Cheap 2016 BMW 5 Series Gran Turismo Insurance Cost

Searching for better insurance coverage rates for your BMW 5 Series Gran Turismo? Pricey insurance coverage can overdraw your family’s budget, especially in this economy. Comparing cost estimates is recommended to cut your insurance bill.

Big companies like State Farm, GEICO and Farmers Insurance constantly bombard you with fancy advertisements and consumers find it hard to see past the geckos and flying pigs and effectively compare rates to find the best deal.

BMW 5 Series Gran Turismo insurance cost factors

Consumers need to have an understanding of some of the factors that aid in calculating your car insurance rates. When you know what positively or negatively determines premiums, this enables you to make decisions that could help you find much lower annual insurance costs. Many different elements are used when premium rates are determined. Some of the criteria are obvious such as your driving record, but some are not quite as obvious such as your marital status or how financially stable you are.

The list below includes some of the items companies use to determine your premiums.

  • Accidents are costly – Having a single driving citation can boost insurance rates forty percent or more. Drivers who don’t get tickets receive lower rates compared to drivers with tickets. Drivers who have received dangerous tickets such as reckless driving or DUI might be required by their state to file a proof of financial responsibility form (SR-22) with their state motor vehicle department in order to legally drive a vehicle.
  • Vehicles with better crash test results save money – Vehicles with high crash test scores cost less to insure. Safer cars reduce injuries and any reduction in injury severity translates into savings for insurance companies and cheaper rates on your policy.
  • More than one policy can earn a discount – Lots of companies provide discounts to insureds that purchase more than one policy in the form of a multi-policy discount. Discounts can amount to five, ten or even twenty percent. Even with this discount applied, drivers will still want to compare rates to make sure you are getting the best deal.
  • A coverage lapse can increase rates – Driving without insurance can get your license suspended and any future policy may cost more because you let your insurance lapse for non-payment. In addition to paying higher rates, not being able to provide proof of insurance could earn you a fine, jail time, or a revoked license.

Free insurance coverage rate quotes

Cutting your insurance coverage rates is an easy way to save money. All you need to do is take time to get quotes online from several insurance companies. It is quite easy and can be accomplished by following the guidelines below.

If you are pressed for time, the simplest way consumers can analyze rates is a comparison rater form (click to open form in new window). This easy form eliminates the need for separate forms for each company. One form gets insurance cost estimates from several companies.

A less efficient way to obtain and compare quotes online is to take the time to go to the website for each individual company to complete their respective quote request forms. For instance, we’ll assume you are doing a rate comparison from Liberty Mutual, State Farm and American Family. To find out each rate you need to spend time on each company’s site and punch in your information repeatedly, which explains why we recommend starting with the first method. To view a list of companies in your area, click here.

It’s your choice how you get your quotes, but try to use exactly the same coverages for each price quote. If you have different liability limits you will not be able to find the best deal for your BMW 5 Series Gran Turismo.

Slick advertising tricks that work

Consumers get pounded daily by advertisements that claim the cheapest prices from the likes of State Farm, GEICO and Progressive. All the companies make an identical promise that drivers can save some big amount if you switch to their company.

It sounds good, but how can they all cost less than your current company? This is how they do it.

All companies give the cheapest rates for the type of customer that is profitable for them. One example of a desirable insured might be described as between the ages of 40 and 55, has no claims, and drives a car with an anti-theft system. A driver that meets those criteria will get a cheap rate quote and as a result will probably save if they switch.

Potential customers who don’t measure up to those standards may be required to pay a more expensive rate and business not being written. The ads state “drivers that switch” not “everyone that quotes” can save as much as they claim. That’s why insurance companies can make claims like that.

Because of this risk profiling, it’s extremely important to compare quotes as often as possible. It is just not possible to predict which auto insurance company will have the best prices at this point in time.

Lower rates by qualifying for discounts

The cost of insuring your cars can be expensive, but there could be significant discounts to cut the cost considerably. Many of these discounts will be applied automatically at the time you complete a quote, but a few must be asked about in order for you to get them.

  • ABS Braking Discount – Vehicles with anti-lock braking systems can avoid accidents so you can save 10 percent or more.
  • Distant College Student Discount – Older children who live away from home at college and leave their car at home may be able to be covered for less.
  • Onboard Data Collection – Drivers that enable driving data submission to monitor driving patterns by using a small device installed in their vehicle such as In-Drive from State Farm or Allstate’s Drivewise system might get better premium rates if their driving habits are good.
  • Discounts for Federal Employees – Active or former government employment could qualify for a slight premium decrease on 5 Series Gran Turismo coverage but check with your company.
  • Multiple Vehicles – Purchasing coverage when you have more than one vehicle on a single policy can get a discount for every vehicle.
  • No Accidents – Claim-free drivers have much lower rates compared to insureds who have frequent claims or accidents.

Discounts save money, but please remember that most of the big mark downs will not be given to the entire cost. Some only apply to the cost of specific coverages such as collision or personal injury protection. Despite the fact that it seems like adding up those discounts means a free policy, nobody gets a free ride.

If you would like to view insurance coverage companies with the best discounts, click here.

Auto insurance is unique, just like you

When choosing proper insurance coverage for your vehicles, there really is not a cookie cutter policy. Coverage needs to be tailored to your specific needs so your insurance should reflect that These are some specific questions might point out whether or not you would benefit from professional advice.

  • Does my policy pay for OEM or aftermarket parts?
  • Is my BMW 5 Series Gran Turismo covered if I use it for business?
  • What is PIP insurance?
  • Am I covered when driving in Canada or Mexico?
  • How much liability coverage do I need in my state?
  • When should I not file a claim?
  • Can I get a multi-policy discount for packaging my home and auto coverage?
  • Is business property covered if stolen from my car?
  • Is my teen driver covered when they drive my company car?
  • Exactly who is provided coverage by my policy?

If it’s difficult to answer those questions, you might consider talking to an agent. If you want to speak to an agent in your area, fill out this quick form or click here for a list of auto insurance companies in your area. It is quick, free and may give you better protection.

Auto insurance coverage information

Understanding the coverages of your car insurance policy helps when choosing appropriate coverage for your vehicles. The coverage terms in a policy can be difficult to understand and even agents have difficulty translating policy wording. Below you’ll find typical coverages available from car insurance companies.

Comprehensive protection – Comprehensive insurance pays to fix your vehicle from damage that is not covered by collision coverage. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for things like a tree branch falling on your vehicle, theft and hitting a bird. The maximum payout you can receive from a comprehensive claim is the ACV or actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.

Uninsured or underinsured coverage – Uninsured or Underinsured Motorist coverage provides protection when the “other guys” do not carry enough liability coverage. Covered losses include hospital bills for your injuries as well as damage to your BMW 5 Series Gran Turismo.

Because many people carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is very important. Frequently these coverages are set the same as your liablity limits.

Liability insurance – This coverage can cover damages or injuries you inflict on other people or property in an accident. This insurance protects YOU against claims from other people. It does not cover damage to your own property or vehicle.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see limits of 50/100/50 that translate to $50,000 in coverage for each person’s injuries, a limit of $100,000 in injury protection per accident, and $50,000 of coverage for damaged propery. Another option is one limit called combined single limit (CSL) which provides one coverage limit rather than limiting it on a per person basis.

Liability insurance covers claims such as structural damage, pain and suffering and medical expenses. The amount of liability coverage you purchase is up to you, but buy as large an amount as possible.

Collision coverage – This pays for damage to your 5 Series Gran Turismo caused by collision with a stationary object or other vehicle. You have to pay a deductible then your collision coverage will kick in.

Collision coverage pays for claims such as driving through your garage door, crashing into a ditch and colliding with a tree. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Another option is to raise the deductible in order to get cheaper collision rates.

Medical expense coverage – Med pay and PIP coverage pay for immediate expenses like X-ray expenses, pain medications, hospital visits and prosthetic devices. They are often used to cover expenses not covered by your health insurance plan or if you lack health insurance entirely. They cover you and your occupants and will also cover getting struck while a pedestrian. PIP coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage

One last thing

When shopping online for insurance coverage, it’s not a good idea to sacrifice coverage to reduce premiums. In many instances, someone sacrificed full coverage only to regret at claim time they didn’t have enough coverage. Your objective should be to purchase plenty of coverage for the lowest cost, but don’t skip important coverages to save money.

We just showed you many ways to get a better price on 2016 BMW 5 Series Gran Turismo insurance. It’s most important to understand that the more rate comparisons you have, the better likelihood of getting the cheapest car insurance. You may even find the lowest prices are with a lesser-known regional company. Some small companies may often insure only within specific states and give getter rates than their larger competitors like State Farm, GEICO and Nationwide.

Much more information about insurance coverage is located below: