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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Locating cheaper insurance for your BMW 5 Series could be difficult, but you can follow the following methods to find lower rates.

There is a right way and a wrong way to compare car insurance rates so you’re going to learn the quickest way to quote coverages on a BMW and find the cheapest rates.

How to get the cheapest auto insurance

Most major insurance companies such as Progressive, GEICO, Allstate and State Farm allow consumers to get coverage prices from their websites. This process is pretty easy as all you need to do is type in your personal and coverage information as detailed in the form. Behind the scenes, the quote system sends out for your driving record and credit report and gives you a price quote.

Being able to quote online simplifies rate comparisons, but having to visit different websites and complete many quote forms is a big time waster. Unfortunately, it is important to have as many quotes as possible if you are searching for the best price possible.

There is an easier way!

The smarter way to compare auto insurance pricing uses one form that gets price quotes from several different companies. It’s a real time-saver, requires less work, and makes online price comparison much more efficient. After your information is entered, it gets priced and you are able to buy any or none of the returned quotes.

If you find a better price you can simply submit the application and purchase coverage. The entire process takes 15 minutes at the most and you will know how your current rates stack up.

If you want to get comparison pricing now, click here to open in a new tab and input your coverage information. If you currently have coverage, we recommend you input the coverage information exactly as shown on your declarations page. This ensures you’re receiving rate quotes for the exact same coverage.

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

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Auto insurance myths debunked

Consumers can’t get away from all the ads for cheaper auto insurance by Progressive, GEICO, Allstate and State Farm. They all seem to convey the message that people will save just by moving to them.

How can each company lower your prices? You have to listen carefully.

Insurance companies have a certain “appetite” for the driver that is profitable for them. For instance, this type of driver could be between the ages of 40 and 55, has no driving citations, and drives a lower-performance vehicle. Anyone who matches that profile will qualify for the lowest premium rates as well as save a lot of money.

Drivers who don’t qualify for these stringent criteria will get higher prices and the customer not purchasing. The trick companies use is to say “people that switch” not “everyone who quotes” save that kind of money. That is how insurance companies can confidently make those claims.

This emphasizes why you should compare price quotes frequently. It’s not possible to predict which insurance companies will provide you with the cheapest car insurance rates.

How insurers determine BMW 5 Series insurance costs

Lots of things are taken into consideration when quoting car insurance. Some factors are common sense such as traffic violations, although some other factors are not as apparent such as your credit history or your vehicle rating.Smart consumers have a good feel for the rating factors that help determine your insurance rates. If you have a feel for what influences your rates, this helps enable you to make changes that may reward you with cheaper rates.

The list below includes some of the most rate-impacting factors used by your company to calculate prices.

  • How many coverages with the same company – Lots of insurance companies give lower prices for people who have multiple policies with them, otherwise known as a multi-policy discount. Even with this discount, you still need to check prices from other companies to guarantee you are still saving the most.
  • Don’t get traffic citations – Attentive drivers get better rates as compared to those with violations. Getting just one moving violation can boost insurance rates substantially. People who have dangerous tickets such as reckless driving, hit and run or driving under the influence may need to prove financial responsibility to the state department of motor vehicles in order to legally drive.
  • Experienced drivers pay less – Older drivers are more responsible, cost insurance companies less in claims and tend to be get fewer driving tickets.Inexperience drivers have been known to get distracted easily when driving so insurance rates are higher.
  • Avoid insurance lapses – Not having insurance is against the law and you will pay a penalty because you let your insurance lapse for non-payment. In addition to paying higher rates, failure to provide proof of insurance will get you fines or a revoked license.
  • Location can influence price – Being located in small towns and rural areas is a positive aspect when insuring your vehicles. Residents of big cities tend to have more road rage incidents and a longer drive to work. Less people living in that area means a lower chance of having an accident and a lower car theft rate.
  • GPS tracking and theft deterrents systems cut insurance rates – Selecting a car model with a theft deterrent system can help lower your premiums. Theft deterrent systems like vehicle immobilizer systems, OnStar, and tracking devices like LoJack all aid in stopping vehicle theft.
  • Low comp and collision deductibles mean high prices – Deductibles for physical damage state the amount of money the insured will be required to pay if you file a covered claim. Insurance for physical damage, also known as collision and other-than-collision, is used to repair damage to your car. A few examples of covered claims could be a windshield broken by a bird, damage from fire, or theft of your vehicle. The more you pay before a claim is paid (deductible), the better rate you will receive on 5 Series insurance.
  • Low mileage costs less – The more you drive every year the more you will pay for insurance. Most companies price each vehicle’s coverage based upon how much you drive. Autos used primarily for pleasure use receive better premium rates than those used for commuting. An improperly rated 5 Series may be wasting your money. Ask your agent if your insurance declarations sheet states how each vehicle is driven, because improper ratings can cost you money.

Don’t overlook these insurance discounts

Some insurance providers don’t always advertise all possible discounts in a way that’s easy to find, so the list below gives a summary of a few of the more well known in addition to some of the lesser obvious credits that may apply to you. If you do not check that you are getting every discount you deserve, you could be getting lower rates.

  • Military Discounts – Having a deployed family member may lower your insurance rates slightly.
  • Driving Data Discount – Policyholders that allow their insurance company to scrutinize vehicle usage by using a small device installed in their vehicle such as Progressive’s Snapshot and State Farm’s In-Drive might see lower rates as long as they are good drivers.
  • Anti-lock Brake Discount – Cars and trucks with anti-lock braking systems have fewer accidents so you can save 10 percent or more.
  • Homeowners Discount – Just being a homeowner may earn you a small savings because owning a home is proof that your finances are in order.
  • Save with a New Car – Insuring a new car can be considerably cheaper because newer vehicles have to meet stringent safety requirements.
  • More Vehicles More Savings – Buying coverage for multiple cars or trucks on one policy could earn a price break for each car.
  • Senior Discount – If you’re over the age of 55, you are able to get a small decrease in premiums on 5 Series insurance.
  • Seat Belt Discounts – Drivers who require all occupants to buckle up may be able to save a few bucks on the medical payments or PIP coverage costs.

One last thing about discounts, some credits don’t apply to all coverage premiums. Some only apply to the price of certain insurance coverages like comprehensive or collision. Just because you may think you could get a free insurance policy, insurance companies aren’t that generous.

To see a list of insurance companies who offer insurance discounts, follow this link.

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

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When to get professional advice

When it comes to choosing the right insurance coverage, there isn’t really a “best” method to buy coverage. Every insured’s situation is different.

Here are some questions about coverages that can help discover whether your personal situation would benefit from professional advice.

  • What if I owe more than I can insure my car for?
  • Is extra glass coverage worth it?
  • Are rental cars covered under my policy?
  • Do I need higher collision deductibles?
  • Do I need added coverage for expensive stereo equipment?
  • Am I covered if I crash into my own garage door?
  • Can I rate high risk drivers on liability-only vehicles?

If you don’t know the answers to these questions but you know they apply to you, you may need to chat with an insurance agent. To find lower rates from a local agent, fill out this quick form. It is quick, free and you can get the answers you need.

What insurance coverages do you need?

Understanding the coverages of insurance can be of help when determining the right coverages and proper limits and deductibles. The coverage terms in a policy can be impossible to understand and nobody wants to actually read their policy.

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage kick in for bills such as dental work, EMT expenses and nursing services. The coverages can be used to fill the gap from your health insurance plan or if you do not have health coverage. Medical payments and PIP cover not only the driver but also the vehicle occupants and also covers getting struck while a pedestrian. Personal Injury Protection is only offered in select states but can be used in place of medical payments coverage

Uninsured/Underinsured Motorist (UM/UIM)

This coverage gives you protection when other motorists do not carry enough liability coverage. Covered claims include injuries to you and your family as well as damage to your 2010 BMW 5 Series.

Since a lot of drivers only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is a good idea. Normally these limits do not exceed the liability coverage limits.

Collision protection

This coverage pays for damage to your 5 Series resulting from a collision with an object or car. A deductible applies and then insurance will cover the remainder.

Collision coverage pays for things such as scraping a guard rail, crashing into a building and colliding with another moving vehicle. Collision coverage makes up a good portion of your premium, so consider removing coverage from lower value vehicles. You can also bump up the deductible to save money on collision insurance.

Liability auto insurance

Liability insurance protects you from damage that occurs to other people or property. This insurance protects YOU from legal claims by others, and doesn’t cover damage to your own property or vehicle.

It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see values of 50/100/50 which stand for a limit of $50,000 per injured person, $100,000 for the entire accident, and a limit of $50,000 paid for damaged property. Some companies may use a combined limit which provides one coverage limit with no separate limits for injury or property damage.

Liability coverage pays for things such as repair costs for stationary objects, loss of income, medical services, repair bills for other people’s vehicles and attorney fees. How much coverage you buy is up to you, but buy higher limits if possible.

Comprehensive insurance

This covers damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible and then insurance will cover the rest of the damage.

Comprehensive insurance covers claims such as theft, a tree branch falling on your vehicle, hitting a deer, rock chips in glass and vandalism. The most you can receive from a comprehensive claim is the cash value of the vehicle, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

In the end, you save

Insureds change insurance companies for any number of reasons including questionable increases in premium, high rates after DUI convictions, policy cancellation or denial of a claim. It doesn’t matter why you want to switch choosing a new company can be easy and end up saving you some money.

Some companies do not offer online rate quotes small, regional companies provide coverage only through independent insurance agents. Affordable 2010 BMW 5 Series insurance can be found on the web in addition to many insurance agents, so you should compare both so you have a total pricing picture.

As you prepare to switch companies, it’s a bad idea to buy less coverage just to save a little money. There are many occasions where someone dropped liability coverage limits and found out when filing a claim that a couple dollars of savings turned into a financial nightmare. Your objective should be to buy a smart amount of coverage at a price you can afford while still protecting your assets.

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