BMW BMW 5-Series Insurance Rates
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UPDATED: Apr 18, 2022
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No car owner looks forward to paying for insurance coverage, especially knowing they are paying too much. Many auto insurance companies vie for your business, and it can be difficult to compare rates to find the lowest price.
If you have a policy now or are looking for a new policy, you can follow these tips to reduce the price you pay and still get good coverage. 2017 BMW 5 Series insurance can get expensive, but there are plenty of ways to lower the cost. Finding the best rates is easy if you know what you’re doing. Drivers just need to know the tricks to find the lowest price on the web.
First Step: Get Free Auto Insurance Quotes
Comparing auto insurance rates can be exhausting if you don’t understand the most efficient way to do it. You can waste a few hours (or days) discussing policy coverages with local insurance agents in your area, or you can utilize the internet to get pricing more quickly.
Many insurance companies enroll in a system that enables customers to only type in their quote data once, and each participating company then returns a price quote. This saves time by eliminating quote requests for every auto insurance company.
The only downside to getting quotes like this is that you can’t choose the providers you want to price. If you prefer to choose individual companies to request quotes from, we have a page of auto insurance companies in your area. Click here for list of insurance companies.
Whichever way you use, make sure you are using identical coverages on every price quote you get. If your comparisons have different values for each quote you can’t possibly find the best deal for your BMW 5 Series.
Cheaper 2017 BMW 5 Series Insurance Costs with Discounts
Auto insurance can be pricey, but you can get discounts that many people don’t even know exist. A few discounts will automatically apply when you get a quote, but a few must be asked about before they will apply.
- No Claim Discounts – Claim-free drivers can earn big discounts as compared to insureds who have frequent claims or accidents.
- Discounts for Federal Employees – Having worked for a branch of the government may reduce rates when you quote insurance for 5 Series insurance depending on your company.
- Multi-Vehicle Discounts – Buying a policy with several vehicles on one policy can get a discount for every vehicle.
- Good Driver Discount – Insureds without accidents may receive a discount up to 45% for 5 Series insurance than less cautious drivers.
- Homeowners Discount – Owning a home can save you money because maintaining a house is proof that your finances are in order.
- Air Bags and Passive Restraints – Cars that have air bags or motorized seat belts could see savings of 20 to 30 percent.
- Pay Early and Save – By paying your entire bill at once instead of making monthly payments you could save up to 5%.
- Student Discounts – Getting good grades may save you up to 25%. You can use this discount normally up until you turn 25.
- Discount for Low Mileage – Driving fewer miles can qualify you for lower prices due to less chance of an accident.
Drivers should understand that most discount credits are not given to the entire policy premium. A few only apply to specific coverage prices like physical damage coverage or medical payments. So even though they make it sound like you would end up receiving a 100% discount, that’s just not realistic.
Some companies that may offer these discounts possibly include:
- State Farm
- Liberty Mutual
- American Family
- Farmers Insurance
- Auto-Owners Insurance
When getting free insurance quotes, it’s a good idea to each insurance company what discounts are available to you. Some of the earlier mentioned discounts might not be offered in your area. To find insurers with the best discounts, follow this link.
Tailor Your Auto Insurance Coverage to You
When it comes to buying the right insurance coverage for your vehicles, there really is not a “perfect” insurance plan. Every insured’s situation is different and your policy should reflect that. These are some specific questions may help you determine if your insurance needs might need professional guidance.
- Do I have coverage when pulling a U-Haul trailer?
- Am I getting all the discounts available?
- Do I need to file an SR-22 for a DUI in my state?
- What are the financial responsibility laws in my state?
- Do I have coverage when using my vehicle for my home business?
- Will my rates increase for filing one claim?
If you can’t answer these questions but a few of them apply then you might want to talk to a licensed agent. To find an agent in your area, fill out this quick form. It’s fast, doesn’t cost anything and may give you better protection.
Components of Your 2017 BMW 5 Series Insurance Cost
An important part of buying insurance is that you know the factors that come into play when calculating the price you pay for auto insurance. If you have some idea of what controls the rates you pay, this allows you to make educated decisions that may reward you with much lower annual insurance costs. Multiple criteria are used when you get a price on insurance. Some are pretty understandable such as your driving history, but others are more obscure such as your marital status or your vehicle rating.
The items below are a partial list of the pieces auto insurance companies consider when setting your rate level.
- Reserve policy claims for larger damages – Insurance companies award the lowest premiums to drivers who do not file claims often. If you’re an insured who likes to file claims you can definitely plan on higher rates. Your insurance policy is intended to be relied upon for major claims that would cause financial hardship.
- Don’t cancel your policy without a new one in place – Driving without insurance is a big no-no and you may have a hard time finding new coverage because you let your coverage lapse. Not only will you pay higher rates, the inability to provide proof of insurance may earn you a revoked license or a big fine.
- Women tend to take less risk – Statistics show that females tend to be a little less risky than males. That doesn’t necessarily mean that men are WORSE drivers than women. Women and men get in fender benders in similar numbers, but males tend to have higher claims. In addition to higher claims, males also get ticketed for serious violations like DUI and reckless driving. Young men ages 16 to 20 are most likely to cause an accident and are penalized with high auto insurance rates.
- Poor credit decisions can cost you – Credit rating factor in determining what you pay for auto insurance. People that have good credit tend to be better risks to insure than drivers with bad credit. If your credit history is lower than you’d like, you could save money insuring your 2017 BMW 5 Series by improving your credit score.
- Vocation impacts rates – Did you know your auto insurance rates can be affected by your occupation? Careers like lawyers, executives and dentists are shown to have higher average rates due to stressful work requirements and long work hours. On the other hand, jobs such as actors, historians and retirees pay lower than average rates for 5 Series insurance.
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Car Insurance Coverage Savings Promises
Consumers can’t get away from all the ads for the lowest price insurance coverage by Allstate and Progressive. All the ads advertise the message that you’ll save big if you change your coverage to them.
How is it plausible that every one can offer you a better deal? This is the trick they use.
Different companies have specific criteria for the type of driver they prefer to insure. For instance, a profitable insured may need to be a married male, has no tickets, and drives a lower-performance vehicle. A customer getting a price quote that matches those criteria will most likely get cheap rates and will pay quite a bit less when switching companies.
Potential insureds who fall short of this stringent profile will probably have to pay more expensive rates and business not being written. The ads state “people that switch” not “everybody who quotes” save money. That’s why insurance companies can advertise the way they do. Different companies use different criteria so you should quote coverage with many companies. You cannot predict which company will fit your personal profile best.
Information About Specific Car Insurance Coverages
Having a good grasp of an insurance policy helps when choosing the best coverages at the best deductibles and correct limits. Policy terminology can be impossible to understand and reading a policy is terribly boring. Below you’ll find the usual coverages available from insurance companies.
Uninsured/Underinsured Motorist coverage
This provides protection when the “other guys” do not carry enough liability coverage. Covered losses include injuries sustained by your vehicle’s occupants as well as damage to your 2017 BMW 5 Series.
Due to the fact that many drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is very important.
Liability insurance will cover injuries or damage you cause to other’s property or people that is your fault. This insurance protects YOU from legal claims by others, and does not provide coverage for your own vehicle damage or injuries.
Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show liability limits of 100/300/100 which stand for a $100,000 limit per person for injuries, a per accident bodily injury limit of $300,000, and $100,000 of coverage for damaged property.
Liability can pay for claims such as pain and suffering, structural damage and loss of income. How much liability should you purchase? That is a decision to put some thought into, but you should buy as much as you can afford.
Coverage for collisions
This pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. You have to pay a deductible and the rest of the damage will be paid by collision coverage.
Collision coverage protects against claims such as scraping a guard rail, rolling your car, crashing into a ditch and crashing into a building. This coverage can be expensive, so you might think about dropping it from older vehicles. Drivers also have the option to raise the deductible to bring the cost down.
Medical payments coverage and PIP
Personal Injury Protection (PIP) and medical payments coverage pay for bills like surgery, hospital visits, ambulance fees and nursing services. The coverages can be used to fill the gap from your health insurance plan or if you do not have health coverage. Medical payments and PIP cover not only the driver but also the vehicle occupants and also covers any family member struck as a pedestrian. Personal Injury Protection is only offered in select states and may carry a deductible
This coverage pays for damage that is not covered by collision coverage. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.
Comprehensive can pay for things such as damage from flooding, theft, damage from getting keyed, vandalism and a tree branch falling on your vehicle. The most you’ll receive from a claim is the actual cash value, so if the vehicle’s value is low consider dropping full coverage.
2017 BMW 5 Series Insurance: Saving Money is Sweet as Honey
We covered many ideas to save on 2017 BMW 5 Series insurance. It’s most important to understand that the more price quotes you have, the more likely it is that you will get a better rate. Consumers could even find that the best price on insurance coverage is with a smaller regional carrier. They often have lower car insurance rates on specific markets compared to the large companies like Allstate or State Farm.
Cost effective 2017 BMW 5 Series insurance can be bought on the web in addition to many insurance agents, so you need to shop insurance with both in order to have the best chance of saving money. Some companies may not have rates over the internet and usually these smaller companies provide coverage only through local independent agencies.
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