2014 BMW 5 Series Car Insurance Cost

Trying to find the cheapest insurance coverage rates for your BMW 5 Series? Searching for the cheapest insurance for your BMW 5 Series can normally be an all-consuming task, but you can learn our insurance coverage buying tips and make it easy.

There are more efficient ways to buy insurance coverage so we’re going to tell you the best way to price shop coverage for your BMW and find the lowest possible price from both online companies and local agents.

You should take the time to take a look at other company’s rates as often as possible since prices change frequently. Even if you got the best deal on 5 Series insurance a few years ago the chances are good that you can find a lower rate today. Block out anything you think you know about insurance coverage because you’re about to learn one of the best ways to reduce your cost while increasing coverage.

Auto insurance policy discounts

Auto insurance is easily one of your largest bills, but there are discounts available that could help you make your next renewal payment. Some of these disounts will be visible when you purchase, but lesser-known reductions have to be manually applied in order for you to get them.

  • Good Student Discount – Being a good student can get you a discount of up to 25%. Most companies allow this discount well after school through age 25.
  • Military Rewards – Having a family member in the military could qualify you for better rates.
  • Homeowners Pay Less – Just being a homeowner can help you save on auto insurance because it requires personal responsibility.
  • Accident-Free Discounts – Drivers who don’t have accidents pay much less compared to policyholders that have many claims.
  • Discount for Passive Restraints – Cars that have air bags or motorized seat belts could see savings of 20 to 30 percent.
  • Telematics Discount – Insureds that choose to allow driving data submission to look at driving patterns by using a telematics device such as Allstate’s Drivewise and State Farm’s In-Drive system may see discounts if they are good drivers.
  • Driver Training Discounts – Taking a driver safety class can save you 5% or more and easily recoup the cost of the course.
  • Multiple Vehicles – Drivers who insure multiple vehicles on one policy can get a discount on all vehicles.
  • Include Life Insurance and Save – Not every insurance company offers life insurance, but if they do you may earn better rates if you take out some life insurance in addition to your auto policy.
  • Driver’s Ed – Cut your cost by having your teen driver take driver’s ed class if it’s offered in school.

Drivers should understand that most of the big mark downs will not be given the the whole policy. The majority will only reduce the cost of specific coverages such as medical payments or collision. So despite the fact that it appears all those discounts means the company will pay you, it just doesn’t work that way. But all discounts will reduce the cost of your policy.

Larger auto insurance companies and some of the discounts are outlined below.

  • State Farm has savings for passive restraint, Drive Safe & Save, good driver, multiple autos, safe vehicle, and good student.
  • Liberty Mutual includes discounts for safety features, hybrid vehicle, multi-car, preferred payment discount, multi-policy, and good student.
  • American Family policyholders can earn discounts including multi-vehicle, bundled insurance, mySafetyValet, accident-free, Steer into Savings, and air bags.
  • Progressive has discounts for good student, online quote discount, multi-policy, homeowner, and continuous coverage.
  • Farmers Insurance may have discounts that include distant student, teen driver, pay in full, bundle discounts, and switch companies.
  • Auto-Owners Insurance offers discounts including student away at school, company car, multiple vehicles, teen driver, and multi-policy.
  • SAFECO offers premium reductions for drive less, homeowner, anti-lock brakes, teen safety rewards, and multi-car.

Before purchasing a policy, check with every prospective company how many discounts you can get. Depending on the company, some discounts might not be offered in your area. If you would like to see a list of insurers with discount auto insurance rates, click this link.

Ways to get insurance quotes

Performing a rate comparison can take hours if you don’t understand the best way to get rate quotes. You can waste hours talking to insurance companies in your area, or you could use online quoting to get prices fast.

Many insurance companies belong to a marketplace that allows shoppers to enter their coverage request one time, and at least one company returns a rated price based on the submitted data. This saves time by eliminating quote requests for each company. To compare pricing click to open in new window.

The only drawback to comparing rates this way is you don’t know exactly the insurers you will receive quotes from. So if you prefer to choose specific providers to receive pricing from, we have a page of insurance companies in your area. Click here to view list.

The approach you take is up to you, just make darn sure you compare the exact same coverage limits on every quote you get. If the quotes have different values for each quote it will be impossible to make a fair comparison for your BMW 5 Series.

How do I know if I need professional advice?

When buying the right insurance coverage, there really is no perfect coverage plan. Everyone’s needs are different.

For instance, these questions could help you determine if you would benefit from an agent’s advice.

  • When should my teen driver be added to my policy?
  • Can I make deliveries for my home business?
  • How does medical payments coverage work?
  • Are there companies who specialize in insuring high-risk drivers?
  • Can my teen drive my company car?
  • How do I buy GAP insurance?

If you don’t know the answers to these questions but you know they apply to you then you might want to talk to an agent. If you don’t have a local agent, simply complete this short form. It’s fast, free and you can get the answers you need.

The coverage is in the details

Learning about specific coverages of a car insurance policy can be of help when determining the best coverages and proper limits and deductibles. The coverage terms in a policy can be difficult to understand and even agents have difficulty translating policy wording.

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage reimburse you for expenses for rehabilitation expenses, EMT expenses, pain medications and doctor visits. The coverages can be utilized in addition to your health insurance policy or if there is no health insurance coverage. It covers both the driver and occupants and also covers getting struck while a pedestrian. Personal injury protection coverage is not universally available but can be used in place of medical payments coverage

Liability coverages

This can cover injuries or damage you cause to people or other property that is your fault. It protects you against claims from other people, and doesn’t cover your own vehicle damage or injuries.

Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have liability limits of 50/100/50 that means you have a $50,000 limit per person for injuries, a total of $100,000 of bodily injury coverage per accident, and a limit of $50,000 paid for damaged property. Alternatively, you may have a combined single limit or CSL which combines the three limits into one amount and claims can be made without the split limit restrictions.

Liability coverage pays for things like pain and suffering, emergency aid and attorney fees. How much liability should you purchase? That is a personal decision, but you should buy as much as you can afford.

Collision protection

This coverage pays for damage to your 5 Series resulting from colliding with a stationary object or other vehicle. You first must pay a deductible then your collision coverage will kick in.

Collision insurance covers things like damaging your car on a curb, colliding with a tree and sustaining damage from a pot hole. Collision is rather expensive coverage, so you might think about dropping it from vehicles that are 8 years or older. You can also choose a higher deductible to save money on collision insurance.

Uninsured/Underinsured Motorist (UM/UIM)

This coverage gives you protection from other drivers when they either have no liability insurance or not enough. This coverage pays for medical payments for you and your occupants as well as damage to your 2014 BMW 5 Series.

Since many drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. So UM/UIM coverage should not be overlooked. Most of the time these coverages are set the same as your liablity limits.

Comprehensive insurance

This coverage pays for damage OTHER than collision with another vehicle or object. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive coverage pays for claims like damage from flooding, damage from getting keyed, a broken windshield, hail damage and hitting a deer. The maximum payout a car insurance company will pay at claim time is the actual cash value, so if the vehicle’s value is low consider dropping full coverage.

In conclusion

People change insurance companies for many reasons like poor customer service, unfair underwriting practices, extreme rates for teen drivers or even not issuing a premium refund. Regardless of your reason, finding a new company is not as difficult as it may seem.

As you go through the steps to switch your coverage, make sure you don’t buy poor coverage just to save money. In too many instances, someone dropped physical damage coverage only to discover later that it was a big mistake. Your goal should be to purchase a proper amount of coverage at the best price, but do not sacrifice coverage to save money.

We just covered a lot of techniques to shop for 2014 BMW 5 Series insurance online. The key thing to remember is the more companies you get prices for, the higher your chance of finding the cheapest car insurance. Drivers may discover the lowest premium rates are with the smaller companies.

For more information, take a look at the resources below:

Comments About 2014 BMW 5 Series Insurance

  1. Joella Tyson

    Lots of good stuff here. Lifelong resident of Shreveport, LA. Can’t remember who all I quoted but I ended up saving about $30 each month. Insured with Mercury before. Teenage drivers are expensive!

  2. Fiona Rosario

    My 2014 BMW 5 Series is faster than yours.

  3. Albert Barker

    I’m in Tacoma, Washington. Went online for free insurance quotes for a 2014 BMW 5 Series. Ended up at about $580 savings annually. Went with Allstate.

  4. Priscila Hardin

    Cheap car insurance? What’s that? Went with USAA for my BMW and saved about $410 a year. Not sure about claim service.

  5. Thea Arnold

    I live in a small town just outside of Bellevue, NE. I quoted with AAA, Sentry, and Western Auto Insurance for my 5 Series and saved just over $180 a year. Insured with AAA before.

  6. Anjelica Ochoa

    Will 21st Century raise rates after an accident?

  7. Wade Hyde

    I found pretty cheap rate quotes for a 2014 BMW 5 Series in Wichita, KS. Ended up at right around $510 every six months with American Family. Insured with 21st Century before.

  8. Reed Hart

    Enjoyed the article. Quoted with Hartford for my 2014 BMW 5 Series and saved about $430 a year. Insured with Mercury before. I just quoted rates online.

  9. Regina Dorsey

    In Allentown, PA compare State Farm with GEICO and see which is best.

  10. Margarita Battle

    Good detail in your article. I’m in the suburbs of Atlanta, GA. I quoted with Auto-Owners, Nationwide, and a few others for my 5 Series and I’m now saving $32 a month. Insured with AIG Insurance before.

  11. Santiago Newton

    Got a quote with Liberty Mutual for my 5 Series and saved about $480 a year. Did it all online.