2014 BMW 5 Series Insurance Cost

Having to pay for overpriced insurance can take a big chunk out of your personal savings and make it hard to pay other bills. Shopping your coverage around is a smart way to tighten up your finances. Insurance companies such as State Farm, Farmers Insurance, GEICO and Allstate constantly blast consumers with fancy advertisements and consumers find it hard to ignore the flying pigs and cute green geckos and take the time to shop coverage around.

It’s a good habit to do rate comparisons yearly because prices are usually higher with each renewal. Even if you think you had the best rates for 5 Series coverage last year you will most likely find a better rate today. So block out anything you think you know about insurance because it’s time to teach you the right way to find better rates and still maintain coverage.

Vehicle Insurance Comparison

Finding cheaper 2014 BMW 5 Series auto insurance prices is not a difficult process. Drivers just need to invest a little time comparing rates provided by online insurance companies. It is quite easy and can be accomplished in several different ways.

  1. The fastest way to get the best comparison quotes is an all-inclusive rate comparison (click to open form in new window). This form keeps you from doing separate quotes for each company. One simple form gets you coverage quotes from multiple low-cost companies.
  2. A harder way to find lower rates is going to the website for every company you want to comare and fill out their own quote form. For example, we’ll assume you want comparison quotes from Farmers, GEICO and Progressive. To get rate quotes you would need to take the time to go to each site and enter your information, which is why the first method is quicker.

    For a handy list of car insurance company links in your area, click here.

Which method you use is up to you, but make absolute certain that you use exactly the same deductibles and coverage limits for each comparison quote. If you enter differing limits it will be next to impossible to truly determine the lowest rate.

Don’t pay full price with these discounts

Auto insurance companies don’t list all their discounts in a way that’s easy to find, so we took the time to find both well-publicized and the more hidden ways to save on insurance coverage. If you aren’t receiving every discount you qualify for, you are paying more than you should be.

  • New Vehicle Savings – Buying coverage on a new vehicle can be considerably cheaper compared to insuring an older model.
  • Homeowners Discount – Owning a house may trigger a insurance coverage policy discount because owning a home requires personal responsibility.
  • Multi-policy Discount – When you have multiple policies with one company you will save at least 10% off all policies.
  • Safe Driver Discount – Drivers who don’t get into accidents can pay as much as 50% less for 5 Series coverage than less cautious drivers.
  • Auto/Life Discount – Select insurance companies reward you with a discount if you purchase life insurance from them.
  • Seat Belts Save – Buckling up and requiring all passengers to wear their seat belts can save up to 15% on the medical payments or PIP coverage costs.
  • Government Employees – Being employed by or retired from a federal job can earn a discount up to 10% for 5 Series coverage with a few insurance coverage companies.
  • Student in College – Youth drivers living away from home attending college and do not have access to a covered vehicle can be insured at a reduced rate.

As a disclaimer on discounts, most of the big mark downs will not be given to the entire policy premium. The majority will only reduce the cost of specific coverages such as comprehensive or collision. So when the math indicates all those discounts means the company will pay you, it doesn’t quite work that way.

To see a list of insurers offering insurance coverage discounts, click this link.

BMW 5 Series rates are complex

Consumers need to have an understanding of the different types of things that come into play when calculating insurance coverage rates. Knowing what controls the rates you pay allows you to make educated decisions that can help you get much lower annual insurance costs.

  • Higher safety ratings means cheaper insurance – Safer cars are cheaper to insure. Safer cars result in less severe injuries and fewer injuries translates into savings for insurance companies and lower rates for you. If the BMW 5 Series has ratings of a minimum four stars on Safercar.gov it may be receiving lower rates.
  • Older drivers pay less – Young drivers are statistically proven to be less responsible in a vehicle so they pay higher insurance coverage rates. Mature drivers tend to be more responsible, tend to file fewer claims and get fewer tickets.
  • Being married is a good thing – Being married can actually save you money on your insurance coverage policy. Having a significant other translates into being more mature and responsible and it’s statistically proven that married couples file fewer claims.
  • Liability insurance protects assets – Your policy’s liability coverage provides coverage if a jury decides you are liable for damages from an accident. Liability provides legal defense coverage which can cost thousands of dollars. Carrying liability coverage is mandatory and cheap as compared to coverage for physical damage, so do not cut corners here.
  • Your occupation can affect rates – Did you know your insurance coverage rates can be affected by your occupation? Occupations like real estate brokers, business owners and stock brokers tend to have the highest rates because of job stress and long work hours. On the other hand, jobs such as actors, students and performers receive lower rates for 5 Series coverage.
  • Big city or small town – Living in a rural area can be a good thing when talking about insurance coverage. Fewer drivers means reduced accidents and also fewer theft and vandalism claims. Urban drivers have much more traffic to deal with and longer commute times. More time commuting means higher likelihood of an accident.

Your personal situation dictates your coverage

When choosing adequate coverage for your personal vehicles, there isn’t really a “perfect” insurance plan. Your needs are not the same as everyone else’s so your insurance should reflect that For example, these questions might point out whether you will benefit from professional help.

  • Does my insurance cover damage caused when ticketed for reckless driving?
  • How much liability do I need to cover my assets?
  • What is the rate difference between pleasure use and commuting?
  • Is there coverage for injuries to my pets?
  • What can I do if my company won’t pay a claim?
  • What is an SR-22 filing?
  • Am I covered when driving a rental car?
  • Is a fancy paint job covered?
  • Does having multiple vehicles earn me a discount?
  • Can I still get insurance after a DUI?

If you don’t know the answers to these questions but one or more may apply to you, then you may want to think about talking to an agent. To find lower rates from a local agent, fill out this quick form or click here for a list of insurance companies in your area. It’s fast, free and you can get the answers you need.

Save 15 percent in 15 minutes? Is it for real?

Consumers constantly see and hear ads for the lowest price auto insurance by Allstate, GEICO and Progressive. All the companies have a common claim that you can save after switching to their company.

How can each company claim to save you money?

Insurance companies can use profiling for the driver that makes them money. An example of a profitable customer might be profiled as over the age of 40, a clean driving record, and chooses high deductibles. A propective insured who matches those parameters will get very good rates and therefore will save a lot of money.

Potential customers who don’t measure up to these standards will be charged a higher premium and ends up with business not being written. The ad wording is “customers who switch” but not “drivers who get quotes” save money. This is how companies can advertise the way they do. That is why drivers should get quotes from several different companies. You cannot predict which company will have the lowest BMW 5 Series insurance rates.

Specific coverage details

Knowing the specifics of car insurance can help you determine appropriate coverage and the correct deductibles and limits. The terms used in a policy can be ambiguous and even agents have difficulty translating policy wording. Listed below are typical coverages available from car insurance companies.

Auto liability insurance

Liability coverage provides protection from injuries or damage you cause to people or other property that is your fault. It protects YOU against claims from other people. Liability doesn’t cover damage sustained by your vehicle in an accident.

Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have policy limits of 50/100/50 which means a limit of $50,000 per injured person, a limit of $100,000 in injury protection per accident, and a limit of $50,000 paid for damaged property.

Liability coverage protects against claims such as medical expenses, pain and suffering, court costs and structural damage. 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.

Med pay and Personal Injury Protection (PIP)

Med pay and PIP coverage provide coverage for immediate expenses for things like nursing services, funeral costs and pain medications. They are often used to fill the gap from your health insurance plan 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. PIP is not universally available and gives slightly broader coverage than med pay

Uninsured/Underinsured Motorist (UM/UIM)

Uninsured or Underinsured Motorist coverage gives you protection from other drivers when they either are underinsured or have no liability coverage at all. It can pay for hospital bills for your injuries as well as your vehicle’s damage.

Due to the fact that many drivers only purchase the least amount of liability that is required, their limits can quickly be used up. This is the reason having UM/UIM coverage is very important.

Collision coverage

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

Collision insurance covers things like sideswiping another vehicle, colliding with another moving vehicle, driving through your garage door, scraping a guard rail and colliding with a tree. Collision is rather expensive coverage, so you might think about dropping it from older vehicles. You can also choose a higher deductible to get cheaper collision coverage.

Comprehensive insurance

This coverage pays for damage from a wide range of events other than collision. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against things such as damage from a tornado or hurricane, a tree branch falling on your vehicle, theft and a broken windshield. The maximum amount you can receive from a comprehensive claim is the actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Quote often and quote early

Cheaper 2014 BMW 5 Series insurance is attainable on the web and with local insurance agents, and you should compare price quotes from both in order to have the best chance of saving money. Some companies do not offer online quoting and most of the time these small, regional companies sell through independent agents.

As you restructure your insurance plan, don’t be tempted to buy less coverage just to save a little money. There are many occasions where someone sacrificed comprehensive coverage or liability limits only to find out they didn’t have enough coverage. The ultimate goal is to purchase plenty of coverage for the lowest price.

Throughout this article, we presented a lot of techniques to reduce insurance prices online. It’s most important to understand that the more rate quotes you have, the better your comparison will be. You may be surprised to find that the best prices are with some of the smallest insurance companies. Some small companies may have significantly lower rates on certain market segments as compared to the big name companies such as Allstate and Progressive.

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