Cheap 2020 BMW 5 Series Gran Turismo Insurance Quotes 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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Want cheaper auto insurance rates for your BMW 5 Series Gran Turismo? I can’t think of anyone who likes having to buy auto insurance, especially when they know they could find better rates elsewhere.

Big-name insurance companies like State Farm, Allstate, GEICO and Progressive all claim big savings with ads and it can be hard to see through the deception and effectively compare rates to find the best deal.

You should take the time to do price comparisons on a regular basis because prices trend upward over time. Just because you had the best price for 5 Series Gran Turismo coverage on your last policy you can probably find a lower rate today. Ignore everything you know about auto insurance because we’re going to show you the fastest way to reduce your cost while increasing coverage.

The most recommended method to compare insurance rates from multiple companies takes advantage of the fact most larger insurance companies have advanced systems to quote your coverage. To start a quote, the only thing you need to do is provide information such as how much school you completed, daily mileage, whether or not you need a SR-22, and whether you are single or married. Those rating factors is then sent to multiple car insurance providers and you will get price comparisons immediately.

To check rates for your BMW 5 Series Gran Turismo now, click here and enter the information requested.

Why you might not save $449 a year

Insurance coverage companies such as State Farm, GEICO and Progressive seem to constantly run ads on TV and radio. All the companies make the point of big savings if you switch your insurance coverage coverage to their company. How does each company say the same thing? Just pay attention to how they say it.

Insurance companies can use profiling for the driver that makes them money. One example of a profitable customer could be between the ages of 30 and 45, has never had a claim, and has a short commute. Anyone who matches those parameters will probably get the lowest prices and will probably cut their rates substantially.

Potential insureds who don’t meet these criteria must pay a higher rate which leads to the driver buying from a lower-cost company. The ads state “drivers that switch” not “all people who quote” can save as much as they claim. That’s why companies can make those claims. This emphasizes why you really need to compare many company’s prices. Because you cannot predict the company that will fit your personal profile best.

Why informed drivers pay less for BMW 5 Series Gran Turismo insurance

Consumers need to have an understanding of some of the factors that help determine the rates you pay for car insurance. If you know what impacts premium levels, this allows you to make educated decisions that could help you find lower premium levels.

  • Cheaper to insure women? – Statistics have proven that women are safer drivers than men. It does not mean women are BETTER drivers than men. Women and men cause auto accidents at a similar rate, but the men cause more damage. Not only that, but men also get more serious tickets like DWI (DUI) or reckless driving.
  • Never let your car insurance policy expire – Driving your car without having proper coverage is not a good idea and you will pay a penalty because you let your insurance lapse for non-payment. And not only will insurance be more expensive, getting caught without coverage can result in fines and jail time. You may have to submit proof of financial responsibility or a SR-22 with your state motor vehicle department to get your license reinstated.
  • Get better prices if you’re married – Having a significant other can actually save you money when shopping for car insurance. Having a significant other is viewed as being more mature than a single person and it’s statistically proven that married drivers tend to file fewer claims.
  • Lower premiums for safer vehicles – Vehicles that have high safety ratings cost less to insure. The safest vehicles result in less severe injuries and reduced instances of injuries translates into savings for insurance companies and thus lower rates. If the BMW 5 Series Gran Turismo scored at minimum an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website it is probably cheaper to insure.
  • Car and home together may be cheaper – The majority of insurance companies provide a discount to customers who buy several policies from them, otherwise known as a multi-policy discount. Discounts can be ten percent or more. Even if you qualify for this discount already, it’s in your best interest to compare rates to help guarantee you have the best rates.
  • Prices may be lower depending on your vocation – Occupations such as judges, airline pilots and financial analysts have higher premium rates because of intense work situations and incredibly demanding work hours. On the flip side, jobs such as farmers, athletes and the unemployed get better rates for 5 Series Gran Turismo coverage.
  • Drive lots and pay more – The higher the miles on your BMW each year the more you’ll pay to insure it. Many insurance companies charge to insure your cars based upon how you use the vehicle. Autos used primarily for pleasure use receive lower rates as compared to vehicles used primarily for driving to work. Verify your vehicle rating reflects the correct usage for each vehicle. A policy that improperly rates your 5 Series Gran Turismo may be wasting your money.
  • Your address can influence rates – Being located in areas with lower population is a good thing when it comes to car insurance. Residents of big cities tend to have much more traffic and much longer commute distances. Less people living in that area translates into fewer accident claims and also fewer theft and vandalism claims.

Discounts for cheap auto insurance rates

Car insurance companies do not list all possible discounts in a way that’s easy to find, so the following list contains both the well known and the harder-to-find credits available to bring down your rates. If you’re not getting every credit possible, you may be paying too high a price.

  • Discounts for Cautious Drivers – Drivers who don’t get into accidents may save up to 50% more for 5 Series Gran Turismo coverage compared to accident prone drivers.
  • Onboard Data Collection – Policyholders that allow their insurance company to spy on when and where they use their vehicle by using a telematics device in their vehicle such as Allstate’s Drivewise and State Farm’s In-Drive system may see discounts as long as they are good drivers.
  • Drivers Education – Require your teen driver to enroll in driver’s education as it will make them better drivers and lower rates.
  • E-sign Discounts – A few insurance companies give back up to $50 for signing up on the internet.
  • Multi-car Discount – Insuring multiple cars with one company qualifies for this discount.

A little note about advertised discounts, some of the credits will not apply to all coverage premiums. Most only cut the cost of specific coverages such as liability, collision or medical payments. So despite the fact that it appears adding up those discounts means a free policy, it’s just not the way it works.

The best auto insurance companies and their possible discounts are outlined below.

  • State Farm includes discounts for driver’s education, defensive driving training, multiple policy, passive restraint, Drive Safe & Save, Steer Clear safe driver discount, and good student.
  • American Family may offer discounts for defensive driver, TimeAway discount, early bird, bundled insurance, and mySafetyValet.
  • AAA has savings for AAA membership discount, pay-in-full, anti-theft, multi-car, and good student.
  • GEICO offers premium reductions for multi-policy, seat belt use, driver training, membership and employees, air bags, multi-vehicle, and good student.
  • Mercury Insurance offers discounts for professional/association, multi-policy, good driver, annual mileage, anti-theft, and ease of repair.
  • Farmers Insurance offers discounts including early shopping, switch companies, pay in full, mature driver, business and professional, and electronic funds transfer.
  • Progressive may have discounts that include online signing, good student, continuous coverage, online quote discount, and homeowner.

If you are trying to find low cost car insurance quotes, ask every insurance company to give you their best rates. Discounts might not be offered on policies in your area. For a list of insurance companies that offer some of these discounts, enter your zip code here.

You may need specialized car insurance coverage

When buying adequate coverage, there isn’t really a perfect coverage plan. Every situation is different and a cookie cutter policy won’t apply. Here are some questions about coverages that may help highlight whether your personal situation would benefit from professional advice.

  • Are split liability limits better than a combined single limit?
  • How much liability do I need to cover my assets?
  • Should I bundle my homeowners policy with my auto?
  • Should I file a claim if it’s only slightly more than my deductible?
  • Can my teen drive my company car?
  • Is my 2020 BMW 5 Series Gran Turismo covered for flood damage?
  • Why am I be forced to buy a membership to get insurance from some companies?
  • Should I waive the damage coverage when renting a car?

If you don’t know the answers to these questions then you might want to talk to an agent. If you want to speak to an agent in your area, complete your zip code.

Detailed coverages of your insurance policy

Knowing the specifics of your insurance policy can be of help when determining appropriate coverage at the best deductibles and correct limits. The coverage terms in a policy can be confusing and reading a policy is terribly boring. These are typical coverages offered by insurance companies.

Liability car insurance

Liability coverage can cover injuries or damage you cause to other’s property or people. It protects you against other people’s claims, and doesn’t cover your own vehicle damage or injuries.

It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see policy limits of 50/100/50 which stand for a $50,000 limit per person for injuries, a per accident bodily injury limit of $100,000, and $50,000 of coverage for damaged property.

Liability can pay for claims such as structural damage, medical expenses and repair costs for stationary objects. How much coverage you buy is a personal decision, but you should buy as large an amount as possible.

Comprehensive coverage (or Other than Collision)

This coverage pays for damage OTHER than collision with another vehicle or object. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive can pay for things like a tree branch falling on your vehicle, rock chips in glass, damage from a tornado or hurricane, a broken windshield and damage from flooding. The maximum amount your insurance company will pay is the ACV or actual cash value, so if the vehicle is not worth much it’s not worth carrying full coverage.

Uninsured Motorist or Underinsured Motorist insurance

This coverage gives you protection when the “other guys” either are underinsured or have no liability coverage at all. It can pay for medical payments for you and your occupants and damage to your BMW 5 Series Gran Turismo.

Since many drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is a good idea.

Insurance for medical payments

Med pay and PIP coverage provide coverage for expenses such as X-ray expenses, prosthetic devices and ambulance fees. The coverages can be used in conjunction with a health insurance policy or if you are not covered by health insurance. Coverage applies to all vehicle occupants in addition to any family member struck as a pedestrian. Personal injury protection coverage is not universally available and gives slightly broader coverage than med pay

Collision coverage protection

This coverage covers damage to your 5 Series Gran Turismo resulting from colliding with another car or object. A deductible applies and then insurance will cover the remainder.

Collision coverage protects against things like hitting a mailbox, crashing into a building and hitting a parking meter. Paying for collision coverage can be pricey, so consider removing coverage from older vehicles. It’s also possible to bump up the deductible in order to get cheaper collision rates.

Money doesn’t grow on trees

Discount 2020 BMW 5 Series Gran Turismo insurance can be found online as well as from independent agents, and you need to comparison shop both to have the best rate selection. Some insurance providers may not offer online quoting and usually these small, regional companies only sell coverage through local independent agents.

When buying insurance coverage, it’s a bad idea to reduce coverage to reduce premium. There have been many situations where an insured dropped physical damage coverage and discovered at claim time they didn’t purchase enough coverage. Your strategy should be to buy the best coverage you can find at the best price and still be able to protect your assets.

We just covered a lot of ways to save on 2020 BMW 5 Series Gran Turismo insurance. It’s most important to understand that the more rate comparisons you have, the higher the chance of saving money. Consumers could even find that the best premium rates are with a smaller regional carrier. Smaller companies may only write in your state and offer lower prices than their larger competitors like Progressive or GEICO.

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