Cheapest 2016 BMW 5 Series Insurance Rates 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 6, 2023

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Searching for lower insurance coverage rates for your BMW 5 Series? Are you regretting the purchase of high-priced insurance coverage? Don’t feel bad because many drivers have buyer’s remorse. Consumers have many insurance companies to insure vehicles with, and though it is a good thing to be able to choose, it makes it harder to find the lowest cost provider.

You should make it a habit to get comparison quotes before your next renewal because insurance coverage rates are variable and change quite frequently. Just because you found the lowest premium rates for 5 Series insurance a year ago you can probably find a better price now. Forget anything you know (or think you know) about insurance coverage because I’m going to teach you how to use online quotes to find better rates and still maintain coverage.

Finding affordable coverage is easy if you know what you’re doing. If you are insured now or are just looking to switch companies, you can follow these tips to find the best rates and possibly find even better coverage. Consumers just need to understand the best way to find the lowest price online.

How to compare insurance quotes

Most companies make it easy to get prices for coverage online. Getting quotes is quite simple because it’s just a matter of typing in as detailed in the form. Once entered, the system obtains your driving and credit reports and gives you a price quote based on the data you entered. Quoting online makes comparing rates easy, but the time required to go to each company’s website and repetitively fill out multiple forms is a big time waster. But it’s absolutely necessary to get many rate quotes in order to get lower prices.

Quote rates the easy way

The preferred way to lower your insurance bill uses one form to get prices from a lot of companies. It’s a real time-saver, helps eliminate repetitive entry, and makes online price comparison much simpler. After sending the form, it gets priced and you are able to buy any of the quote results. If you find a better price you simply finish the application and purchase coverage. It takes 15 minutes at the most and you will find out if you’re overpaying now.

To save time and find out what other companies charge, click here to open in new window and enter your information. If you currently have coverage, we recommend you enter coverages and limits just like they are on your policy. Doing this assures you will have comparison quotes for the exact same coverage.

What is the best car insurance coverage?

When buying adequate coverage for your vehicles, there is no “best” method to buy coverage. Every situation is different so this has to be addressed. These are some specific questions may help you determine whether you might need an agent’s assistance.

  • Does my policy cover my teen driver if they drive my company car?
  • Are my friends covered when driving my 2016 BMW 5 Series?
  • Should I have a commercial auto policy?
  • I don’t drive much so do I pay less?
  • I have health insurance so do I need medical payments coverage?
  • What should my uninsured motorist coverage limits be in my state?
  • Why am I required to buy liability insurance?

If it’s difficult to answer those questions, then you may want to think about talking to a licensed agent. To find lower rates from a local agent, fill out this quick form or you can also visit this page to select a carrier It’s fast, doesn’t cost anything and can help protect your family.

Free Auto Insurance Comparison

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Auto insurance coverages

Having a good grasp of your insurance policy helps when choosing appropriate coverage and proper limits and deductibles. The terms used in a policy can be confusing and reading a policy is terribly boring. Shown next are the usual coverages found on most insurance policies.

Uninsured Motorist or Underinsured Motorist insurance

Your UM/UIM coverage protects you and your vehicle’s occupants when the “other guys” either have no liability insurance or not enough. This coverage pays for injuries to you and your family as well as damage to your BMW 5 Series.

Because many people only carry the minimum required liability limits, it only takes a small accident to exceed their coverage. So UM/UIM coverage is a good idea.

Comprehensive coverage (or Other than Collision)

This pays to fix your vehicle from 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 can pay for claims like rock chips in glass, hitting a deer and hail damage. The maximum payout you can receive from a comprehensive claim is the ACV or actual cash value, so if the vehicle is not worth much consider removing comprehensive coverage.

Liability car insurance

Liability coverage provides protection from damages or injuries you inflict on other people or property that is your fault. It protects you against other people’s claims, and doesn’t cover damage sustained by your vehicle in an accident.

It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show limits of 50/100/50 which means $50,000 in coverage for each person’s injuries, $100,000 for the entire accident, and property damage coverage for $50,000.

Liability coverage protects against claims like funeral expenses, repair costs for stationary objects, emergency aid, court costs 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 you should buy higher limits if possible.

Insurance for medical payments

Medical payments and Personal Injury Protection insurance provide coverage for bills such as rehabilitation expenses, EMT expenses, hospital visits and ambulance fees. They are often used to fill the gap from your health insurance policy or if there is no health insurance coverage. They cover all vehicle occupants as well as being hit by a car walking across the street. Personal Injury Protection is not an option in every state and may carry a deductible

Coverage for collisions

Collision coverage pays for damage to your 5 Series caused by collision with a stationary object or other vehicle. You first must pay a deductible then your collision coverage will kick in.

Collision can pay for things like sustaining damage from a pot hole, sideswiping another vehicle, colliding with a tree, backing into a parked car and crashing into a building. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are older. You can also increase the deductible to bring the cost down.

Use our FREE quote tool to compare rates now!

Frequently Asked Questions

How can I compare insurance quotes?

Most companies allow you to get quotes for coverage online. You can enter your information in a form, and the system will provide you with a price quote based on the data you entered. To save time and effort, you can use a single form that gathers prices from multiple companies, making online price comparison much simpler.

What is the best car insurance coverage?

The best car insurance coverage varies depending on your specific needs and circumstances. There is no one-size-fits-all solution. To determine the appropriate coverage for you, consider factors such as your budget, the value of your vehicle, your driving habits, and your personal preferences. If you’re unsure, it may be helpful to consult with a licensed insurance agent.

What are the common types of auto insurance coverage?

Here are some common types of auto insurance coverage:

  • Liability Insurance: Provides protection against damages or injuries you cause to others.
  • Uninsured/Underinsured Motorist Insurance: Protects you if you’re involved in an accident with a driver who doesn’t have sufficient insurance coverage.
  • Comprehensive Coverage: Pays for damages to your vehicle caused by events other than collisions, such as theft, vandalism, or natural disasters.
  • Collision Coverage: Covers damages to your vehicle resulting from a collision with another vehicle or object.
  • Medical Payments/Personal Injury Protection (PIP): Covers medical expenses for you and your passengers in the event of an accident.
  • Each coverage type has specific limits and deductibles that you can choose based on your needs.

How much liability coverage do I need?

The amount of liability coverage you need depends on various factors, including your assets, income, and potential financial risks. It’s generally recommended to have liability coverage limits that are higher than the minimum requirements set by your state. This ensures you have sufficient protection in case of a serious accident. Consider speaking with an insurance agent to determine the appropriate liability coverage for your situation.

Can I remove collision coverage for older vehicles?

It’s a personal decision whether to keep collision coverage for older vehicles. If your vehicle has a low market value, the cost of collision coverage may outweigh the potential benefits. You could consider dropping collision coverage and instead set aside funds to cover repairs or replacement of your vehicle. However, it’s important to evaluate the specific circumstances, including the value of your vehicle and your ability to absorb potential repair costs, before making a decision.

What are the advantages of using an online quote tool?

Online quote tools can save you time and effort by providing you with multiple insurance quotes from different companies in one place. You only need to enter your information once, and the tool will generate quotes for you to compare. This simplifies the process of finding the best rates and coverage options for your BMW 5 Series or any other vehicle.

Free Auto Insurance Comparison

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

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