Save on 2013 BMW 5 Series Insurance Quotes

Trying to find better insurance prices for your BMW 5 Series can normally be difficult, but you can follow the following methods to find lower rates.

There is a right way and a wrong way to find auto insurance online and you need to know the quickest way to get price quotes on a BMW and find the cheapest rates.

Discounts can save BIG

Insurance can cost an arm and a leg, but you can get discounts that you may not even be aware of. Some discounts apply automatically at the time of purchase, but lesser-known reductions have to be requested specifically in order for you to get them. If they aren’t giving you every credit available, you’re paying more than you need to.

  • Multiple Vehicles – Buying insurance for multiple vehicles on one policy qualifies for this discount.
  • Discount for Good Grades – Performing well in school can be rewarded with saving of up to 25%. The good student discount can last up until you turn 25.
  • New Car Discount – Adding a new car to your policy can cost up to 25% less since new cars are generally safer.
  • Seat Belts Save – Requiring all passengers to buckle their seat belts could cut 10% or more off your PIP or medical payments premium.
  • Sign Online – Some insurance companies will discount your bill up to fifty bucks just for signing your application over the internet.
  • Payment Method – By paying your policy upfront instead of making monthly payments you can actually save on your bill.

As a disclaimer on discounts, most credits do not apply to the overall cost of the policy. The majority will only reduce individual premiums such as comp or med pay. So even though it sounds like having all the discounts means you get insurance for free, it doesn’t quite work that way. Any amount of discount will bring down your premiums.

For a list of insurers with the best insurance discounts, click here to view.

BMW 5 Series insurance premiums are calculated by many factors

An important part of buying insurance is that you know the factors that go into determining your car insurance rates. Having a good understanding of what controls the rates you pay allows you to make educated decisions that will entitle you to lower car insurance prices.

  • An active claims history can cost you – Companies provide lower rates to people who do not file claims often. If you file claims often, you can pretty much guarantee higher rates. Your insurance policy is designed for major claims that would cause financial hardship.
  • High credit ratings translate to low rates – Your credit score is a large factor in determining what you pay for car insurance. Therefore, if your credit history is lower than you’d like, you could pay less to insure your 2013 BMW 5 Series by spending a little time repairing your credit. People with excellent credit tend to be more responsible than drivers who have poor credit.
  • Tickets mean higher rates – Even one moving violation may increase your cost forty percent or more. Drivers with clean records have lower premiums than people who have multiple driving citations. If you have severe violations like hit and run, DWI or reckless driving convictions may find they need to submit a SR-22 form with the DMV in their state in order to drive a vehicle legally.
  • Do you work long hours in a high stress job? – Jobs such as judges, architects and stock brokers have the highest rates attributed to stressful work requirements and lots of time spent at work. On the other hand, occupations such as actors, students and retirees get better rates for 5 Series coverage.
  • Do you need those extra coverages? – There are many additional coverages that you can buy if you aren’t careful. Things like rental car reimbursement, towing coverage and motor club memberships are examples of these. They may seem good at first, but if you don’t need them remove them from your policy.
  • Increase deductibles and save – Physical damage insurance, termed comprehensive and collision coverage on your policy, protects your BMW from damage. Some instances where coverage would apply could be colliding with a building, vandalism, and windstorm damage. Physical damage deductibles are the amount of money you are willing to pay before a claim is paid by your company. The more expense you are required to pay out-of-pocket, the less your company will charge you for insurance for 5 Series coverage.

Will just any policy work for me?

When buying the right insurance coverage for your vehicles, there really is not a one size fits all plan. Each situation is unique.

These are some specific questions might point out whether you will benefit from professional help.

  • Is upholstery damage covered by car insurance?
  • What is no-fault insurance?
  • Do I need rental car coverage?
  • How much liability insurance is required?
  • Where can I find high-risk insurance?
  • How do I insure my teen driver?
  • What happens if I owe more than my 2013 BMW 5 Series is worth?
  • Can my teen drive my company car?

If you don’t know the answers to these questions, you might consider talking to a licensed agent. If you want to speak to an agent in your area, complete this form. It’s fast, free and you can get the answers you need.

Don’t be fooled by advertising claims

Drivers get pounded daily by advertisements for car insurance savings by Allstate and Progressive. All the companies have a common claim that you can save if you change to their company.

How does each company say the same thing?

Different companies are able to cherry pick for the right customer that makes them money. A good example of a driver they prefer could be between the ages of 30 and 50, a clean driving record, and has a high credit rating. A customer getting a price quote who meets those qualifications will get very good rates and as a result will probably save when switching.

Potential insureds who don’t measure up to the requirements will be quoted more money and this can result in business going elsewhere. The ads say “customers that switch” not “people who quote” save money. That’s why companies can claim big savings.

This emphasizes why you need to get a wide range of price quotes. It’s impossible to know which company will give you the biggest savings on BMW 5 Series insurance.

Specific coverage details

Understanding the coverages of a insurance policy helps when choosing the right coverages at the best deductibles and correct limits. Policy terminology can be impossible to understand and reading a policy is terribly boring.

Collision coverage protection

This covers damage to your 5 Series resulting from a collision with an object or car. You first must pay a deductible then your collision coverage will kick in.

Collision coverage pays for things such as backing into a parked car, sideswiping another vehicle, crashing into a ditch and rolling your car. This coverage can be expensive, so consider dropping it from older vehicles. Another option is to choose a higher deductible to bring the cost down.

Protection from uninsured/underinsured drivers

Your UM/UIM coverage protects you and your vehicle’s occupants from other motorists when they are uninsured or don’t have enough coverage. It can pay for injuries sustained by your vehicle’s occupants and damage to your 2013 BMW 5 Series.

Since a lot of drivers only carry the minimum required liability limits, their limits can quickly be used up. For this reason, having high UM/UIM coverages is a good idea. Most of the time the UM/UIM limits are similar to your liability insurance amounts.

Medical expense insurance

Coverage for medical payments and/or PIP pay for expenses like hospital visits, nursing services and doctor visits. They can be used to fill the gap from your health insurance plan or if you are not covered by health insurance. They cover not only the driver but also the vehicle occupants and also covers getting struck while a pedestrian. Personal Injury Protection is not an option in every state and may carry a deductible

Liability insurance

This coverage will cover damages or injuries you inflict on people or other property. It protects you against claims from other people. It does not cover damage sustained by your vehicle in an accident.

Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show values of 100/300/100 which stand for $100,000 bodily injury coverage, a total of $300,000 of bodily injury coverage per accident, and $100,000 of coverage for damaged propery. Alternatively, you may have one number which is a combined single limit which limits claims to one amount with no separate limits for injury or property damage.

Liability insurance covers things such as funeral expenses, emergency aid, pain and suffering and repair bills for other people’s vehicles. The amount of liability coverage you purchase is up to you, but you should buy as much as you can afford.

Comprehensive (Other than Collision)

This pays to fix your vehicle from damage that is not covered by collision coverage. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against things such as theft, a tree branch falling on your vehicle, damage from flooding, a broken windshield and falling objects. The maximum amount your insurance company will pay is the actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Never pay more for less

Drivers change insurance companies for a variety of reasons including delays in responding to claim requests, high prices, delays in paying claims and poor customer service. It doesn’t matter what your reason, switching companies is pretty easy and you might even save some money in the process.

In this article, we presented many ideas to get a better price on 2013 BMW 5 Series insurance. It’s most important to understand that the more companies you get rates for, the better your comparison will be. You may even discover the biggest savings come from a small mutual company.

As you shop your coverage around, don’t be tempted to buy less coverage just to save a little money. There are many occasions where someone sacrificed liability limits or collision coverage only to find out they didn’t purchase enough coverage. The proper strategy is to buy the best coverage you can find at an affordable rate.

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