Cheaper 2018 BMW 5 Series Gran Turismo Insurance Rates in 2024

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: Jun 1, 2024

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Trying to find the cheapest car insurance rates for your BMW 5 Series Gran Turismo? Sick and tired of trying to scrape together enough money to make your car insurance payment? You are in the same boat as many other drivers.

Since drivers have many insurance companies to choose from, it can be impossible to locate the lowest cost company.

It is always a good idea to quote other rates every six months due to the fact that insurance prices trend upward over time. Even if you think you had the best rates on 5 Series Gran Turismo coverage a few years ago you can probably find a better rate quote now. Forget all the misinformation about car insurance because you’re about to learn the right way to save on car insurance.

Finding more affordable insurance coverage coverage is not that difficult. Just about every driver who is shopping for insurance coverage most likely will be able to save money. Although vehicle owners need to have an understanding of the methods companies use to price insurance differently because it can help you find the best coverage.

How to buy car insurance online

When shopping for car insurance there are multiple ways to compare rate quotes from different companies. The fastest way to compare rates is to use the internet to compare rates. This can be accomplished in a couple of different ways.

  1. If you are pressed for time, the simplest way to get quotes for comparison is to use a rate comparison form. This quick form keeps you from doing separate quotation requests for each company. Filling out one form gets prices estimates from multiple companies.
  2. A more time consuming way to compare rate quotes requires you to visit each company’s website and repeat the quote process. For example, let’s say you want rates from Auto-Owners, Progressive and Liberty Mutual. In order to compare rates, you need to spend time on each company’s site to input your insurance information, which can be really labor intensive.
  3. The most time-consuming way to compare price estimates is to drive around to different agent offices. Quoting online makes this unnecessary unless your situation requires the professional abilities that only an agent can give. Drivers can obtain prices from the web but purchase the actual policy in an agency.

It’s up to you how you get prices quotes, just try to use exactly the same coverages on every quote. If your comparisons have different data then you won’t be able to make a fair rate comparison. Quoting even small variations in coverage limits can mean a large discrepancy in price. Just keep in mind that comparing more rates from different companies will increase your chances of finding more affordable rates.

What impacts BMW 5 Series Gran Turismo insurance costs?

It’s important that you understand the factors that play a part in calculating your premiums. If you have some idea of what positively or negatively impacts your premiums, this enables you to make decisions that can help you get cheaper rates.

  • The more you drive the more you pay – The more miles you rack up on your BMW annually the higher the price you pay to insure it. The majority of insurers price each vehicle’s coverage based on how the vehicle is used. Cars and trucks not used for work or commuting can be on a lower rate level as compared to vehicles used primarily for driving to work. Verify your declarations sheet shows the correct driver usage. Having the wrong rating on your 5 Series Gran Turismo may be costing you.
  • Teenage drivers pay more – Teen drivers have a tendency to be careless and easily distracted behind the wheel so they pay higher insurance coverage rates. Having to add a youthful driver onto your insurance coverage can increase premiums substantially. Older people have been proven to be more responsible, are lower risk to insure and are safer drivers.
  • Cheaper rates by bundling – Many insurers give better rates to people that purchase more than one policy in the form of a multi-policy discount. The discount can be anywhere from five to ten percent in most cases. Even if you already get this discount, it’s in your best interest to shop around to help guarantee you have the best rates.
  • Liability insurance claims can be big – Your policy’s liability coverage will protect you if ever you are ruled to be at fault for an accident. Liability insurance provides legal defense coverage which can cost thousands of dollars. This coverage is relatively inexpensive compared to insuring for physical damage coverage, so insureds should have plenty of protection for their assets.
  • Demanding job may mean higher prices – Occupations such as lawyers, air traffic controllers and miners are shown to have the highest rates because of stressful work requirements and extremely grueling work hours. Other jobs like professors, students and retirees generally pay rates lower than average on 5 Series Gran Turismo coverage.
  • How’s your driving record? – Good drivers receive lower rates compared to bad drivers. Having a single driving citation could increase your next policy renewal substantially. Drivers who have severe tickets such as DUI or reckless driving are required to file a SR-22 with their state motor vehicle department in order to legally drive a vehicle.
  • Lower rates for being claim-free – Car insurance companies provide cheaper rates to insureds who file claims infrequently. If you tend to file frequent claims, you can pretty much guarantee either a policy non-renewal or much higher rates. Your insurance policy is intended for more catestrophic claims.

Cheaper insurance coverage rates with discounts

Some insurance providers don’t always publicize every available discount very clearly, so the list below gives a summary of both well-publicized and the more hidden discounts that may be available.

  • Discounts for Cautious Drivers – Drivers who don’t get into accidents may save up to 50% more on 5 Series Gran Turismo coverage than drivers with accident claims.
  • 55 and Retired – If you qualify as a senior citizen, you can possibly qualify for lower premium rates on 5 Series Gran Turismo coverage.
  • Low Miles Discount – Driving less can earn cheaper rates.
  • Multi-line Discount – Not every insurance company offers life insurance, but if they do you may earn a discount if you purchase auto and life insurance together.
  • Braking Control Discount – Anti-lock brake equipped vehicles are safer to drive so you can save 10 percent or more.

Drivers should understand that some of the credits will not apply to the whole policy. A few only apply to specific coverage prices like comprehensive or collision. Despite the appearance that all the discounts add up to a free policy, it’s just not the way it works.

A list of insurance coverage companies and a selection of discounts can be found below.

  • State Farm may include discounts for student away at school, good student, good driver, safe vehicle, anti-theft, and passive restraint.
  • GEICO may offer discounts for defensive driver, seat belt use, daytime running lights, anti-lock brakes, federal employee, and military active duty.
  • Allstate includes discounts for EZ pay plan discount, 55 and retired, eSmart discount, teenSMART discount, resident student, and multi-policy.
  • SAFECO policyholders can earn discounts including homeowner, safe driver, bundle discounts, teen safety rewards, and anti-theft.
  • Farm Bureau discounts include driver training, multi-vehicle, good student, youthful driver, multi-policy, and renewal discount.
  • Progressive offers premium reductions for online quote discount, multi-policy, good student, online signing, homeowner, multi-vehicle, and continuous coverage.
  • AAA offers discounts for multi-car, good driver, AAA membership discount, multi-policy, good student, and education and occupation.

If you are trying to find affordable car insurance quotes, ask each insurance company which credits you are entitled to. Some discounts may not apply to policyholders in every state.

Tailor your car insurance coverage to you

When it comes to choosing coverage for your vehicles, there is no best way to insure your cars. Coverage needs to be tailored to your specific needs and a cookie cutter policy won’t apply. These are some specific questions might point out whether you might need an agent’s assistance.

  • Do I have coverage for damage caused while driving under the influence?
  • What is roadside assistance coverage?
  • I have a DUI can I still get coverage?
  • Can I get a multi-policy discount for packaging my home and auto coverage?
  • Am I covered if my car is in a flood?
  • Am I covered if I drive in a foreign country?
  • Do I need added coverage for expensive stereo equipment?
  • How much liability insurance is required?

If you don’t know the answers to these questions, you might consider talking to a licensed insurance agent. To find lower rates from a local agent, fill out your zip code.

Detailed coverages of your insurance policy

Learning about specific coverages of a insurance policy helps when choosing which coverages you need and the correct deductibles and limits. Insurance terms can be difficult to understand and coverage can change by endorsement. Below you’ll find typical coverages available from insurance companies.

Comprehensive coverages

This coverage pays for damage that is not covered by collision coverage. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive coverage protects against claims like theft, damage from flooding, hitting a bird and hail damage. The maximum payout a insurance company will pay at claim time is the cash value of the vehicle, so if the vehicle is not worth much it’s not worth carrying full coverage.

Coverage for liability

Liability insurance will cover damage or injury you incur to other people or property in an accident. This coverage protects you against claims from other people. Liability doesn’t cover your injuries or vehicle damage.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. Your policy might show values of 100/300/100 which means a $100,000 limit per person for injuries, $300,000 for the entire accident, and a limit of $100,000 paid for damaged property. Occasionally you may see one number which is a combined single limit which limits claims to one amount and claims can be made without the split limit restrictions.

Liability coverage pays for claims such as structural damage, medical services and medical expenses. The amount of liability coverage you purchase is a decision to put some thought into, but it’s cheap coverage so purchase higher limits if possible.

Coverage for medical payments

Coverage for medical payments and/or PIP provide coverage for immediate expenses for things like chiropractic care, pain medications and ambulance fees. They can be used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. They cover not only the driver but also the vehicle occupants and will also cover being hit by a car walking across the street. Personal Injury Protection is not available in all states but it provides additional coverages not offered by medical payments coverage

Uninsured and underinsured coverage

This coverage protects you and your vehicle’s occupants from other drivers when they either are underinsured or have no liability coverage at all. Covered claims include injuries to you and your family as well as damage to your BMW 5 Series Gran Turismo.

Since many drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is a good idea. Normally these coverages do not exceed the liability coverage limits.

Collision protection

Collision coverage will pay to fix damage to your 5 Series Gran Turismo caused by collision with another car or object. A deductible applies then your collision coverage will kick in.

Collision can pay for things such as colliding with another moving vehicle, sideswiping another vehicle and hitting a parking meter. Collision coverage makes up a good portion of your premium, so you might think about dropping it from vehicles that are older. Another option is to increase the deductible in order to get cheaper collision rates.

Be a money saver!

There are still a few companies who don’t offer price quotes online smaller companies only sell through independent insurance agents. Budget-conscious 2018 BMW 5 Series Gran Turismo insurance is definitely available from both online companies in addition to local insurance agencies, and you need to comparison shop both to have the best selection.

When getting car insurance quotes online, it’s a bad idea to buy less coverage just to save a little money. In too many instances, an insured cut collision coverage only to find out that it was a big mistake. Your objective should be to purchase a proper amount of coverage at the best cost but still have enough coverage for asset protection.

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