Lower Your 2010 BMW 5 Series Insurance Rates

Car insurance shopping is not a task people relish, but it’s a required process for any vehicle you drive.

Consumers should take time to do rate comparisons periodically because insurance rates are rarely the same from one policy term to another. Just because you had the best rates for 5 Series coverage a year ago a different company probably has better rates today. Starting now, ignore everything you know about insurance because I’m going to teach you the things you must know in order to remove unneeded coverages and save money.

Comprehensive Insurance Comparison Quotes

All the larger insurance companies give pricing on the web. Obtaining pricing is quite simple as you just enter your coverage preferences into the quote form. Behind the scenes, their system requests your driving and credit reports and returns pricing information based on these and other factors.

Being able to quote online makes it a lot easier to compare rates but having to visit many different websites and complete many quote forms can be a bit repetitive. Unfortunately, it is important to get many rate quotes in order to find better prices.

The easiest way to lower your rates makes use of a single form that gets price quotes from several different companies. It’s a real time-saver, requires less work, and makes quoting online much more enjoyable and efficient. After your information is entered, it is quoted and you can choose any of the price quotes you receive.

If a lower price is quoted, you can simply submit the application and buy the new coverage. This process just takes a couple of minutes and can result in significant savings.

In order to find out how much you can save on insurance, click here and fill out the form. To compare your current rates, we recommend you complete the form with your coverages identical to your current policy. Doing this guarantees you will have a price comparison for similar coverage.

Save on BMW 5 Series insurance

Insuring your vehicles can cost a lot, but there are discounts available to cut the cost considerably. Most are applied when you get a quote, but less common discounts must be inquired about before you get the savings.

  • Pay Now and Pay Less – If paying your policy premium upfront instead of paying each month you may reduce your total bill.
  • Bundle and Save – When you have multiple policies with the same insurance company you could get a discount of at least 10% off all policies.
  • Claim Free – Drivers who don’t have accidents pay less compared to accident-prone drivers.
  • Anti-lock Brake System – Vehicles with anti-lock braking systems are safer to drive and earn discounts up to 10%.
  • More Vehicles More Savings – Having multiple cars or trucks on the same car insurance policy may reduce the rate for each vehicle.
  • Drive Less and Save – Driving fewer miles can qualify you for lower rates on the low mileage vehicles.

Consumers should know that most of the big mark downs will not be given the the whole policy. A few only apply to specific coverage prices like comp or med pay. So even though it sounds like all the discounts add up to a free policy, it just doesn’t work that way. But all discounts will reduce the amount you have to pay.

A partial list of companies who might offer some of the above discounts may include but are not limited to:

Before buying, ask each company which discounts you may be entitled to. Discounts might not be offered in every state.

BMW 5 Series insurance rates are influenced by…

Consumers need to have an understanding of the factors that help determine your auto insurance rates. When you know what positively or negatively impacts premium levels empowers consumers to make smart changes that could result in lower auto insurance prices.

The following are some of the factors used by your company to calculate premiums.

  • More people means more accidents – Choosing to live in less populated areas has it’s advantages when it comes to auto insurance. Lower population means a lower chance of having an accident and also fewer theft and vandalism claims. Drivers in populated areas have to deal with congested traffic and much longer commute distances. More time on the road means more change of being in an accident.
  • Consolidate policies to earn discounts – The majority of insurance companies will give a discount to customers who consolidate policies with them in the form of a multi-policy discount. Even though this discount sounds good, you may still want to compare rates to make sure you are getting the best deal.
  • Credit scores impact auto insurance rates – Having a bad credit score is a big factor in calculating your auto insurance rates. If your credit history is lower than you’d like, you could be paying less to insure your 2010 BMW 5 Series by improving your rating. Drivers with good credit tend to file fewer claims and have better driving records than drivers who have poor credit.
  • Protect yourself with liability coverage – Liability coverage is the protection in the event that you are found to be at fault for damages from an accident. Liability insurance provides legal defense coverage which can cost thousands of dollars. Liability is cheap when compared with rates for comp and collision, so do not cut corners here.
  • Bad driving skills means higher rates – A bad driving record has a lot to do with how much you pay for insurance. Drivers who don’t get tickets tend to pay less for car insurance compared to drivers with tickets. Just one ticket can bump up the cost by twenty percent. If you have flagrant violations like DUI or reckless driving may find they need to submit a SR-22 or proof of financial responsibility with their state motor vehicle department in order to keep their license.
  • Do you need the policy add-ons? – There are a lot of extra coverages that can waste your money when buying auto insurance. Things like vanishing deductibles, accident forgiveness and additional equipment coverage are some examples. These coverages may sound good initially, but now you might not need them so remove them from your policy.

Tailor your coverage to you

When it comes to choosing the best car insurance coverage, there is no “best” method to buy coverage. Everyone’s situation is unique.

Here are some questions about coverages that can aid in determining if your situation might need professional guidance.

  • Should I waive the damage coverage when renting a car?
  • Am I covered when using my vehicle for business?
  • Do I need replacement cost coverage?
  • Do I have newly-aquired coverage?
  • What vehicles should carry emergency assistance coverage?
  • Should I drop comprehensive coverage on older vehicles?
  • Am I covered when delivering products for my home-based business?

If it’s difficult to answer those questions but you think they might apply to your situation, you might consider talking to an agent. If you want to speak to an agent in your area, simply complete this short form.

Do car insurance companies bend the truth?

Car insurance companies such as Progressive, Geico, Allstate and State Farm regularly use ads on television and other media. They all seem to make the same claim about savings if you move to their company. How do they all make the same claim?

Insurance companies can use profiling for the type of customer that is profitable for them. A good example of a desirable insured could be between 30 and 50, insures multiple vehicles, and drives less than 7,500 miles a year. Any driver that hits that “sweet spot” is entitled to the best price and is almost guaranteed to save a lot of money.

Consumers who do not match this ideal profile must pay more money and this can result in business going elsewhere. Company advertisements say “people who switch” not “everybody who quotes” save that much money. That is how companies can truthfully state the savings.

This illustrates why you need to get as many comparisons as possible. It’s impossible to know which car insurance company will fit your personal profile best.

Specific coverage details

Knowing the specifics of a car insurance policy can help you determine the right coverages and proper limits and deductibles. The terms used in a policy can be confusing and nobody wants to actually read their policy.

Coverage for collisions

Collision coverage pays for damage to your 5 Series resulting from a collision with another car or object. A deductible applies then the remaining damage will be paid by your insurance company.

Collision coverage pays for things such as scraping a guard rail, rolling your car and hitting a mailbox. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Another option is to increase the deductible in order to get cheaper collision rates.

Comprehensive or Other Than Collision

Comprehensive insurance pays for damage that is not covered by collision coverage. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive insurance covers claims like hitting a bird, damage from getting keyed and hitting a deer. 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.

Liability insurance

Liability coverage provides protection from damage that occurs to a person or their property in an accident. It protects you against claims from other people. It does not cover damage to your own property or vehicle.

It consists of three limits, bodily injury per person, bodily injury per accident and property damage. You might see policy limits of 50/100/50 that translate to $50,000 bodily injury coverage, a limit of $100,000 in injury protection per accident, and a limit of $50,000 paid for damaged property. Alternatively, you may have a combined single limit or CSL which provides one coverage limit with no separate limits for injury or property damage.

Liability can pay for things like pain and suffering, emergency aid and repair bills for other people’s vehicles. The amount of liability coverage you purchase is a decision to put some thought into, but buy as much as you can afford.

Medical costs insurance

Medical payments and Personal Injury Protection insurance kick in for bills like pain medications, EMT expenses, prosthetic devices, rehabilitation expenses and surgery. They are utilized in addition to your health insurance program or if you do not have health coverage. They cover not only the driver but also the vehicle occupants and will also cover any family member struck as a pedestrian. PIP coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage

UM/UIM Coverage

Uninsured or Underinsured Motorist coverage gives you protection from other drivers when they either have no liability insurance or not enough. Covered claims include injuries to you and your family and also any damage incurred to your BMW 5 Series.

Since many 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. Usually these coverages do not exceed the liability coverage limits.

Feed the piggy bank

Drivers leave their current company for many reasons like denial of a claim, unfair underwriting practices, policy cancellation and even high prices. It doesn’t matter what your reason, finding a new auto insurance company can be easier than you think.

Throughout this article, we presented a lot of ways to lower your 2010 BMW 5 Series insurance rates. It’s most important to understand that the more rate comparisons you have, the more likely it is that you will get a better rate. Consumers may even find the lowest priced auto insurance comes from the smaller companies.

When you buy insurance online, it’s not a good idea to skimp on critical coverages to save a buck or two. In many instances, drivers have reduced collision coverage only to find out that saving that couple of dollars actually costed them tens of thousands. Your strategy 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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