates for 5 Series Gran Turismo coverage.
- Sex matters – Statistics have proven that men are more aggressive behind the wheel. However, this does not mean women are BETTER drivers than men. Women and men tend to get into accidents in similar percentages, but the males have costlier accidents. They also get cited for more serious violations such as DWI and reckless driving. Youthful male drivers are most likely to cause an accident and are penalized with high insurance rates.
- Higher deductibles cost less – Physical damage insurance, otherwise known as comp (or other than collision) and collision, protects your BMW from damage. Some examples of claims that would be covered would be a windshield shattered by a rock, vandalism, and rolling your vehicle. Your deductibles are the amount of money you are required to spend out-of-pocket before a claim is paid by your company. The more expense the insured has to pay upfront, the less your insurance will be for 5 Series Gran Turismo coverage.
- Careful drivers pay lower rates – Your driving record has a lot to do with how much you pay for insurance. Drivers with clean records tend to pay less for car insurance compared to drivers with tickets. Only having one citation may increase your cost by twenty percent. Drivers who get flagrant violations such as hit and run, DWI or reckless driving convictions may be required to file a proof of financial responsibility form (SR-22) to the state department of motor vehicles in order to keep their license.
Do I just need basic coverages?
When it comes to buying coverage, there really is no cookie cutter policy. Every insured’s situation is different.
Here are some questions about coverages that could help you determine whether or not you might need professional guidance.
- Does car insurance cover theft of personal property?
- When should I remove comp and collision on my 2015 BMW 5 Series Gran Turismo?
- Is pleasure use cheaper than using my 2015 BMW 5 Series Gran Turismo to commute?
- Am I covered when using my vehicle for business?
- Does having multiple vehicles earn me a discount?
- Why do I need rental car insurance?
- Are rental cars covered under my policy?
If you don’t know the answers to these questions, then you may want to think about talking to a licensed insurance agent. To find an agent in your area, fill out this quick form.
What car insurance coverages do you need?
Knowing the specifics of your policy can be of help when determining which coverages you need and the correct deductibles and limits. Car insurance terms can be difficult to understand and even agents have difficulty translating policy wording.
UM/UIM (Uninsured/Underinsured Motorist) coverage
Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants from other drivers when they do not carry enough liability coverage. Covered claims include injuries sustained by your vehicle’s occupants as well as damage to your 2015 BMW 5 Series Gran Turismo.
Because many people only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages should not be overlooked. Usually the UM/UIM limits are set the same as your liablity limits.
Comprehensive auto coverage
Comprehensive insurance coverage covers damage that is not covered by collision coverage. You need to pay your deductible first then your comprehensive coverage will pay.
Comprehensive coverage pays for things such as hitting a bird, rock chips in glass and a tree branch falling on your vehicle. The highest amount you’ll receive from a claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.
Medical payments and PIP coverage
Personal Injury Protection (PIP) and medical payments coverage pay for immediate expenses such as chiropractic care, EMT expenses, rehabilitation expenses and nursing services. They can be used in conjunction with a health insurance policy or if you are not covered by health insurance. It covers both the driver and occupants in addition to being hit by a car walking across the street. Personal Injury Protection is not universally available and may carry a deductible
Auto collision coverage
Collision insurance 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 and the rest of the damage will be paid by collision coverage.
Collision can pay for claims like colliding with a tree, driving through your garage door and hitting a parking meter. Paying for collision coverage can be pricey, so you might think about dropping it from vehicles that are 8 years or older. It’s also possible to bump up the deductible to get cheaper collision coverage.
This will cover damages or injuries you inflict on other’s property or people by causing an accident. It protects you from legal claims by others. Liability doesn’t cover your injuries or vehicle damage.
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 liability limits of 50/100/50 which means a limit of $50,000 per injured person, a total of $100,000 of bodily injury coverage per accident, and a total limit of $50,000 for damage to vehicles and property. Alternatively, you may have one number which is a combined single limit which limits claims to one amount without having the split limit caps.
Liability can pay for things such as structural damage, funeral expenses and attorney fees. The amount of liability coverage you purchase is your choice, but buy as large an amount as possible.
Save for a rainy day
When shopping online for insurance, you should never skimp on coverage in order to save money. In many cases, someone dropped physical damage coverage only to regret that it was a big error on their part. The aim is to get the best coverage possible at the best price while not skimping on critical coverages.
Discount 2015 BMW 5 Series Gran Turismo insurance is attainable on the web as well as from independent agents, so you should compare both to have the best selection. Some insurance providers don’t offer the ability to get a quote online and most of the time these regional insurance providers sell through independent agents.
In this article, we presented a lot of tips how to shop for insurance online. The key concept to understand is the more companies you get rates for, the higher the chance of saving money. You may be surprised to find that the lowest rates come from a company that doesn’t do a lot of advertising.
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