2018 BMW 5 Series Insurance Cost 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: May 8, 2024

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Trying to find the cheapest insurance coverage rates for your BMW 5 Series? Tired of scraping nickels together to buy insurance coverage? You have the same problem as millions of other drivers.

Online insurance companies like State Farm and GEICO all promote huge savings with ad campaigns and it is challenging if not impossible to ignore the propoganda and take the time to shop coverage around.

It’s smart to compare premium rates every six months because insurance coverage prices change frequently. If you had the best rates on 5 Series insurance at your last renewal the chances are good that you can find a lower rate quote today. Forget all the misinformation about insurance coverage because we’re going to demonstrate the easiest way to lower your rates without sacrificing coverage.

If you currently have car insurance, you stand a good chance to be able to reduce your rates substantially using these tips. Finding affordable coverage is quite easy. Although vehicle owners do need to learn the methods companies use to price insurance differently because it can help you find the best coverage.

Choices you make can impact your insurance rates

Multiple criteria are part of the equation when you get a price on insurance. A few of the factors are predictable like a motor vehicle report, although others are less obvious like where you live or your financial responsibility.

  • Remove unneeded add-on coverages – There are a ton of optional add-on coverages that you can buy but may not be useful. Coverages like roadside assistance, accidental death, and Farm Bureau memberships may not be needed and are just wasting money. You may think they are a good idea when buying your policy, but if you don’t need them remove them from your policy.
  • How your age affects premiums – Older drivers are proven to be safer behind the wheel, are lower risk to insure , and are generally more financially stable. Inexperienced drivers are statistically proven to be more careless when driving with friends so they pay higher car insurance rates.
  • You might want pay the minor insurance claims yourself – Insurance companies provide discounts to drivers who are not frequent claim filers. If you tend to file frequent claims, you can pretty much guarantee higher rates. Your car insurance is intended to be relied upon for claims that pose a financial burden.
  • Bundle policies with the same company – Some car insurance companies will award lower prices to policyholders that have more than one policy in the form of a multi-policy discount. The amount of the discounts can be ten percent or more. Even if you qualify for this discount already, it’s in your best interest to compare other company rates to help ensure you have the lowest rates. Drivers may still save more without the discount by buying from different companies.
  • Big city or small town – Having an address in less populated areas of the country has it’s advantages when buying car insurance. Less people means a lower chance of having an accident and also fewer theft and vandalism claims. City drivers have to deal with more aggressive driving styles and more time behind the wheel. Longer commute distances translates into higher accident risk.
  • Liability protection safeguards assets – Liability coverage will provide protection if ever you are determined to be liable for causing personal injury or damage in an accident. Your liability coverage provides you with a defense in court starting from day one. Liability is cheap compared to insuring for physical damage coverage, so drivers should make sure they buy enough to cover all assets.
  • Gender and insurance coverage rates – Statistics demonstrate women are more cautious behind the wheel. However, don’t assume that men are worse drivers. Women and men are responsible for auto accidents at a similar rate, but the men get into accidents with more damage. Not only are claims higher, but men receive more major tickets such as DWI and reckless driving. Males from age 16 to 21 cause the most accidents and therefore are the most expensive to insure.

Cheaper insurance coverage rates with discounts

Companies that sell car insurance don’t list every policy discount in a way that’s easy to find, so we break down a few of the more common as well as some of the hidden credits available to you. If you do not double check each discount possible, you could be saving more on your insurance coverage.

  • ABS Brakes – Vehicles with ABS braking systems or traction control can stop better under adverse conditions and earn discounts up to 10%.
  • No Accidents – Claim-free drivers are rewarded with significantly better rates on car insurance quote when compared to drivers with a long claim history.
  • Clubs and Organizations – Joining qualifying clubs or civic groups may earn a discount when getting a car insurance quote.
  • Passenger Safety Discount – Factory options such as air bags can receive discounts of up to 25% or more.
  • Multiple Cars – Having more than one vehicle on one policy can reduce rates for all insured vehicles.
  • One Accident Forgiven – This one is not really a discount per se, but some companies like Progressive and Allstate will turn a blind eye to one accident before your rates go up so long as you haven’t had any claims for a set time period.
  • E-sign – Certain insurance companies will give a small break for completing your application digitally online.
  • Early Switch Discount – Some companies give discounts for switching to them before your current coverage expires. This can save 10% or more.
  • 55 and Retired – Seniors may qualify for reduced rates on 5 Series insurance.
  • Payment Discounts – If you pay your bill all at once instead of monthly or quarterly installments you could save 5% or more.

Keep in mind that most of the big mark downs will not be given to your bottom line cost. Most cut specific coverage prices like liability, collision or medical payments. Just because it seems like adding up those discounts means a free policy, it’s just not the way it works.

If you would like to view insurers who offer free insurance coverage quotes, enter your zip code here.

Don’t listen to company ads

Progressive, GEICO, Allstate and State Farm consistently run television and radio advertisements. They all seem to seem to make the promise that you can save just by switching to them. How can each company charge you less for car insurance? It’s all in how they say it.

Auto insurance companies have specific characteristics for the type of customer that will most likely be profitable. One example of a desirable insured could possibly be a female over age 40, has a clear driving record, and drives a vehicle with a low ISO rating. A driver that hits that “sweet spot” will probably get the lowest premium rates and will most likely save some money.

Potential insureds who may not quite match these criteria may be required to pay more expensive rates and the driver buying from a lower-cost company. The ads say “drivers that switch” not “everyone who quotes” can get the lowest rates when switching. That’s the way companies can truthfully make claims like that.

Each company has different criteria, so drivers should get car insurance quotes from several different companies. It’s just not possible to know the company that will fit your personal profile best.

Tailor your car insurance coverage to you

When choosing the best car insurance coverage for your personal vehicles, there really is not a cookie cutter policy. Everyone’s needs are different so your insurance should reflect that For example, these questions might help in determining whether your personal situation might need an agent’s assistance.

  • Should I bundle my homeowners policy with my auto?
  • Is my teen driver covered when they drive my company car?
  • Do I need an umbrella policy?
  • Does my liability insurance cover pulling a trailer or camper?
  • Am I covered if my car is in a flood?
  • Am I covered if I crash into my own garage door?
  • Why am I required to buy high-risk coverage?
  • Which is better, split liability limits or combined limits?
  • Is my vehicle covered by my employer’s policy when using it for work?

If you can’t answer these questions but you know they apply to you then you might want to talk to an agent. If you don’t have a local agent, take a second and enter your zip code.

Specific coverage details

Understanding the coverages of car insurance can be of help when determining appropriate coverage and proper limits and deductibles. Car insurance terms can be ambiguous and reading a policy is terribly boring. Below you’ll find the usual coverages offered by car insurance companies.

Uninsured/Underinsured Motorist (UM/UIM) – This coverage protects you and your vehicle’s occupants when other motorists either have no liability insurance or not enough. Covered losses include injuries to you and your family and also any damage incurred to your BMW 5 Series.

Since many drivers have only the minimum liability required by law, their limits can quickly be used up. For this reason, having high UM/UIM coverages is very important. Frequently these coverages are similar to your liability insurance amounts.

Collision coverage – Collision coverage pays to fix your vehicle from damage from colliding with a stationary object or other vehicle. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers claims like damaging your car on a curb, hitting a parking meter and rolling your car. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are older. Another option is to choose a higher deductible in order to get cheaper collision rates.

Auto liability – This provides protection from damages or injuries you inflict on people or other property by causing an accident. It protects you from claims by other people, and does not provide coverage for your own vehicle damage or injuries.

Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see values of 25/50/25 which means a limit of $25,000 per injured person, a limit of $50,000 in injury protection per accident, and a limit of $25,000 paid for damaged property. Some companies may use 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 can pay for things like medical services, repair costs for stationary objects, attorney fees, emergency aid and pain and suffering. The amount of liability coverage you purchase is up to you, but you should buy higher limits if possible.

Comprehensive insurance – This will pay to fix damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against things such as fire damage, rock chips in glass, damage from a tornado or hurricane and a tree branch falling on your vehicle. The most a car insurance company will pay at claim time is the market value of your vehicle, so if the vehicle is not worth much consider dropping full coverage.

Med pay and Personal Injury Protection (PIP) – Coverage for medical payments and/or PIP pay for immediate expenses like dental work, surgery, hospital visits, EMT expenses and funeral costs. They are used to cover expenses not covered by your health insurance policy or if there is no health insurance coverage. Coverage applies to you and your occupants and will also cover being hit by a car walking across the street. Personal injury protection coverage is not universally available but it provides additional coverages not offered by medical payments coverage

Online plus local equals savings

Low-cost 2018 BMW 5 Series insurance is definitely available from both online companies as well as from insurance agents, so you need to shop car insurance with both in order to have the best chance of saving money. Some companies may not provide price quotes online and usually these regional insurance providers only sell coverage through independent agents.

You just learned many ideas to get a better price on 2018 BMW 5 Series insurance. The most important thing to understand is the more providers you compare, the more likely it is that you will get a better rate. Consumers could even find that the biggest savings come from some of the smallest insurance companies. These companies may only write in your state and offer lower prices compared to the large companies like State Farm and Allstate.

When trying to cut insurance costs, don’t be tempted to buy lower coverage limits just to save a few bucks. In many instances, someone dropped physical damage coverage only to discover later that their decision to reduce coverage ended up costing them more. Your goal is to buy the best coverage you can find at the lowest possible cost, but do not skimp to save money.

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