2016 BMW 5 Series Insurance Cost – 5 Ideas for Cheaper Prices

Finding low cost auto insurance can seem to be difficult for people new to buying insurance online. When there are so many insurers available, it can quickly become more work than you anticipated to find the best premium rates.

It’s smart to compare premium rates before your policy renews because prices go up and down regularly. Even if you think you had the lowest price on 5 Series insurance last year you can probably find a better rate quote now. Forget anything you know (or think you know) about auto insurance because we’re going to show you one of the best ways to save on auto insurance.

This information will tell you the best way to quote coverages and some tricks to saving. If you are paying for car insurance now, you will most likely be able to cut costs considerably using this strategy. Although drivers must comprehend how companies sell insurance online and apply this information to your search.

The best way to compare policy rates is to know the trick most of the larger companies provide online access to give you rate quotes. All consumers are required to do is spend a couple of minutes providing details including how much you drive, an estimate of your credit level, the ages of drivers, and which vehicles you own. Your rating data is automatically sent to many of the top insurers and you receive quotes very quickly.

When should I discuss my situation with an agent?

When choosing the right insurance coverage for your vehicles, there is no perfect coverage plan. Your needs are not the same as everyone else’s.

These are some specific questions can aid in determining whether your personal situation might need professional guidance.

  • Am I covered by my spouse’s policy after a separation?
  • Should I file a claim if it’s only slightly more than my deductible?
  • If my 2016 BMW 5 Series is totaled, can I afford another vehicle?
  • What is PIP insurance?
  • Should I get collision insurance on every vehicle?
  • Am I insured when driving a different vehicle?
  • Am I missing any policy discounts?

If you’re not sure about those questions but you think they might apply to your situation then you might want to talk to a licensed insurance agent. If you don’t have a local agent, complete this form.

Coverages available on your insurance policy

Having a good grasp of your policy can help you determine which coverages you need at the best deductibles and correct limits. Insurance terms can be difficult to understand and coverage can change by endorsement.

Uninsured/Underinsured Motorist (UM/UIM)

This coverage provides protection when the “other guys” either are underinsured or have no liability coverage at all. It can pay for medical payments for you and your occupants as well as your vehicle’s damage.

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

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage provide coverage for bills such as nursing services, EMT expenses and rehabilitation expenses. They are used to fill the gap from your health insurance plan or if there is no health insurance coverage. Medical payments and PIP cover both the driver and occupants and also covers getting struck while a pedestrian. Personal Injury Protection is not universally available but it provides additional coverages not offered by medical payments coverage

Liability insurance

Liability insurance can cover injuries or damage you cause to people or other property. It protects YOU against other people’s claims. It does not cover damage to your own property or vehicle.

Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see policy limits of 50/100/50 that translate to $50,000 bodily injury coverage, a per accident bodily injury limit of $100,000, and $50,000 of coverage for damaged propery. Occasionally you may see one limit called combined single limit (CSL) which provides one coverage limit without having the split limit caps.

Liability can pay for things such as attorney fees, structural damage and repair costs for stationary objects. How much liability coverage do you need? That is up to you, but it’s cheap coverage so purchase as much as you can afford.

Collision insurance

Collision insurance pays to fix your vehicle from damage caused by collision with a stationary object or other vehicle. You will need to pay your deductible then your collision coverage will kick in.

Collision insurance covers claims such as scraping a guard rail, sideswiping another vehicle, sustaining damage from a pot hole, crashing into a building and backing into a parked car. Collision coverage makes up a good portion of your premium, so you might think about dropping it from vehicles that are 8 years or older. Drivers also have the option to choose a higher deductible to save money on collision insurance.

Comprehensive insurance

This pays for damage from a wide range of events other than collision. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers things like vandalism, damage from getting keyed, damage from a tornado or hurricane, a tree branch falling on your vehicle and hitting a bird. The most you can receive from a comprehensive claim is the market value of your vehicle, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.