Lower Your 2014 BMW 5 Series Gran Turismo Car Insurance Cost

Are you sick and tired of robbing Peter to pay Paul to pay your car insurance bill each month? Your situation is no different than the majority of other car owners.

Drivers have multiple car insurance companies to purchase coverage from, and although it’s a good thing to have a selection, it makes it harder to compare rates and find the lowest cost auto insurance.

You should make it a habit to check auto insurance prices periodically since rates change quite often. If you had the lowest rates for 5 Series Gran Turismo insurance six months ago you may be paying too much now. Forget anything you know (or think you know) about auto insurance because I’m going to let you in on the secrets to the quickest way to reduce your cost while improving coverage.

Choosing the best insurance company for you is quite easy. Basically, every driver who is shopping for insurance coverage should be able to cut their insurance bill. But consumers do need to know the methods companies use to sell insurance online because it can help you find the best coverage.

Factors that can influence insurance rates for a BMW 5 Series Gran Turismo

It’s important that you understand the rating factors that help determine the price you pay for car insurance. Knowing what controls the rates you pay allows you to make educated decisions that will entitle you to lower car insurance prices.

  • Liability coverage is cheap – Liability insurance will protect you if ever you are found to be at fault for causing damage or personal injury in an accident. It will provide legal defense up to the limits shown on your policy. This coverage is very inexpensive compared to physical damage coverage, so drivers should carry high limits.
  • Men fork out a little more – Statistics show that women are safer drivers than men. However, don’t assume that men are worse drivers. They both cause accidents at a similar rate, but men cause more damage and cost insurance companies more money. Men also get more serious tickets like reckless driving and DUI.
  • Poor driving leads to higher costs – Your driving citation history has a big impact on rates. Just one moving violation can boost insurance rates twenty percent or more. Careful drivers receive lower rates than their less careful counterparts. Drivers who have dangerous citations like reckless driving, hit and run or driving under the influence may need to submit a SR-22 or proof of financial responsibility with their state DMV in order to prevent a license revocation.
  • Your car insurance rates can be influenced by your job – Jobs such as doctors, business owners and accountants tend to have higher rates than average attributed to stressful work requirements and lengthy work days. On the flip side, jobs such as scientists, athletes and retirees receive lower rates for 5 Series Gran Turismo insurance.
  • One company can mean more discounts – Some insurance companies will award you with lower prices to policyholders who buy several policies from them such as combining an auto and homeowners policy. Discounts can be 10 percent or more. If you currently are using one company, you may still want to shop around to ensure the best deal. Drivers may still find a better deal by buying car insurance from a different company.
  • Never let your coverage lapse – Having an insurance coverage lapse will be a guaranteed way to trigger a rate increase. Not only will you pay more, but not being able to provide proof of insurance can result in a hefty fine and possibly a revoked license.
  • Having a spouse can save you money – Having a spouse can actually save you money on your car insurance policy. Having a spouse translates into being more mature than a single person and statistics show drivers who are married are more cautious.

Discounts mean cheaper 2014 BMW 5 Series Gran Turismo insurance rates

Car insurance companies don’t necessarily list all their discounts in a way that’s easy to find, so we took the time to find both well-publicized and the more hidden auto insurance savings.

  • Seat Belt Usage – Using a seat belt and requiring all passengers to use their safety belts can save up to 15% off the personal injury premium cost.
  • Theft Prevention System – Vehicles with anti-theft systems can help prevent theft and earn discounts up to 10%.
  • Early Signing – A few companies offer discounts for switching to them prior to your current policy expiration. This can save 10% or more.
  • Student Driver Training – Have your child complete a driver education course in high school.
  • Anti-lock Brakes – Vehicles with anti-lock braking systems can reduce accidents and will save you 10% or more.
  • Paperless Signup – Some insurance companies give back up to $50 simply for signing digitally online.
  • Payment Discounts – If paying your policy premium upfront instead of paying each month you may reduce your total bill.
  • Discounts for Safe Drivers – Safe drivers can pay as much as 50% less for 5 Series Gran Turismo insurance than less cautious drivers.
  • Discount for Life Insurance – Select insurance companies reward you with a break if you buy auto and life insurance together.

Drivers should understand that most discounts do not apply to the overall cost of the policy. Most only reduce specific coverage prices like liability, collision or medical payments. So when the math indicates adding up those discounts means a free policy, it doesn’t quite work that way.

For a list of providers offering auto insurance discounts, click this link.

Tailor your coverage to you

When buying proper insurance coverage, there really is not a cookie cutter policy. Each situation is unique so your insurance needs to address that. Here are some questions about coverages that may help you determine whether or not you might need professional guidance.

  • What discounts do I qualify for?
  • Do I need added coverage for expensive stereo equipment?
  • Am I covered if I hit my neighbor’s mailbox?
  • How do I insure my teen driver?
  • Is my ex-spouse still covered by my policy?
  • Do I have coverage if my license is suspended?
  • Are my friends covered when driving my 2014 BMW 5 Series Gran Turismo?
  • How much liability insurance is required?
  • Is my vehicle covered by my employer’s policy when using it for work?

If you don’t know the answers to these questions but you know they apply to you, then you may want to think about talking to an agent. If you want to speak to an agent in your area, take a second and complete this form or click here for a list of auto insurance companies in your area.

Educate yourself about car insurance coverages

Having a good grasp of your policy aids in choosing appropriate coverage and the correct deductibles and limits. The coverage terms in a policy can be impossible to understand and even agents have difficulty translating policy wording. Shown next are typical coverage types available from car insurance companies.

Comprehensive protection

This coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive coverage pays for claims like hitting a bird, damage from a tornado or hurricane, fire damage and damage from flooding. The highest amount you can receive from a comprehensive claim is the actual cash value, so if the vehicle’s value is low consider removing comprehensive coverage.

Auto collision coverage

This coverage pays to fix your vehicle from damage caused by collision with a stationary object or other vehicle. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage pays for claims like crashing into a ditch, sustaining damage from a pot hole and damaging your car on a curb. Paying for collision coverage can be pricey, so you might think about dropping it from lower value vehicles. Another option is to choose a higher deductible to get cheaper collision coverage.

Medical expense coverage

Personal Injury Protection (PIP) and medical payments coverage provide coverage for expenses for doctor visits, dental work, pain medications and prosthetic devices. The coverages can be used to fill the gap from your health insurance policy or if you do not have health coverage. Coverage applies to you and your occupants and will also cover being hit by a car walking across the street. PIP is not an option in every state but can be used in place of medical payments coverage

Liability

This coverage will cover damages or injuries you inflict on people or other property by causing an accident. It protects you against other people’s claims, and doesn’t cover damage sustained by your vehicle in an accident.

Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have values of 50/100/50 which means $50,000 in coverage for each person’s injuries, a total of $100,000 of bodily injury coverage per accident, and $50,000 of coverage for damaged propery.

Liability coverage pays for things such as attorney fees, repair costs for stationary objects, legal defense fees, pain and suffering and repair bills for other people’s vehicles. The amount of liability coverage you purchase is up to you, but it’s cheap coverage so purchase as high a limit as you can afford.

Uninsured or underinsured coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants from other motorists when they either are underinsured or have no liability coverage at all. Covered losses include injuries to you and your family as well as your vehicle’s damage.

Since many drivers 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 important protection for you and your family.

Buy Smart and Save

We covered a lot of tips how to shop for 2014 BMW 5 Series Gran Turismo insurance online. It’s most important to understand that the more times you quote, the better your comparison will be. Drivers may discover the lowest priced auto insurance comes from the least-expected company. Smaller companies may only write in your state and offer lower rates compared to the large companies like State Farm and Allstate.

As you restructure your insurance plan, you should never reduce coverage to reduce premium. In many instances, consumers will sacrifice comprehensive coverage or liability limits only to discover later that the savings was not a smart move. Your strategy should be to get the best coverage possible at an affordable rate, not the least amount of coverage.

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