Compare 2023 BMW 5 Series Gran Turismo Insurance Quotes in 2024

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

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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I doubt anyone looks forward to paying for insurance coverage, particularly when the cost is too high.

Since you have so many insurance providers from which to choose, it can be hard to locate the right insurance coverage provider.

Pricing affordable auto insurance coverage is simple if you know the tricks. In a nutshell, everyone who is shopping for auto insurance will most likely be able to lower their premiums. But consumers can benefit from knowing how the larger insurance companies compete online because it can help you find the best coverage.

Buy cheaper car insurance with these tips

Many factors are part of the calculation when you get a price on insurance. Some factors are common sense such as your driving history, although some other factors are more obscure such as your marital status or your financial responsibility.

  • Vehicle features that cut premiums – Purchasing a vehicle with advanced anti-theft systems can help bring down rates. Theft prevention devices such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar can thwart your vehicle from being stolen.
  • How much liability protection – Your car insurance policy’s liability coverage will afford coverage in the event that a court rules you are at fault for causing personal injury or damage in an accident. This coverage provides for a legal defense which can be incredibly expensive. This coverage is relatively inexpensive compared to insuring for physical damage coverage, so drivers should buy more than the minimum limits required by law.
  • Cheaper to insure women? – Over the last 50 years, statistics have shown women are more cautious behind the wheel. It does not mean females are better drivers. Men and women get in fender benders in similar numbers, but men cause more damage and cost insurance companies more money. In addition to higher claims, males also get higher numbers of serious violations such as driving while intoxicated (DWI) or driving recklessly. Youthful male drivers have the highest risk to insure so they pay the highest premiums.
  • Only buy add-on coverages you need – There are many add-on coverages that you can get tricked into buying but may not be useful. Insurance for things like vanishing deductibles, better glass coverage, and membership fees could be just wasting money. These may sound like a good investment when talking to your agent, but your money might be better spent on other coverage so consider taking them off your policy.
  • Avoid tickets and save – Your driving citation history impacts your car insurance rates tremendously. Drivers with clean records pay less for auto insurance as compared to those with violations. Only having one speeding ticket can bump up the cost twenty percent or more. Drivers who have serious violations such as DUI or willful reckless driving might be required by their state to maintain a SR-22 with their state’s department of motor vehicles in order to continue driving.
  • Vehicles with better crash test results means cheaper prices – Safer cars can get you lower premiums. Vehicles engineered for safety have better occupant injury protection and fewer serious injuries means less claims paid and cheaper rates on your policy.
  • Save money with high credit – Credit rating is likely to be a major factor in your rate calculation. Insureds with excellent credit scores tend to be more responsible than those with lower credit ratings. Therefore, if your credit is low, you could save money insuring your 2023 BMW 5 Series Gran Turismo by repairing your credit.
  • Your location is a factor – Having an address in a rural area has definite advantages if you are looking for the lowest rates. Less people living in that area translates into fewer accidents as well as less vandalism and auto theft. Drivers in populated areas have more traffic problems and longer commutes to work. Higher commute times means more chances of being involved in an auto accident.

How to compare insurance coverage price quotes

Shopping for lower insurance coverage rates can be challenging if you aren’t aware of the fastest way to get free quotes. You could waste a few hours talking to agents in your area, or you can utilize online quoting for quick rates.

Many popular insurance companies enroll in a system that enables customers to complete one form, and every company returns a competitive quote for coverage. This prevents consumers from doing quote requests to each individual insurance coverage company.

To participate in this free quote system, enter your zip code here.

The one disadvantage to comparing rates this way is you cannot specify which carriers you will receive quotes from. So if you prefer to choose from a list of companies to compare, we have a page of insurance coverage companies in your area. Click to enter zip code.

Which method you use is up to you, but ensure you’re using apples-to-apples coverage data with each company. If you compare different liability limits it will be impossible to get a fair rate comparison. Slightly different insurance coverages could skew the results. Keep in mind that having more price comparisons helps locate more affordable insurance.

The largest companies are not always cheapest

State Farm, GEICO and Progressive seem to constantly run ads on television and other media. They all seem to have a common claim of big savings just by switching your car insurance coverage to their company. Is it even possible that every company can claim to save you money? This is the way they can do it.

Different companies provide the lowest rates for the type of customer that will not have excessive claims. A good example of a preferred risk may need to be a female over age 40, has no tickets, and drives less than 7,500 miles a year. Any driver that matches those criteria will probably get cheap auto insurance rates and will also save when switching.

Potential customers who cannot meet the “perfect” profile must pay higher premiums and ends up with the customer buying from someone else. Company advertisements say “customers who switch” not “everyone that quotes” save that kind of money. That is how insurance companies can confidently make those claims.

This really emphasizes why you really need to compare price quotes frequently. It is impossible to predict with any certainty which company will give you the biggest savings.

Save money by earning discounts

Car insurance is not cheap, but you may be missing some discounts to reduce the price significantly. Certain discounts will be triggered automatically at the time of purchase, but some need to be asked for before you will receive the discount.

  • ABS and Traction Control Discounts – Cars with ABS braking systems or traction control are safer to drive and earn discounts up to 10%.
  • Pay Early and Save – By paying your policy upfront as opposed to paying monthly you could save 5% or more.
  • Multiple Policy Discount – If you insure your home and vehicles with one insurance company you may save approximately 10% to 15%.
  • Organization Discounts – Joining a professional or civic organization can get you a small discount when getting a insurance quote.
  • Discounts for New Vehicles – Insuring a new car can save up to 30% since new model year vehicles have better safety ratings.
  • Distant Student – College-age children who are enrolled in a college that is more than 100 miles from home and do not take a car to college can be insured at a reduced rate.
  • Active Service Discounts – Being on active deployment in the military could be rewarded with lower premium rates.

As a sidenote, some of the credits will not apply to the entire policy premium. Most only apply to individual premiums such as collision or personal injury protection. So even though they make it sound like all the discounts add up to a free policy, you won’t be that lucky. Any amount of discount will positively reduce your insurance coverage premiums.

A few popular companies and their possible discounts can be read below.

  • AAA policyholders can earn discounts including AAA membership discount, good student, multi-policy, anti-theft, and education and occupation.
  • Progressive has discounts for online quote discount, online signing, homeowner, multi-policy, and multi-vehicle.
  • State Farm discounts include good student, accident-free, Drive Safe & Save, good driver, multiple autos, and student away at school.
  • Esurance may have discounts that include paid-in-full, safety device, anti-lock brakes, anti-theft, and online shopper.
  • Nationwide offers discounts for good student, business or organization, Farm Bureau membership, family plan, and anti-theft.

When quoting, ask every prospective company which discounts you may be entitled to. Some discounts listed above might not apply everywhere. If you would like to view insurance coverage companies that can offer you the previously mentioned discounts, enter your zip code here.

Your car insurance coverage should be tailored to you

When it comes to buying adequate coverage, there isn’t really a “perfect” insurance plan. Every situation is different so your insurance should reflect that Here are some questions about coverages that can aid in determining whether or not you might need professional guidance.

  • Do I have coverage if my license is suspended?
  • Do all my vehicles need collision coverage?
  • Am I covered when driving someone else’s vehicle?
  • Will my vehicle be repaired with OEM or aftermarket parts?
  • Where can I find high-risk insurance?
  • Am I covered when pulling a rental trailer?
  • How much liability do I need to cover my assets?
  • Am I covered when driving a rental car?

If you can’t answer these questions but a few of them apply, you might consider talking to a licensed agent. If you want to speak to an agent in your area, fill out your zip code.

Information about specific coverages

Having a good grasp of a car insurance policy can be of help when determining the best coverages and the correct deductibles and limits. The terms used in a policy can be difficult to understand and even agents have difficulty translating policy wording. Shown next are typical coverage types offered by car insurance companies.

Auto liability – This protects you from damage or injury you incur to other people or property. It protects you from claims by other people. It does not cover damage sustained by your vehicle 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. Your policy might show limits of 50/100/50 that means you have a $50,000 limit per person for injuries, $100,000 for the entire accident, and a total limit of $50,000 for damage to vehicles and property. Occasionally you may see one limit called combined single limit (CSL) which combines the three limits into one amount rather than limiting it on a per person basis.

Liability coverage pays for claims like repair costs for stationary objects, emergency aid, bail bonds, repair bills for other people’s vehicles and medical expenses. The amount of liability coverage you purchase is up to you, but consider buying as much as you can afford.

Insurance for medical payments – Coverage for medical payments and/or PIP reimburse you for bills for X-ray expenses, prosthetic devices and pain medications. The coverages can be used in conjunction with a health insurance policy or if there is no health insurance coverage. They cover both the driver and occupants and also covers if you are hit as a while walking down the street. PIP is not universally available and may carry a deductible

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

Collision insurance covers things such as crashing into a ditch, crashing into a building and damaging your car on a curb. Collision is rather expensive coverage, so you might think about dropping it from lower value vehicles. It’s also possible to raise the deductible to bring the cost down.

Comprehensive coverage (or Other than Collision) – Comprehensive insurance pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive can pay for claims such as damage from getting keyed, fire damage and rock chips in glass. The highest amount a car insurance company will pay at claim time is the actual cash value, so if the vehicle’s value is low consider removing comprehensive coverage.

Uninsured Motorist or Underinsured Motorist insurance – This protects you and your vehicle from other motorists when they either are underinsured or have no liability coverage at all. It can pay for injuries sustained by your vehicle’s occupants as well as damage to your BMW 5 Series Gran Turismo.

Since many drivers have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Usually these coverages are set the same as your liability limits.

Shop Smart and Save

We just covered some good ideas how to save on 2023 BMW 5 Series Gran Turismo insurance. The key concept to understand is the more providers you compare, the better likelihood of getting inexpensive insurance. Drivers may discover the best premium rates are with an unexpected company. Some small companies may cover specific market segments cheaper than their larger competitors like Progressive and GEICO.

Low-cost 2023 BMW 5 Series Gran Turismo insurance is attainable from both online companies and with local insurance agents, so you need to shop insurance with both to get a complete price analysis. Some insurance companies do not offer the ability to get a quote online and most of the time these regional carriers sell through independent agencies.

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