2013 BMW 5 Series Insurance Cost

Looking for the cheapest insurance rates for your BMW 5 Series? Finding the cheapest insurance for a BMW 5 Series can turn out to be an all-consuming task, but you can learn our insurance buying tips to find lower rates. There are both good and bad ways to shop for insurance and we’ll show you the proper way to price shop coverage for your BMW and obtain the lowest possible price either online or from local insurance agents.

It’s a great practice to compare rates before your policy renews since prices change frequently. Despite the fact that you may have had the lowest quotes for 5 Series coverage last year you will most likely find a better rate today. There are lots of tips to save on insurance on the web, but in just a couple of minutes you can learn some good information on how to find affordable insurance.

Finding affordable coverage is not that difficult. If you have a policy now or are looking for a new policy, you can follow these tips to shop for the lowest rates and still get good coverage. Drivers just need to know the most efficient way to get comparison rates online.

Compare car insurance price quotes online

Effectively comparing car insurance prices can take time and effort if you aren’t aware of the easiest way. You could spend your day driving to insurance agencies in your area, or you can stay home and use online quoting for quick rates.

Most car insurance companies are enrolled in a marketplace where insurance shoppers only type in their quote data once, and at least one company then gives them pricing based on that data. This eliminates the need for quotation requests for each company.

To find out what other companies charge click here to start a free quote.

The one disadvantage to getting quotes like this is buyers cannot specifically choose which providers you want to price. So if you prefer to pick individual companies for rate comparison, we have a page of the cheapest car insurance companies in your area. Click here for list of insurance companies.

Take whichever approach you prefer, but ensure you’re using the exact same coverages and limits for each comparison quote. If the quotes have different liability limits it’s impossible to truly determine the lowest rate.

Drivers can save with with these discounts

Some insurance providers don’t always advertise all available discounts in an easy-to-find place, so the list below details some of the more common in addition to some of the lesser obvious discounts that you may qualify for.

  • Braking Control Discount – Cars and trucks that have anti-lock braking systems can reduce accidents and therefore earn up to a 10% discount.
  • Switch and Save Discount – Some larger companies provide a discount for switching policies before your current policy expires. You may see this discount when you get auto insurance quotes online.
  • Air Bags and Passive Restraints – Options like air bags or automatic seat belts could see savings of 20% or more.
  • Accident Forgiveness Coverage – This isn’t a discount exactly, but a few companies such as State Farm and Allstate may permit one accident before hitting you with a surcharge so long as you are claim-free prior to being involved in the accident.
  • Distant College Student Discount – who live away from home at college and won’t have access to an insured vehicle can receive lower rates.
  • No Accidents – Drivers with accident-free driving histories can save substantially compared to policyholders that have many claims.
  • Safety Restraint Discount – Using a seat belt and requiring all passengers to wear their seat belts may be able to save a few bucks off the personal injury premium cost.

You can save money using discounts, but most of the big mark downs will not be given to the entire cost. Most cut the cost of specific coverages such as liability, collision or medical payments. Even though it appears you could get a free insurance coverage policy, it’s just not the way it works.

If you would like to see a list of providers that offer discounts, follow this link.

Choices you make can impact your insurance costs

Many things are used in the calculation when you quote your car insurance policy. Some of the criteria are obvious such as traffic violations, but other factors are not quite as obvious such as your credit history or your financial responsibility.

The factors shown below are some of the most common factors utilized by car insurance companies to help set rates.

  • High credit scores save money – Credit history can be a huge factor in your rate calculation. If your credit leaves room for improvement, you may save money insuring your 2013 BMW 5 Series by improving your rating. People that have high credit ratings tend to be less risk to insure than drivers with lower credit scores.
  • Pay less with a high IIHS safety rating – Vehicles with high crash test scores are cheaper to insure. The safest vehicles reduce the chance of injuries and lower injury rates translates into savings for insurance companies and more competitive rates for policyholders. If your BMW 5 Series scored at minimum four stars on Safercar.gov you may be receiving a better rate.
  • Alarms and GPS tracking systems cut prices – Choosing a vehicle that has an advanced theft prevention system can get you a discount on your auto insurance. Theft deterrent systems like OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all aid in stopping auto theft.
  • Claims cost money – Companies provide cheaper rates to people that do not abuse their auto insurance. If you’re an insured who likes to file claims you can definitely plan on either policy cancellation or increased premiums. Insurance coverage is intended for more catestrophic claims.
  • Males are more aggressive – Statistics show females are less aggressive when driving. However, this does not mean men are WORSE drivers than women. Females and males have accidents in similar percentages, but the men have accidents that have higher claims. Not only are claims higher, but men get higher numbers of serious violations like DUI and reckless driving.
  • Lower rates come with age – Mature drivers tend to be more responsible, tend to cause fewer accidents , and usually have better credit.Beginning drivers have a tendency to be more careless behind the wheel so they pay higher auto insurance rates.
  • Job can influence rates – Did you know your job can affect your rates? Occupations like military personnel, executives and miners have higher premiums than the average policyholder in part from high stress levels and lengthy work days. On the flip side, careers like farmers, students and performers pay lower than average rates for 5 Series coverage.

Your situation helps dictate your coverage

When it comes to choosing adequate coverage for your personal vehicles, there really is no one size fits all plan. Every situation is different.

For example, these questions can aid in determining whether your personal situation might need an agent’s assistance.

  • Does insurance cover damages from a DUI accident?
  • Should I have a commercial auto policy?
  • Is my business laptop covered if it gets stolen from my vehicle?
  • Why am I required to buy liability insurance?
  • How high should deductibles be on a 2013 BMW 5 Series?
  • Am I covered if I drive in a foreign country?
  • Am I covered by my employer’s commercial auto policy when driving my personal car for business?

If you don’t know the answers to these questions, you may need to chat with an agent. If you don’t have a local agent, complete this form. It is quick, free and can provide invaluable advice.

Are you falling for claims of savings?

Drivers can’t get away from all the ads that claim the cheapest rates by 21st Century, Allstate and State Farm. All the ads make the point that you’ll save big if you just switch your auto insurance coverage to their company.

Is it even possible that every company can make almost identical claims?

Insurance providers quote their best rates for the right customer that will most likely be profitable. For example, this type of driver should be over the age of 50, has no claims, and the vehicle is rated for pleasure use. A driver that fits those parameters will most likely get cheap premium rates and is almost guaranteed to cut their rates substantially.

Potential insureds who do not meet this stringent profile may be required to pay higher premium rates and business not being written. If you pay attention, the ads say “customers that switch” but not “everyone who gets a quote” can save as much as they claim. This is how companies can truthfully claim big savings. This illustrates why drivers should get a wide range of price quotes. Because you cannot predict which company will fit your personal profile best.

Auto insurance coverages

Learning about specific coverages of your policy helps when choosing the right coverages at the best deductibles and correct limits. The coverage terms in a policy can be difficult to understand and nobody wants to actually read their policy.

Liability car insurance

This coverage protects you from damages or injuries you inflict on a person or their property in an accident. It protects you against claims from other people. It does not cover your own vehicle damage or injuries.

Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have liability limits of 25/50/25 which means a $25,000 limit per person for injuries, $50,000 for the entire accident, and a total limit of $25,000 for damage to vehicles and property.

Liability coverage pays for claims like medical services, pain and suffering, medical expenses and structural damage. How much coverage you buy is a decision to put some thought into, but buy as high a limit as you can afford.

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage provide coverage for short-term medical expenses like surgery, prosthetic devices, dental work and pain medications. They are used in conjunction with a health insurance plan or if you lack health insurance entirely. Medical payments and PIP cover both the driver and occupants and will also cover any family member struck as a pedestrian. Personal injury protection coverage is not universally available but can be used in place of medical payments coverage

Collision coverage

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

Collision coverage protects against claims like scraping a guard rail, driving through your garage door, sideswiping another vehicle, hitting a parking meter and colliding with a tree. Paying for collision coverage can be pricey, so you might think about dropping it from vehicles that are 8 years or older. It’s also possible to raise the deductible to get cheaper collision coverage.

Uninsured/Underinsured Motorist (UM/UIM)

This coverage protects you and your vehicle when other motorists are uninsured or don’t have enough coverage. Covered losses include medical payments for you and your occupants and damage to your BMW 5 Series.

Since a lot of drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is very important.

Comprehensive insurance

This pays to fix your vehicle from damage that is not covered by collision coverage. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for things such as vandalism, damage from getting keyed, a tree branch falling on your vehicle and hitting a deer. The highest amount you can receive from a comprehensive claim is the ACV or actual cash value, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

Online plus local equals savings

Cheaper 2013 BMW 5 Series insurance is possible on the web and from local insurance agents, so you should be comparing quotes from both to have the best selection. A few companies may not have online rate quotes and usually these smaller providers only sell through independent agents.

You just read many tips how you can save on 2013 BMW 5 Series insurance. The key concept to understand is the more providers you compare, the higher your chance of finding inexpensive auto insurance. Drivers may discover the most savings is with some of the lesser-known companies.

Consumers who switch companies do it for a variety of reasons including extreme rates for teen drivers, denial of a claim, questionable increases in premium or even being labeled a high risk driver. It doesn’t matter why you want to switch finding a new car insurance company is less work than it seems.

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