2014 BMW 5 Series Insurance Rates

Want lower car insurance rates for your BMW 5 Series? Did you fall for a flashy sales pitch and buy high-priced car insurance? Trust us when we tell you you’re not alone.

Companies like Progressive, State Farm and GEICO constantly bombard you with TV and radio ads and it is challenging if not impossible to ignore the flashy ads and find the best price available.

It’s important to compare rates occasionally because prices change quite often. Just because you found the best rates for 5 Series coverage two years ago you can probably find a lower rate today. So ignore everything you know about car insurance because it’s time to teach you the best way to properly buy coverages and cut your premium.

If you currently have a car insurance policy, you stand a good chance to be able to reduce your rates substantially using these methods. Choosing the best insurance company for you is not that difficult. Although consumers must learn how the larger insurance companies market insurance on the web because it can help you find the best coverage.

These discounts can slash car insurance rates

Companies that sell car insurance don’t always list all available discounts very well, so we researched both well-publicized as well as the least known savings tricks you should be using.

  • E-sign – Some insurance companies will discount your bill up to fifty bucks just for signing your application on their website.
  • Military Rewards – Being deployed with a military unit could mean lower rates.
  • Discount for New Cars – Adding a new car to your policy can save up to 30% due to better safety requirements for new cars.
  • Federal Employees – Being employed by or retired from a federal job could cut as much as 10% off for 5 Series coverage with certain companies.
  • Homeowners Savings – Owning a home may earn you a small savings because maintaining a house requires personal responsibility.
  • Air Bag Discount – Cars that have air bags can get savings of 20% or more.

A little note about advertised discounts, most discount credits are not given to the overall cost of the policy. Most cut the price of certain insurance coverages like collision or personal injury protection. Even though it may seem like it’s possible to get free car insurance, you won’t be that lucky.

Car insurance companies that possibly offer these discounts may include but are not limited to:

Before buying, ask every prospective company which discounts you may be entitled to. Savings might not apply everywhere.

Car Insurance Comparison Rates

Comparing car insurance rates can be exhausting if you don’t utilize the most efficient way. You can waste a lot of time talking to local insurance agents in your area, or you can utilize the web to get the quickest rates.

Most car insurance companies belong to a marketplace where prospective buyers submit one quote, and each participating company can give them a price for coverage. This prevents consumers from doing quote requests to each individual car insurance company. To find out how much you can save on car insurance click here (opens in new window).

The one downside to doing it this way is you can’t choose which carriers you will receive quotes from. So if you want to choose individual companies to receive pricing from, we have a page of companies who write car insurance in your area. View list of insurance companies.

However you get your quotes, compare exactly the same coverage limits on every quote you get. If you have different deductibles you can’t possibly determine the best price for your BMW 5 Series. Slightly different limits may result in large price differences. It’s important to know that comparing more company’s prices will improve the odds of getting a better price.

Elements that influence BMW 5 Series insurance rates

Consumers need to have an understanding of the factors that come into play when calculating the price you pay for car insurance. Having a good understanding of what influences your rates enables informed choices that may reward you with better car insurance rates.

  • One company can mean more discounts – Some car insurance companies provide better rates to policyholders who have multiple policies with them. It’s known as a multi-policy discount. Discounts can amount to ten or even up to twenty percent in some cases. Even with this discount, it’s still a good idea to compare other company rates to ensure the best deal. Drivers may still find a better deal by splitting coverages up.
  • Don’t cancel a policy without a new one in place – Having an insurance coverage lapse is a fast way to pay more for car insurance. And not only will your rates increase, but not being able to provide proof of insurance may earn you a license revocation or jail time.You may have to file a SR-22 with your state motor vehicle department.
  • Poor driving leads to higher costs – Even one ticket may increase your cost forty percent or more. Drivers with clean records receive lower rates than their less careful counterparts. If you have dangerous violations such as hit and run, DWI or reckless driving convictions may find they need to file a proof of financial responsibility form (SR-22) with their state DMV in order to prevent a license revocation.
  • Your job and insurance rates – Careers like real estate brokers, business owners and stock brokers tend to pay the highest rates in part from job stress and lots of time spent at work. On the other hand, jobs such as pilots, students and the unemployed have the lowest average rates for 5 Series coverage.
  • Protect your assets with liability insurance – Your policy’s liability coverage provides coverage if you are found liable for damages caused by your negligence. Liability provides legal defense up to the limits shown on your policy. Carrying liability coverage is mandatory and cheap as compared to coverage for physical damage, so buy as much as you can afford.

When might I need the advice of an agent?

When it comes to choosing proper insurance coverage, there really is not a perfect coverage plan. Your needs are not the same as everyone else’s and a cookie cutter policy won’t apply. For instance, these questions may help highlight if you might need an agent’s assistance.

  • Will I lose any money if I cancel my policy before it expires?
  • Do I have any recourse if my insurance company denies a claim?
  • Does coverage extend to a rental car in a foreign country?
  • Do I pay less for low miles?
  • How much liability insurance is required?
  • What happens if I owe more than my 2014 BMW 5 Series is worth?

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 or click here for a list of insurance coverage companies in your area.

Coverages available on your policy

Understanding the coverages of your auto insurance policy aids in choosing appropriate coverage at the best deductibles and correct limits. Auto insurance terms can be impossible to understand and nobody wants to actually read their policy. These are the normal coverages found on the average auto insurance policy.

Liability car insurance – This can cover injuries or damage you cause to other people or property that is your fault. It protects you from claims by other people. Liability doesn’t cover your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have liability limits of 50/100/50 that translate to a limit of $50,000 per injured person, a per accident bodily injury limit of $100,000, and a total limit of $50,000 for damage to vehicles and property.

Liability can pay for claims such as repair costs for stationary objects, funeral expenses, loss of income, court costs and medical services. The amount of liability coverage you purchase is your choice, but it’s cheap coverage so purchase as large an amount as possible.

UM/UIM Coverage – Uninsured or Underinsured Motorist coverage protects you and your vehicle when the “other guys” are uninsured or don’t have enough coverage. Covered losses include injuries to you and your family and damage to your BMW 5 Series.

Since a lot of drivers have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important.

Comprehensive or Other Than Collision – Comprehensive insurance pays to fix your vehicle from damage OTHER than collision with another vehicle or object. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive coverage pays for things such as vandalism, damage from getting keyed, hitting a deer and damage from flooding. The maximum payout you can receive from a comprehensive claim is the actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Medical costs insurance – Coverage for medical payments and/or PIP kick in for expenses such as pain medications, chiropractic care, EMT expenses and hospital visits. They are used to fill the gap from your health insurance plan or if there is no health insurance coverage. It covers you and your occupants and also covers getting struck while a pedestrian. PIP coverage is not an option in every state but it provides additional coverages not offered by medical payments coverage

Collision – This coverage pays for damage to your 5 Series resulting from colliding with another car or object. A deductible applies and then insurance will cover the remainder.

Collision insurance covers things like scraping a guard rail, crashing into a ditch, sustaining damage from a pot hole, hitting a parking meter and rolling your car. Collision is rather expensive coverage, so you might think about dropping it from vehicles that are older. You can also increase the deductible to get cheaper collision coverage.

One last thing about your coverage

As you restructure your insurance plan, don’t be tempted to buy less coverage just to save a little money. In too many instances, consumers will sacrifice collision coverage only to regret at claim time that their decision to reduce coverage ended up costing them more. Your strategy should be to purchase a proper amount of coverage at the best price, not the least amount of coverage.

You just learned many tips how you can reduce 2014 BMW 5 Series insurance prices online. The key thing to remember is the more rate quotes you have, the more likely it is that you will get a better rate. You may even discover the lowest priced auto insurance comes from a small mutual company. Regional companies may only write in your state and offer lower rates than their larger competitors like Progressive and GEICO.

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