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.
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.
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.
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.
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.
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.
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.
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.
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.