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: Oct 6, 2015

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Searching for the cheapest insurance may seem to be overwhelming for beginners to comparing rates and buying insurance on the internet. Since there are so many online companies, how can drivers effectively compare them all to find the best pricing?

It’s a good idea to take a look at other company’s rates quite often because prices change regularly. Even if you think you had the lowest price for 5 Series coverage last year there may be better deals available now. Ignore everything you know about insurance because you’re about to learn the proper way to save money, get proper coverage and the best rates.

Finding more affordable protection is simple if you know the tricks. Basically, every vehicle owner who buys insurance coverage stands a good chance to be able to find lower rates. But drivers do need to understand how insurance companies sell online because it can help you find the best coverage.

Verify you’re receiving every discount

Insurance is not an enjoyable expense, but there may be some discounts to help offset the cost. Certain reductions will be credited at quote time, but some need to be manually applied prior to getting the savings. If you aren’t receiving every discount available, you are just wasting money.

  • Passive Restraints – Factory air bags can receive discounts of more than 20%.
  • Service Members Pay Less – Being deployed with a military unit may qualify for rate reductions.
  • Discount for Low Mileage – Fewer annual miles on your BMW may enable drivers to earn substantially lower rates.
  • Federal Employees – Being employed by or retired from a federal job can save as much as 8% for 5 Series coverage depending on your company.
  • Life Insurance – Select insurance companies reward you with a small discount if you purchase life insurance from them.
  • Payment Method – By making one initial payment instead of paying each month you may reduce your total bill.
  • Discounts for Multiple Vehicles – Purchasing coverage when you have several vehicles on one policy can reduce rates for all insured vehicles.
  • Clubs and Organizations – Belonging to a qualifying organization could earn you a nice discount on your next insurance statement.

While discounts sound great, it’s important to understand that most discounts do not apply to the entire policy premium. Some only reduce specific coverage prices like liability and collision coverage. So even though they make it sound like having all the discounts means you get insurance for free, that’s just not realistic. But any discount should help reduce your policy cost.

If you would like to view companies who offer online insurance quotes, click this link.

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

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Get lower-cost insurance prices by understanding these factors

A large part of saving on insurance coverage is knowing some of the elements that help determine insurance coverage rates. When consumers understand what impacts premium levels, this allows you to make good choices that can help you get lower premium levels.

  • High credit saves on insurance coverage – Having a good credit score will be a significant factor in calculating your premium rate. Therefore, if your credit history could use some work, you could be paying less to insure your 2007 BMW 5 Series by repairing your credit. Drivers who have excellent credit scores tend to be less risk to insure than those with lower credit ratings.
  • How much liability insurance – Liability coverage provides coverage if you are responsible for causing personal injury or damage in an accident. This coverage provides legal defense coverage to defend your case. Liability insurance is pretty cheap compared to comp and collision, so drivers should buy more than the minimum limits required by law.
  • Don’t abuse insurance coverage claims – If you frequently file small claims, you shouldn’t be surprised to get either policy cancellation or increased premiums. Car insurance companies give the best rates to insureds that do not abuse their auto insurance. Your car insurance is designed for the large, substantial claims.
  • A lpolicy lapse is a bad thing – Having a lapse in insurance coverage will be a quick way to bump up your insurance coverage costs. And not only will your rates increase, the inability to provide proof of insurance could result in a steep fine or even jail time.
  • Eliminate unneeded incidental coverages – Insurance companies have many additional coverages that you can get tricked into buying if you don’t pay attention. Coverages like roadside assistance, towing coverage, and term life insurance could be just wasting money. These coverages may sound good when buying your policy, but if you don’t need them think about removing them and cutting costs.
  • Is your vehicle theft-ready? – Purchasing a vehicle with a theft deterrent system can save you some money. Theft prevention features like OnStar, LoJack tracking, and tamper alarms all aid in stopping your vehicle from being stolen.
  • Driving citations inflate premiums – Having just one moving violation could increase your next policy renewal substantially. Drivers who don’t get tickets tend to pay less for car insurance as compared to careless drivers. Drivers who have gotten severe tickets such as DWI, reckless driving or hit and run convictions may need to prove financial responsibility to the state department of motor vehicles in order to legally drive a vehicle.

When should I discuss my situation with an agent?

When buying coverage, there really is not a perfect coverage plan. Everyone’s needs are different.

For instance, these questions may help you determine whether your personal situation may require specific advice.

  • Who is covered when they drive my 2007 BMW 5 Series?
  • What exactly is covered by my policy?
  • Can my teen driver be rated on a liability-only vehicle?
  • Am I covered by my employer’s commercial auto policy when driving my personal car for business?
  • What happens if I owe more than my 2007 BMW 5 Series is worth?
  • Are my tools covered if they get stolen from my vehicle?
  • Do I need rental car coverage?
  • I have a DUI can I still get coverage?

If you’re not sure about those questions but a few of them apply, you might consider talking to an insurance agent. If you don’t have a local agent, fill out this quick form.

Brand name doesn’t guarantee savings

Companies like GEICO, State Farm and Progressive consistently run ads in print and on television. They all make the point about saving some big amount if you switch to their company. How does every insurance coverage company charge lower premium rates? It’s all in how they say it.

Insurance companies quote their cheapest rates for a prospective insured that is profitable for them. A good example of this type of driver may need to be over the age of 50, has no prior claims, and drives a lower-performance vehicle. Anybody that fits those parameters will get the preferred prices and will probably cut their rates if they switch.

Drivers who are not a match for the “perfect” profile will have to pay more expensive rates and this can result in the customer not purchasing. The ads say “drivers that switch” but not “all drivers who get quotes” save that much money. That is how insurance companies can confidently claim big savings.

That is why you really should get price quotes at each policy renewal. It is impossible to predict which insurance companies will give you lower car insurance rates than your current company.

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

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Auto insurance 101

Having a good grasp of a car insurance policy aids in choosing the right coverages and proper limits and deductibles. Policy terminology can be impossible to understand and nobody wants to actually read their policy.

Comprehensive insurance

This covers damage OTHER than collision with another vehicle or object. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for things such as damage from flooding, rock chips in glass and damage from getting keyed. The most you can receive from a comprehensive claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

Liability coverage

Liability insurance protects you from injuries or damage you cause to people or other property in an accident. It protects you against other people’s claims, and does not provide coverage for your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. As an example, you may have limits of 100/300/100 which stand for a limit of $100,000 per injured person, a total of $300,000 of bodily injury coverage per accident, and property damage coverage for $100,000. Occasionally you may see one number which is a combined single limit which combines the three limits into one amount and claims can be made without the split limit restrictions.

Liability can pay for claims such as funeral expenses, legal defense fees and bail bonds. How much coverage you buy is a personal decision, but it’s cheap coverage so purchase as high a limit as you can afford.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP kick in for immediate expenses for EMT expenses, rehabilitation expenses and ambulance fees. They are often used to cover expenses not covered by your health insurance plan or if you are not covered by health insurance. It covers you and your occupants and also covers being hit by a car walking across the street. Personal Injury Protection is not an option in every state but it provides additional coverages not offered by medical payments coverage

Uninsured/Underinsured Motorist (UM/UIM)

Uninsured or Underinsured Motorist coverage provides protection when other motorists do not carry enough liability coverage. This coverage pays for hospital bills for your injuries and also any damage incurred to your 2007 BMW 5 Series.

Since many drivers only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Frequently these coverages are identical to your policy’s liability coverage.

Collision coverage protection

Collision coverage pays to fix your vehicle from damage from colliding with an object or car. You will need to pay your deductible then your collision coverage will kick in.

Collision coverage pays for claims like scraping a guard rail, crashing into a ditch, damaging your car on a curb, backing into a parked car and hitting a parking meter. This coverage can be expensive, so you might think about dropping it from lower value vehicles. You can also raise the deductible to save money on collision insurance.

Shop Smart and Save

We’ve covered some good ideas how you can reduce 2007 BMW 5 Series insurance rates online. The most important thing to understand is the more rate quotes you have, the better chance you’ll have of finding cheap car insurance. You may be surprised to find that the lowest rates are with the smaller companies.

When searching for cheap car insurance quotes, make sure you don’t reduce coverage to reduce premium. There are many occasions where drivers have reduced collision coverage to discover at claim time they didn’t have enough coverage. The aim is to buy enough coverage at the lowest possible cost.

Some auto insurance companies don’t offer rates over the internet and most of the time these smaller providers only sell coverage through local independent agents. The cheapest 2007 BMW 5 Series insurance is attainable on the web and also from your neighborhood agents, and you should compare price quotes from both to get a complete price analysis.

Additional auto insurance information is located on the following sites: