Cheaper 2017 BMW 5 Series Car Insurance Rates

Trying to find better car insurance rates for your BMW 5 Series? Purchasing affordable car insurance on the internet can appear to be difficult for comparing rates on the internet. With such a big selection of agents and online companies available, how can drivers be able to compare every company in order to find the cheapest available price?

Why you might pay lower rates

Multiple criteria are part of the equation when you get a price on insurance. A few of the factors are predictable like an MVR report, but other criteria are less obvious such as whether you are married or how safe your car is.

  • No policy lapses saves money – Allowing your insurance policy to lapse will be a guaranteed way to bump up your insurance costs. In addition to paying higher premiums, the inability to provide proof of insurance may result in fines and jail time. You may have to file a SR-22 with your state DMV.
  • Excellent credit saves on insurance – A driver’s credit score can be a huge factor in calculating your premium rate. If your credit rating could use some work, you could pay less to insure your 2017 BMW 5 Series by taking the time to improve your credit score. Drivers who have very high credit ratings tend to file fewer claims than drivers who have lower credit ratings.
  • Lower mileage equals lower premium – Driving more miles annually the higher the price you pay to insure it. The majority of insurers price each vehicle’s coverage based on their usage. Cars and trucks that do not get driven very much receive better premium rates than vehicles that have high annual mileage. Double check that your insurance policy is showing the correct usage, because it can save money. Improper usage on your 5 Series is just wasting money.
  • Car and home together may be cheaper – Many insurance companies give better rates to clients who carry more than one policy such as combining an auto and homeowners policy. Discounts can amount to anywhere from five to ten percent in most cases. If you currently are using one company, you may still want to compare rates to ensure the best deal.
  • Insurance is expensive for younger drivers – Youthful drivers tend to be inattentive when behind the wheel so they pay higher insurance rates. Mature drivers are more responsible, statistically cause fewer accidents and tend to be get fewer driving tickets.
  • Add-on coverages can cost a lot – There are a lot of extra add-on coverages you can purchase on your 2017 5 Series policy. Coverages like replacement cost coverage, high-cost glass coverage, and additional equipment coverage may not be needed and are just wasting money. The coverages may be enticing when you first buy your policy, but if you’ve never needed them in the past remove them and pocket the money.

Car Insurance Discounts

Car insurance companies don’t always list all possible discounts very well, so we researched some of the more common and also the lesser-known credits that may apply to you.

  • E-sign Discounts – A few larger online companies will discount your bill up to fifty bucks for signing up digitally online.
  • Federal Government Employee – Employees or retirees of the government may reduce rates when you quote auto insurance for 5 Series coverage depending on your company.
  • Resident Student – Kids living away from home attending college and do not take a car to college can be insured at a reduced rate.
  • Multiple Vehicles – Buying coverage for multiple vehicles on the same car insurance policy may reduce the rate for each vehicle.
  • Auto/Life Discount – Larger car insurance companies have a discounted price on car insurance if you buy a life policy as well.
  • Theft Deterent System – Cars, trucks, and SUVs with anti-theft systems prevent vehicle theft and that can save you a little bit as well.
  • Savings for New Vehicles – Adding a new car to your policy is cheaper since newer models have better safety ratings.

As a sidenote, some credits don’t apply the the whole policy. Most only cut the price of certain insurance coverages like liability, collision or medical payments. So even though they make it sound like all those discounts means the company will pay you, it doesn’t quite work that way.

A few popular companies and some of the discounts are:

  • State Farm may have discounts that include good driver, driver’s education, accident-free, multiple autos, Drive Safe & Save, defensive driving training, and student away at school.
  • Geico may offer discounts for defensive driver, anti-lock brakes, membership and employees, military active duty, and multi-vehicle.
  • Liberty Mutual has discounts for hybrid vehicle, good student, safety features, teen driver discount, and preferred payment discount.
  • The Hartford discounts include air bag, anti-theft, bundle, vehicle fuel type, good student, defensive driver, and driver training.
  • MetLife includes discounts for defensive driver, good student, multi-policy, accident-free, and good driver.
  • Progressive offers discounts for multi-vehicle, online quote discount, homeowner, continuous coverage, online signing, and multi-policy.

Before you buy a policy, ask all the companies which discounts you may be entitled to. All car insurance discounts may not be available in your area. To see a list of insurance companies that offer discounts, click this link.

Insurance in the media

State Farm, Geico and Progressive continually stream ads on TV and radio. All the ads make an identical promise that drivers will save a bundle just by moving your coverage. That’s great but how can every company charge you a lower premium? This is the trick they use.

Different companies give the best rates for the type of customer they prefer to insure. For example, a desirable insured could be between the ages of 30 and 45, insures multiple vehicles, and has excellent credit. Any customer who matches those parameters will get low car insurance rates and have a good chance to save money with a new company.

Consumers who do not meet the “perfect” profile will have to pay higher premiums which usually ends up with business not being written. Company advertisements say “drivers that switch” but not “everyone who gets a quote” save that kind of money. This is how insurance companies can confidently make those statements.

This really drives home the point why drivers should get auto insurance quotes from several different companies. It is just not possible to predict which insurance company will give you lower prices than your current company.

Tailor your insurance coverage coverage to you

When choosing adequate coverage for your personal vehicles, there really is no one size fits all plan. Every insured’s situation is different.

For example, these questions may help highlight whether your personal situation could use an agent’s help.

  • What is PIP insurance?
  • What is the difference between comprehensive and collision coverage?
  • Do I have coverage when pulling a U-Haul trailer?
  • Exactly who is provided coverage by my policy?
  • Do I need to file an SR-22 for a DUI in my state?
  • Do I need replacement cost coverage?
  • How much can I save by bundling my policies?
  • Can I afford to pay high deductible claims out of pocket?
  • Should I bundle my homeowners policy with my auto?
  • Is rental equipment covered for theft or damage?

If you can’t answer these questions but one or more may apply to you, you might consider talking to a licensed insurance agent. If you want to speak to an agent in your area, complete this form.

Insurance coverages explained

Understanding the coverages of your policy aids in choosing the right coverages for your vehicles. The terms used in a policy can be difficult to understand and coverage can change by endorsement.

Liability coverage

Liability coverage can cover damages or injuries you inflict on other people or property that is your fault. It protects YOU from claims by other people, and does not provide coverage for damage sustained by your vehicle in an accident.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show liability limits of 25/50/25 that means you have $25,000 in coverage for each person’s injuries, a total of $50,000 of bodily injury coverage per accident, and property damage coverage for $25,000. Alternatively, you may have one number which is a combined single limit that pays claims from the same limit and claims can be made without the split limit restrictions.

Liability can pay for claims like repair bills for other people’s vehicles, attorney fees, medical services and repair costs for stationary objects. How much coverage you buy is a decision to put some thought into, but it’s cheap coverage so purchase as high a limit as you can afford.

Collision protection

This coverage pays to fix your vehicle from damage resulting from colliding with a stationary object or other vehicle. A deductible applies then the remaining damage will be paid by your insurance company.

Collision coverage protects against things such as colliding with a tree, driving through your garage door, sideswiping another vehicle, sustaining damage from a pot hole and hitting a mailbox. This coverage can be expensive, so you might think about dropping it from lower value vehicles. Another option is to bump up the deductible to get cheaper collision coverage.

Uninsured and underinsured coverage

Uninsured or Underinsured Motorist coverage provides protection when other motorists do not carry enough liability coverage. This coverage pays for injuries sustained by your vehicle’s occupants as well as damage to your BMW 5 Series.

Because many people carry very low liability coverage limits, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Most of the time these limits are similar to your liability insurance amounts.

Comprehensive coverages

Comprehensive insurance coverage pays for damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive insurance covers things such as vandalism, hitting a deer, hail damage and rock chips in glass. The most a insurance company will pay at claim time is the actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

Coverage for medical payments

Medical payments and Personal Injury Protection insurance provide coverage for short-term medical expenses such as pain medications, surgery, ambulance fees and hospital visits. They are used in conjunction with a health insurance plan or if you are not covered by health insurance. Medical payments and PIP cover you and your occupants and will also cover getting struck while a pedestrian. PIP coverage is only offered in select states and gives slightly broader coverage than med pay

A penny earned…

Some companies may not offer price quotes online and many times these small insurance companies work with independent agents. Budget-friendly insurance can be purchased from both online companies in addition to many insurance agents, and you should compare price quotes from both in order to have the best chance of saving money.

As you quote auto insurance, it’s not a good idea to buy poor coverage just to save money. There have been many cases where an insured dropped liability coverage limits only to find out they didn’t purchase enough coverage. The proper strategy is to find the BEST coverage at the best cost, but do not sacrifice coverage to save money.

We just presented some good ideas how to reduce 2017 BMW 5 Series insurance premium rates online. The key thing to remember is the more you quote auto insurance, the better your comparison will be. Consumers may even find the best price on insurance is with the least-expected company.

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