Compare 2016 BMW 5 Series Gran Turismo Insurance Rates

Shoppers have a choice when shopping for the lowest priced BMW 5 Series Gran Turismo insurance. They can either spend hours driving around to get rate comparisons or use the internet to make rate comparisons.

There is a better way to compare auto insurance rates and we’ll show you the absolute fastest way to price shop coverage for a new or used BMW and find the lowest price from local insurance agents and online providers.

Consumers need to shop coverage around yearly because insurance prices are variable and change quite frequently. Just because you found the lowest rates on 5 Series Gran Turismo coverage two years ago you will most likely find a better rate quote today. Forget anything you know (or think you know) about auto insurance because we’re going to demonstrate the tricks you need to know to find the best coverage while lowering your premiums.

If you have a policy now or are shopping for new coverage, you will benefit by learning to get lower rates and still get good coverage. The purpose of this post is to instruct you on how to effectively get price quotes. Drivers only need an understanding of the proper methods to compare rates on the web.

Don’t miss these money-saving discounts

Insurance can cost an arm and a leg, but discounts can save money and there are some available that can help lower your rates. A few discounts will be applied at quote time, but less common discounts must be asked for prior to getting the savings.

  • Accident Forgiveness Coverage – Not necessarily a discount, but companies like Progressive, Allstate, and Liberty Mutual will let one accident slide before they charge you more for coverage if your claims history is clear prior to being involved in the accident.
  • Onboard Data Collection – Insureds that choose to allow companies to spy on their driving habits by using a telematic data system such as Allstate’s Drivewise and State Farm’s In-Drive system may see discounts as long as the data is positive.
  • Life Insurance – Select insurance companies reward you with lower insurancerates if you buy a life insurance policy as well.
  • Multiple Policy Discount – When you have multiple policies and insure them both with the same insurance company you will save approximately 10% to 15%.
  • Club Memberships – Having an affiliation with a professional or civic organization could trigger savings when getting a auto insurance quote.
  • Theft Prevention System – Cars, trucks, and SUVs with anti-theft systems are stolen with less frequency and qualify for as much as a 10% discount.
  • College Student – Kids who are attending college and leave their car at home may qualify for this discount.
  • Pay Early and Save – By making one initial payment rather than paying monthly you can actually save on your bill.
  • No Claim Discounts – Insureds who avoid accidents and claims can save substantially when compared to drivers with a long claim history.

Don’t be shocked that some credits don’t apply to the overall cost of the policy. Some only reduce individual premiums such as medical payments or collision. Despite the fact that it seems like you would end up receiving a 100% discount, company stockholders wouldn’t be very happy.

A few popular companies and their offered discounts can be found below.

  • State Farm has discounts for multiple autos, driver’s education, accident-free, Steer Clear safe driver discount, Drive Safe & Save, passive restraint, and multiple policy.
  • Farmers Insurance may offer discounts for good student, multi-car, business and professional, alternative fuel, distant student, bundle discounts, and homeowner.
  • Geico offers discounts for defensive driver, multi-policy, air bags, emergency military deployment, and driver training.
  • American Family may include discounts for early bird, mySafetyValet, good student, TimeAway discount, and good driver.
  • Nationwide offers discounts including anti-theft, accident-free, family plan, good student, and business or organization.
  • Progressive may have discounts that include online quote discount, continuous coverage, online signing, good student, homeowner, and multi-vehicle.

When getting a coverage quote, ask each company or agent which discounts you qualify for. Some discounts might not apply everywhere. To find insurance companies that provide some of the discounts listed above, click here.

Informed drivers save more

An important part of buying insurance is that you know a few of the rating criteria that play a part in calculating the rates you pay for insurance coverage. If you have some idea of what influences your rates, this allows you to make good choices that could result in much lower annual insurance costs.

Shown below are a few of the “ingredients” used by companies to determine rates.

  • Save money by having multiple policies – Most larger insurance coverage companies afford lower prices to buyers that purchase more than one policy such as combining an auto and homeowners policy. The amount of the discounts can be ten or even fifteen percent. Even if you’re getting this discount drivers will still want to shop around to guarantee you are still saving the most. You may still be able to find a better deal by insuring with multiple companies.
  • Drive less and pay lower prices – The higher the miles on your BMW in a year’s time the more it will cost to insure it. Most insurance companies apply a rate based upon how the vehicle is primarily used. Cars that do not get driven very much get more affordable rates than vehicles that are driven to work every day. An incorrectly rated 5 Series Gran Turismo is just wasting money. Verify your declarations sheet correctly shows how each vehicle is driven.
  • How’s your driving record? – Whether or not you get tickets impacts premiums far more than you think. Even one chargable violation may increase your cost substantially. Drivers who don’t get tickets tend to pay less for car insurance than bad drivers. Drivers who have gotten license-revoking tickets like DWI, reckless driving or hit and run convictions may be required to submit a SR-22 or proof of financial responsibility with their state motor vehicle department in order to keep their license.
  • Allowing your policy to lapse raises rates – Having a lapse in insurance coverage can be a sure-fire way to increase your renewal premiums. And not only will your rates increase, getting caught without coverage could earn you fines or a revoked license. You will then be forced to submit proof of financial responsibility or a SR-22 with your state department of motor vehicles.
  • Raise your deductibles for better premiums – Insurance for physical damage to your car, otherwise known as comp (or other than collision) and collision, is used to repair damage to your BMW. Examples of some claims that would be covered are colliding with a building, collision with an animal, or theft. Your deductibles state the amount of money the insured will be required to pay before your insurance coverage pays a claim. The more damage repair cost you pay before a claim is paid (deductible), the lower your rates will be on 5 Series Gran Turismo coverage.
  • Single drivers take more risk – Having a spouse actually saves money on your insurance coverage bill. It translates into being less irresponsible it has been statistically shown that drivers who are married file infrequent claims.
  • Insurance rates in urban areas – Choosing to live in smaller towns and rural areas of the country can save you money when insuring your vehicles. Fewer drivers and short commutes translates into fewer accidents as well as less vandalism and auto theft. Drivers in populated areas regularly have more aggressive driving styles and more time behind the wheel. Longer commute distances translates into higher accident risk.

Do I need special coverages?

When it comes to choosing adequate coverage for your personal vehicles, there isn’t really a cookie cutter policy. Everyone’s situation is unique.

For example, these questions can help discover whether you would benefit from professional advice.

  • I have health insurance so do I need medical payments coverage?
  • Where can I find high-risk insurance?
  • How much liability do I need to cover my assets?
  • Does my policy cover my teen driver if they drive my company car?
  • What is the minimum liability in my state?
  • Is business equipment covered while in my vehicle?
  • Do I need added coverage for expensive stereo equipment?
  • Does medical payments coverage apply to all occupants?

If you can’t answer these questions then you might want to talk to an agent. If you don’t have a local agent, fill out this quick form. It only takes a few minutes and you can get the answers you need.

Auto insurance policy coverages for a BMW 5 Series Gran Turismo

Learning about specific coverages of a auto insurance policy helps when choosing appropriate coverage at the best deductibles and correct limits. Auto insurance terms can be difficult to understand and even agents have difficulty translating policy wording.

Liability auto insurance

Liability insurance can cover damages or injuries you inflict on a person or their property by causing an accident. This insurance protects YOU against other people’s claims, and doesn’t cover your own vehicle damage or injuries.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see limits of 50/100/50 which stand for a $50,000 limit per person for injuries, $100,000 for the entire accident, and a total limit of $50,000 for damage to vehicles and property. Alternatively, you may have one limit called combined single limit (CSL) which combines the three limits into one amount and claims can be made without the split limit restrictions.

Liability coverage protects against claims such as repair bills for other people’s vehicles, emergency aid and medical expenses. The amount of liability coverage you purchase is your choice, but consider buying higher limits if possible.

Collision coverage

This coverage will pay to fix damage to your 5 Series Gran Turismo resulting from colliding with another car or object. You first must pay a deductible and then insurance will cover the remainder.

Collision coverage protects against things like colliding with another moving vehicle, crashing into a building and rolling your car. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Drivers also have the option to bump up the deductible to save money on collision insurance.

Medical costs insurance

Coverage for medical payments and/or PIP pay for short-term medical expenses for things like surgery, ambulance fees and EMT expenses. They are used to cover expenses not covered by your health insurance program or if there is no health insurance coverage. It covers both the driver and occupants and also covers being hit by a car walking across the street. PIP is not an option in every state and gives slightly broader coverage than med pay

Comprehensive or Other Than Collision

Comprehensive insurance pays to fix your vehicle from damage OTHER than collision with another vehicle or object. A deductible will apply then your comprehensive coverage will pay.

Comprehensive coverage pays for claims like vandalism, hail damage, falling objects and damage from a tornado or hurricane. The maximum payout a auto insurance company will pay at claim time is the cash value of the vehicle, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

UM/UIM Coverage

This coverage protects you and your vehicle from other motorists when they either have no liability insurance or not enough. Covered claims include injuries to you and your family and damage to your BMW 5 Series Gran Turismo.

Since many drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. So UM/UIM coverage should not be overlooked. Most of the time these coverages are set the same as your liablity limits.

Final considerations

Some companies do not offer online price quotes small, regional companies sell through independent agents. Cost effective 2016 BMW 5 Series Gran Turismo insurance can be sourced both online and also from your neighborhood agents, so compare prices from both to have the best rate selection.

As you restructure your insurance plan, it’s a bad idea to reduce coverage to reduce premium. Too many times, consumers will sacrifice physical damage coverage to discover at claim time that their decision to reduce coverage ended up costing them more. The aim is to purchase a proper amount of coverage at the best possible price.

In this article, we covered many ways to save on 2016 BMW 5 Series Gran Turismo insurance. The most important thing to understand is the more price quotes you have, the better your chances of lowering your rates. You may even discover the most savings is with the smaller companies.

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