How Much Does 2015 BMW 5 Series Car Insurance Cost?

Locating low-cost insurance for a BMW 5 Series can turn out to be a lot of work, but you can learn these tips to find lower rates. There are more efficient ways to shop for insurance so you’re going to learn the quickest way to compare rates for a BMW and get the lowest price from both online companies and local agents.

Auto insurance quotes comparison

Performing a rate comparison can take time and effort if you don’t know the best way to get rate quotes. You can spend countless hours talking to insurance companies in your area, or you can utilize online quotes for quick rates.

Many companies belong to an insurance system where insurance shoppers complete one form, and each company then returns a price quote determined by their information. This eliminates the need for quote requests for each company you want a rate for.

To enter your information into the quoting system, click here to start a free quote.

The only downside to doing it this way is you don’t know exactly which insurance companies you want pricing from. So if you prefer to pick from a list of companies to compare, we have a page of low cost auto insurance companies in your area. Click here to view list.

The method you choose is up to you, but try to use the exact same coverage limits for every quote you compare. If the quotes have mixed coverages it’s impossible to make a fair rate comparison.

Find discounts on insurance coverage

Companies offering auto insurance don’t always advertise all available discounts very clearly, so the following is a list of a few of the more well known as well as some of the hidden discounts that you can inquire about if you buy car insurance online.

  • Fewer Miles Equal More Savings – Fewer annual miles on your BMW can qualify you for lower premium rates due to less chance of an accident.
  • Professional Organizations – Belonging to a civic or occupational organization is a good way to get lower rates on your bill.
  • Telematics Discount – Insureds that choose to allow companies to look at when and where they use their vehicle through the use of a telematics system such as In-Drive from State Farm or Allstate’s Drivewise system could save a few bucks if they show good driving skills.
  • ABS Braking Discount – Anti-lock brake equipped vehicles have fewer accidents and qualify for as much as a 10% discount.
  • E-sign Discounts – Some larger companies will discount your bill up to fifty bucks just for signing your application online.
  • Safety Restraint Discount – Drivers who require all occupants to buckle up can save a little off PIP or medical payments premium.
  • Multiple Cars – Buying insurance for multiple cars or trucks on one policy can reduce the rates for all insured vehicles.
  • Auto/Home Discount – If you combine your auto and home policies and place coverage with the same company you could earn a discount of at least 10 to 15 percent or more.
  • Safety Course Discount – Passing a course that instructs on driving safety may get you a small discount and easily pay for the cost of the class.

Don’t be shocked that most of the big mark downs will not be given to the entire policy premium. Most cut the cost of specific coverages such as collision or personal injury protection. Despite the fact that it seems like you would end up receiving a 100% discount, insurance coverage companies aren’t that generous.

To view providers that have a full spectrum of discounts, click here.

Four factors that affect insurance prices

Lots of things are considered when pricing auto insurance. Some are pretty understandable such as your driving history, although some other factors are more obscure like your continuous coverage or your vehicle rating.

Listed below are some of the most common factors used by companies to determine your premiums.

  • High credit means lower premiums – Credit rating is likely to be a major factor in determining what you pay. So if your credit rating leaves room for improvement, you could potentially save money when insuring your 2015 BMW 5 Series if you improve your credit rating. Insureds that have high credit ratings tend to be more responsible as compared to drivers with poor credit scores.
  • Rural vs Urban Areas – Having an address in smaller towns and rural areas of the country can save you money when buying insurance. Drivers who live in large cities have to deal with more aggressive driving styles and a longer drive to work. Less people living in that area corresponds to lower accident rates and lower theft and vandalism rates.
  • Your job may affect premiums – Jobs such as real estate brokersair traffic controllers and accountants have higher premiums than the average policyholder due to high stress and long work hours. On the flip side, careers like scientists, engineers and the unemployed receive lower rates on 5 Series insurance.
  • Insurance prices and driver gender – Over time, data shows that females take fewer risks when driving. However, this does not mean women are better drivers. Both genders are in auto accidents at about the same rate, but males have accidents that have higher claims. Men also statistically receive more costly citations like DWI (DUI) or reckless driving.

Tailor your insurance coverage to you

When it comes to buying the right insurance coverage for your personal vehicles, there isn’t really a best way to insure your cars. Each situation is unique.

For example, these questions can help discover whether you might need professional guidance.

  • How do I insure my teen driver?
  • Is upholstery damage covered by car insurance?
  • What is the ISO rating for a 2015 BMW 5 Series?
  • Do I need medical payments coverage since I have good health insurance?
  • Why am I required to buy high-risk coverage?
  • Do I pay less for low miles?
  • Is my dog or cat covered if injured in an accident?
  • Is my babysitter covered when using my vehicle?

If you don’t know the answers to these questions but one or more may apply to you then you might want to talk to an agent. If you want to speak to an agent in your area, simply complete this short form. It is quick, free and may give you better protection.

Do drivers who switch really save $394 a year?

Consumers can’t avoid all the ads that claim the cheapest rates from the likes of State Farm, GEICO and Progressive. They all seem to advertise claims that drivers can save some big amount after switching your policy.

How does every company give you a lower rate?

Insurance companies offer their best rates for the type of driver that will be a good risk. An example of this type of insured could possibly be a mature driver, has had continuous coverage, and drives less than 5,000 miles a year. Anybody who meets those qualifications will get very good premium rates and will most likely pay quite a bit less when switching companies.

Potential insureds who don’t qualify for the “perfect” profile may receive higher prices and this can result in the driver buying from a lower-cost company. The trick is to say “customers who switch” but not “everyone who gets a quote” save that much money. That’s why companies can truthfully make those statements. This really drives home the point why drivers must get a wide range of price quotes. It’s not possible to predict the company that will give you lower prices than your current company.

Parts of your insurance policy

Knowing the specifics of your policy helps when choosing the right coverages for your vehicles. The coverage terms in a policy can be impossible to understand and nobody wants to actually read their policy.

Liability coverages – This will cover damage that occurs to people or other property. It protects you from claims by other people, and doesn’t cover damage to your own property or vehicle.

Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You might see limits of 25/50/25 that translate to a limit of $25,000 per injured person, a per accident bodily injury limit of $50,000, and $25,000 of coverage for damaged propery.

Liability coverage protects against things like emergency aid, funeral expenses and repair costs for stationary objects. How much liability should you purchase? That is your choice, but buy as high a limit as you can afford.

Comprehensive insurance – This coverage pays for damage OTHER than collision with another vehicle or object. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against claims like vandalism, a tree branch falling on your vehicle, hitting a bird, damage from a tornado or hurricane and theft. The most 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) – Coverage for medical payments and/or PIP pay for expenses for things like funeral costs, X-ray expenses, doctor visits and surgery. The coverages can be used to fill the gap from your health insurance policy or if you are not covered by health insurance. Coverage applies to you and your occupants and will also cover being hit by a car walking across the street. Personal Injury Protection is only offered in select states and gives slightly broader coverage than med pay

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

Collision insurance covers things such as driving through your garage door, crashing into a building, rolling your car, damaging your car on a curb and sideswiping another vehicle. Collision coverage makes up a good portion of your premium, so you might think about dropping it from older vehicles. It’s also possible to choose a higher deductible to bring the cost down.

Uninsured/Underinsured Motorist (UM/UIM) – This coverage gives you protection from other drivers when they are uninsured or don’t have enough coverage. This coverage pays for hospital bills for your injuries as well as damage to your BMW 5 Series.

Since many drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage should not be overlooked.

Save for a rainy day

Insureds change insurance companies for many reasons like unfair underwriting practices, policy cancellation, not issuing a premium refund or even extreme rates for teen drivers. Regardless of your reason for switching companies, choosing a new company is less work than it seems.

We just showed you many ways to save on 2015 BMW 5 Series insurance. The key thing to remember is the more providers you compare, the higher your chance of finding affordable car insurance. Drivers may discover the lowest premium rates come from the least-expected company.

Lower-priced 2015 BMW 5 Series insurance can be found online and with local insurance agents, so you should be comparing quotes from both in order to have the best chance of saving money. Some companies may not have internet price quotes and many times these small, regional companies sell through local independent agents.

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