2016 BMW 5 Series Gran Turismo Insurance Quotes 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 overpriced car insurance? Don’t feel bad because there are many people just like you. Since you have so many different company options, it’s nearly impossible to pick the right car insurance company.

Choosing the best insurance company for you is quite easy. If you have a current auto insurance policy or are shopping for new coverage, you can use these techniques to find the best rates and still get good coverage. Vehicle owners just need to learn the most efficient way to compare rates on the web.

Why your insurance premiums might be higher

When buying auto insurance it’s important to understand the different types of things that go into determining your premiums. When consumers understand what determines base rates, this helps enable you to make changes that will entitle you to cheaper rates.

  • Save money by raising deductibles – Comprehensive and collision coverage deductibles define how much you are willing to pay before your auto insurance pays a claim. Insurance for physical damage to your car, also called ‘full coverage’, is used to repair damage to your car. Some instances where coverage would apply are collision with another vehicle, vandalism, or theft of your vehicle. The higher the amount you pay before a claim is paid (deductible), the better rate you will receive for 5 Series Gran Turismo insurance.
  • Your spouse saves you money – Walking down the aisle may earn you lower rates compared to being single. Marriage may mean you are less irresponsible it has been statistically shown that drivers who are married are more cautious.
  • Optional features that cut prices – Driving a car that has a built-in theft deterrent system can save you some money. Theft prevention features such as OnStar, LoJack tracking, and tamper alarms all aid in stopping car theft.
  • When should you not file a claims? – If you’re an insured who likes to file claims you can look forward to much higher rates or policy non-renewal. Car insurance companies give lower rates to drivers who are claim-free. Auto insurance is intended for more catestrophic claims.

Cheaper rates with discounts

Insurance coverage is expensive, but there could be significant discounts to help bring down the price. Certain discounts will be applied at the time of quoting, but lesser-known reductions have to be asked for before they will apply.

  • Driver Training Discounts – Successfully completing a course in safe driver could possibly earn you a 5% discount and easily pay for the cost of the class.
  • Senior Citizen Discount – Drivers over the age of 55 could receive better insurance coverage rates for 5 Series Gran Turismo insurance.
  • Student Discount for Driver Training – Make teen driver coverage more affordable by requiring them to enroll and complete driver’s education as it can save substantially.
  • Distant Student Discount – Youth drivers who are enrolled in a college that is more than 100 miles from home and do not have access to a covered vehicle can be insured at a reduced rate.
  • Discounts for Cautious Drivers – Insureds without accidents can get discounts for up to 45% lower rates for 5 Series Gran Turismo insurance than less cautious drivers.
  • Multi-car Discount – Buying coverage for several vehicles on a single policy can get a discount for every vehicle.

A quick disclaimer, most discounts do not apply to the whole policy. Some only apply to specific coverage prices like comprehensive or collision. So despite the fact that it appears adding up those discounts means a free policy, it just doesn’t work that way.

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

  • GEICO includes discounts for emergency military deployment, five-year accident-free, multi-vehicle, anti-lock brakes, and military active duty.
  • MetLife policyholders can earn discounts including accident-free, defensive driver, good driver, claim-free, multi-policy, good student
  • State Farm may include discounts for Drive Safe & Save, Steer Clear safe driver discount, multiple policy, driver’s education, defensive driving training, and accident-free.
  • Progressive offers discounts including multi-policy, good student, online quote discount, multi-vehicle, online signing, and continuous coverage.
  • Mercury Insurance has discounts for low natural disaster claims, multi-policy, anti-theft, annual mileage, professional/association, age of vehicle, and type of vehicle.
  • 21st Century may have discounts that include 55 and older, driver training, defensive driver, teen driver, theft prevention, and early bird.
  • Allstate offers premium reductions for safe driver, new car, resident student, farm vehicle, and auto/life discount.

Before buying, ask each company or agent to apply every possible discount. Some of the earlier mentioned discounts might not be offered in every state. For a list of insurance coverage companies with the best insurance coverage discounts, enter your zip code here.

What is the best auto insurance coverage?

When buying proper insurance coverage, there is no “best” method to buy coverage. Each situation is unique and a cookie cutter policy won’t apply. Here are some questions about coverages that might point out whether you would benefit from professional advice.

  • What is an SR-22 filing?
  • Am I covered when delivering products for my home-based business?
  • I have good health insurance, so how much medical payments coverage do I need?
  • If my 2016 BMW 5 Series Gran Turismo is totaled, can I afford another vehicle?
  • If my pet gets injured in an accident are they covered?
  • Should I get collision insurance on every vehicle?
  • How high should my uninsured/underinsured coverage be in my state?
  • Can my teen driver be rated on a liability-only vehicle?
  • Do I really need UM/UIM coverage?
  • Should I bundle my homeowners policy with my auto?

If you don’t know the answers to these questions but one or more may apply to you, you may need to chat with an insurance agent. To find an agent in your area, fill out your zip code. It only takes a few minutes and can provide invaluable advice.

Car insurance coverages 101

Understanding the coverages of your policy aids in choosing appropriate coverage and proper limits and deductibles. The terms used in a policy can be confusing and even agents have difficulty translating policy wording. These are typical coverages available from car insurance companies.

Medical expense insurance – Med pay and PIP coverage kick in for immediate expenses for things like nursing services, EMT expenses, pain medications, doctor visits and hospital visits. They are used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. Medical payments and PIP cover both the driver and occupants as well as being hit by a car walking across the street. PIP coverage is not available in all states and may carry a deductible

Protection from uninsured/underinsured drivers – This gives you protection from other drivers when they are uninsured or don’t have enough coverage. It can pay for injuries sustained by your vehicle’s occupants and damage to your BMW 5 Series Gran Turismo.

Since a lot of drivers have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages should not be overlooked.

Liability car insurance – This coverage provides protection from damage that occurs to a person or their property. It protects you from claims by other people, and does not provide coverage for your own vehicle damage or injuries.

Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. You commonly see limits of 100/300/100 which stand for $100,000 in coverage for each person’s injuries, a per accident bodily injury limit of $300,000, and $100,000 of coverage for damaged property.

Liability insurance covers things like loss of income, structural damage, medical services and repair bills for other people’s vehicles. How much liability coverage do you need? That is a decision to put some thought into, but consider buying as much as you can afford.

Collision coverages – Collision coverage covers damage to your 5 Series Gran Turismo caused by collision with an object or car. You will need to pay your deductible and then insurance will cover the remainder.

Collision coverage pays for things such as scraping a guard rail, hitting a mailbox, rolling your car and colliding with another moving vehicle. This coverage can be expensive, so consider dropping it from vehicles that are 8 years or older. Drivers also have the option to raise the deductible in order to get cheaper collision rates.

Comprehensive (Other than Collision) – Comprehensive insurance coverage covers damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive coverage pays for things such as damage from a tornado or hurricane, hitting a bird and a broken windshield. The most you’ll receive from a claim is the cash value of the vehicle, so if it’s not worth much more than your deductible consider dropping full coverage.

Compare but don’t skimp

In this article, we covered a lot of information how to lower your 2016 BMW 5 Series Gran Turismo insurance premium rates. The most important thing to understand is the more times you quote, the better chance you’ll have of finding cheap insurance. Consumers could even find that the best premium rates are with the least-expected company. These smaller insurers may have significantly lower prices on certain market segments compared to the large companies like Allstate or State Farm.

Budget-friendly car insurance can be sourced online and from local insurance agents, so get free insurance quotes from both of them so you have a total pricing picture. There are still a few companies who may not have the ability to get a quote online and most of the time these smaller companies provide coverage only through local independent agents.

While you’re price shopping online, never buy poor coverage just to save money. There are too many instances where an accident victim reduced collision coverage to discover at claim time that it was a big error on their part. Your focus should be to purchase a proper amount of coverage at an affordable rate.

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