Cheap 2022 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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Want cheaper auto insurance rates for your BMW 5 Series? Nobody that owns a car likes paying for auto insurance, especially when they know they could find better rates elsewhere. Drivers have multiple auto insurance companies to buy insurance from, and although it’s a good thing to have a choice, too many choices makes it more difficult to compare rates and cut insurance costs.

These discounts can lower your insurance coverage quotes

Insurance can cost an arm and a leg, but discounts can save money and there are some available to reduce the price significantly. A few discounts will automatically apply when you purchase, but some need to be asked for prior to getting the savings.

  • Save with More Vehicles Insured – Purchasing coverage when you have multiple cars on a single policy can reduce the rates for all insured vehicles.
  • Senior Citizen Rates – If you’re over the age of 55, you could receive a slight reduction on a insurance coverage quote on 5 Series insurance.
  • Driver’s Education for Students – Make teen driver coverage more affordable by requiring them to successfully take a drivers education course if it’s offered in school.
  • ABS Braking Discount – Cars that have steering control and anti-lock brakes have fewer accidents so you can save 10 percent or more.
  • Seat Belts Save – Requiring all passengers to buckle their seat belts can save 10% or more on the medical payments or PIP coverage costs.
  • Data Collection Discounts – Drivers who elect to allow data collection to spy on driving habits by using a telematics device in their vehicle like Allstate’s Drivewise might get better premium rates if they are good drivers.
  • Payment Discounts – If you can afford to pay the entire bill instead of making monthly payments you can avoid monthly service charges.
  • E-sign – Certain insurance coverage companies will give you a small discount for buying a policy and signing up digitally online.

A little note about advertised discounts, some of the credits will not apply to the entire cost. Some only reduce individual premiums such as comprehensive or collision. Just because it seems like having all the discounts means you get insurance for free, insurance companies wouldn’t stay in business.

Larger insurance coverage companies and some of the discounts are shown below.

  • State Farm has discounts for defensive driving training, Steer Clear safe driver discount, multiple autos, multiple policy, and driver’s education.
  • American Family offers discounts including good student, good driver, air bags, mySafetyValet, early bird, bundled insurance, and defensive driver.
  • AAA may have discounts that include education and occupation, pay-in-full, multi-car, multi-policy, good student, and good driver.
  • GEICO offers premium reductions for emergency military deployment, daytime running lights, air bags, defensive driver, and multi-policy.
  • Mercury Insurance policyholders can earn discounts including multi-car, good driver, age of vehicle, type of vehicle, annual mileage, professional/association, and accident-free.
  • Farmers Insurance has savings for youthful driver, good student, switch companies, homeowner, and mature driver.
  • Progressive discounts include homeowner, multi-policy, online signing, good student, and online quote discount.

Before you buy a policy, ask every insurance company which credits you are entitled to. Discounts may not be available in your area. To see a list of insurance companies that offer multiple discounts, enter your zip code here.

Different people need different auto insurance coverages

When buying the right insurance coverage for your personal vehicles, there is no best way to insure your cars. Everyone’s situation is a little different so this has to be addressed. For example, these questions may help you determine whether your personal situation would benefit from an agent’s advice.

  • Is a blown tire covered by insurance?
  • Is my babysitter covered when using my vehicle?
  • Is my teenager covered with friends in the car?
  • How do I buy GAP insurance?
  • Are rental cars covered under my policy?
  • Is pleasure use cheaper than using my 2022 BMW 5 Series to commute?
  • Can I afford to buy a different vehicle if my 2022 BMW 5 Series is totaled?
  • Should I buy more coverage than the required minimum liability coverage?
  • Am I covered when driving in Canada or Mexico?

If you don’t know the answers to these questions then you might want to talk to an insurance agent. To find an agent in your area, complete your zip code. It is quick, free and may give you better protection.

Save $468 a year? Really?

Consumers constantly see and hear ads that promise big savings by companies like Progressive, GEICO, Allstate and State Farm. All the companies make the point that people will save if you change your policy.

How is it plausible that every one can charge you less for auto insurance? This is the way they can do it.

Most companies quote their cheapest rates for the type of customer that makes them money. An example of this type of risk profile could possibly be between the ages of 30 and 45, has no claims, and chooses high deductibles. Any driver who fits that profile will get a cheap rate quote and will pay quite a bit less when switching companies.

Drivers who fall outside these standards may be forced to pay higher rates which results in the driver buying from a lower-cost company. The wording the ads use say “people that switch” but not “everyone who gets a quote” will save that much if they switch. That’s why insurance companies can make the claims of big savings. Because of this risk profiling, drivers must get insurance coverage quotes from several different companies. Because you cannot predict the company that will have the best auto insurance rates.

Auto insurance coverage basics

Understanding the coverages of your auto insurance policy helps when choosing the best coverages for your vehicles. Auto insurance terms can be confusing and reading a policy is terribly boring. Shown next are the normal coverages found on the average auto insurance policy.

Med pay and Personal Injury Protection (PIP)

Med pay and PIP coverage pay for short-term medical expenses for things like chiropractic care, funeral costs and ambulance fees. They are often utilized in addition to your health insurance policy or if there is no health insurance coverage. It covers you and your occupants and will also cover any family member struck as a pedestrian. PIP coverage is not universally available but can be used in place of medical payments coverage

Comprehensive insurance

Comprehensive insurance coverage pays for damage that is not covered by collision coverage. You first must pay your deductible and then insurance will cover the rest of the damage.

Comprehensive coverage pays for things like vandalism, damage from flooding, falling objects, hitting a bird and damage from a tornado or hurricane. The maximum payout you’ll receive from a claim is the actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.

Uninsured/Underinsured Motorist (UM/UIM)

This coverage gives you protection when the “other guys” either have no liability insurance or not enough. Covered claims include hospital bills for your injuries as well as your vehicle’s damage.

Since a lot of drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea.

Collision coverage

Collision coverage pays to fix your vehicle from damage resulting from a collision with another vehicle or an object, but not an animal. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers things like colliding with another moving vehicle, hitting a mailbox and colliding with a tree. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from lower value vehicles. You can also choose a higher deductible in order to get cheaper collision rates.

Liability auto insurance

Liability coverage protects you from damage that occurs to other people or property that is your fault. This coverage protects you from legal claims by others. It does not cover your injuries or vehicle damage.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show values of 25/50/25 which means a limit of $25,000 per injured person, a total of $50,000 of bodily injury coverage per accident, and a limit of $25,000 paid for damaged property.

Liability insurance covers claims like attorney fees, emergency aid, repair costs for stationary objects, legal defense fees and bail bonds. How much liability coverage do you need? That is up to you, but it’s cheap coverage so purchase as large an amount as possible.

More comparisons equals lower rates

We just presented quite a bit of information on how to compare 2022 BMW 5 Series insurance prices online. The key thing to remember is the more price quotes you have, the better chance you’ll have of finding inexpensive insurance coverage. You may even find the biggest savings come from the smaller companies. These companies may only write in your state and offer lower rates than the large multi-state companies such as Allstate or State Farm.

Affordable 2022 BMW 5 Series insurance is attainable both online and from local agencies, so get free insurance coverage quotes from both of them so you have a total pricing picture. Some insurance companies do not offer rates over the internet and these small, regional companies only sell coverage through independent agencies.

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