Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Written by Jeffrey Johnson
Insurance Lawyer Jeffrey Johnson

Benjamin Carr was a licensed insurance agent in Georgia and has two years’ experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent Benji Carr

UPDATED: Apr 16, 2018

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Searching for lower car insurance rates for your BMW 5 Series? Did you fall for a flashy sales pitch and buy overpriced car insurance? It’s a common feeling and many consumers are feeling buyer’s remorse and feel like there’s no way out. Big companies like State Farm, Allstate, GEICO and Progressive all claim big savings, bombarding you with fancy advertisements and consumers find it hard to avoid their marketing magic and take the time to shop coverage around.

It is always a good idea to compare premium rates occasionally due to the fact that insurance rates trend upward over time. Just because you found the lowest premium rates on 5 Series coverage on your last policy a different company probably has better prices today. There is a lot of wrong information about car insurance on the web, but you can learn some good information on how to find affordable car insurance.

How to compare auto insurance quotes

All the larger auto insurance companies like Allstate, GEICO and Progressive give prices for coverage on their websites. Getting quotes is easy for anyone as you simply type in into the form. When complete, their system orders your driving record and credit report and generates a price based on many factors. Online quotes helps simplify price comparisons, but the time it takes to visit each company’s website and repetitively fill out multiple forms can be a bit repetitive. But it’s necessary to perform this step if you want to find the best price possible.

A quicker way to compare rates uses one form to return rates from a bunch of companies at once. It’s a real time-saver, requires much less work on your part, and makes quoting online much simpler. Immediately after you send the form, it is rated and you are able to buy any one of the pricing results.

If one or more price quotes are lower than your current rates, you simply finish the application and purchase coverage. The entire process can be completed in a matter of minutes and may result in a nice savings.

To find out if lower rates are available, click here and input your coverage information. If you currently have coverage, we recommend you complete the form with the coverage information exactly as shown on your declarations page. Doing this assures you are getting a price comparison using the same coverage and limits.

Enter your zip code below to view companies that have cheap auto insurance rates.

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More discounts mean lower-cost premiums

Auto insurance is easily one of your largest bills, but discounts can save money and there are some available that you may not know about. Certain credits will be shown at the time you complete a quote, but some must be requested specifically in order for you to get them.

  • Homeowners Pay Less – Owning a house can get you a discount due to the fact that maintaining a home means you have a higher level of financial diligence.
  • Professional Organizations – Having an affiliation with a civic or occupational organization is a simple method to lower premiums on your policy.
  • Senior Discount – Seniors could receive lower premium rates on 5 Series coverage.
  • One Accident Forgiven – Not a discount per se, but some insurance companies will let one accident slide before raising your premiums with the catch being you have to be claim-free prior to being involved in the accident.
  • Include Life Insurance and Save – Companies who offer life insurance give a lower price if you buy life insurance.
  • Defensive Driving Course – Taking a defensive driving class is a good idea and can lower rates if you qualify.
  • No Accidents – Insureds with no claims or accidents are rewarded with significantly better rates on insurance quote compared to policyholders that have many claims.
  • Switch and Save Discount – A few larger companies allow discounts for renewing your policy prior to your current policy expiration. You can save around 10% with this discount.
  • New Car Discount – Putting auto insurance coverage on a new car can cost up to 25% less since newer vehicles have better safety ratings.
  • Multi-policy Discount – If you can combine your home and auto policy and place coverage with the same company you could earn a discount of at least 10 to 15 percent or more.

Consumers should know that most credits do not apply to your bottom line cost. Most only cut specific coverage prices like collision or personal injury protection. Despite the appearance that all those discounts means the company will pay you, insurance companies wouldn’t stay in business. Any amount of discount will bring down the amount you have to pay.

If you would like to see a list of insurers with discount auto insurance rates, follow this link.

It’s not one size fits all

When it comes to choosing the right insurance coverage, there is no best way to insure your cars. Every situation is different and a cookie cutter policy won’t apply. Here are some questions about coverages that may help you determine if you might need an agent’s assistance.

  • Do I need higher collision deductibles?
  • Do I need added coverage for expensive stereo equipment?
  • Should I have combined single limit or split liability limits?
  • How can I get my company to pay me more for my totalled car?
  • Is my 2003 BMW 5 Series covered for flood damage?
  • When does my teenage driver need to be added to my policy?
  • Should I sign the liability waiver when renting a car?
  • If my 2003 BMW 5 Series is totaled, can I afford another vehicle?
  • What is the ISO rating for a 2003 BMW 5 Series?
  • Is borrowed equipment or tools covered if stolen or damaged?

If it’s difficult to answer those questions but one or more may apply to you, you might consider talking to a licensed insurance agent. If you want to speak to an agent in your area, complete this form or you can go here for a list of companies in your area. It only takes a few minutes and you can get the answers you need.

Auto insurance 101

Having a good grasp of a car insurance policy aids in choosing appropriate coverage at the best deductibles and correct limits. The terms used in a policy can be difficult to understand and even agents have difficulty translating policy wording. Below you’ll find typical coverage types available from car insurance companies.

UM/UIM (Uninsured/Underinsured Motorist) coverage – This coverage provides protection from other motorists when they either are underinsured or have no liability coverage at all. This coverage pays for injuries sustained by your vehicle’s occupants and also any damage incurred to your BMW 5 Series.

Because many people only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Frequently your uninsured/underinsured motorist coverages are set the same as your liablity limits.

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

Comprehensive insurance covers claims like damage from a tornado or hurricane, falling objects, damage from getting keyed, hitting a deer and damage from flooding. The highest amount you can receive from a comprehensive claim is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

Medical payments and PIP coverage – Personal Injury Protection (PIP) and medical payments coverage pay for bills for EMT expenses, dental work, doctor visits and chiropractic care. They are often used in conjunction with a health insurance program or if you lack health insurance entirely. It covers not only the driver but also the vehicle occupants in addition to any family member struck as a pedestrian. PIP coverage is not available in all states and may carry a deductible

Collision coverage – This will pay to fix damage to your 5 Series resulting from colliding with an object or car. You have to pay a deductible then your collision coverage will kick in.

Collision can pay for claims like driving through your garage door, hitting a parking meter, crashing into a ditch, colliding with a tree and hitting a mailbox. Collision coverage makes up a good portion of your premium, so consider removing coverage from lower value vehicles. It’s also possible to raise the deductible in order to get cheaper collision rates.

Auto liability – This coverage provides protection from injuries or damage you cause to other’s property or people by causing an accident. This insurance protects YOU from claims by other people. Liability doesn’t cover your injuries or vehicle damage.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see limits of 100/300/100 which stand for $100,000 in coverage for each person’s injuries, a per accident bodily injury limit of $300,000, and a limit of $100,000 paid for damaged property. Occasionally you may see one number which is a combined single limit which combines the three limits into one amount without having the split limit caps.

Liability coverage pays for claims such as medical expenses, repair costs for stationary objects and repair bills for other people’s vehicles. How much liability coverage do you need? That is up to you, but it’s cheap coverage so purchase as much as you can afford.