Lower Your 2021 BMW 5 Series Gran Turismo 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: Jun 1, 2024

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Want cheaper auto insurance rates for your BMW 5 Series Gran Turismo? There isn’t anyone who looks forward to buying auto insurance, particularly when their premiums are too high. Insurance companies such as Progressive, State Farm and GEICO promote their brand names with TV and radio ads and it is difficult to ignore the propoganda and find the best price available.

Get cheaper insurance coverage with discounts

Companies that sell car insurance do not advertise the complete list of policy discounts very clearly, so we took the time to find both well-publicized and also the lesser-known discounts that may be available.

  • Paperless Signup – Many companies give back up to $50 for buying your policy on the web.
  • Service Members Pay Less – Being on active duty in the military could qualify you for better rates.
  • Early Switch Discount – Some larger companies provide a discount for signing up before your current expiration date. This discount can save up to 10%.
  • Low Mileage – Low mileage vehicles could be rewarded with discounted rates on garaged vehicles.
  • Accident Free – Insureds who avoid accidents and claims can earn big discounts as opposed to drivers who are more careless.

While discounts sound great, it’s important to understand that some credits don’t apply to the whole policy. Some only apply to specific coverage prices like physical damage coverage or medical payments. Just because it seems like you can get free auto insurance, companies wouldn’t make money that way.

A list of companies and a partial list of their discounts include:

  • AAA includes discounts for good driver, education and occupation, multi-car, multi-policy, and good student.
  • Progressive may have discounts that include continuous coverage, multi-vehicle, good student, homeowner, and online quote discount.
  • State Farm discounts include multiple policy, multiple autos, safe vehicle, good student, accident-free, Drive Safe & Save, and good driver.
  • Esurance has savings for good student, Switch & Save, multi-policy, anti-lock brakes, and DriveSense.
  • Nationwide policyholders can earn discounts including business or organization, defensive driving, family plan, easy pay, Farm Bureau membership, and multi-policy.

If you want the cheapest insurance coverage quotes, ask each company or agent which discounts you may be entitled to. Some discounts may not be offered in your area.

How to buy auto insurance online

Lowering your 2021 BMW 5 Series Gran Turismo auto insurance rates can be relatively painless. You just have to invest a few minutes comparing rates from some recommended companies. This can be accomplished using a couple different methods.

  1. Probably the best way to compare a lot of rates at once is an all-inclusive rate comparison. This quick form saves time by eliminating separate quote forms for each company you want a rate for. Completing one form gets you coverage quotes from multiple low-cost companies.
  2. A harder way to get comparison quotes requires visiting the website for each individual company and complete a new quote form. For sake of this example, let’s say you want to get rates from Farmers, Progressive and State Farm. You would be required to spend time on each company’s site to enter the same coverage data repeatedly, which can be really labor intensive.

The approach you take is up to you, just be certain you are entering apples-to-apples quote information for each price quote. If your comparisons have different limits and deductibles on each one it will be impossible to get a fair rate comparison.

Find BMW 5 Series Gran Turismo insurance cheaper

Many things are taken into consideration when pricing auto insurance. Some of the criteria are obvious such as your driving history, but some are not as apparent like where you live or your financial responsibility. Part of the insurance buying process is learning a few of the rating criteria that go into determining your insurance rates. When consumers understand what impacts premium levels, this allows you to make educated decisions that could result in lower insurance prices.

The itemized list below are some of the factors that factor into your rates.

  • Cautious drivers have lower rates – Having a single driving citation can increase rates by twenty percent. Good drivers tend to pay less for car insurance than their less careful counterparts. Drivers unfortunate enough to have serious tickets such as DUI or reckless driving might be required by their state to maintain a SR-22 with their state’s licensing department in order to prevent their license from being revoked.
  • Lower rates with alarm systems – Driving a car that has an advanced theft prevention system can get you a discount on your insurance. Advanced theft deterrents such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack can thwart your vehicle from being stolen.
  • Lower rates come with age – Young drivers have a tendency to be careless and easily distracted with other occupants in the car so they pay higher insurance rates. If you’ve ever had to add a young driver onto a policy will cause a huge premium hike. Older people are more responsible, are lower risk to insure , and usually have better credit.
  • Gender as a rate factor – Statistics have proven that females take fewer risks when driving. The data does not necessarily mean that women are better drivers. Both sexes cause auto accidents at about the same rate, but the males have costlier accidents. Not only are claims higher, but men receive more major tickets like reckless driving and DUI.
  • Small frequent claims are not good – Car insurance companies award cheaper rates to people who file claims infrequently. If you’re an insured who likes to file claims you can pretty much guarantee higher premiums or even policy non-renewal. Insurance coverage is intended to be relied upon for claims that pose a financial burden.

Tailor your insurance coverage to you

When choosing proper insurance coverage, there really is no one size fits all plan. Everyone’s situation is unique and a cookie cutter policy won’t apply. For instance, these questions might help in determining if you may require specific advice.

  • Is my cargo covered for damage or theft?
  • Am I covered if hit by an uninsured driver?
  • When would I need rental car insurance?
  • What is no-fault insurance?
  • Can my teen driver be rated on a liability-only vehicle?
  • Why am I required to get a high-risk car insurance policy?
  • Should I buy more coverage than the required minimum liability coverage?
  • Are my friends covered when driving my car?

If you can’t answer these questions but you know they apply to you, then you may want to think about talking to a licensed agent. If you want to speak to an agent in your area, fill out your zip code. It’s fast, doesn’t cost anything and may give you better protection.

Auto insurance coverages 101

Understanding the coverages of a auto insurance policy helps when choosing which coverages you need at the best deductibles and correct limits. Auto insurance terms can be difficult to understand and coverage can change by endorsement. Listed below are typical coverages found on most auto insurance policies.

Comprehensive insurance

This coverage pays for damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive coverage pays for things such as rock chips in glass, a broken windshield, a tree branch falling on your vehicle, damage from a tornado or hurricane and hitting a deer. The highest amount you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle’s value is low it’s not worth carrying full coverage.

Collision insurance

This coverage pays for damage to your 5 Series Gran Turismo resulting from colliding with a stationary object or other vehicle. You have to pay a deductible and then insurance will cover the remainder.

Collision insurance covers things such as colliding with a tree, scraping a guard rail, sustaining damage from a pot hole and hitting a mailbox. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from vehicles that are older. You can also choose a higher deductible in order to get cheaper collision rates.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP kick in for expenses for chiropractic care, ambulance fees and nursing services. They are used in conjunction with a health insurance program or if you lack health insurance entirely. Medical payments and PIP cover you and your occupants and also covers if you are hit as a while walking down the street. Personal Injury Protection is not an option in every state and may carry a deductible

Uninsured/Underinsured Motorist (UM/UIM)

Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants when the “other guys” either have no liability insurance or not enough. This coverage pays for hospital bills for your injuries as well as damage to your BMW 5 Series Gran Turismo.

Since a lot of drivers have only the minimum liability required by law, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family.

Auto liability

This coverage can cover damage or injury you incur to people or other property that is your fault. It protects YOU against other people’s claims, and does not provide coverage for damage sustained by your vehicle in an accident.

It consists of three limits, bodily injury per person, bodily injury per accident and property damage. You commonly see values of 50/100/50 that translate to $50,000 in coverage for each person’s injuries, a per accident bodily injury limit of $100,000, and $50,000 of coverage for damaged property.

Liability insurance covers claims such as pain and suffering, repair bills for other people’s vehicles and attorney fees. How much coverage you buy is a personal decision, but buy higher limits if possible.

In the end, you save

While you’re price shopping online, it’s not a good idea to reduce coverage to reduce premium. In many cases, someone sacrificed full coverage and found out when filing a claim that it was a big mistake. Your goal is to get the best coverage possible for the lowest price, but do not sacrifice coverage to save money.

We just presented some good ideas how to compare 2021 BMW 5 Series Gran Turismo insurance auto insurance rates online. The key concept to understand is the more quotes you get, the better your chances of lowering your premium rates. Consumers could even find that the lowest priced car insurance comes from the smaller companies. These companies can often provide lower premium rates in certain areas compared to the large companies like State Farm or Progressive.

Lower-priced car insurance can be bought from both online companies and with local insurance agents, and you should be comparing both to have the best chance of lowering rates. Some insurance companies may not provide online price quotes and many times these smaller companies only sell through independent agencies.

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