BMW BMW 5-Series Insurance Rates
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UPDATED: Jan 7, 2020
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Looking for better auto insurance rates for your BMW 5 Series? Overpriced BMW 5 Series insurance can overdraw your checking account and put the squeeze on your family’s finances. Doing a price comparison is a great way to slash your bill and have more diposable income.
Multiple insurers compete for your insurance dollar, so it can be very hard to choose a provider to discover the definitive best rates possible.
If you are paying for car insurance now, you should be able to lower your premiums substantially using these tips. Buying car insurance is quite easy. But consumers do need to know the way insurance companies market on the web.
Save on BMW 5 Series insurance
Car insurance companies don’t always publicize every discount very well, so the following is a list of both the well known and the harder-to-find savings tricks you should be using.
- Save with a New Car – Insuring a new car can cost up to 25% less compared to insuring an older model.
- Payment Method – If you pay your bill all at once instead of paying each month you can actually save on your bill.
- Anti-lock Brake Discount – Vehicles equipped with ABS or steering control prevent accidents and will save you 10% or more.
- Auto/Home Discount – If you insure your home and vehicles with one insurance company you could get a discount of up to 20% off your total premium.
- Drivers Ed for Students – Cut your cost by having your teen driver successfully complete driver’s ed class if offered at their school.
- Good Student Discount – This discount can get you a discount of up to 25%. Earning this discount can benefit you up until you turn 25.
- Military Rewards – Having a family member in the military could mean lower rates.
- Passive Restraint Discount – Cars that have air bags and/or automatic seat belt systems can get savings of more than 20%.
- Early Signing – A few companies offer discounts for switching to them before your current policy expires. This can save 10% or more.
A little note about advertised discounts, most credits do not apply to the entire policy premium. Most only apply to the cost of specific coverages such as liability, collision or medical payments. So even though it sounds like all the discounts add up to a free policy, you’re out of luck.
A partial list of companies that may offer these benefits include:
It’s a good idea to ask each company which discounts they offer. Savings might not apply in your state.
Compare Quotes for Insurance Coverage
All the larger insurance coverage companies allow you to get price estimates directly from their websites. Obtaining pricing is quite simple as you just enter the amount of coverage you want into a form. When complete, their rating system will obtain information on your driving record and credit history and gives you a price quote based on these factors. Online quotes makes it a lot easier to compare rates but the work required to visit several different sites and enter the same data into a form is monotonous and tiresome. But it is imperative to get many rate quotes if you want to find the best price possible.
There is an easier way!
An easier way to locate the lowest prices uses one simple form that analyzes rates from many companies. It saves time, requires much less work on your part, and makes online shopping a little more enjoyable. Immediately after you send the form, your coverage is rated and you are able to buy your choice of the pricing results. If you find a better price you simply finish the application and purchase coverage. The entire process just takes a couple of minutes and can result in significant savings.
To save time and compare rates using this form now, click here to open in new window and enter your information. If you currently have coverage, we recommend you enter deductibles and limits exactly as they are listed on your policy. Doing this assures you will have a price comparison based on identical coverages.
Tailor your coverage to you
When choosing the right insurance coverage for your vehicles, there really is not a “perfect” insurance plan. Each situation is unique so your insurance needs to address that. These are some specific questions can help discover whether or not you would benefit from an agent’s advice.
- What can I do if my company denied a claim?
- Will filing a claim cost me more?
- How do I file an SR-22 for a DUI in my state?
- Why am I be forced to buy a membership to get insurance from some companies?
- When would I need additional glass coverage?
- Does my insurance cover my expensive audio equipment?
- Should I waive the damage coverage when renting a car?
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If you’re not sure about those questions but you know they apply to you, you may need to chat with a licensed agent. If you don’t have a local agent, fill out this quick form or you can also visit this page to select a carrier
Specific coverage details
Knowing the specifics of your policy can be of help when determining the right coverages and the correct deductibles and limits. Insurance terms can be difficult to understand and coverage can change by endorsement. These are typical coverages found on the average insurance policy.
Coverage for medical payments – Medical payments and Personal Injury Protection insurance pay for short-term medical expenses for EMT expenses, chiropractic care, dental work, rehabilitation expenses and pain medications. They are often utilized in addition to your health insurance program or if there is no health insurance coverage. Coverage applies to all vehicle occupants and will also cover any family member struck as a pedestrian. Personal Injury Protection is not available in all states and gives slightly broader coverage than med pay
Uninsured and underinsured coverage – This gives you protection when other motorists do not carry enough liability coverage. It can pay for hospital bills for your injuries as well as damage to your BMW 5 Series.
Since a lot of drivers only purchase the least amount of liability that is required, their limits can quickly be used up. This is the reason having UM/UIM coverage is important protection for you and your family.
Liability coverages – Liability insurance provides protection from injuries or damage you cause to a person or their property in an accident. It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have limits of 50/100/50 which means a $50,000 limit per person for injuries, a limit of $100,000 in injury protection per accident, and property damage coverage for $50,000.
Liability can pay for claims such as legal defense fees, emergency aid and bail bonds. How much liability should you purchase? That is your choice, but it’s cheap coverage so purchase higher limits if possible.
Comprehensive coverages – This pays for damage that is not covered by collision coverage. You need to pay your deductible first and then insurance will cover the rest of the damage.
Comprehensive coverage protects against claims like falling objects, fire damage, a tree branch falling on your vehicle, damage from getting keyed and vandalism. The maximum payout you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle’s value is low consider dropping full coverage.
Collision coverage – This coverage pays for damage to your 5 Series from colliding with another car or object. A deductible applies and the rest of the damage will be paid by collision coverage.
Collision coverage pays for things such as scraping a guard rail, crashing into a ditch, rolling your car and hitting a parking meter. This coverage can be expensive, so analyze the benefit of dropping coverage from lower value vehicles. Another option is to increase the deductible in order to get cheaper collision rates.
More choices the merrier
We just showed you a lot of ways to shop for 2015 BMW 5 Series insurance online. The key concept to understand is the more companies you get rates for, the higher your chance of finding lower rates. Drivers may discover the lowest rates come from a company that doesn’t do a lot of advertising. Regional companies may cover specific market segments cheaper than their larger competitors like Allstate or State Farm.
When shopping online for insurance coverage, do not reduce coverage to reduce premium. There have been many situations where someone sacrificed liability limits or collision coverage only to find out that their decision to reduce coverage ended up costing them more. The ultimate goal is to buy the best coverage you can find at a price you can afford while not skimping on critical coverages.
Lower-priced insurance is attainable on the web and also from your neighborhood agents, and you need to price shop both in order to have the best price selection to choose from. Some insurance companies may not provide you the ability to get quotes online and these regional insurance providers work with independent agents.
Additional detailed information can be found at these sites:
- Cellphones, Texting and Driving (iihs.org)
- Insuring a Leased Car (Insurance Information Insitute)
- Safety Tips for Teen Drivers (Insurance Information Insitute)
- Five Steps to Filing an Auto Insurance Claim (Insurance Information Insitute)
- Top Signs Your Brakes are Giving Out (State Farm)
- Keeping Children Safe in Crashes Video (iihs.org)
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