Compare 2011 BMW 5 Series Insurance Cost

Looking for cheaper auto insurance rates for your BMW 5 Series? No one is fond of buying auto insurance, particularly when it costs too dang much.

You have so many car insurance companies to insure vehicles with, and although it’s a good thing to be able to choose, lots of choices makes it harder to find the best rates for your vehicles.

It’s important to do price comparisons as often as possible because auto insurance prices are adjusted regularly by insurance companies. Despite the fact that you may have had the best rates on 5 Series coverage last year a different company probably has better premium rates today. Forget anything you know (or think you know) about auto insurance because I’m going to teach you one of the easiest ways to save money, get proper coverage and the best rates.

The purpose of this post is to introduce you to the best way to quote coverages. If you are paying for car insurance now, you stand a good chance to be able to reduce your rates substantially using this strategy. But car owners must comprehend how the larger insurance companies price insurance differently because it can help you find the best coverage.

Learn how to lower your insurance premiums

Part of the insurance buying process is learning some of the elements that are used to determine the price you pay for insurance. When you understand what determines premiums, this allows you to make good choices that may reward you with cheaper rates.

  • High premiums for teen drivers – Drivers with little experience have been known to be less responsible when driving with friends so they pay higher insurance rates. Parents adding a teenage driver onto your insurance can cause a big jump in price. Older insureds are more responsible, statistically cause fewer accidents , and usually have better credit.
  • Bump up deductibles to lower rates – Insurance for physical damage, also called ‘full coverage’, covers your vehicle from damage. Some examples of claims that would be covered would be collision with another vehicle, flood damage, and damage caused by flying debris. Comprehensive and collision coverage deductibles define the amount you are required to spend out-of-pocket if a claim is determined to be covered. The more of the claim you’re willing to pay, the less your company will charge you for insurance on 5 Series coverage.
  • Discounts for married drivers – Walking down the aisle can get you a discount on your insurance policy. It means you’re more mature than a single person and it’s statistically proven that married drivers tend to have fewer serious accidents.
  • Costs impacted by your city – Having an address in areas with lower population can save you money when shopping for auto insurance. Lower population corresponds to lower accident rates and also fewer theft and vandalism claims. People who live in big cities regularly have traffic congestion and longer commute times. Longer commute distances means more chance of being in an accident.
  • Job and insurance rates – Occupational choices like judges, social workers and stock brokers are shown to have higher premiums than the average policyholder due to high stress and lots of time spent at work. Other careers such as actors, students and retirees pay the least on 5 Series coverage.
  • Low credit rating equals high premiums – Your credit rating can be an important factor in determining premium rates. If your credit is lower than you’d like, you could save money insuring your 2011 BMW 5 Series by improving your rating. Drivers who have good credit tend to be better risks to insure as compared to drivers with lower ratings.
  • Never let your insurance expire – Having an insurance coverage lapse is a quick way to increase your rates. In addition to paying higher rates, being ticketed for driving with no insurance will get you a hefty fine and possibly a revoked license. You may then have to prove you have insurance by filing a SR-22 with your state motor vehicle department.
  • Use one insurance company and save – Most larger insurance companies afford better rates to buyers who have multiple policies with them, otherwise known as a multi-policy discount. Even if you’re getting this discount consumers should still comparison shop to help guarantee you have the best rates.There is a good possibility that you can save more without the discount even if you insure with multiple companies

These discounts can cut insurance coverage rates

Some companies don’t always publicize every disount available very clearly, so the following list contains both the well known as well as the least known savings tricks you should be using when you buy insurance coverage online.

  • Life Insurance – Some insurance coverage companies give a small discount if you purchase some life insurance in addition to your auto policy.
  • Home Ownership Discount – Just owning your own home can save you money because of the fact that having a home requires a higher level of personal finance.
  • Accident Waiver – Not really a discount, but companies like Allstate, State Farm and GEICO may permit one accident without the usual rate increase as long as you don’t have any claims for a particular time prior to the accident.
  • Early Signing – A few insurance companies allow discounts for switching companies prior to your current policy expiration. Ten percent is about the average savings.
  • Theft Prevention Discount – Vehicles that have factory alarm systems and tracking devices are stolen less frequently so companies will give you a small discount.

As is typical with insurance, most discount credits are not given to the entire cost. The majority will only reduce the cost of specific coverages such as comprehensive or collision. Just because it seems like it’s possible to get free car insurance, it doesn’t quite work that way.

The best insurance coverage companies and a summarized list of policyholder discounts can be found below.

  • GEICO has savings for membership and employees, driver training, daytime running lights, anti-theft, and good student.
  • Travelers includes discounts for home ownership, early quote, payment discounts, continuous insurance, good student, and IntelliDrive.
  • Farm Bureau policyholders can earn discounts including multi-vehicle, renewal discount, driver training, safe driver, 55 and retired, multi-policy, and youthful driver.
  • Liberty Mutual has discounts for new move discount, newly married, preferred payment discount, new graduate, and safety features.
  • American Family offers premium reductions for early bird, mySafetyValet, good driver, good student, and defensive driver.
  • Progressive discounts include multi-vehicle, online signing, homeowner, online quote discount, continuous coverage, and good student.

When getting free insurance coverage quotes, it’s a good idea to all companies you are considering which discounts you may be entitled to. Discounts may not be offered in your area. If you would like to see a list of companies that offer many of these discounts, follow this link.

Can you really save that much by switching?

Respected companies like Allstate, GEICO and Progressive consistently run ads in print and on television. All the companies state the claim that drivers can save some big amount just by moving your auto insurance policy to them. How is it plausible that every one can charge you less for car insurance? Here is how they do it.

Auto insurance companies can use profiling for the type of driver that makes them money. For example, a profitable customer may need to be over age 30, has other policies, and drives a safe vehicle. Any person that fits those parameters receive the lowest rate quotes and will probably save when they switch companies.

People who do not match the “perfect” profile will be quoted higher prices which leads to the customer buying from someone else. If you listen to the ad wording, they say “customers that switch” but not “everyone who gets a quote” save the amount stated. That’s why insurance companies can claim big savings.

Because each company has a different risk profile, you really should get price quotes at each policy renewal. Because you never know with any certainty which company will provide you with the cheapest premium rates.

When do I need an agent’s advice?

When choosing adequate coverage, there really is not a perfect coverage plan. Every insured’s situation is different and your policy should reflect that. Here are some questions about coverages that may help highlight whether or not you would benefit from professional advice.

  • Should I rate my 2011 BMW 5 Series as pleasure use or commute?
  • I have health insurance so do I need medical payments coverage?
  • How much can I save by bundling my policies?
  • Is rental equipment covered for theft or damage?
  • Am I covered if I wreck a rental car?
  • How much liability do I need to cover my assets?
  • Is my cargo covered for damage or theft?
  • What are the financial responsibility laws in my state?

If you don’t know the answers to these questions, you may need to chat with a licensed insurance agent. If you want to speak to an agent in your area, take a second and complete this form or you can go here for a list of companies in your area.

Detailed coverages of your car insurance policy

Knowing the specifics of your car insurance policy aids in choosing which coverages you need and the correct deductibles and limits. The terms used in a policy can be impossible to understand and even agents have difficulty translating policy wording. These are the usual coverages available from car insurance companies.

Comprehensive insurance – This coverage will pay to fix damage that is not covered by collision coverage. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for things such as hitting a bird, a broken windshield, vandalism and rock chips in glass. The maximum amount you’ll receive from a claim is the market value of your vehicle, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Med pay and Personal Injury Protection (PIP) – Med pay and PIP coverage provide coverage for immediate expenses for things like hospital visits, EMT expenses, pain medications and ambulance fees. The coverages can be 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 in addition to getting struck while a pedestrian. Personal injury protection coverage is not an option in every state and may carry a deductible

Collision coverage – This pays for damage to your 5 Series from colliding with another car or object. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision can pay for things such as hitting a mailbox, driving through your garage door, colliding with another moving vehicle and damaging your car on a curb. Paying for collision coverage can be pricey, so consider dropping it from older vehicles. You can also bump up the deductible to get cheaper collision coverage.

Liability car insurance – This coverage provides protection from damages or injuries you inflict on other’s property or people. It protects YOU against claims from other people. Liability doesn’t cover damage sustained by your vehicle in an accident.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see limits of 100/300/100 that means you have $100,000 bodily injury coverage, a per accident bodily injury limit of $300,000, and property damage coverage for $100,000. Occasionally you may see one limit called combined single limit (CSL) that pays claims from the same limit with no separate limits for injury or property damage.

Liability coverage protects against claims such as bail bonds, repair bills for other people’s vehicles, repair costs for stationary objects and funeral expenses. How much coverage you buy is up to you, but consider buying as much as you can afford.

Uninsured/Underinsured Motorist (UM/UIM) – This coverage gives you protection when the “other guys” either have no liability insurance or not enough. Covered claims include injuries sustained by your vehicle’s occupants and damage to your BMW 5 Series.

Since a lot of drivers carry very low liability coverage limits, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is a good idea. Frequently these limits are set the same as your liablity limits.

Saving money makes a lot of cents

Affordable 2011 BMW 5 Series insurance is attainable online and from local agencies, so you need to quote insurance coverage with both so you have a total pricing picture. Some insurance providers don’t offer rate quotes online and usually these smaller providers work with independent agents.

We just presented many ways to save on 2011 BMW 5 Series insurance. It’s most important to understand that the more companies you get rates for, the higher the chance of saving money. You may even discover the lowest prices come from an unexpected company. Regional companies can often insure niche markets at a lower cost as compared to the big name companies such as State Farm or Progressive.

Additional information can be read on the following sites: