2017 BMW 5 Series Car Insurance Quotes – 8 Savings Tips

Looking for the cheapest auto insurance rates? Shoppers have lots of choices when shopping for low-cost BMW 5 Series insurance. They can either spend hours struggling with agents to compare prices or save time using the internet to make rate comparisons. There is a better way to shop for auto insurance and we’ll show you the best way to price shop coverage for a new or used BMW and locate the lowest price from local insurance agents and online providers.

It is always a good idea to do price comparisons at least once a year because prices are constantly changing. Despite the fact that you may have had the best price for 5 Series insurance a few years ago the chances are good that you can find a lower rate quote today. Ignore everything you know about auto insurance because you’re about to learn one of the quickest ways to find the best coverage while lowering your premiums.

More affordable rates by earning these eight discounts

Companies that sell car insurance don’t list the complete list of policy discounts very clearly, so the list below contains both the well known and also the lesser-known discounts that may be available.

  • Braking Control Discount – Cars and trucks with anti-lock braking systems can stop better under adverse conditions and the ABS can save up to 10%.
  • New Car Discount – Insuring a vehicle that is new can save you some money since newer vehicles have better safety ratings.
  • Active Service Discounts – Being on active duty in the military can result in better insurance coverage rates.
  • Multi-policy Discount – If you combine your home and auto policies and insure them with the same company you may save nearly 15% which can help you find cheaper insurance.
  • Telematics Devices – Policyholders that allow data collection to analyze when and where they use their vehicle through the use of a telematics system like Allstate’s Drivewise might see lower rates if they exhibit good driving behavior.
  • Payment Discounts – If paying your policy premium upfront rather than spreading payments over time you could save 5% or more.
  • Discount for Good Grades – Maintaining excellent grades may save you up to 25%. The discount lasts until age 25.
  • Waiver for an Accident – This isn’t a discount exactly, but certain companies permit an accident before they charge you more for coverage so long as you haven’t had any claims prior to the accident.

While discounts sound great, it’s important to understand that most discounts do not apply to your bottom line cost. Most only cut specific coverage prices like collision or personal injury protection. Even though the math looks like you can get free auto insurance, insurance coverage companies aren’t that generous.

The best insurance coverage companies and a summarized list of policyholder discounts are included below.

  • Progressive offers discounts including online quote discount, online signing, multi-vehicle, homeowner, good student, multi-policy, and continuous coverage.
  • SAFECO has savings for anti-lock brakes, multi-car, bundle discounts, teen safety rewards, drive less, safe driver, and teen safe driver.
  • American Family may have discounts that include bundled insurance, defensive driver, Steer into Savings, good student, and TimeAway discount.
  • MetLife has discounts for good student, defensive driver, accident-free, multi-policy, and good driver.
  • Geico may offer discounts for seat belt use, daytime running lights, good student, air bags, emergency military deployment, and driver training.
  • The Hartford policyholders can earn discounts including air bag, bundle, good student, defensive driver, and driver training.

It’s a good idea to ask every prospective company which discounts you qualify for. A few discounts might not be offered on policies in your area.

Your insurance coverage coverage should be tailored to you

When choosing coverage for your personal vehicles, there really is not a “best” method to buy coverage. Each situation is unique.

For example, these questions could help you determine if your situation would benefit from an agent’s advice.

  • When can my company non-renew my policy?
  • Should I buy additional glass protection?
  • What is the minimum liability in my state?
  • Am I covered if I break a side mirror?
  • Do I have coverage if my license is suspended?
  • Should I sign the liability waiver when renting a car?
  • Does medical payments coverage apply to all occupants?
  • Why am I required to get a high-risk car insurance policy?
  • Can I make deliveries for my home business?
  • Will my vehicle be repaired with OEM or aftermarket parts?

If you don’t know the answers to these questions but you think they might apply to your situation, you might consider talking to a licensed insurance agent. If you want to speak to an agent in your area, fill out this quick form. It’s fast, free and can provide invaluable advice.

Auto insurance 101

Knowing the specifics of your auto insurance policy can help you determine the right coverages and proper limits and deductibles. The terms used in a policy can be impossible to understand and reading a policy is terribly boring.

Collision protection

Collision insurance pays for damage to your 5 Series resulting from colliding with an object or car. You will need to pay your deductible then your collision coverage will kick in.

Collision can pay for things such as hitting a parking meter, colliding with another moving vehicle and hitting a mailbox. This coverage can be expensive, so analyze the benefit of dropping coverage from lower value vehicles. It’s also possible to raise the deductible to get cheaper collision coverage.

Liability

Liability coverage protects you from damage or injury you incur to other’s property or people by causing an accident. It protects you from claims by other people. It does not cover your injuries or vehicle damage.

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 liability limits of 25/50/25 which means $25,000 bodily injury coverage, $50,000 for the entire accident, and a limit of $25,000 paid for damaged property.

Liability coverage protects against claims such as medical expenses, repair bills for other people’s vehicles and emergency aid. How much liability coverage do you need? That is a decision to put some thought into, but it’s cheap coverage so purchase as much as you can afford.

Coverage for medical expenses

Medical payments and Personal Injury Protection insurance provide coverage for bills such as rehabilitation expenses, surgery and prosthetic devices. The coverages can be used to cover expenses not covered by your health insurance policy or if you do not have health coverage. It covers both the driver and occupants in addition to any family member struck as a pedestrian. PIP is not available in all states and gives slightly broader coverage than med pay

Comprehensive auto insurance

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

Comprehensive coverage protects against claims such as a broken windshield, damage from flooding and fire damage. The maximum payout you can receive from a comprehensive claim is the actual cash value, so if the vehicle is not worth much consider dropping full coverage.

Coverage for uninsured or underinsured drivers

This coverage provides protection from other motorists when they do not carry enough liability coverage. Covered claims include medical payments for you and your occupants and damage to your BMW 5 Series.

Due to the fact that many drivers carry very low liability coverage limits, their limits can quickly be used up. So UM/UIM coverage is important protection for you and your family.

Make a quick buck

You just learned many tips how you can get a better price on 2017 BMW 5 Series insurance. The key concept to understand is the more you quote insurance, the more likely it is that you will get a better rate. Consumers may even find the best premium rates are with a lesser-known regional company.

Insureds who switch companies do it for a variety of reasons including not issuing a premium refund, denial of a claim, being labeled a high risk driver or even extreme rates for teen drivers. It doesn’t matter what your reason, finding a new company can be easy and end up saving you some money.

When trying to cut insurance costs, do not buy less coverage just to save a little money. There have been many cases where someone dropped liability limits or collision coverage only to find out that their decision to reduce coverage ended up costing them more. Your goal should be to buy the best coverage you can find for the lowest price and still be able to protect your assets.

More detailed insurance coverage information is available by following these links: