Save on 2006 BMW 5 Series Insurance Cost

Searching for low-cost insurance for a BMW 5 Series can normally be a painful process, but you can learn a few tricks to save time. There are both good and bad ways to buy insurance coverage so we’re going to tell you the quickest way to compare rates for a new or used BMW and get the best price possible either online or from local insurance agents.

It’s important to do rate comparisons before your policy renews because insurance coverage rates tend to go up over time. Just because you had the best rate on 5 Series coverage a few years ago the chances are good that you can find a lower price today. There is lot of inaccurate information about insurance coverage online but in this article, you’re going to get some great ideas on how to slash your insurance coverage rates.

If you have a policy now or need new coverage, you can learn to shop for the lowest rates and possibly find even better coverage. Locating the lowest cost auto insurance coverage is easy if you know what you’re doing. Consumers just need to learn the proper methods to get comparison rates on the web.

Lower rates by qualifying for discounts

Companies that sell car insurance don’t always publicize every available discount very well, so the following list contains some of the best known as well as some of the hidden credits available to you.

  • Early Signing – Select companies give a discount for renewing your policy early. It’s a savings of about 10%.
  • Memberships – Participating in qualifying employment or professional organizations could qualify you for a break when shopping for insurance.
  • Low Mileage Discounts – Keeping the miles down on your BMW may allow you to get lower rates on the low mileage vehicles.
  • Accident Forgiveness Coverage – This isn’t a discount exactly, but companies like Liberty Mutual, Allstate and State Farm will forgive one accident before your rates go up so long as you are claim-free before the accident.
  • Save with More Vehicles Insured – Insuring several vehicles on one policy may reduce the rate for each vehicle.
  • Discount for Life Insurance – Larger insurance companies have better premium rates if you take out some life insurance too.
  • Passive Restraints – Vehicles equipped with air bags or motorized seat belts may earn rate discounts of 20 to 30 percent.
  • Telematics Data – People who choose to allow companies to analyze their driving habits through the use of a telematics system such as State Farm’s In-Drive might see lower rates if they show good driving skills.
  • Driver Training Discounts – Completing a course in defensive driving is a good idea and can lower rates and also improve your driving technique.

One thing to note about discounts is that most discounts do not apply to the entire cost. Most only apply to the price of certain insurance coverages like liability, collision or medical payments. If you do the math and it seems like it’s possible to get free car insurance, you aren’t that lucky.

Larger insurance companies and a partial list of their discounts are included below.

  • State Farm offers premium reductions for good student, student away at school, defensive driving training, safe vehicle, and Steer Clear safe driver discount.
  • American Family may offer discounts for multi-vehicle, mySafetyValet, bundled insurance, air bags, defensive driver, and TimeAway discount.
  • AAA may include discounts for AAA membership discount, education and occupation, good student, pay-in-full, multi-car, multi-policy, and anti-theft.
  • GEICO offers discounts including multi-policy, good student, military active duty, seat belt use, and driver training.
  • Mercury Insurance offers discounts for anti-theft, multi-car, multi-policy, low natural disaster claims, and location of vehicle.
  • Farmers Insurance policyholders can earn discounts including switch companies, homeowner, youthful driver, good student, and alternative fuel.
  • Progressive discounts include homeowner, good student, online quote discount, online signing, multi-vehicle, continuous coverage, and multi-policy.

Double check with all companies you are considering which discounts you qualify for. Savings may not apply in your state. To find insurance companies that offer the discounts shown above, click this link.

Auto insurance is unique, just like you

When choosing the best auto insurance coverage for your vehicles, there isn’t really a best way to insure your cars. Every insured’s situation is different.

These are some specific questions might point out whether or not you might need professional guidance.

  • When should I buy a commercial auto policy?
  • Does my insurance cover my expensive audio equipment?
  • Am I covered if hit by an uninsured driver?
  • Does coverage extend to a rental car in a foreign country?
  • How much can I save by bundling my policies?
  • Do I need replacement cost coverage on my 2006 BMW 5 Series?
  • How do I insure my teen driver?
  • How high should my uninsured/underinsured coverage be in my state?

If it’s difficult to answer those questions, you might consider talking to a licensed insurance agent. To find lower rates from a local agent, take a second and complete this form. It only takes a few minutes and may give you better protection.

Can you really save if you switch?

Drivers can’t avoid all the ads for cheaper insurance coverage from the likes of State Farm, Allstate and GEICO. All the ads tend to make the same promise that people will save if you change your coverage to them.

How do they all offer you a better deal? Here is the trick they use.

Insurance coverage companies give the best rates for the type of driver that will generate a profit. One example of a desirable risk could possibly be married and over the age of 30, has no claims, and drives a safe vehicle. Someone who fits those characteristics will most likely get cheap premium rates and most likely will save money with a new company.

Consumers who do not fit the requirements will be charged higher premiums and ends up with the customer buying from a different company. The ads state “people that switch” not “everybody who quotes” save that much when switching. This is how companies can truthfully advertise the savings. Different companies use different criteria so it is so important to get price quotes at each policy renewal. Because you never know which insurance coverage company will have the lowest rates.

Insurance coverage breakdown

Understanding the coverages of your insurance policy can help you determine the best coverages at the best deductibles and correct limits. Policy terminology can be difficult to understand and even agents have difficulty translating policy wording.

Liability car insurance – Liability coverage protects you from damage or injury you incur to other people or property. It protects YOU from legal claims by others. Liability doesn’t cover your own vehicle damage or injuries.

It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see limits of 50/100/50 that translate to $50,000 bodily injury coverage, a limit of $100,000 in injury protection per accident, and a total limit of $50,000 for damage to vehicles and property.

Liability coverage pays for claims like bail bonds, structural damage and repair bills for other people’s vehicles. How much liability should you purchase? That is up to you, but you should buy as much as you can afford.

Comprehensive protection – This pays to fix your vehicle from damage that is not covered by collision coverage. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive insurance covers claims such as theft, falling objects and hail damage. The most your insurance company will pay is the actual cash value, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Collision – Collision coverage pays to fix your vehicle from damage resulting from colliding with another car or object. A deductible applies then the remaining damage will be paid by your insurance company.

Collision coverage protects against things like crashing into a building, sideswiping another vehicle and hitting a parking meter. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are older. Drivers also have the option to bump up the deductible to get cheaper collision coverage.

Uninsured or underinsured coverage – Uninsured or Underinsured Motorist coverage protects you and your vehicle when other motorists are uninsured or don’t have enough coverage. Covered losses include medical payments for you and your occupants as well as damage to your BMW 5 Series.

Since a lot of drivers only carry the minimum required liability limits, their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is very important.

Medical expense coverage – Coverage for medical payments and/or PIP kick in for bills like hospital visits, prosthetic devices, EMT expenses, pain medications and ambulance fees. They can be utilized in addition to your health insurance plan or if you lack health insurance entirely. Coverage applies to you and your occupants as well as being hit by a car walking across the street. PIP is not an option in every state and gives slightly broader coverage than med pay

Make an honest buck

The cheapest 2006 BMW 5 Series insurance can be sourced online and from local agencies, and you should compare rates from both in order to have the best price selection to choose from. A few companies may not have internet price quotes and these smaller providers sell through independent insurance agents.

People switch companies for any number of reasons including lack of trust in their agent, poor customer service, policy non-renewal or delays in paying claims. It doesn’t matter what your reason, choosing a new company can be pretty painless.

You just learned a lot of ways to compare 2006 BMW 5 Series insurance rates online. The key concept to understand is the more quotes you get, the better your comparison will be. Consumers could even find that the best rates are with a small mutual company.

To read more, feel free to visit the articles below:

Comments About 2006 BMW 5 Series Insurance

  1. Shelia Patrick

    Does 21st Century insure teenage drivers?

  2. Pauline Weber

    I’m in the west part of Los Angeles, CA. Went online for free insurance quotes for a 2006 BMW 5 Series. Ended up at about $510 savings annually. Went with State Farm. Even increased coverage a bit. I used their website to get prices.

  3. Jeannette Buckley

    I live just to the west of Wilmington, Delaware. Received rates from Allstate, Erie, and GMAC for my BMW and saved $151 a year. Left Progressive to switch. I have kids on my policy, too.

  4. Luz Bush

    Proud to be from Fargo, ND. Received rates from Progressive, American Family, and some I forget for my 2006 BMW 5 Series and saved just over $320 a year. I’m a pretty good driver though.

  5. Armandina Malone

    Does 21st Century prorate premiums at cancellation?

  6. Pattie Bentley

    Went with Liberty Mutual for my 5 Series and saved about $330 a year. It was easy to get rates.

  7. Oneida Mcdonald

    I’m in the south part of Missoula, MT. Quoted with Hartford, American Family, Nationwide, and a couple others for my BMW and am saving around $400 a year.

  8. Dung Bentley

    I went with State Farm at renewal. Best rates in Indianapolis, IN. Insured with Allstate before. Can still barely afford it.

  9. Kathrine Brady

    Lots of good stuff here. Proud to be from Green Bay, WI. I quoted with Progressive, AAA, and Farmers for my 2006 BMW 5 Series and saved $149 a year.

  10. Lindsey Goff

    In Rutland, VT, Allstate auto insurance rates for my 2006 BMW 5 Series were good. I have kids on my policy, too. It’s easy to compare rates online now.

  11. Domitila Gonzalez

    From a town just southwest of Columbus, OH. Quoted quotes from Mercury, Farmers, State Farm, and AAA for my 5 Series and I’m now saving $64 a month. Left Nationwide to switch.

  12. Avery Carey

    Checking in from Allentown, PA. I don’t recall every quote but I ended up saving about $20 each month.