Save on 2014 BMW 5 Series Gran Turismo Insurance Cost in 2024

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Jeffrey Johnson

Insurance Lawyer

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...

Insurance Lawyer

UPDATED: Jun 1, 2024

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Did you fall for a flashy sales pitch and buy an underperforming, overpriced car insurance policy? Don’t sweat it because many drivers feel the same as you. Multiple auto insurance companies compete to insure your vehicles, so it’s not easy to compare every insurer to find the absolute lowest cost out there.

Smart consumers take time to do rate comparisons at least once a year because car insurance prices are variable and change quite frequently. If you had the lowest quotes on 5 Series Gran Turismo insurance six months ago you will most likely find a better rate today. There is too much inaccurate information about car insurance out there, but you can learn some proven techniques to slash your car insurance rates.

If you have insurance now or need a new policy, you can use these tips to find the best rates and still get good coverage. Finding affordable coverage is not that difficult. Drivers just need to know the most efficient way to get comparison quotes over the internet.

Informed drivers save every year

Many different elements are considered when you quote your car insurance policy. A few of the factors are predictable like a motor vehicle report, but other criteria are less apparent like where you live or your financial responsibility.

  • With age comes responsibility – More experienced drivers have been proven to be more responsible, cost insurance companies less in claims and get fewer tickets. Teen drivers are known to be easily distracted when driving with friends therefore auto insurance rates are much higher.
  • Lower miles equals lower premium – The higher the mileage driven each year the higher the price you pay to insure it. Many insurance companies apply a rate partially by how you use the vehicle. Cars and trucks used primarily for pleasure use get more affordable rates than cars that get driven a lot. Having an incorrect usage rating on your 5 Series Gran Turismo may be costing you. Verify your auto insurance policy properly reflects the correct usage for each vehicle.
  • Females tend to be lower risk – Statistics demonstrate that females take fewer risks when driving. This data doesn’t prove that males are worse at driving than females. Both sexes get in auto accidents in similar percentages, but guys tend to have higher claims. Men also tend to get cited for more serious violations such as reckless driving.
  • Costs and your address – Being located in small towns and rural areas has it’s advantages if you are looking for the lowest rates. Fewer drivers and short commutes means a lower chance of having an accident and a lower car theft rate. Residents of big cities have to deal with traffic congestion and higher rates of accident claims. More time commuting translates into higher accident risk.
  • Be proud to be claim-free – Auto insurance companies give most affordable rates to policyholders who do not rely on their insurance for small claims. If you are a frequent claim filer, you can look forward to higher rates. Auto insurance is designed for claims that pose a financial burden.
  • Defend yourself with liability – The liability section of your policy kicks in in the event that you are ruled to be at fault for physical damage or personal injury to other. It will provide legal defense coverage to attempt to prove you were not liable. Carrying liability coverage is mandatory and cheap compared to physical damage coverage, so do not cut corners here.

Finding insurance coverage

Most major insurance companies such as State Farm, GEICO and Progressive allow consumers to get coverage prices on the web. Getting online rates is possible for anyone as you just type in your personal and coverage information into the form. Once entered, their system sends out for credit information and your driving record and provides a quote determined by many factors. Online price estimates makes comparing rates easy, but the process of having to visit a lot of sites and fill out multiple forms is a waste of time. But it’s necessary to get many rate quotes if you are searching for better prices.

The quickest way to find better insurance coverage pricing makes use of a single form to return rates from a bunch of companies at once. The form is fast, requires much less work on your part, and makes comparison shopping a lot less work. After sending the form, it is quoted and you can select any one of the quote results.

If one or more price quotes are lower than your current rates, you simply finish the application and buy the policy. The entire process takes just a few minutes to complete and you will find out if you’re overpaying now.

In order to compare rates using this form now, simply enter your zip code here and enter your vehicle and coverage information. If you have your current policy handy, we recommend you replicate the insurance coverages identical to your current policy. This ensures you are getting rate quotes for similar coverage.

Car insurance in the media

Drivers can’t avoid all the ads that claim the lowest auto insurance rates by companies like State Farm, GEICO and Progressive. All the ads seem to make the promise that you’ll save big if you get a free insurance coverage quote and switch your policy.

How does each company offer drivers better rates? It’s all in the wording.

Different companies have underwriting criteria for the type of driver that will be a good risk. For example, a profitable customer may be between the ages of 30 and 50, has never had a claim, and drives less than 10,000 miles a year. Anyone that matches those criteria receive the lowest rate quotes as well as save a lot if they switch.

People who do not meet the “perfect” profile will probably have to pay a higher premium which results in the customer not purchasing. The trick companies use is to say “people that switch” not “all people who quote” save that much. That’s the way companies can truthfully make the claims of big savings.

That is why you should compare free insurance coverage quotes often. It’s impossible to know which company will have the best premium rates.

Get affordable insurance coverage quotes with discounts

Insurance coverage is not cheap nor is it fun to buy but you may be missing some discounts to help bring down the price. Certain reductions will be credited when you purchase, but occasionally some discounts must be requested specifically before being credited. If you do not double check each discount possible, you could be saving more on your insurance coverage.

  • Homeowners Pay Less – Owning a house can save a few bucks because maintaining a house means you have a higher level of financial diligence.
  • Discounts for Seat Belt Usage – Forcing all vehicle occupants to buckle up before driving could save 15% off the PIP or medical payment premium.
  • Claim-Free Discount – Drivers who stay claim-free can save substantially in comparison with drivers who are more careless.
  • Drive Safe and Save – Insureds without accidents can pay as much as 50% less on 5 Series Gran Turismo insurance than drivers with accidents.
  • Data Collection Discounts – Insureds that choose to allow their insurance coverage company to track driving manner remotely like Allstate’s Drivewise might see lower rates if their driving habits are good.
  • Active Service Discounts – Being on active duty in the military can result in better premium rates.
  • Accident Forgiveness Coverage – but companies like State Farm, Progressive and GEICO permit an accident without getting socked with a rate hike if you are claim-free for a set time period.
  • Senior Citizens – Drivers over the age of 55 may be able to get a discount up to 10% on 5 Series Gran Turismo insurance.
  • Discount for New Cars – Buying a new car model is cheaper because newer models have to meet stringent safety requirements.

As a disclaimer on discounts, most discount credits are not given to all coverage premiums. Most only reduce specific coverage prices like liability, collision or medical payments. So despite the fact that it appears it’s possible to get free car insurance, it’s just not the way it works.

A list of insurance coverage companies and their offered discounts can be read below.

  • 21st Century may have discounts that include anti-lock brakes, homeowners, student driver, 55 and older, and good student.
  • Progressive discounts include online quote discount, multi-policy, good student, online signing, continuous coverage, and homeowner.
  • State Farm offers discounts including good student, defensive driving training, student away at school, multiple policy, Drive Safe & Save, passive restraint, and multiple autos.
  • Nationwide offers premium reductions for business or organization, anti-theft, accident-free, easy pay, good student, and family plan.
  • Esurance has savings for Pac-12 alumni, claim free, good student, defensive driver, multi-car, DriveSense, and anti-theft.
  • The Hartford may include discounts for driver training, anti-theft, good student, vehicle fuel type, defensive driver, air bag, and bundle.

Before purchasing a policy, check with each company or agent what discounts are available to you. Some discounts listed above may not apply to policyholders in your area. To see a list of insurance companies offering insurance coverage discounts, enter your zip code here.

Tailor your insurance coverage to you

When choosing the right insurance coverage, there really is no one size fits all plan. Every insured’s situation is different so this has to be addressed. For instance, these questions may help highlight if your situation might need professional guidance.

  • Why do I only qualify for high-risk insurance?
  • Is other people’s property covered if stolen from my vehicle?
  • When would I need rental car insurance?
  • Is my 2014 BMW 5 Series Gran Turismo covered for smoke damage?
  • Do all my vehicles need collision coverage?
  • Are there companies who specialize in insuring high-risk drivers?

If you can’t answer these questions but you think they might apply to your situation, then you may want to think about talking to a licensed insurance agent. If you want to speak to an agent in your area, simply complete your zip code. It only takes a few minutes and you can get the answers you need.

Specific coverages for a 2014 BMW 5 Series Gran Turismo

Understanding the coverages of a insurance policy can help you determine the best coverages for your vehicles. Policy terminology can be difficult to understand and nobody wants to actually read their policy. These are the usual coverages found on most insurance policies.

Medical expense coverage – Med pay and PIP coverage reimburse you for expenses for things like doctor visits, hospital visits, chiropractic care and pain medications. They are used to fill the gap from your health insurance policy or if you do not have health coverage. It covers not only the driver but also the vehicle occupants and will also cover being hit by a car walking across the street. Personal Injury Protection is only offered in select states but can be used in place of medical payments coverage

Collision coverages – Collision coverage pays for damage to your 5 Series Gran Turismo resulting from a collision with another car or object. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision insurance covers things such as hitting a mailbox, scraping a guard rail and driving through your garage door. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from older vehicles. You can also raise the deductible to get cheaper collision coverage.

Liability insurance – Liability coverage can cover damage or injury you incur to a person or their property that is your fault. This insurance protects YOU against other people’s claims. Liability doesn’t cover damage to your own property or vehicle.

Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see policy limits of 100/300/100 that translate to $100,000 in coverage for each person’s injuries, $300,000 for the entire accident, and a limit of $100,000 paid for damaged property. Occasionally you may see a combined limit which provides one coverage limit without having the split limit caps.

Liability insurance covers claims like emergency aid, loss of income and medical expenses. How much liability coverage do you need? That is a decision to put some thought into, but buy as high a limit as you can afford.

Uninsured or underinsured coverage – This protects you and your vehicle’s occupants from other drivers when they either have no liability insurance or not enough. Covered claims include medical payments for you and your occupants as well as damage to your BMW 5 Series Gran Turismo.

Due to the fact that many drivers only purchase the least amount of liability that is required, their limits can quickly be used up. So UM/UIM coverage is important protection for you and your family. Frequently these coverages do not exceed the liability coverage limits.

Comprehensive protection – Comprehensive insurance coverage will pay to fix damage OTHER than collision with another vehicle or object. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage protects against things like vandalism, rock chips in glass and damage from a tornado or hurricane. The highest amount you’ll receive from a claim is the market value of your vehicle, so if the vehicle is not worth much consider removing comprehensive coverage.

Feed the piggy bank

Cheap 2014 BMW 5 Series Gran Turismo insurance can be bought online in addition to many insurance agents, and you should compare rates from both so you have a total pricing picture. Some insurance providers don’t offer online quoting and these smaller companies prefer to sell through independent insurance agents.

We just presented a lot of ways to shop for 2014 BMW 5 Series Gran Turismo insurance online. The key concept to understand is the more quotes you get, the better your comparison will be. You may even discover the biggest savings come from a lesser-known regional company. Some small companies can often provide lower prices in certain areas than their larger competitors like Progressive or GEICO.

When trying to cut insurance costs, it’s not a good idea to sacrifice coverage to reduce premiums. In too many instances, an insured dropped liability coverage limits only to regret at claim time that they should have had better coverage. Your goal should be to purchase plenty of coverage at an affordable rate, but do not skimp to save money.

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