View 2011 BMW 5 Series Insurance Rates

Finding the cheapest insurance for a BMW 5 Series can normally be difficult, but you can use the following methods to save time. There is a better way to compare car insurance rates and we’ll show you the quickest way to price shop coverage on a BMW and get the lowest possible price from local insurance agents and online providers.

How to Get Insurance

Comparing insurance rates can be a lot of work if you don’t understand the most efficient way. You could waste time talking to local insurance agents in your area, or you can utilize online quoting to get the quickest rates.

Many companies take part in a program that enables customers to enter their policy data once, and each company returns a competitive quote based on the submitted data. This eliminates the need for repetitive form submissions to every company.

To enter your information into the quoting system, click here to open in new window.

The single downside to using this type of form is you don’t know exactly which insurance companies you will receive quotes from. So if you prefer to pick specific insurance companies to request quotes from, we have assembled a list of insurance companies in your area. View list of insurance companies.

Whichever method you choose, double check that you are using apples-to-apples information on every quote. If each company quotes unequal deductibles or liability limits you will not be able to make an equal comparison.

BMW 5 Series rate determination is complex

It’s important that you understand the rating factors that help determine the rates you pay for insurance. When you know what positively or negatively influences your rates helps enable you to make changes that could result in big savings.

  • Do you need the policy add-ons? – There are a ton of extra coverages that you can get tricked into buying on your 5 Series policy. Things like roadside assistance, accidental death and additional equipment coverage are examples of these. They may seem good at first, but now you might not need them so remove them from your policy.
  • Safe vehicles cost less to insure – Vehicles with good safety scores are cheaper to insure. These vehicles result in less severe injuries and lower injury rates means less money paid by your insurance company and thus lower rates. If your BMW 5 Series is rated at least an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website it is probably cheaper to insure.
  • Protect yourself with liability coverage – Your policy’s liability coverage will protect you in the event that you are found to be at fault for damages caused by your negligence. It will provide you with a defense in court starting from day one. Liability is cheap as compared to coverage for physical damage, so do not cut corners here.
  • How many coverages with the same company – Most companies give discounts to customers who consolidate policies with them such as combining an auto and homeowners policy. Discounts can add up to anywhere from five to ten percent in most cases. Even if you’re getting this discount it’s still a good idea to compare rates to verify if the discount is saving money.
  • Frequent insurance claims increase rates – Companies generally give discounts to drivers who file claims infrequently. If you are a frequent claim filer, you can expect either a policy non-renewal or much higher rates. Auto insurance is intended to be relied upon for the bigger claims that can’t be paid out-of-pocket.
  • Tickets mean higher rates – Your driving citation history has a lot to do with how much you pay for insurance. Drivers who don’t get tickets receive lower rates than people who have multiple driving citations. Just one moving violation can bump up the cost by twenty percent. Drivers who have severe citations like DUI or reckless driving may need to file a proof of financial responsibility form (SR-22) to the state department of motor vehicles in order to drive a vehicle legally.

Discounts on BMW 5 Series insurance

Auto insurance companies don’t always publicize all their discounts very well, so we break down some of the more common as well as the least known savings tricks you should be using. If you don’t get every credit possible, you are throwing money away.

  • Anti-lock Brake System – Vehicles equipped with ABS or steering control are safer to drive and qualify for as much as a 10% discount.
  • Save with a New Car – Adding a new car to your policy can be considerably cheaper since new cars are generally safer.
  • 55 and Retired – Mature drivers can possibly qualify for better auto insurance rates on 5 Series insurance.
  • Sign Early and Save – Some companies give discounts for signing up before your current expiration date. It can save you around 10%.
  • No Charge for an Accident – A few companies will allow you to have one accident without raising rates if your claims history is clear for a particular time prior to the accident.
  • Multi-policy Discount – If you insure your home and vehicles with one company you will save at least 10% off all policies.
  • Passive Restraint Discount – Cars that have air bags or motorized seat belts may earn rate discounts of more than 20%.

It’s important to note that some of the credits will not apply to your bottom line cost. Some only reduce the price of certain insurance coverages like liability, collision or medical payments. So when it seems like all those discounts means the company will pay you, it just doesn’t work that way.

Insurance companies who might offer some of the above discounts include:

Check with each company how you can save money. Some discounts may not be available in every state.

Tailor your coverage to you

When choosing coverage, there isn’t really a “perfect” insurance plan. Every insured’s situation is different.

Here are some questions about coverages that could help you determine if your situation may require specific advice.

  • Do I need PIP coverage since I have good health insurance?
  • Do I pay less for low miles?
  • Am I covered if I wreck a rental car?
  • Will my vehicle be repaired with OEM or aftermarket parts?
  • Am I covered when driving on a suspended license?
  • What is the rate difference between pleasure use and commuting?
  • Is my trailer covered?

If you don’t know the answers to these questions, then you may want to think about talking to a licensed insurance agent. If you don’t have a local agent, fill out this quick form. It’s fast, free and can help protect your family.

Educate yourself about car insurance coverages

Knowing the specifics of a car insurance policy aids in choosing the best coverages and the correct deductibles and limits. The coverage terms in a policy can be confusing and reading a policy is terribly boring.

Coverage for liability

Liability insurance provides protection from damages or injuries you inflict on people or other property by causing an accident. It protects you against claims from other people. It does not cover your own vehicle damage or injuries.

Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show limits of 100/300/100 that means you have $100,000 bodily injury coverage, a limit of $300,000 in injury protection per accident, and property damage coverage for $100,000.

Liability coverage pays for things such as medical services, medical expenses, pain and suffering, attorney fees and emergency aid. The amount of liability coverage you purchase is a personal decision, but you should buy as much as you can afford.

Uninsured/Underinsured Motorist coverage

Uninsured or Underinsured Motorist coverage gives you protection when other motorists are uninsured or don’t have enough coverage. Covered losses include hospital bills for your injuries and damage to your BMW 5 Series.

Because many people only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is very important.

Medical payments coverage and PIP

Personal Injury Protection (PIP) and medical payments coverage kick in for short-term medical expenses for surgery, funeral costs, EMT expenses and doctor visits. They are often utilized in addition to your health insurance policy or if there is no health insurance coverage. Coverage applies to not only the driver but also the vehicle occupants and also covers being hit by a car walking across the street. PIP coverage is not available in all states and gives slightly broader coverage than med pay

Comprehensive coverage

Comprehensive insurance pays to fix your vehicle from damage OTHER than collision with another vehicle or object. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive coverage pays for claims such as damage from flooding, fire damage and hitting a bird. The maximum amount you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle is not worth much consider removing comprehensive coverage.

Collision coverage

This covers damage to your 5 Series caused by collision with an object or car. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage protects against things such as damaging your car on a curb, hitting a mailbox, colliding with another moving vehicle and scraping a guard rail. This coverage can be expensive, so analyze the benefit of dropping coverage from older vehicles. Drivers also have the option to raise the deductible in order to get cheaper collision rates.

Online plus local equals savings

Cheaper 2011 BMW 5 Series insurance is available on the web in addition to many insurance agents, and you need to price shop both to have the best selection. Some car insurance companies do not provide the ability to get a quote online and usually these small insurance companies provide coverage only through local independent agents.

We covered many tips how you can compare insurance prices online. The key thing to remember is the more you quote, the higher the chance of saving money. You may even find the best prices are with the least-expected company.

People switch companies for any number of reasons including delays in paying claims, being labeled a high risk driver, extreme rates for teen drivers and policy cancellation. Regardless of your reason, finding the right car insurance provider is not as hard as you think.

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