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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Trying to find better car insurance rates for your BMW 5 Series? Finding discount car insurance is intimidating for people new to buying insurance online. With such a large choice of companies, how can you even start to compare every company to locate the cheapest price possible?

It’s a great practice to get comparison quotes periodically due to the fact that insurance prices change regularly. Just because you found the best deal for 5 Series insurance six months ago there is a good chance you can find better rates now. Forget anything you know (or think you know) about car insurance because we’re going to demonstrate the only way to reduce your cost while improving coverage.

If you have car insurance now, you should be able to save some money using these techniques. Locating affordable car insurance is quite easy. Nevertheless, drivers benefit from understanding the methods companies use to compete online because it can help you find the best coverage.

The easiest way to compare rate quotes utilizes the fact car insurance companies allow for online access to compare rate quotes. The only thing you need to do is give them some information such as if a SR-22 is needed, if it has an anti-theft system, which vehicles you own, and what you do for a living. The rating information is instantly provided to multiple car insurance providers and you will get price comparisons almost instantly.

Smaller companies may have the best rates

Companies like Progressive, Allstate and GEICO seem to constantly run television, radio, and online ads. They all try to convey promises about saving some big amount if you just switch to them. How is it possible that every company can give you a lower rate? Here is how they do it.

Different companies have a preferred profile for a prospective insured that will be a good risk. An example of this type of risk profile could be married and over the age of 30, has a clean driving record, and drives newer vehicles. Any person that fits those parameters receives the best prices and therefore will save a lot of money.

Potential customers who may not quite match those standards may be forced to pay a higher rate and ends up with the customer buying from someone else. The wording the ads use say “people that switch” but not “all drivers who get quotes” save that much when switching. That is how companies can make claims like that.

That is why drivers must compare many company’s premium rates. It’s not possible to predict which company will have the lowest rates.

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

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Discounts to earn lower-cost car insurance rates

Not many people think insurance is cheap, but companies offer discounts that can dramatically reduce your bill. Certain credits will be shown when you complete an application, but some must be specifically requested in order for you to get them. If you check and find you aren’t receiving every discount available, you’re just leaving money on the table.

  • Discounts for Government Workers – Federal government employees may qualify for a discount when you quote insurance coverage for 5 Series insurance with certain companies.
  • Accident-Free Discounts – Drivers who stay claim-free pay much less when compared to drivers who are more careless.
  • Driver Safety – Taking part in a course in safe driver could save 5% or more and make you a better driver.
  • Discount for Multiple Policies – If you combine your homeowners and auto policies with the same company you will save up to 20% off your total premium.
  • Membership in Organizations – Participating in a civic or occupational organization is a good way to get lower rates on your next renewal.

Drivers should understand that some credits don’t apply to the overall cost of the policy. Most only reduce specific coverage prices like liability and collision coverage. Despite the fact that it seems like you can get free auto insurance, companies don’t profit that way.

Larger car insurance companies and their possible discounts are outlined below.

  • GEICO may include discounts for five-year accident-free, emergency military deployment, driver training, multi-policy, anti-theft, membership and employees, and air bags.
  • MetLife offers discounts for accident-free, good student, multi-policy, good driver, and defensive driver.
  • State Farm has discounts for driver’s education, passive restraint, accident-free, good student, Steer Clear safe driver discount, and Drive Safe & Save.
  • Progressive discounts include continuous coverage, multi-policy, good student, multi-vehicle, online quote discount, online signing, and homeowner.
  • Mercury Insurance includes discounts for multi-car, type of vehicle, anti-theft, age of vehicle, and multi-policy.
  • 21st Century has savings for student driver, air bags, good student, theft prevention, early bird, and driver training.
  • Allstate offers premium reductions for utility vehicle, auto/life discount, early signing, passive restraint, and safe driver.

If you want affordable insurance coverage quotes, ask each company or agent what discounts are available to you. Some of the discounts discussed earlier might not be available to policyholders everywhere. If you would like to see a list of providers that provide some of the discounts listed above, follow this link.

Tailor your car insurance coverage to you

When buying proper insurance coverage for your vehicles, there is no cookie cutter policy. Every situation is different.

These are some specific questions might point out whether or not you will benefit from professional help.

  • Do I have any recourse if my insurance company denies a claim?
  • Do I have coverage when pulling a U-Haul trailer?
  • Do I get a pro-rated refund if I cancel my policy early?
  • Can my teen drive my company car?
  • Do I need medical payments coverage since I have good health insurance?
  • Is business property covered if stolen from my car?
  • Am I getting all the discounts available?
  • When does my teenage driver need to be added to my policy?
  • Will I be non-renewed for getting a DUI or other conviction?

If you’re not sure about those questions but you know they apply to you then you might want to talk to a licensed insurance agent. To find an agent in your area, take a second and complete this form.

Coverages available on your auto insurance policy

Having a good grasp of a auto insurance policy can help you determine the best coverages and the correct deductibles and limits. The coverage terms in a policy can be confusing and reading a policy is terribly boring.

Comprehensive or Other Than Collision – Comprehensive insurance pays for damage caused by mother nature, theft, vandalism and other events. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive insurance covers claims like damage from flooding, theft, damage from getting keyed and vandalism. The highest amount your auto insurance company will pay is the market value of your vehicle, so if the vehicle’s value is low it’s not worth carrying full coverage.

Medical costs insurance – Med pay and PIP coverage provide coverage for expenses such as nursing services, doctor visits, rehabilitation expenses, pain medications and surgery. They are often used to cover expenses not covered by your health insurance program or if you lack health insurance entirely. Coverage applies to all vehicle occupants and also covers being hit by a car walking across the street. Personal injury protection coverage is not available in all states but can be used in place of medical payments coverage

Liability – Liability coverage provides protection from damages or injuries you inflict on people or other property by causing an accident. This insurance protects YOU against claims from other people. It does not cover your injuries or vehicle damage.

Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show liability limits of 50/100/50 which stand for $50,000 in coverage for each person’s injuries, $100,000 for the entire accident, and a total limit of $50,000 for damage to vehicles and property. Alternatively, you may have one limit called combined single limit (CSL) that pays claims from the same limit rather than limiting it on a per person basis.

Liability can pay for claims like court costs, medical expenses, funeral expenses and legal defense fees. How much coverage you buy is a decision to put some thought into, but buy as high a limit as you can afford.

Collision coverage – This covers damage to your 5 Series resulting from colliding with another vehicle or an object, but not an animal. You first must pay a deductible then your collision coverage will kick in.

Collision can pay for things such as sustaining damage from a pot hole, backing into a parked car, hitting a parking meter and driving through your garage door. Paying for collision coverage can be pricey, so consider dropping it from vehicles that are 8 years or older. Drivers also have the option to bump up the deductible in order to get cheaper collision rates.

UM/UIM Coverage – Uninsured or Underinsured Motorist coverage provides protection when the “other guys” are uninsured or don’t have enough coverage. Covered claims include hospital bills for your injuries and damage to your BMW 5 Series.

Since a lot of drivers only purchase the least amount of liability that is required, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Most of the time these limits are set the same as your liablity limits.

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

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Be a money saver!

While you’re price shopping online, it’s not a good idea to buy lower coverage limits just to save a few bucks. In too many instances, drivers have reduced liability coverage limits only to regret that the few dollars in savings costed them thousands. Your goal should be to get the best coverage possible at the best possible price, but do not sacrifice coverage to save money.

People leave their current company for any number of reasons including unfair underwriting practices, extreme rates for teen drivers, delays in paying claims or even high prices. It doesn’t matter what your reason, switching companies is not as difficult as it may seem.

In this article, we covered a lot of ways to shop for 2014 BMW 5 Series insurance online. The most important thing to understand is the more rate quotes you have, the higher your chance of finding the cheapest insurance coverage. Drivers may discover the biggest savings come from the least-expected company.

Even more information can be found in the articles below: