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: Nov 29, 2018

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Looking for the cheapest insurance rates for your BMW 5 Series? Are you burned out from sacrificing other expenses to pay high insurance rates every month? You have the same problem as most other drivers.

Big-name insurance companies like Allstate, Progressive and GEICO promote their brand names with catchy ads and consumers find it hard to ignore the promise of big savings and take the time to shop coverage around.

How to lower your insurance cost

Comparing insurance rates can take hours if you don’t understand the fastest way to get free quotes. You can spend your afternoon driving to local insurance agents in your area, or you can utilize online quoting to maximize your effort.

Many insurance companies take part in a program that allows shoppers to enter their policy data once, and each company returns a competitive quote for coverage. This prevents consumers from doing repetitive form submissions for every insurance company.

To access this free quoting program, click to open in new window.

The only drawback to comparing rates this way is you cannot specify the companies you will receive quotes from. So if you want to choose individual companies for rate comparison, we have a page of low cost insurance companies in your area. View list of insurance companies.

Compare rates however you want, just make darn sure you compare exactly the same coverage limits and deductibles on every quote. If your comparisons have different coverage information you will not be able to determine the best price for your BMW 5 Series. Having just a slight variation in insurance coverages could mean much higher rates. Just remember that getting more free quotes will improve the odds of getting better pricing.

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

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Earn discounts to get lower-cost insurance coverage rates

Some companies don’t always advertise every discount they offer very well, so the following is a list of some of the best known in addition to some of the lesser obvious savings tricks you should be using when you buy insurance online.

  • Multi-line Discount – Not all insurance coverage companies offer life insurance, but some may give you better premium rates if you take out a life policy as well.
  • Multiple Cars – Buying a policy with more than one vehicle with the same company can get a discount on all vehicles.
  • Data Collection Discounts – People who choose to allow their insurance coverage company to monitor vehicle usage by using a telematics device such as Progressive’s Snapshot and State Farm’s In-Drive could see a rate decrease as long as they are good drivers.
  • Fewer Miles Equal More Savings – Fewer annual miles on your BMW may allow you to get lower rates due to less chance of an accident.
  • Distant Student – Children living away from home attending college and don’t have a car can receive lower rates.

Keep in mind that some of the credits will not apply to all coverage premiums. A few only apply to individual premiums such as physical damage coverage or medical payments. Just because you may think having all the discounts means you get insurance for free, insurance companies wouldn’t stay in business.

A few companies that may offer most of the discounts above are:

When getting free insurance quotes, it’s a good idea to each company which discounts you qualify for. Discounts may not be available in your area. For a list of companies with discount rates, click here.

Tailor your auto insurance coverage to you

When buying the right insurance coverage, there really is no perfect coverage plan. Coverage needs to be tailored to your specific needs so this has to be addressed. For instance, these questions can help discover whether your personal situation may require specific advice.

  • Can I afford to pay high deductible claims out of pocket?
  • Am I covered when driving someone else’s vehicle?
  • Is my state a no-fault state?
  • When should I not file a claim?
  • What are the best liability limits?
  • Do I need medical payments coverage since I have good health insurance?
  • Is extra glass coverage worth it?

If you’re not sure about those questions, you may need to chat with a licensed agent. If you don’t have a local agent, take a second and complete this form or you can also visit this page to select a carrier

BMW 5 Series insurance premiums can be cheaper

One of the most helpful ways to save on insurance coverage is to to have a grasp of the factors that come into play when calculating your policy premiums. If you know what positively or negatively impacts your premiums, this empowers consumers to make smart changes that could help you find much lower annual insurance costs. Lots of factors are part of the equation when you quote your car insurance policy. Some of the criteria are obvious such as traffic violations, although some other factors are less obvious like your continuous coverage or your financial responsibility.

The list below includes a few of the things used by your company to calculate your premiums.

  • Teenagers are high risk – Inexperience drivers are known to get distracted easily with other occupants in the car therefore insurance coverage rates are much higher. Older, more experienced drivers are shown to be more cautious, statistically cause fewer accidents and receive fewer citations.
  • Higher coverage deductibles reduce rates – Coverage for physical damage, otherwise known as comp (or other than collision) and collision, protects your BMW from damage. Some examples of covered claims would be running into the backend of another car, flood damage, and windstorm damage. Comprehensive and collision coverage deductibles define how much you are required to spend before a claim is paid by your company. The more of the claim you’re willing to pay, the less your company will charge you for insurance for 5 Series coverage.
  • Improve your credit history and save – An insured’s credit score is a big factor in calculating your insurance coverage rates. People that have good credit tend to file fewer claims as compared to drivers with lower credit ratings. If your credit is not that good, you may save money insuring your 2016 BMW 5 Series by improving your credit score.
  • Lower prices with alarms and GPS tracking – Purchasing a vehicle with advanced anti-theft systems can save you some money. Theft prevention devices like OnStar, LoJack tracking, and tamper alarms all hinder car theft and help bring rates down.
  • Extra policy coverages can add up – Insurance companies have many add-on coverages that sound like a good idea at the time if you aren’t diligent. Coverages for rental car coverage, death and dismemberment, and term life insurance may be wasting your money. They may seem like a good idea when buying your policy, but your needs may have changed so think about removing them and cutting costs.
  • Prices may be lower depending on your employer – Did you know your insurance coverage rates can be affected by your occupation? Careers such as judges, executives and stock brokers have higher premium rates in part from intense work-related stress and extremely grueling work hours. On the other hand, jobs such as actors, historians and performers receive lower rates for 5 Series coverage.

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

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Specific coverage details

Having a good grasp of insurance can help you determine appropriate coverage at the best deductibles and correct limits. The coverage terms in a policy can be confusing and even agents have difficulty translating policy wording. Listed below are typical coverage types found on most insurance policies.

Auto liability – Liability coverage can cover injuries or damage you cause to other’s property or people by causing an accident. It protects you against other people’s claims, and doesn’t cover your injuries or vehicle damage.

Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see policy limits of 50/100/50 that means you have $50,000 in coverage for each person’s injuries, $100,000 for the entire accident, and $50,000 of coverage for damaged propery. Another option is a combined single limit or CSL which provides one coverage limit without having the split limit caps.

Liability coverage pays for things like medical expenses, funeral expenses, legal defense fees and structural damage. How much liability should you purchase? That is your choice, but it’s cheap coverage so purchase higher limits if possible.

Coverage for medical expenses – Personal Injury Protection (PIP) and medical payments coverage reimburse you for short-term medical expenses such as nursing services, pain medications, chiropractic care and dental work. They are used in conjunction with a health insurance policy or if you do not have health coverage. Coverage applies to all vehicle occupants and will also cover getting struck while a pedestrian. PIP is not an option in every state but can be used in place of medical payments coverage

Comprehensive insurance – Comprehensive insurance coverage covers damage that is not covered by collision coverage. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive insurance covers claims like theft, damage from flooding, rock chips in glass, a tree branch falling on your vehicle and hitting a deer. The maximum amount a insurance company will pay at claim time is the cash value of the vehicle, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.

Coverage for uninsured or underinsured drivers – This coverage provides protection when the “other guys” either have no liability insurance or not enough. Covered losses include hospital bills for your injuries and damage to your BMW 5 Series.

Because many people only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. So UM/UIM coverage is very important. Normally these limits are identical to your policy’s liability coverage.

Collision coverages – This pays for damage to your 5 Series resulting from colliding with another vehicle or an object, but not an animal. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision insurance covers claims like scraping a guard rail, damaging your car on a curb, backing into a parked car, hitting a mailbox and hitting a parking meter. Paying for collision coverage can be pricey, so consider removing coverage from older vehicles. You can also increase the deductible to save money on collision insurance.

Keep this in mind

More affordable car insurance is attainable online as well as from independent agents, so you should compare both to have the best selection. Some insurance companies may not have internet price quotes and usually these smaller companies prefer to sell through local independent agents.

In this article, we covered a lot of tips how to save on 2016 BMW 5 Series insurance. The key concept to understand is the more rate comparisons you have, the higher your chance of finding low cost insurance. You may even discover the lowest priced car insurance comes from an unexpected company. They may cover specific market segments cheaper than their larger competitors like Allstate or State Farm.

Additional car insurance information is located at the links below