2020 BMW 5 Series Insurance Cost in 2024 – 6 Tips for Cheapest Prices

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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: May 8, 2024

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Beginners to comparing car insurance rates on the internet may find buying cheaper insurance coverage to be a formidable task.

Use discounts to get cheaper insurance rates

Some companies do not advertise every discount available in an easy-to-find place, so we break down some of the more common in addition to some of the lesser obvious discounts that you may qualify for. If you do not check that you are getting every discount possible, you could be saving more on your insurance.

  • Senior Discount – Older drivers can possibly qualify for a discount up to 10% for 5 Series insurance.
  • Save with a New Car – Buying insurance coverage on a new vehicle can cost up to 25% less since new model year vehicles have better safety ratings.
  • Cautious Driver Discounts – Drivers without accidents may receive a discount up to 45% for 5 Series insurance as compared to drivers with claims.
  • Active Military Service – Being on active duty in the military could trigger a small discount.
  • One Accident Forgiven – This isn’t a discount exactly, but some insurance companies will let one accident slide without the usual rate increase as long as you don’t have any claims for a specific time period.
  • Anti-lock Brake Discount – Cars, trucks, and SUVs equipped with ABS or steering control are much safer to drive and qualify for as much as a 10% discount.

Consumers should know that many deductions do not apply to all coverage premiums. Most cut the price of certain insurance coverages like physical damage coverage or medical payments. Despite the appearance that you would end up receiving a 100% discount, it’s just not the way it works.

A few popular companies and a summarized list of policyholder discounts are detailed below.

  • 21st Century has discounts for anti-lock brakes, early bird, theft prevention, homeowners, teen driver, air bags, and automatic seat belts.
  • State Farm may offer discounts for good student, multiple policy, multiple autos, anti-theft, passive restraint, Drive Safe & Save, and Steer Clear safe driver discount.
  • AAA offers premium reductions for education and occupation, good student, pay-in-full, multi-policy, and AAA membership discount.
  • Liberty Mutual has savings for newly married, new graduate, safety features, multi-policy, exclusive group savings, and teen driver discount.
  • Progressive policyholders can earn discounts including online signing, multi-vehicle, multi-policy, good student, homeowner, and online quote discount.

If you want low cost insurance coverage quotes, ask each insurance company the best way to save money. All car insurance discounts may not apply to policyholders in your area. If you would like to see a list of insurers who offer discounts, enter your zip code here.

Tailor your insurance coverage coverage to you

When buying adequate coverage for your vehicles, there isn’t really a perfect coverage plan. Every situation is different.

These are some specific questions may help highlight if you may require specific advice.

  • Am I covered by my spouse’s policy after a separation?
  • Is business property covered if stolen from my car?
  • What is the minimum liability in my state?
  • Does my insurance cover my expensive audio equipment?
  • I don’t drive much so do I pay less?
  • Is my cargo covered for damage or theft?
  • Is business equipment covered while in my vehicle?

If you’re not sure about those questions but you know they apply to you, you might consider talking to a licensed insurance agent. If you want to speak to an agent in your area, take a second and enter your zip code.

Slick advertising tricks that work

Companies like State Farm and Allstate regularly use television and radio advertisements. All the companies tend to make the same promise about saving some big amount if you get a free insurance coverage quote and switch your insurance coverage coverage to their company. How do they all make the same claim? It’s all in how they say it.

Insurance coverage companies have underwriting criteria for the type of driver that is profitable for them. An example of a profitable insured may be between the ages of 40 and 55, has no driving citations, and has great credit. A driver who matches those parameters receive the lowest rate quotes and is almost guaranteed to save some money.

Consumers who do not match the ideal profile will have to pay higher rates and this results in the driver buying from a lower-cost company. If you listen to the ad wording, they say “customers that switch” but not “all drivers who get quotes” will save that much if they switch. That is how companies can claim big savings.

This illustrates why drivers should compare rate quotes every year. Because you cannot predict which insurance companies will give you the biggest savings.

Auto insurance policy specifics

Knowing the specifics of your policy aids in choosing the right coverages at the best deductibles and correct limits. Policy terminology can be impossible to understand and coverage can change by endorsement.

Auto liability insurance

This coverage can cover damage that occurs to other people or property in an accident. Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see limits of 100/300/100 which means $100,000 in coverage for each person’s injuries, a limit of $300,000 in injury protection per accident, and $100,000 of coverage for damaged property. Alternatively, you may have a combined limit which combines the three limits into one amount and claims can be made without the split limit restrictions.

Liability coverage protects against claims like loss of income, attorney fees and structural damage. The amount of liability coverage you purchase is a decision to put some thought into, but it’s cheap coverage so purchase as large an amount as possible.

Uninsured or underinsured coverage

Your UM/UIM coverage provides protection from other motorists when they either have no liability insurance or not enough. Covered losses include injuries sustained by your vehicle’s occupants as well as damage to your 2020 BMW 5 Series.

Because many people only carry the minimum required liability limits, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Usually these limits are set the same as your liability limits.

Comprehensive protection

This coverage pays to fix your vehicle from damage that is not covered by collision coverage. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive insurance covers things such as fire damage, a broken windshield and theft. The highest amount you can receive from a comprehensive claim is the ACV or actual cash value, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Medical expense coverage

Med pay and PIP coverage reimburse you for short-term medical expenses for funeral costs, X-ray expenses and prosthetic devices. They are often used in conjunction with a health insurance program or if there is no health insurance coverage. Medical payments and PIP cover you and your occupants and will also cover if you are hit as a while walking down the street. PIP is not an option in every state and may carry a deductible

Collision coverage protection

Collision coverage covers damage to your 5 Series resulting from a collision with a stationary object or other vehicle. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision can pay for things such as hitting a parking meter, backing into a parked car, colliding with a tree and scraping a guard rail. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Another option is to bump up the deductible to bring the cost down.

Affordable insurance is out there

Budget-friendly auto insurance can be bought on the web as well as from independent agents, so you need to shop insurance coverage with both to have the best selection. Some insurance providers do not offer online quoting and these small, regional companies provide coverage only through local independent agencies.

In this article, we covered some good ideas how you can compare 2020 BMW 5 Series insurance rates online. It’s most important to understand that the more times you quote, the higher your chance of finding cheap insurance coverage. You may even find the best rates are with a small local company.

Insureds leave their current company for many reasons like poor customer service, being labeled a high risk driver, policy non-renewal or even high prices. No matter why you want to switch, finding the right auto insurance provider is not as hard as you think.

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