2017 BMW 5 Series Insurance Cost

Buyers have a choice when searching for affordable BMW 5 Series insurance. They can either waste time contacting agents to get rate comparisons or use the internet to make rate comparisons. There are more efficient ways to shop for auto insurance so we’re going to tell you the quickest way to price shop coverage for a new or used BMW and find the best price possible from both online companies and local agents.

It’s a great practice to get comparison quotes yearly because rates tend to go up over time. Despite the fact that you may have had the best rate on 5 Series coverage last year you can probably find a lower rate today. You can find a lot of wrong information about auto insurance on the web, but you can learn some good information on how to stop overpaying for insurance.

If you have a current auto insurance policy or need a new policy, you can follow these tips to reduce the price you pay while maintaining coverages. The purpose of this post is to help you learn how car insurance quotes work and some tips to save money. Drivers only need an understanding of the most effective way to shop online.

Cheap auto insurance rates with discounts

Auto insurance is not an enjoyable expense, but you may find discounts that could drop your premiums quite a bit. Some of these disounts will be visible when you quote, but occassionally some discounts must be manually applied prior to getting the savings.

  • Discounts for Safe Drivers – Drivers who don’t get into accidents may save up to 50% more on 5 Series coverage than less cautious drivers.
  • Federal Government Employee – Employees or retirees of the government could qualify for a slight premium decrease on 5 Series coverage depending on your company.
  • Discount for Passive Restraints – Vehicles with factory air bags or motorized seat belts could see savings up to 30%.
  • Buy New and Save – Insuring a new car can be considerably cheaper because newer vehicles have to meet stringent safety requirements.
  • Driving Data Discount – People who choose to allow driving data collection to analyze driving patterns through the use of a telematics system such as State Farm’s In-Drive might see lower rates as long as they are good drivers.
  • Sign Online – A handful of larger companies will give you a small discount for buying your policy over the internet.
  • Senior Discount – Seniors are able to get better auto insurance rates on 5 Series coverage.
  • Accident Forgiveness – This one isn’t a discount, but certain companies will allow you to have one accident before they charge you more for coverage if you are claim-free prior to being involved in the accident.
  • Smart Student Discounts – This discount can earn a discount of 20% or more. The discount lasts until age 25.
  • Discount for Home Ownership – Just being a homeowner may earn you a small savings because maintaining a house requires personal responsibility.

A quick disclaimer, many deductions do not apply to your bottom line cost. A few only apply to the price of certain insurance coverages like medical payments or collision. Despite the fact that it seems like having all the discounts means you get insurance for free, company stockholders wouldn’t be very happy.

A few of the larger companies and their offered discounts are shown below.

  • Farm Bureau discounts include renewal discount, safe driver, driver training, 55 and retired, good student, multi-policy, and multi-vehicle.
  • State Farm policyholders can earn discounts including defensive driving training, good driver, accident-free, passive restraint, Drive Safe & Save, and multiple policy.
  • Progressive has savings for multi-vehicle, multi-policy, continuous coverage, online signing, and good student.
  • Allstate may have discounts that include EZ pay plan discount, eSmart discount, multi-policy, senior citizen, and new car.
  • Nationwide offers discounts including easy pay, family plan, good student, Farm Bureau membership, anti-theft, business or organization, and multi-policy.
  • MetLife offers premium reductions for multi-policy, defensive driver, good driver, claim-free, accident-free, good student

Before purchasing a policy, check with every prospective company what discounts are available to you. Some of the discounts discussed earlier may not apply in every state. To see a list of companies that provide some of the discounts listed above, click this link.

The best way to compare rates is to know all the major auto insurance companies participate in online systems to compare rate quotes. To start a quote, the only thing you need to do is provide a small amount of information including driver ages, daily mileage, marital status, and the year, make and model of vehicles. Your rating data gets transmitted to many different companies and they return rate quotes almost instantly.

If you would like to start a quote now, click here and complete the quick form.

Informed drivers save money

When buying car insurance it’s important to understand the factors that help calculate car insurance rates. If you understand what positively or negatively impacts your premiums, this allows you to make good choices that could help you find better car insurance rates. Many factors are considered when you quote your car insurance policy. Some factors are common sense like an MVR report, although others are not quite as obvious like your vehicle usage or your financial responsibility.

Listed below are some of the things car insurance companies consider when setting your prices.

  • High deductibles cost less – Coverage for physical damage, termed comprehensive and collision coverage on your policy, helps pay for damage to your vehicle. Some examples of claims that would be covered are running into the backend of another car, hitting a deer, and windstorm damage. Deductibles for physical damage define how much you are required to pay if a covered claim is submitted. The more expense you pay before a claim is paid (deductible), the bigger discount you will receive on 5 Series coverage.
  • Cheaper prices using alarm systems – Choosing a vehicle that has an advanced theft prevention system can earn a premium discount. Anti-theft devices such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack all hinder car theft and help bring rates down.
  • Small coverages can add up – Insurance policies have a lot of additional extra coverages that may not really be needed when buying car insurance. Insurance for personal injury protection, death and dismemberment, and Farm Bureau memberships may be costing you every month. These may sound like a good investment when talking to your agent, but now you might not need them so eliminate them to save money.
  • Use one insurance company and save – Lots of insurance companies will award a discount to clients who have multiple policies with them, otherwise known as a multi-policy discount. The discount can be ten percent or more. Even if you’re getting this discount it’s still a good idea to compare other insurance prices to confirm you are receiving the best rates possible.

Tailor your car insurance coverage to you

When it comes to buying adequate coverage, there isn’t really a one size fits all plan. Everyone’s needs are different.

For instance, these questions may help highlight whether or not you would benefit from professional advice.

  • Am I covered if hit by an uninsured driver?
  • Am I covered if I hit a deer?
  • Am I covered when driving in Canada or Mexico?
  • Why am I required to get a high-risk car insurance policy?
  • Why am I required to buy high-risk coverage?
  • Does insurance cover tools stolen from my truck?
  • Will filing a claim cost me more?
  • Will my vehicle be repaired with OEM or aftermarket parts?
  • Should I waive the damage coverage when renting a car?

If it’s difficult to answer those questions but one or more may apply to you then you might want to talk to a licensed insurance agent. To find lower rates from a local agent, simply complete this short form. It’s fast, doesn’t cost anything and you can get the answers you need.

Parts of your insurance policy

Knowing the specifics of your insurance policy aids in choosing which coverages you need and the correct deductibles and limits. Insurance terms can be confusing and reading a policy is terribly boring.

Uninsured/Underinsured Motorist (UM/UIM)

This coverage protects you and your vehicle’s occupants from other drivers when they are uninsured or don’t have enough coverage. Covered claims include injuries to you and your family and damage to your BMW 5 Series.

Because many people only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important.

Comprehensive insurance

Comprehensive insurance coverage covers damage from a wide range of events other than collision. A deductible will apply then your comprehensive coverage will pay.

Comprehensive can pay for things like vandalism, damage from flooding, falling objects, hitting a bird and fire damage. The maximum payout your insurance company will pay is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Collision insurance

Collision coverage pays to fix your vehicle from damage from colliding with an object or car. A deductible applies and then insurance will cover the remainder.

Collision coverage protects against things like crashing into a building, driving through your garage door and damaging your car on a curb. Collision coverage makes up a good portion of your premium, so you might think about dropping it from lower value vehicles. Drivers also have the option to raise the deductible to save money on collision insurance.

Med pay and Personal Injury Protection (PIP)

Medical payments and Personal Injury Protection insurance reimburse you for immediate expenses such as EMT expenses, X-ray expenses, hospital visits and prosthetic devices. The coverages can be used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. It covers all vehicle occupants and also covers getting struck while a pedestrian. PIP coverage is not universally available and may carry a deductible

Liability insurance

Liability coverage can cover damages or injuries you inflict on other’s property or people by causing an accident. This insurance protects YOU from claims by other people, and does not provide coverage for 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. You might see liability limits of 50/100/50 which stand for $50,000 bodily injury coverage, a per accident bodily injury limit of $100,000, and a limit of $50,000 paid for damaged property.

Liability insurance covers things like medical expenses, loss of income and repair costs for stationary objects. The amount of liability coverage you purchase is your choice, but consider buying as high a limit as you can afford.

The best insurance company isn’t always the cheapest

There are still a few companies who don’t offer the ability to get a quote online and many times these regional carriers only sell through independent agents. Affordable 2017 BMW 5 Series insurance can be found both online in addition to local insurance agencies, and you should compare rates from both in order to have the best price selection to choose from.

You just read many ideas to save on 2017 BMW 5 Series insurance. The key thing to remember is the more rate comparisons you have, the higher your chance of finding inexpensive insurance coverage. You may even discover the lowest priced auto insurance comes from a lesser-known regional company.

Drivers switch companies for a variety of reasons including policy cancellation, questionable increases in premium, unfair underwriting practices and even an unsatisfactory settlement offer. Whatever your reason, finding a new company is not as hard as you think.

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