2007 BMW 5 Series Insurance Quotes – 10 Ways to Save

Buyers have lots of choices when searching for low-cost BMW 5 Series insurance. They can either waste time driving around to get rate comparisons or save time using the internet to get rate quotes.

There are both good and bad ways to buy auto insurance so we’re going to tell you the absolute fastest way to compare rates for a BMW and locate the best price possible either online or from local insurance agents.

How to find the cheapest insurance

Most companies like Geico, State Farm and Progressive allow you to get pricing direct online. Doing online price comparisons is possible for anyone because you just enter your coverage information into the quote form. When the form is submitted, their system automatically retrieves your driving record and credit report and returns a price based on these factors.

Being able to quote online helps simplify price comparisons, but having to visit different websites and type in the same information gets old quite quickly. Unfortunately, it is important to get many rate quotes in order to get a lower rate.

The preferred way to compare rates requires only one form that analyzes rates from a bunch of companies at once. This type of form saves time, requires less work, and makes price shopping online a little more enjoyable. Immediately after submitting the form, your coverage is rated and you are able to buy any one of the pricing results.

If a lower price is quoted, it’s easy to complete the application and buy the policy. The whole process only takes a few minutes and may result in a nice savings.

To find out if lower rates are available, click here to open in a new tab and begin entering your coverage information. If you have a policy now, it’s recommended you enter deductibles and limits as shown on your current policy. Doing this guarantees you will have rate quotes for the exact same coverage.

Insurance coverage companies offer lots of discounts

Some insurance providers don’t always advertise every possible discount in an easy-to-find place, so we researched both well-publicized and also the lesser-known ways to save on insurance coverage.

• One Accident Forgiven – This isn’t a discount exactly, but companies like Liberty Mutual, Allstate and State Farm will allow you to have one accident before raising your premiums as long as you don’t have any claims for a set time period.
• Anti-lock Brakes – Anti-lock brake equipped vehicles can stop better under adverse conditions and therefore earn up to a 10% discount.
• Multi-line Discount – Not every insurance company offers life insurance, but if they do you may earn a lower premium rate if you buy life insurance from them.
• Club Memberships – Having an affiliation with qualifying employment or professional organizations may earn a discount on your next insurance coverage statement.
• Discounts for Federal Employees – Having worked for a branch of the government can earn a discount up to 10% for 5 Series insurance depending on your company.
• Discount for Multiple Policies – If you combine your home and auto policies with the same company you will save at least 10 to 15 percent or more.
• Paperless Signup – A few insurance coverage companies will give a small break for completing your application over the internet.
• Onboard Data Collection – Policyholders that allow companies to spy on driving habits by using a small device installed in their vehicle like Drivewise from Allstate or In-Drive from State Farm might get better premium rates as long as they are good drivers.
• Active Military Service – Being deployed with a military unit may lower your premium rates slightly.
• Drivers Ed for Students – Have your child enroll in driver’s education if offered at their school.

As a footnote on discounts, many deductions do not apply to the overall cost of the policy. Most only apply to specific coverage prices like medical payments or collision. Just because you may think you can get free auto insurance, you’re out of luck. But all discounts will lower the cost of coverage.

The best insurance coverage companies and a partial list of their discounts are included below.

• Farmers Insurance has savings for multi-car, business and professional, alternative fuel, good student, pay in full, and teen driver.
• Esurance offers discounts for safety device, Switch & Save, renters, good student, multi-car, anti-lock brakes, and DriveSense.
• State Farm may offer discounts for good driver, passive restraint, anti-theft, multiple policy, Drive Safe & Save, multiple autos, and defensive driving training.
• Geico discounts include federal employee, good student, seat belt use, anti-theft, and emergency military deployment.
• Allstate includes discounts for utility vehicle, anti-theft, premier plus, auto/life discount, multi-policy, and defensive driver.

Double check with every insurance company what discounts are available to you. Some of the discounts discussed earlier may not apply to policyholders everywhere. If you would like to view insurance coverage companies with significant discounts, click here to view.

Do I just need basic coverages?

When choosing adequate coverage for your vehicles, there really is no best way to insure your cars. Everyone’s situation is a little different.

These are some specific questions might help in determining whether you might need an agent’s assistance.

• I don’t drive much so do I pay less?
• Why do I only qualify for high-risk insurance?
• What can I do if my company denied a claim?
• How much can I save by bundling my policies?
• Where can I find high-risk insurance?
• What vehicles should carry emergency assistance coverage?
• Can I afford low physical damage deductibles?
• Do I need an umbrella policy?
• Does insurance cover damages from a DUI accident?

If you can’t answer these questions, you may need to chat with a licensed insurance agent. If you want to speak to an agent in your area, take a second and complete this form. It’s fast, free and can help protect your family.

But they said I’d save $415 a year!

Consumers can’t avoid all the ads for the lowest price insurance coverage from the likes of Geico, State Farm and Progressive. They all say the same thing about savings after switching your insurance coverage policy to them.

But how can every company cost less than your current company? It’s all in how they say it.

All companies look for specific characteristics for the type of insured that will most likely be profitable. For example, this type of insured may need to be between the ages of 30 and 50, has a clean driving record, and drives a car with an anti-theft system. A customer getting a price quote who matches that profile will get a cheap rate quote and will also save when switching.

Potential insureds who do not meet these standards may receive higher prices and ends up with the customer not buying. The ad wording is “people that switch” not “all people who quote” save that much. That is how insurance companies can make claims that they all have the best car insurance rates.

Because of this risk profiling, you need to compare rate quotes every year. It’s not possible to predict which insurance coverage company will have the lowest rates.

Coverages available on your insurance policy

Having a good grasp of a insurance policy can be of help when determining appropriate coverage and the correct deductibles and limits. Policy terminology can be difficult to understand and nobody wants to actually read their policy.

Coverage for uninsured or underinsured drivers – This coverage protects you and your vehicle’s occupants when other motorists do not carry enough liability coverage. This coverage pays for injuries sustained by your vehicle’s occupants and also any damage incurred to your BMW 5 Series.

Because many people only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is a good idea. Frequently your uninsured/underinsured motorist coverages do not exceed the liability coverage limits.

Auto liability insurance – Liability insurance can cover damage or injury you incur to a person or their property. It protects YOU from claims by other people. It does not 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 commonly see policy limits of 50/100/50 which stand for a $50,000 limit per person for injuries, a total of $100,000 of bodily injury coverage per accident, and property damage coverage for $50,000. Alternatively, you may have one limit called combined single limit (CSL) which limits claims to one amount rather than limiting it on a per person basis.

Liability can pay for things like funeral expenses, medical services, pain and suffering, court costs and attorney fees. How much coverage you buy is up to you, but it’s cheap coverage so purchase as much as you can afford.

Comprehensive insurance – This will pay to fix damage from a wide range of events other than collision. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive insurance covers things like falling objects, vandalism and damage from flooding. The maximum amount you’ll receive from a claim is the market value of your vehicle, so if the vehicle’s value is low consider dropping full coverage.

Collision coverage – This coverage pays for damage to your 5 Series caused by collision with an object or car. A deductible applies then your collision coverage will kick in.

Collision can pay for claims like driving through your garage door, hitting a mailbox, crashing into a building and scraping a guard rail. Collision is rather expensive coverage, so consider removing coverage from vehicles that are older. You can also bump up the deductible to bring the cost down.

Coverage for medical expenses – Medical payments and Personal Injury Protection insurance pay for bills like funeral costs, pain medications and ambulance fees. They can be used to fill the gap from your health insurance policy or if there is no health insurance coverage. Medical payments and PIP cover you and your occupants and will also cover being hit by a car walking across the street. PIP is not an option in every state but it provides additional coverages not offered by medical payments coverage

A tidy conclusion

When you buy car insurance online, make sure you don’t reduce needed coverages to save money. In many instances, someone dropped liability limits or collision coverage and found out when filing a claim that saving that couple of dollars actually costed them tens of thousands. Your strategy should be to buy the best coverage you can find at a price you can afford, but do not skimp to save money.

Consumers who switch companies do it for any number of reasons including delays in paying claims, policy non-renewal, being labeled a high risk driver and not issuing a premium refund. Regardless of your reason for switching companies, choosing a new insurance company is not as hard as you think.

Some insurance coverage companies may not have internet price quotes and many times these small insurance companies prefer to sell through local independent agents. The cheapest 2007 BMW 5 Series insurance can be bought online in addition to local insurance agencies, and you should be comparing both to have the best rate selection.

Much more information about insurance coverage can be found at these links:

• How Does Hitting a Deer Impact Insurance Rates? (Allstate)
• Auto Insurance 101 (About.com)
• Choosing an Insurance Company (Insurance Information Insitute)
• Driving in Bad Weather (Insurance Information Insitute)