Compare 2010 BMW 5 Series Insurance Rates

Searching for cheaper insurance coverage rates for your BMW 5 Series? Consumers who are new to the process of comparing rates online may find purchasing the cheapest insurance coverage nearly impossible.

It’s important to do rate comparisons at least once a year because rates are adjusted regularly by insurance companies. Just because you had the best price for 5 Series coverage a year ago other companies may now be cheaper. So just forget all the misinformation about insurance coverage because you’re about to learn the easiest way to lower your annual insurance bill.

BMW 5 Series insurance premiums are calculated by many factors

Smart consumers have a good feel for the rating factors that go into determining your car insurance rates. When you know what positively or negatively determines base rates enables informed choices that can help you get lower car insurance prices.

  • Bundling policies can get discounts – Some car insurance companies provide better rates to insureds who have multiple policies with them, otherwise known as a multi-policy discount. Even if you’re getting this discount you may still want to compare rates to ensure the best deal.
  • More people means more accidents – Residing in small towns and rural areas has it’s advantages when it comes to car insurance. Urban drivers regularly have congested traffic and longer commutes to work. Fewer people means fewer accidents and a lower car theft rate.
  • Rate your vehicle for proper use – The more miles you rack up on your BMW every year the higher your rates will be. Most insurance companies price each vehicle’s coverage based on their usage. Cars left parked in the garage receive lower rates as compared to vehicles used primarily for driving to work. An improperly rated 5 Series can result in significantly higher rates. Make sure your car insurance policy is rated on how each vehicle is driven, because improper ratings can cost you money.
  • Are you male or female? – The statistics show women tend to be less risk to insure than men. That doesn’t necessarily mean that men are worse drivers. Both sexes tend to get into accidents at about the same rate, but men cause more damage. Men also have more aggressive citations such as DWI and reckless driving. Male drivers age 16 to 19 are several times more likely to be in an accident and thus pay the highest rates.
  • Poor driving leads to higher costs – Only having one ticket can bump up the cost twenty percent or more. Drivers who don’t get tickets tend to pay less for car insurance than bad drivers. Drivers with serious tickets such as DUI or reckless driving are required to submit a SR-22 form with the DMV in their state in order to continue driving.
  • How your age affects price – Older drivers are more responsible, file fewer claims and get fewer tickets. Youthful drivers have a tendency to be more careless behind the wheel therefore car insurance rates are much higher.
  • Your job and insurance rates – Jobs such as real estate brokers, business owners and financial analysts tend to pay higher average rates in part from stressful work requirements and long work hours. Conversely, jobs such as scientists, engineers and retirees have the lowest average rates for 5 Series coverage.
  • Lower deductibles cost more – Deductibles for physical damage represent how much money you are willing to pay out-of-pocket before a claim is paid by your company. Coverage for physical damage, termed comprehensive and collision coverage on your policy, is used to repair damage to your car. Examples of covered claims are colliding with a building, damage from fire, and rolling your vehicle. The higher the amount you’re willing to pay, the less your company will charge you for insurance for 5 Series coverage.

The best way to compare insurance rates in your area is to realize all the major auto insurance companies participate in online systems to give free rates quotes. To start a quote, the only thing you need to do is provide details including distance driven, marital status, if you lease or own, and if you have an active license. Your rating data is instantly submitted to many different companies and they return rate quotes almost instantly.

Cut your insurance rates with discounts

Insuring your fleet can be pricey, but there could be available discounts to cut the cost considerably. Some trigger automatically at the time you complete a quote, but some may not be applied and must be inquired about in order for you to get them.

  • Service Members Pay Less – Being on active duty in the military may qualify for rate reductions.
  • E-sign – A handful of insurance companies will discount your bill up to fifty bucks for buying your policy over the internet.
  • Drivers Ed for Students – Make teen driver coverage more affordable by requiring them to enroll in driver’s education in school.
  • Defensive Driving Course – Completing a course teaching defensive driving skills can save you 5% or more depending on where you live.
  • Discount for Life Insurance – Larger companies have better rates if you take out life insurance.
  • Homeowners Savings – Being a homeowner may trigger a insurance policy discount because maintaining a house requires personal responsibility.

As a disclaimer on discounts, some of the credits will not apply the the whole policy. Most only apply to the cost of specific coverages such as collision or personal injury protection. So even though it sounds like all those discounts means the company will pay you, companies don’t profit that way. Any amount of discount will help reduce your premiums.

To see a list of insurers who offer insurance discounts, follow this link.

You are unique and your insurance should be too

When it comes to choosing proper insurance coverage for your vehicles, there really is no “perfect” insurance plan. Everyone’s situation is unique.

These are some specific questions can help discover whether or not you will benefit from professional help.

  • Should I buy full coverage?
  • Which companies will insure high-risk drivers?
  • Do I have coverage when pulling a U-Haul trailer?
  • Is a fancy paint job covered?
  • Is my 2010 BMW 5 Series covered for flood damage?
  • What is no-fault insurance?
  • What vehicles should carry emergency assistance coverage?

If you don’t know the answers to these questions, you may need to chat with a licensed insurance agent. If you don’t have a local agent, complete this form.

Car insurance coverages for a 2010 BMW 5 Series

Learning about specific coverages of car insurance can help you determine the right coverages and the correct deductibles and limits. Policy terminology can be ambiguous and even agents have difficulty translating policy wording.

Uninsured and underinsured coverage – This coverage provides protection from other drivers when they either have no liability insurance or not enough. It can pay for injuries to you and your family and also any damage incurred to your BMW 5 Series.

Since a lot of drivers carry very low liability coverage limits, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Normally these limits do not exceed the liability coverage limits.

Collision coverage – Collision insurance pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You will need to pay your deductible and then insurance will cover the remainder.

Collision can pay for things such as hitting a mailbox, colliding with a tree, rolling your car and sustaining damage from a pot hole. This coverage can be expensive, so consider removing coverage from lower value vehicles. It’s also possible to bump up the deductible to save money on collision insurance.

Liability auto insurance – Liability insurance will cover damage that occurs to other’s property or people. It protects YOU against other people’s claims. Liability doesn’t cover damage to your own property or vehicle.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. Your policy might show limits of 50/100/50 which stand for a limit of $50,000 per injured person, a total of $100,000 of bodily injury coverage per accident, and property damage coverage for $50,000. Some companies may use one number which is a combined single limit which provides one coverage limit and claims can be made without the split limit restrictions.

Liability coverage protects against things like medical services, repair bills for other people’s vehicles, attorney fees and pain and suffering. How much liability coverage do you need? That is a decision to put some thought into, but you should buy as large an amount as possible.

Coverage for medical payments – Personal Injury Protection (PIP) and medical payments coverage pay for immediate expenses like dental work, prosthetic devices, chiropractic care, rehabilitation expenses and surgery. The coverages can be used to cover expenses not covered by your health insurance program or if you are not covered by health insurance. They cover you and your occupants and will also cover being hit by a car walking across the street. Personal Injury Protection is not universally available but can be used in place of medical payments coverage

Comprehensive coverages – Comprehensive insurance will pay to fix damage caused by mother nature, theft, vandalism and other events. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against claims like damage from flooding, a broken windshield, fire damage and hail damage. The maximum amount you’ll receive from a claim is the ACV or actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.

Take this to the bank

People change insurance companies for a variety of reasons including unfair underwriting practices, being labeled a high risk driver, extreme rates for teen drivers or even questionable increases in premium. Regardless of your reason, finding a new company can be easier than you think.

As you restructure your insurance plan, do not buy less coverage just to save a little money. There are a lot of situations where an insured cut collision coverage and found out when filing a claim that the savings was not a smart move. The ultimate goal is to purchase plenty of coverage at the best price while still protecting your assets.

Affordable 2010 BMW 5 Series insurance is available on the web and with local insurance agents, and you should be comparing both in order to have the best price selection to choose from. Some insurance companies do not offer you the ability to get quotes online and usually these small insurance companies provide coverage only through local independent agents.

Much more information about insurance can be read on the following sites: