2018 BMW 5 Series Insurance Rates – 6 Tips to Save

Did a good deal turn into an overpriced insurance coverage policy? Believe me, there are lots of people in the same boat. Popular companies such as Allstate and Progressive all claim big savings with fancy advertisements and it can be hard to see past the corporate glitz and effectively compare rates to find the best deal.

If you have a current auto insurance policy or are looking for a new policy, you can use these techniques to reduce the price you pay and still get good coverage. Finding affordable coverage is not that difficult. Consumers just need to know the most efficient way to buy auto insurance over the internet.

How to get low cost insurance

Getting a cheaper price on 2018 BMW 5 Series insurance is actually easier than you may think. Consumers just need to take the time comparing price quotes from online providers. It’s super easy and can be done by using one of the methods below.

  • One of the simplest ways to get quotes for comparison would be an industry-wide quote request form click here to open form in new window. This style of form eliminates the need for separate quotes for every company. One quote request will return price quotes from multiple low-cost companies.
  • A more time consuming way to compare rate quotes consists of visiting each company website and go through the quote process again. For instance, let’s assume you want to see prices from Allstate, Safeco and Liberty Mutual. To find out each rate you need to go to every website to input your insurance information, which can take a lot of time.

    For a list of companies in your area, click here.

  • The hardest way to get price estimates is to waste gas driving to insurance agents’ offices. Shopping for insurance online reduces the need to sit down with an agent unless you prefer the professional abilities of a local agency. However, consumers can price shop your coverage online but have your policy serviced through an agent.

Whichever way you choose to compare rates, compare the exact same quote information on every quote. If you enter different coverage information it’s impossible to determine which company has the best rates.

Do you qualify for discount auto insurance?

Insurance can be prohibitively expensive, but you can get discounts to help bring down the price. Most are applied when you purchase, but some discounts are required to be specially asked for before you will receive the discount.

  • Drivers Ed for Students – Cut your cost by having your teen driver take driver’s ed class if offered at their school.
  • Federal Government Employee – Being employed by or retired from a federal job could cut as much as 10% off on 5 Series coverage with a few auto insurance companies.
  • Seat Belt Usage – Drivers who always wear seat belts and also require passengers to buckle up can save a little on the medical payments or PIP coverage costs.
  • Clubs and Organizations – Having an affiliation with qualifying employment or professional organizations could earn you a nice discount on your bill.
  • Early Switch Discount – Some larger companies give discounts for switching policies before your current policy expires. The savings is around 10%.
  • College Student Discount – Kids who live away from home at college and do not take a car to college may be insured at a cheaper rate.

Don’t be shocked that most credits do not apply to all coverage premiums. Some only reduce individual premiums such as collision or personal injury protection. Even though the math looks like you can get free auto insurance, it’s just not the way it works.

Auto insurance companies who might offer most of these discounts possibly include:

If you want cheaper auto insurance quotes, ask each company how you can save money. Some discounts listed above may not be offered in your area. To see providers who offer auto insurance discounts, click this link.

What insurance coverages do I need?

When it comes to choosing coverage for your personal vehicles, there really is not a single plan that fits everyone. Everyone’s situation is unique so this has to be addressed. For example, these questions can aid in determining if your insurance needs would benefit from an agent’s advice.

  • Do I really need UM/UIM coverage?
  • When can my company non-renew my policy?
  • If my pet gets injured in an accident are they covered?
  • Who is covered by my policy?
  • Does coverage extend to a rental car in a foreign country?
  • When should I not file a claim?
  • Why am I required to buy liability insurance?
  • Am I covered when driving in Canada or Mexico?
  • Is my state a no-fault state?
  • Do I need added coverage for expensive stereo equipment?

If you’re not sure about those questions but you know they apply to you, you may need to chat with an agent. If you don’t have a local agent, simply complete this short form or click here for a list of insurance companies in your area. It is quick, free and can help protect your family.

Save $404 a year! What?

Drivers get pounded daily by advertisements for car insurance savings from the likes of State Farm, Allstate and GEICO. All the ads seem to make the promise about saving some big amount after switching your car insurance coverage to their company.

That’s great but how can every company charge you less for auto insurance?

Car insurance companies require specific criteria for the type of insured that earns them a profit. One example of this type of risk profile could possibly be between the ages of 30 and 50, has a clear driving record, and drives less than 7,500 miles a year. Someone that hits that “sweet spot” receive the lowest rate quotes and will most likely save some money.

Consumers who are not a match for this stringent profile will be charged higher prices and this can result in business going elsewhere. If you listen to the ad wording, they say “people who switch” but not “all drivers who get quotes” save the amount stated. That is how insurance companies can confidently make those claims. Because of the profiling, drivers must quote coverage with many companies. Because you cannot predict the company that will give you the biggest savings.

The coverage is in the details

Having a good grasp of car insurance helps when choosing which coverages you need and the correct deductibles and limits. Car insurance terms can be confusing and nobody wants to actually read their policy. Listed below are the usual coverages available from car insurance companies.

Comprehensive or Other Than Collision

Comprehensive insurance will pay to fix damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for claims like damage from a tornado or hurricane, vandalism, damage from flooding, hitting a deer and theft. The maximum amount 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.

Medical costs insurance

Personal Injury Protection (PIP) and medical payments coverage provide coverage for short-term medical expenses like hospital visits, surgery, funeral costs, dental work and prosthetic devices. The coverages can be used to cover expenses not covered by your health insurance policy or if you do not have health coverage. Medical payments and PIP cover you and your occupants and will also cover if you are hit as a while walking down the street. Personal Injury Protection is not available in all states and may carry a deductible

UM/UIM Coverage

Your UM/UIM coverage gives you protection from other drivers when they are uninsured or don’t have enough coverage. It can pay for hospital bills for your injuries and also any damage incurred to your BMW 5 Series.

Since a lot of drivers only purchase the least amount of liability that is required, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked.

Coverage for collisions

This coverage covers damage to your 5 Series resulting from colliding with another car or object. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage protects against things like colliding with a tree, driving through your garage door and scraping a guard rail. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are older. You can also choose a higher deductible to bring the cost down.

Liability insurance

This can cover damage that occurs to other people or property in an accident. Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have policy limits of 100/300/100 that means you have $100,000 in coverage for each person’s injuries, a limit of $300,000 in injury protection per accident, and $100,000 of coverage for damaged propery.

Liability can pay for things such as medical expenses, loss of income, structural damage, legal defense fees and pain and suffering. The amount of liability coverage you purchase is your choice, but buy as large an amount as possible.

Smart shoppers get results

When buying insurance coverage, you should never reduce needed coverages to save money. There are too many instances where someone sacrificed liability coverage limits to discover at claim time that the few dollars in savings costed them thousands. Your objective should be to buy the best coverage you can find for the lowest cost.

In this article, we covered many ways to lower your 2018 BMW 5 Series insurance rates. The key concept to understand is the more quotes you get, the better your comparison will be. Consumers may even find the lowest rates are with the smaller companies. Smaller companies may cover specific market segments cheaper as compared to the big name companies such as Progressive or GEICO.

There are still a few companies who may not provide online price quotes and usually these regional insurance providers sell through independent insurance agencies. Lower-priced auto insurance is possible from both online companies as well as from insurance agents, so you need to compare both to have the best selection.

More information is available on the following sites: