2024 BMW 5 Series Car Insurance Rates – 5 Tips for Best Quotes

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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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Looking for cheaper insurance coverage rates for your BMW 5 Series? I can’t think of a single person who fancies paying their premiums for insurance coverage, especially when they are aware that they could find lower prices if they just compared rates.

Online insurance companies like State Farm, Allstate, GEICO and Progressive continually bombard you with TV and radio ads and consumers find it hard to sift through the bull and do the work needed to find the best deal.

Get cheap insurance coverage quotes with discounts

The price of auto insurance can be rather high, but you might be missing out on some discounts to cut the cost considerably. Certain discounts will be triggered automatically at quote time, but a few need to be inquired about in order for you to get them.

  • ABS Braking Discount – Vehicles with ABS braking systems or traction control are much safer to drive so you can save 10 percent or more.
  • Seat Belts Save – Drivers who require all vehicle occupants to buckle up can save up to 15% off the PIP or medical payment premium.
  • Memberships – Affiliation with a professional or civic organization is a simple method to lower premiums on your next renewal.
  • Waiver for an Accident – Not a discount per se, but a handful of insurance companies permit an accident before hitting you with a surcharge if you are claim-free prior to being involved in the accident.
  • Pay Now and Pay Less – By paying your entire bill at once as opposed to paying monthly you can avoid the installment charge.

As a disclaimer on discounts, most discount credits are not given to the overall cost of the policy. Some only reduce individual premiums such as medical payments or collision. Despite the appearance that all those discounts means the company will pay you, insurance companies wouldn’t stay in business.

Companies and their offered discounts are detailed below.

  • State Farm may include discounts for good student, passive restraint, driver’s education, accident-free, and defensive driving training.
  • GEICO offers premium reductions for multi-policy, multi-vehicle, defensive driver, anti-theft, good student, and anti-lock brakes.
  • SAFECO policyholders can earn discounts including bundle discounts, anti-theft, drive less, anti-lock brakes, multi-car, and teen safety rewards.
  • Farmers Insurance discounts include mature driver, business and professional, multi-car, early shopping, distant student, and alternative fuel.
  • AAA offers discounts including multi-car, AAA membership discount, multi-policy, good student, education and occupation, and anti-theft.
  • USAA includes discounts for multi-vehicle, multi-policy, military installation, vehicle storage, family discount, and annual mileage.

Before purchasing a policy, check with each company or agent which credits you are entitled to. Discounts may not be available everywhere. For a list of insurers that have a full spectrum of discounts, enter your zip code here.

But the ad said I’d save 15% in 15 minutes!

Progressive, GEICO, Allstate and State Farm regularly use television and radio advertisements. All the ads make the point that you can save after switching to them. That’s great but how can every company make the same claim? It’s all in the wording.

Different companies have specific criteria for the driver that earns them a profit. A good example of this type of driver may be a married male, has few claims, and insures a new vehicle. Anybody that meets those criteria will get low prices and will most likely save a lot if they switch.

Drivers who do not fit those standards may be forced to pay higher premium rates and ends up with the prospect going elsewhere. Company advertisements say “customers who switch” not “all people who quote” save that much. That is how companies can advertise the savings.

Because of these techniques, drivers should get car insurance quotes as often as possible. Because you cannot predict the company that will provide you with the cheapest rates.

Tailor your insurance coverage coverage to you

When it comes to choosing proper insurance coverage for your vehicles, there really is not a “best” method to buy coverage. Everyone’s situation is a little different and a cookie cutter policy won’t apply. These are some specific questions may help you determine if your insurance needs might need an agent’s assistance.

  • Do I need replacement cost coverage on my 2024 BMW 5 Series?
  • How high should my uninsured/underinsured coverage be in my state?
  • Does coverage extend to my business vehicle?
  • Is my trailer covered?
  • When should I buy a commercial auto policy?
  • How much can I save by bundling my policies?

If you’re not sure about those questions but a few of them apply, then you may want to think about talking to a licensed insurance agent. If you don’t have a local agent, fill out your zip code.

Learn about insurance coverages for a 2024 BMW 5 Series

Learning about specific coverages of insurance helps when choosing the right coverages at the best deductibles and correct limits. The coverage terms in a policy can be difficult to understand and reading a policy is terribly boring. These are typical coverage types offered by insurance companies.

Uninsured/Underinsured Motorist coverage

This gives you protection when other motorists are uninsured or don’t have enough coverage. It can pay for injuries sustained by your vehicle’s occupants as well as damage to your 2024 BMW 5 Series.

Since many drivers only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is a good idea. Normally your uninsured/underinsured motorist coverages are set the same as your liability limits.

Collision coverage protection

This coverage pays to fix your vehicle from damage caused by collision with another vehicle or an object, but not an animal. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision can pay for claims like crashing into a building, colliding with another moving vehicle, hitting a mailbox and scraping a guard rail. This coverage can be expensive, so consider removing coverage from vehicles that are 8 years or older. You can also increase the deductible to bring the cost down.

Comprehensive coverage

This 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 coverage protects against claims like hail damage, vandalism, hitting a deer and rock chips in glass. The most you can receive from a comprehensive claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Liability coverages

This will cover damages or injuries you inflict on a person or their property that is your fault. Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. As an example, you may have policy limits of 50/100/50 which means $50,000 in coverage for each person’s 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) that pays claims from the same limit without having the split limit caps.

Liability can pay for things such as loss of income, repair bills for other people’s vehicles, medical services, repair costs for stationary objects and legal defense fees. How much coverage you buy is up to you, but it’s cheap coverage so purchase higher limits if possible.

Medical payments coverage and PIP

Coverage for medical payments and/or PIP pay for bills for things like EMT expenses, X-ray expenses, surgery and chiropractic care. They are often used in conjunction with a health insurance policy or if there is no health insurance coverage. Coverage applies to both the driver and occupants and will also cover any family member struck as a pedestrian. Personal Injury Protection is not available in all states and may carry a deductible

Summing up your insurance coverage search

In this article, we covered a lot of ways to reduce 2024 BMW 5 Series insurance premium rates online. It’s most important to understand that the more rate quotes you have, the better likelihood of getting low cost car insurance. Drivers may discover the best price on insurance coverage is with some of the smallest insurance companies. They can often provide lower prices in certain areas compared to the large companies like State Farm, GEICO and Nationwide.

Lower-priced 2024 BMW 5 Series insurance can be found both online and from local insurance agents, and you should be comparing both so you have a total pricing picture. Some insurance coverage companies don’t offer online rate quotes and usually these smaller companies provide coverage only through independent insurance agencies.

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