How Much Does 2009 BMW 5 Series Insurance Cost?

Overpriced BMW 5 Series insurance can empty your bank account and make it hard to pay other bills. Doing a price comparison is a smart way to lower your monthly bill. Having so many choices, it can be diffult for consumers to choose the lowest cost company.

Buying car insurance is not that difficult. If you currently have a car insurance policy, you should be able to cut costs considerably using these tips. Consumers just need to know the most efficient way to compare company rates online.

Car Insurance Prices

Finding a better price on car insurance can be surprisingly simple. The only thing you need to do is take a couple of minutes to get quotes from different insurance companies. This is very easy and can be done in just a few minutes using one of these methods.

  1. The most efficient way to get quotes is a comparison rater form (click to open form in new window). This easy form keeps you from doing repetitive form entry to each individual car insurance company. One quote request will get you rate comparisons direct from many companies.
  2. Another way to get comparison quotes consists of visiting the website for each individual company to request a price quote. For examples sake, let’s assume you want to compare rates from Nationwide, State Farm and Travelers. To get each rate you have to visit each site and enter your information, which is why most consumers use the first method.

    To view a list of companies in your area, click here.

  3. The least efficient way to compare rates is driving around to and from local insurance agencies. Buying insurance online makes this process obsolete unless you have a need for the professional advice only provided by licensed agents. You can, however, get prices online but buy from a local insurance agent.

It’s up to you how you get prices quotes, just make darn sure you compare exactly the same coverage limits and deductibles for every quote you compare. If you compare different values for each quote you can’t possibly make a fair comparison for your BMW 5 Series.

Do you really save 40% when you switch?

Consumers get pounded daily by advertisements for cheaper car insurance by companies like State Farm and Allstate. They all seem to make the same claim about savings if you switch to them.

How does each company make almost identical claims?

Insurance companies have a certain “appetite” for the type of customer that is profitable for them. For instance, a driver they prefer might be between 25 and 40, has no tickets, and has excellent credit. A customer that hits that “sweet spot” will get very good rates and most likely will pay quite a bit less when switching companies.

Potential customers who are not a match for these standards must pay a more expensive rate which usually ends up with the driver buying from a lower-cost company. Company advertisements say “drivers who switch” not “everyone that quotes” save that much. This is how companies can truthfully state the savings. This illustrates why you should get quotes from several different companies. It’s not possible to predict which insurance companies will provide you with the cheapest BMW 5 Series insurance rates.

Get lower rates on BMW 5 Series insurance

Companies don’t always list every available discount very clearly, so the following is a list of some of the best known and the harder-to-find discounts you could be receiving. If you’re not getting every credit you deserve, you are paying more than you should be.

  • Bundle and Save – If you have multiple policies with the same company you could get a discount of 10% to 20% off each policy.
  • Senior Citizens – Mature drivers may receive better car insurance rates for 5 Series coverage.
  • Passive Restraints – Vehicles with factory air bags and/or automatic seat belt systems may earn rate discounts of up to 25% or more.
  • No Claims – Drivers who don’t have accidents can earn big discounts compared to bad drivers.
  • Braking Control Discount – Vehicles equipped with ABS or steering control prevent accidents and earn discounts up to 10%.
  • Homeowners Discount – Owning a house can save you money because owning a home requires personal responsibility.
  • Good Students Pay Less – Performing well in school can be rewarded with saving of up to 25%. The good student discount can last well after school through age 25.
  • No Charge for an Accident – Some insurance companies will forgive one accident before raising your premiums so long as you haven’t had any claims for a particular time prior to the accident.
  • Drive Less and Save – Fewer annual miles on your BMW can qualify you for better rates on cars that stay parked.

A little note about advertised discounts, most credits do not apply to the entire cost. Most only apply to the cost of specific coverages such as liability, collision or medical payments. Just because it seems like you can get free auto insurance, companies wouldn’t make money that way.

Companies that may offer these benefits include:

It’s a good idea to ask all companies you are considering which discounts you may be entitled to. All car insurance discounts might not apply in your state.

Tailor your coverage to you

When it comes to choosing the right insurance coverage for your personal vehicles, there really is no “perfect” insurance plan. Every insured’s situation is different so this has to be addressed. For example, these questions might point out whether you would benefit from an agent’s advice.

  • Do I need roadside assistance coverage?
  • Can I drive in Mexico and have coverage?
  • What is PIP insurance?
  • Am I insured when driving a different vehicle?
  • How much liability coverage do I need in my state?
  • What is an SR-22 filing?

If you’re not sure about those questions, then you may want to think about talking to an agent. If you don’t have a local agent, complete this form or click here for a list of auto insurance companies in your area. It’s fast, free and you can get the answers you need.

Learn about insurance coverages for a BMW 5 Series

Learning about specific coverages of a insurance policy helps when choosing which coverages you need and the correct deductibles and limits. The coverage terms in a policy can be difficult to understand and coverage can change by endorsement. These are the usual coverages found on the average insurance policy.

Medical payments coverage and PIP – Medical payments and Personal Injury Protection insurance reimburse you for short-term medical expenses for things like chiropractic care, surgery and ambulance fees. The coverages can be used in conjunction with a health insurance plan or if there is no health insurance coverage. Medical payments and PIP cover not only the driver but also the vehicle occupants as well as any family member struck as a pedestrian. Personal injury protection coverage is not available in all states but can be used in place of medical payments coverage

Collision coverage – This covers damage to your 5 Series resulting from a collision with an object or car. You have to pay a deductible then your collision coverage will kick in.

Collision coverage protects against things like scraping a guard rail, driving through your garage door, rolling your car and hitting a parking meter. Collision is rather expensive coverage, so you might think about dropping it from vehicles that are 8 years or older. Drivers also have the option to raise the deductible to get cheaper collision coverage.

Uninsured/Underinsured Motorist coverage – This protects you and your vehicle when the “other guys” either are underinsured or have no liability coverage at all. This coverage pays for medical payments for you and your occupants as well as your vehicle’s damage.

Since many drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. So UM/UIM coverage is a good idea.

Auto liability insurance – Liability insurance can cover injuries or damage you cause to people or other property. This insurance protects YOU from legal claims by others. It does not cover your injuries or vehicle damage.

Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see limits of 50/100/50 that translate to $50,000 bodily injury coverage, a per accident bodily injury limit of $100,000, and property damage coverage for $50,000.

Liability coverage pays for claims such as medical services, legal defense fees, structural damage and court costs. How much coverage you buy is your choice, but consider buying as much as you can afford.

Comprehensive coverage – Comprehensive insurance coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against claims such as damage from getting keyed, a tree branch falling on your vehicle, damage from a tornado or hurricane, vandalism and hail damage. The maximum amount you can receive from a comprehensive claim is the ACV or actual cash value, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

A little work can save a LOT of money

Cost effective 2009 BMW 5 Series insurance can be found from both online companies and with local insurance agents, so compare prices from both to have the best rate selection. There are still a few companies who do not offer you the ability to get quotes online and most of the time these small, regional companies sell through independent agents.

We just showed you a lot of tips how to reduce insurance prices online. The most important thing to understand is the more rate comparisons you have, the better chance you’ll have of finding lower rates. Consumers could even find that the lowest premiums are with some of the lesser-known companies. These companies may only write in your state and offer lower rates than the large multi-state companies such as State Farm, Geico and Nationwide.

When shopping online for car insurance, it’s a bad idea to reduce needed coverages to save money. There are a lot of situations where someone sacrificed comprehensive coverage or liability limits and discovered at claim time that the savings was not a smart move. Your aim should be to buy the best coverage you can find at a price you can afford, not the least amount of coverage.

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